IPO Note

Bharti Hexacom Limited March 26, 2024

Business Overview

 Incorporated on April 20, 1995, Bharti Hexacom Limited is a communications

solutions provider offering consumer mobile services, fixed-line telephone and Issue Details
broadband services to customers in the Rajasthan and the North East Offer for Sale of up to 75,000,000
telecommunication circles in India, which comprises the states of Arunachal Equity Shares aggregating up to ₹[●]
Pradesh, Manipur, Meghalaya, Mizoram, Nagaland and Tripura. million.
 The Company offers their services under the brand ‘Airtel’. Issue size: ₹4,065 – 4,275 Cr
No of Shares: 75,000,000
 The Company has a distinct strategy to premiumise their portfolio by acquiring
Face value: ₹5/-
and retaining quality customers and deliver an experience to them through
Price band: ₹542 – 570
their Omni channel approach and use of data science. Bid Lot: 26 shares and in multiples
 The Company has a gamut of digital offerings to enhance customer thereon
engagement and differentiated customized offerings through family and Post Issue Implied Market Cap:
converged plans under Airtel Black proposition, which has resulted in the ₹27,100 – 28,500 Cr
continuous improvement of their revenue market share during the last three BRLMs: SBI Capital Markets Limited,
Axis Capital Limited, BOB Capital
Fiscals.
Markets Limited, ICICI Securities
 The Company undertakes prudent cost optimization measures to improve their Limited, IIFL Securities Limited
profitability and maintain an efficient capital structure with a comfortable Registrar: KFin Technologies Limited
leverage position. They continuously invest in network expansion, technology
Indicative Timetable
advancement and judicious spectrum investments.
On or
 As of December 31, 2023, the Company had invested ₹206 billion in capital Activity
about
expenditure in their future ready digital infrastructure. Anchor Investor Issue
 The Company derives significant synergies from their relationship with their 02-04-2024
Opens
Promoter, Airtel, through the expansive digital infrastructure, digital Issue Opens 03-04-2024
experience and the digital services it provides to its customers. Issue Closes 05-04-2024
 The Company’s revenue market share for the Rajasthan circle was 40.4%, Finalization of Basis
08-04-2024
39.2%, 39.5%, 36.7% and 32.7%, while for the North East circle was 52.7%, of Allotment
52.4%, 52.5%, 48.5% and 42.0% during the nine months ended December 31, Refunds/ Unblocking
10-04-2024
2023 and 2022 and Fiscals 2023, 2022 and 2021, respectively. ASBA Fund
Credit of equity
10-04-2024
SERVICES shares to DP A/c
Airtel’s retail portfolio includes mobile services, fixed-line telephone, broadband Trading commences 12-04-2024
services and Digital TV services. Listing: BSE & NSE
Airtel Xstream Fiber is a one-stop solution for all the high-speed internet and
content needs of customers with convergence across linear and on-demand Issue Break Up
entertainment, streaming services spanning music and video. Retail QIB NII
For enterprise customers, Airtel also offers a gamut of solutions that include 10% 75% 15%
secure connectivity, cloud and data center services, cyber security, IoT, Ad Tech Shareholding *
and CPaaS (Airtel IQ). Its flywheel of digital services includes the Airtel Payments Pre Post
Bank, Wynk Music, Airtel Ads, Airtel IQ and Nxtra by Airtel. Issue Issue
Promoters &
Mobile telephone services: They offer pre-paid and post-paid wireless voice Promoter Group
70.00% 70.00%
services and data communication services (including 2G, 4G and 5G offerings), Public – Selling
international roaming of voice and data services. 30.00% 15.00%
Shareholder
Fixed line and broadband services: They offer fixed-line telephone and Public – Other 0.00% 15.00%
broadband services to households, including through their partnership with local Total 100.00% 100.00%
cable operators. Their product portfolio comprises high-speed broadband with *Calculated using data in RHP on pages – 1,
speeds of up to 1 Gbps offered as Airtel Xstream Fibre, ensuring both fast and 16 & 98.
reliable internet connectivity along with voice services. These services include
broadband internet and local, national and international long-distance telephone
services provided through wire-line connectivity to customers.

Network Infrastructure
The Company relies on a robust network infrastructure with a mix of owned and leased assets. They utilized 24,874
network towers, of which they owned 5,092 towers and leased the remaining 19,782 towers, as of December 31, 2023.
As of the same date, Airtel had 307,663 network towers, which their customers are able to use within both, their circles as
well as all other circles in India.
IPO Note
March 26, 2024 Bharti Hexacom Limited

December 10, 2021

Competitive Strengths

Established Leadership and Large Customer Base in their area of operations: The Company provides consumer
mobile services, fixed-line telephone and broadband services to customers in Rajasthan and in the North East
telecommunication circles in India, which comprises the states of Arunachal Pradesh, Manipur, Meghalaya, Mizoram,
Nagaland and Tripura. As of December 31, 2023, they were present in 486 census towns and had an aggregate of 27.1
million customers. As of the same date, their customer base included 19,144 thousand data customers, of which 18,839
thousand were 4G and 5G customers, and their customers consumed approximately 23.1 GB of data per customer per
month during the nine months ended December 31, 2023. Their digital infrastructure investments, digital experience
and the digital services they provide along with Airtel and its affiliates have facilitated their growth in market share and
catered to the needs of their customers. Customised offerings through family plans and converged plans under the Airtel
Black proposition have contributed in improving their market share in post-paid segment. As a result of their strategy,
they have been able to consistently increase their ARPU and market share in their circles.

Presence in Markets with High Growth Potential: The Company operates in the Rajasthan and North East
telecommunication circles in India. The industry ARPU for wireless services in the Rajasthan circle grew from ₹68 to ₹145
at a CAGR of 20.8%, while in the North East circle it grew from ₹74 to ₹170 at a CAGR of 23.1%, outperforming the
national ARPU growth from ₹71 to ₹142.3 at a CAGR of 19.0%, between Fiscals 2019 and 2023. These two regions are
expected to see improvement in teledensity and adoption of smartphones in rural areas through investments in network
infrastructure along with factors including the growth of digital payments indicating strong growth potential for telecom
and data services, rise in data consumption and growth in demand for e-education. (Source: CRISIL Report) They believe
that their established leadership position in these circles may place them well to capitalize on growth opportunities.

Strong Parentage and Established Brand: Airtel owns 70% of their outstanding equity share capital. Airtel is a global
communications solutions provider with over 500 million customers in 17 countries across South Asia and Africa. They
derive significant synergies from their relationship with Airtel and its affiliates, including through Indus Tower’s
infrastructure, inter circle roaming arrangements, its national long distance network and corporate functional support.
Their relationship helps them drive growth, optimize capital efficiency and maintain their competitive advantage. They
are able to obtain better terms from their vendors and other third parties due to the scale of their combined operations.
They also derive operational efficiencies by centralizing and sharing certain key functions across their businesses such
as finance, legal, information technology, strategy, procurement and human resources.

Building a Future Ready Network: The Company relies on a robust network infrastructure through owned and leased
assets. They benefit from the telecommunication infrastructure and other digital assets of their Promoter, Airtel and its
investment in Indus Towers. Over the years, they have increased use of digital tools, data science and technology to
enhance the network efficiency, optimise costs and make their networks more environment friendly. As of December 31,
2023, they were present in 486 census towns in the two circles in which they operate with 5,092 owned and 19,782
leased network towers. During the nine months ended December 31, 2023, their customers spent 260,674 million
minutes and consumed 3,719 million gigabytes on their network. They have a spectrum portfolio with varied pool of mid
band spectrum (1800/2100/2300 MHz bands) along with spectrum holding in 900 Mhz, 3500 MHz and 26 Ghz bands.

Extensive Distribution and Service Network: The Company has an extensive sales and distribution network across the
rural and urban areas of the Rajasthan and North East circles serviced by 616 distributors and 75 stores operated by
them, as of December 31, 2023. Their distribution partners are digitally empowered to sell Airtel services through the
‘Mitra’ app, which has been licensed to them by one of Airtel’s affiliates, and which facilitates mobile recharge
transactions between distributors and retailers and supports onboarding of new customers. They believe that their
exclusive retail footprint comprising 89,454 retail touchpoints, as of December 31, 2023, is one of the key differentiators,
including for supporting high value customers and providing them superior experience. Their exclusive retail footprint
is an integral part of their customer acquisition and engagement strategy, designed to bring the Airtel brand closer to
their customers.

Experienced Management Team: The Company’s operations are conducted by an experienced management team that
has significant experience in all aspects of their business operations. They believe they benefit significantly from their
expertise. Their management team has been involved in the telecommunication industry in India for a long period. During
this time, they have developed sector specific knowledge, operational expertise and an in-depth understanding of the
key opportunities and risks associated with their business. Their expertise in the industry is reflected in their ability to
maintain their leading position despite significant competition and new entrants in the market. They believe that the
combination of their experienced Board of Directors and their dynamic management team positions them well to
capitalize on future growth opportunities.

For further details, refer to ‘Our Competitive Strengths’ page 192 onwards of RHP
IPO Note
March 26, 2024 Bharti Hexacom Limited

December 10, 2021

Business Strategies

Grow Their Revenue by Focusing on Acquiring and Retaining Quality Customers: The Company’s strategy is to
premiumise their portfolio with continuous upgrades from 2G to 4G/5G customers, upgrading customers within their
4G plans for higher data packs, pre-paid to post-paid upgrade, contextual data monetisation, and through converged
offerings. Their simple and clear strategy helps them drive their ARPU growth agenda in absence of tariff hike, which is
reflected in their performance. Their post-paid acceleration is driven by their family plans offerings and converged
offering through Airtel Black. With rising customer needs for telecommunication services, high speed data, and changing
content consumption habits, they are witnessing an increased share of wallet for such services. They have a gamut of
digital offerings to enhance customer engagement on their network. Data monetisation is an important lever for ARPU
improvement, which they have been driving through use of contextual marketing. They revamped their international
roaming offering and branded it as ‘World Pass’, which is a single roaming pack for travel across 184 countries, which
provided cost effectiveness and flexibility for customers. For broadband services, Airtel Xstream Fiber is a one-stop
solution for all the high-speed internet and content needs of the customers. It provides high speed internet with
convergence of on-demand entertainment, streaming services spanning music and video. The experience is enhanced
with single sign-on and universal search across all forms of content at home, which has helped them cater to high value
homes by providing such competitive and bundled services.

Expand Their Network Coverage: The Company continues to expand their network coverage across the regions in which
they operate with a focus on key revenue generating cities and high value catchment areas to increase their customer
base and enhance customer experience. Between March 31, 2021 and December 31, 2023, they have increased their
coverage in non-census towns and villages from 63,368 to 66,632, their population coverage from 94.2% to 96.0%, their
network towers from 17,188 to 24,874 (of which they owned 5,092 towers and leased the remaining 19,782 from tower
companies) and their total mobile broadband base stations from 56,510 to 77,735. The expansion of their rural coverage
has won them their share of 4G/5G customers, which is partially reflected in the increase in their 4G/5G data customers
from 13,348 thousand as of March 31, 2021 to 18,839 thousand as of December 31, 2023. During the nine months
ended December 31, 2023 and the last three Fiscals, they have incurred ₹71,033 million on expanding their network
coverage and infrastructure. As a result of such initiatives, they have been able to consistently increase their ARPU and
market share in their circles. They offer fixed-line telephone and high-speed broadband services with speeds of up to 1
Gbps, ensuring both, fast internet connectivity and reliable voice services. Their strategy for fast paced network coverage
expansion, network deployment and having an asset light business model, has been backed by their partnerships with
local cable operators in most of the regions they operate.

Deliver Brilliant Customer Experience through an Omnichannel Approach and Extensive Use of Data Science: The
Company is focussed on delivering a brilliant customer experience by transforming their services through innovative
technology and digital tools, creating a seamless and delightful user experience. Their holistic approach focuses on every
step of the customer journey, emphasising simplicity and efficiency across the search-discover-purchaseonboard-
experience flywheel. To enhance customer experience, they now focus on ‘interactions’ to gauge quality of experience
for customers as they believe that any interaction, whether on social media, on the web, on their application, in the call
centre, on email or in their store, is a signal of customer grievance. They have focussed on structural resolve across the
customer journeys and are making fundamental changes around it - at an architecture level, end-to-end simplification
and digitization of processes for more proactive solutions as well as transparent communication with their customers.
They have adopted a platform focussed approach with four key platforms: Buy – the ability to buy any product on any
channel with a consistent experience; Bill – a simple, converged bill across Airtel services; Pay - for any service on any
channel in an intuitive manner; and Serve - raise a complaint and get resolution for any product on any channel.

Improve Their Cost Efficiencies: The Company is undertaking prudent cost optimisation measures to improve
profitability. Their war-on-waste program has been leading to eliminate wasteful expenditure through use of digital tools,
making their networks more environment friendly and revisiting their cost structures on a regular basis. They use digital
tools and data science to plan their network expansion in an optimal manner. They seek to achieve their cost efficiency
objectives without compromising on quality of their services, their network, and their people. Their cost efficiency
initiatives are reflected in their approach to managing their operating expenses as well as prudent capital allocation in
their network expansion strategy. Over the years, they have been making their network greener with solar access on
network sites and climate proofing of their infrastructure to reduce outages during natural calamities. To mitigate the
effect of atmospheric ducting, Airtel built a data-driven, AI-enabled predictive model that takes inputs from various
satellite sources and internal network data to predict the impact of ducting, proposes bulk actions to be performed and
bring the network in the steady optimum state once the ducting ceased. Multiple actions involving tilt changes, load
balancing, real-time cell locking and unlocking are performed to mitigate the impact.

For further details, refer to ‘Our Strategies’ page 197 onwards of RHP
IPO Note
March 26, 2024 Bharti Hexacom Limited

December 10, 2021

Profile of Directors

Jagdish Saksena Deepak is the Chairperson of the Board of the Company. Prior to joining the Company, he was an
Indian Administrative Service officer and served as the Ambassador / Permanent Representative of India to the World
Trade Organisation, Geneva. He has served as the Secretary in the Department of Telecommunications and the
Department of Electronics & Information Technology, Government of India. He has over 38 years of experience in
administration services in various Ministries of Government of India.

Devendra Khanna is a Non-Executive Director on the Board of the Company. In the past, he has been associated with
Triveni Engineering & Industries Limited. He is currently the joint managing director at Bharti Enterprises. He has over
35 years of experience inclusive of over 19 years of experience in telecommunication sector.

Soumen Ray is a Non-Executive Director on the Board of the Company. In the past, he has been associated with Bajaj
Auto Limited, Viacom 18 Media Private Limited and ITC Limited. He is currently chief financial officer of Bharti Airtel
Limited and has experience in various sectors including FMCG, telecommunication, automotive manufacturing and
media.

Sanjeev Kumar is a Non-Executive Director on the Board of the Company. In the past, he has been associated with
Mahanagar Telephone Nigam Limited and Bharat Sanchar Nigam Limited. He is currently the chairman and managing
director of TCIL. He has over 33 years of experience in telecommunication sector.

Surajit Mandol is a Non-Executive Director on the Board of the Company. In the past, he has been associated with Bharat
Sanchar Nigam Limited. He is currently the director (finance) of TCIL. He has over 28 years of experience in
telecommunication sector.

Ashok Tyagi is an Independent Director on the Board of the Company. He has over 17 years of experience of practicing
as a company secretary.

Arvind Kohli is an Independent Director on the Board of the Company. He is eligible to practise as a registered valuer
for the asset class ‘Securities or Financial Assets’ and holds a certificate of registration as a valuer issued by Insolvency
and Bankruptcy Board of India. He has over 25 years of experience of practicing as a company secretary.

Arun Gupta is an Independent Director on the Board of the Company. He has been a member of the of the Bar Council
of Delhi since 2011 and has been practicing law for more than 12 years.

Nalina Suresh is an Independent Director on the Board of the Company. In the past, she has been associated with Godrej
Pacific Technology Limited, I.G.E. India Limited, Domino’s Pizza India Limited as the chief-human resources, Grow Talent
Company Limited, director in consulting SBU at PricewaterhouseCoopers Private Limited, Mahindra & Mahindra Limited,
and as a senior partner at EMS Partners Limited. She has experience in various sectors across industries and in consulting.

Kapal Kumar Vohra is an Independent Director on the Board of the Company. He has been the Executive Director in
Reserve Bank of India and has also been associated with various institutions, such as Central Bank of Oman and
International Finance Corporation, among others. He was a technical member of the National Company Law Tribunal,
New Delhi and Mumbai. He has over 40 years of experience in the banking and regulatory sectors.

Given above is the abstract of data on directors seen on page 226 – 227 of the RHP
IPO Note
March 26, 2024 Bharti Hexacom Limited

December 10, 2021

Objects of the Offer

Offer for Sale: Since the Offer is an offer for sale, the Company will not receive any proceeds from the Offer.

Comparison with peers

Following is the comparison with their peer group companies listed in India and in the same line of business as the
Company:
Type of FV/Share EPS RONW NAV P/E
Company
Financials (₹) (Basic) (%) (₹ per share) (times)
Bharti Hexacom Limited Standalone 5 10.98 13.83 84.19 NA
Peer Group
Bharti Airtel Limited Consolidated 5 14.80 15.84 136.72 82.16
Vodafone Idea Limited Consolidated 10 (8.43) NA* (15.28) (1.63)
Reliance Jio Infocomm Limited** Standalone 10 4.05 8.43 48.00 NA^
Above data is obtained from page 105 of RHP
Source: The financial information for listed industry peers mentioned above is based on annual reports of peer companies for the year
ended March 31, 2023 submitted to stock exchanges. Further, with respect to the Company, the information is based on Restated
Financial Statement.
Notes:
* Peer Company has negative net worth as well as loss for the year ended on March 31, 2023, hence RoNW has not been calculated.
** All the information for Reliance Jio Infocomm Limited as disclosed above is based on annual report or quarterly public disclosures.
^ Since the equity shares of this Peer Company are not listed, P/E ratio has not been calculated.
a) EPS refers to the Basic sourced from the publicly available financial results of the respective peer companies for the year ended
March 31, 2023.
b) Return on Net Worth (%) = Net profit/(loss) after tax / Net worth at the end of the financial year ended 2023.
Net worth of peer companies is total of equity share capital and other equity. Further net worth of Company means aggregate of
equity share capital and other equity excluding debenture redemption reserve, capital redemption reserve and capital reserve (which
is in line with disclosure made under Regulation 52 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 to
stock exchange by the Company).
c) NAV of the peer is computed as total of equity share capital and other equity (excluding non-controlling interest) at the end of the
year / total number of equity shares outstanding at the end of the year.
Further, NAV of the Company is computed as total assets less total liabilities at the end of the year / weighted average number of
equity shares outstanding during the year as per Restated Financial Statements.
d) P/E Ratio of peers has been computed based on the closing market price (i.e., March 11, 2024) of equity shares on BSE, divided by
the EPS.
IPO Note
March 26, 2024 Bharti Hexacom Limited

December 10, 2021

Financials (Restated):
(₹ in Million unless otherwise stated)
As at December As at March As at March As at March
Particulars
31, 2023 31, 2023 31, 2022 31, 2021
Equity Share Capital 2,500 2,500 2,500 2,500
Net Worth 39,788 39,722 35,732 18,987
Total Borrowings 62,530 62,693 71,983 59,752
Revenue from Operations 52,208 65,790 54,052 46,023
EBITDA 25,764 28,884 18,985 11,373
EBITDA Margin (%) 49.35% 43.90% 35.12% 24.71%
Profit before tax 6,223 7,338 18,411 (9,891)
Profit after Tax 2,818 5,492 16,746 (10,339)
Return on Net Worth (%) 7.08%* 13.83% 46.87% (54.45%)
Return on Capital Employed (%) 10.68%* 10.72% 4.10% (1.58%)
Basic EPS 5.64* 10.98 33.49 (20.68)
Average Revenue per User
(ARPU) for mobile services (₹) 197 185 155 135

Customer Base for mobile

services (in thousands) 26,782 25,827 24,767 24,979
*Not Annualised

Above data obtained from pages 16, 73-80, 106 & 192 of RHP

Notes:
a) Net worth means aggregate of equity share capital and other equity excluding debenture redemption reserve, capital redemption
reserve and capital reserve (which is in line with disclosure made under Regulation 52 of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 to stock exchange by the Company).
b) Total borrowings include current and non-current borrowings.
c) EBITDA is calculated as re-stated profit before depreciation, amortization, finance costs, tax and exceptional items for the
year/period, less interest income and net gain on marketable securities.
d) EBITDA Margin (%) is calculated as EBITDA (excluding interest income and net gain on marketable securities) divided by Revenue
from operations.
e) RoNW (%) is calculated as net profit / (loss) for the year / period attributable to the equity shareholders of the Company divided by
net worth at the end of that year / period.
f) Return on Capital Employed is calculated as EBIT for the year/ period divided by average capital employed. EBIT is calculated as re-
stated profit before finance costs, tax and exceptional items for the year/period, less interest income and net gain on marketable
securities. Average capital employed is calculated as total of average equity plus average net debt.
g) Basic EPS (₹) = Restated net profit/(loss) available to equity shareholders/ Weighted average number of equity shares outstanding
during the period/year as per Restated Financial Statement.
IPO Note
March 26, 2024 Bharti Hexacom Limited

December 10, 2021

Key Risk Factors
 The Company derives their revenues from providing mobile telephone services in Rajasthan and the North East circle
and any unfavorable developments in such regions could adversely affect their business, results of operations and
financial condition.

 There are outstanding legal proceedings involving their Promoter, in addition to the Company. Any adverse outcome
in any of these proceedings may adversely affect their reputation, business, financial condition and results of
operations.

 As of December 31, 2023, the Company had contingent liabilities which have not been provided for in their Restated
Financial Information and could adversely affect their business, financial condition and results of operations.

 Reduction in revenue the Company earns for their telecom services, due to regulatory ceilings on pricing, or owing to
pricing pressure, reduction in average revenue per user ("ARPU"), may have an adverse effect on their business,
financial condition, results of operations and prospects.

 The Company has incurred significant indebtedness, and they must service this debt and comply with any lenders'
covenants to avoid defaulting on their borrowings and refinancing risk. Any default may adversely affect their business
and profitability.

 The Company requires significant capital to fund their capital expenditure and if they are unable to raise additional
capital, their business, financial condition and results of operations could be adversely affected.

 Any change in the Company’s relationship with their Promoter, Airtel and its affiliates, may adversely affect their
reputation, business, operations, financial condition and results of operations.

 A large part of the Company’s passive infrastructure is not owned by them and they rely on third party providers for
such infrastructure. They cannot assure you that such passive infrastructure will be adequately maintained or that
their strategy for the continued upgrade or rollout of their network will be implemented in a timely manner or on a
cost-effective basis.

 The Company relies on sophisticated billing, credit control and customer verification systems, any failure of which
could lead to a loss of income and customers.

 If the Company does not continue to provide telecommunications or related services that are technologically up to
date or keep up with changing consumer preferences, they may not remain competitive, and their business, financial
condition and results of operations may be adversely affected.

 Churn rate in the mobile telecommunications industry in India is high, and the Company cannot assure that they will
be able to retain all their existing customers or that they will be successful in customer additions, which may have an
adverse effect on their business, financial condition and results of operations.

 The Company’s ability to grow their business and their number of customers is dependent on the quality and quantity
of spectrum owned by them.

 In the regulated telecommunications market, the Company’s licenses and spectrum allocations are subject to terms
and conditions, ongoing review and varying interpretations, each of which may result in modification, suspension,
early termination, expiry on completion of the term or additional payments, which could adversely affect their
business, financial condition and results of operations.

 The Company has used information from the CRISIL Report, which they have commissioned and paid for purposes of
confirming their understanding of the industry exclusively in connection with the Offer and any reliance on such
information is subject to inherent risk.

 Certain statutory and regulatory licenses and approvals are required for conducting the Company’s business and any
failure or omission to obtain, maintain or renew these licenses and approvals in a timely manner, or at all, could
adversely affect their business and results of operations.

 Negative publicity could damage the Company’s reputation and adversely impact their business, financial condition
and results of operations.

 The Company’s Promoter may have interest in entities which are in businesses similar to ours. They may also offer
services which are similar to those offered by their Promoter.
Please read carefully the Risk Factors given in detail in section II (page 35 onwards) of RHP
IPO Note
March 26, 2024 Bharti Hexacom Limited

December 10, 2021

Disclaimer

The information contained herein are strictly confidential and are meant solely for the information of the recipient and
shall not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the
media or reproduced in any form, without prior written permission of JM Financial Services Ltd. (“JMFS”). The contents of
this document are for information purpose only. This document is not an investment advice and must not alone be taken
as the basis for an investment decision. Before taking any decision to invest, the recipient of this document must read
carefully the Red Herring Prospectus (“RHP”) issued Bharti Hexacom Limited dated March 22, 2024 to know the details
of IPO and various risks and uncertainties associated with the investment in the IPO of the Company. All recipients of
this document must before acting on the given information/details, make their own investigation and apply independent
judgment based on their specific investment objectives and financial position. They can also seek appropriate
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including the risks factors given in section II, page 35 onwards before making any investment in the Equity Shares of the
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Registration details:

JM Financial Services Ltd.

Stock Broker – Registration No. - INZ000195834
Corporate Identity Number: U67120MH1998PLC115415
Registered office Address: 7th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai,
Maharashtra Pin- 400025.
Tel: (91 22) 6630 3030 |Fax: (91 22) 6630 3223
Corporate office Address: 5th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai,
Maharashtra Pin- 400025.
Tel: (91 22) 6704 3000/3024 3000 |Fax: (91 22) 6704 3139.