Balance Sheet of Bharti Airtel

------------------- in Rs. Cr. ------------------Mar '14

Mar '13

Mar '12

Mar '11

Mar

12 mths

12 mths

12 mths

12 mths

12 mt

Total Share Capital

1,998.70

1,898.80

1,898.80

1,898.80

1,898.

Equity Share Capital

1,998.70

1,898.80

1,898.80

1,898.80

1,898.

0.00

0.00

0.00

0.00

186.

Sources Of Funds

Share Application Money

Preference Share Capital

0.00

0.00

0.00

0.00

0.

Reserves

64,729.30

52,247.40

47,530.80

42,212.80

34,650.

Networth

66,728.00

54,146.20

49,429.60

44,111.60

36,735.

1.40

-1,236.50

2.90

17.10

39.

Unsecured Loans

8,521.30

14,216.30

14,126.50

10,216.00

4,999.

Total Debt

8,522.70

12,979.80

14,129.40

10,233.10

5,038.

75,250.70

67,126.00

63,559.00

54,344.70

41,773.

Mar '14

Mar '13

Mar '12

Mar '11

Mar '

12 mths

12 mths

12 mths

12 mths

12 mt

73,949.20

71,911.80

63,885.40

59,457.90

44,212.

Secured Loans

Total Liabilities

Application Of Funds
Gross Block
Less: Revaluation Reserves

0.00

0.00

0.00

0.00

2.

Less: Accum. Depreciation

34,071.00

28,729.20

23,444.60

18,757.20

16,187.

Net Block

39,878.20

43,182.60

40,440.80

40,700.70

28,022.

1,244.20

1,030.80

4,466.50

6,479.20

1,594.

34,523.90

28,199.10

12,337.80

11,813.00

15,773.

Capital Work in Progress

Investments
Inventories
Sundry Debtors
Cash and Bank Balance

1.10

2.10

32.10

34.40

27.

2,165.50

2,246.80

2,134.50

1,461.90

2,104.

446.00

362.70

481.20

133.20

54.

Total Current Assets

2,612.60

2,611.60

2,647.80

1,629.50

2,187.

Loans and Advances

19,945.20

12,859.10

20,430.80

10,960.20

7,072.

0.00

0.00

0.00

0.00

761.

22,557.80

15,470.70

23,078.60

12,589.70

10,021.

Fixed Deposits
Total CA, Loans & Advances
Deferred Credit
Current Liabilities
Provisions

0.00

0.00

0.00

0.00

0.

21,798.60

20,061.70

16,067.20

16,610.30

12,979.

1,154.80

695.50

697.50

627.60

658.

22,953.40

20,757.20

16,764.70

17,237.90

13,638.

-395.60

-5,286.50

6,313.90

-4,648.20

-3,616.

0.00

0.00

0.00

0.00

0.

Total Assets

75,250.70

67,126.00

63,559.00

54,344.70

41,773.

Contingent Liabilities

87,232.10

123,273.00

8,261.10

6,852.10

3,921.

166.93

142.58

130.16

116.16

96.

Total CL & Provisions

Net Current Assets
Miscellaneous Expenses

Book Value (Rs)

Source : Dion Global Solutions Limited

Bharti Airtel
Profit & Loss account of Bharti
Airtel

Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Admin Expenses
Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses

Previous Years

------------------- in Rs. Cr. ------------------Mar '14

Mar '13

Mar '12

Mar '11

Mar '10

12 mths

12 mths

12 mths

12 mths

12 mths

49,918.50
0.00
49,918.50
646.30
0.00
50,564.80

45,350.90
0.00
45,350.90
1,463.10
0.00
46,814.00

41,603.80
0.00
41,603.80
624.70
0.00
42,228.50

38,017.70
0.00
38,017.70
321.20
0.00
38,338.90

35,609.54
0.00
35,609.54
1,118.46
-34.91
36,693.09

0.00
4,169.70
1,648.10
12,771.90
0.00
15,030.00
0.00
33,619.70
Mar '14

183.60
3,569.90
1,511.30
12,121.00
0.00
14,494.40
0.00
31,880.20
Mar '13

236.50
0.00
1,391.50
10,502.80
0.00
15,829.30
0.00
27,960.10
Mar '12

353.10
0.00
1,451.20
9,277.50
0.00
13,595.60
0.00
24,677.40
Mar '11

278.72
0.00
1,401.66
11,882.41
6,856.42
1,482.39
-293.31
21,608.29
Mar '10

Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Extra-ordinary items
PBT (Post Extra-ord Items)
Tax
Reported Net Profit
Total Value Addition
Preference Dividend
Equity Dividend
Corporate Dividend Tax
Per share data (annualised)
Shares in issue (lakhs)
Earning Per Share (Rs)
Equity Dividend (%)
Book Value (Rs)

12 mths

12 mths

12 mths

12 mths

12 mths

16,298.80
16,945.10
1,336.40
15,608.70
7,231.30
0.00
8,377.40
0.00
8,377.40
1,777.20
6,600.20
33,619.70
0.00
719.50
62.20

13,470.70
14,933.80
1,652.30
13,281.50
6,826.70
0.00
6,454.80
0.00
6,454.80
1,358.50
5,096.30
31,696.60
0.00
379.80
0.00

13,643.70
14,268.40
1,396.20
12,872.20
5,916.00
0.00
6,956.20
0.00
6,956.20
1,226.20
5,730.00
27,723.60
0.00
379.80
61.60

13,340.30
13,661.50
324.10
13,337.40
4,611.60
0.00
8,725.80
0.00
8,725.80
1,008.90
7,716.90
24,324.30
0.00
379.80
60.10

13,966.34
15,084.80
283.35
14,801.45
3,890.08
207.84
10,703.53
-50.78
10,652.75
1,177.87
9,426.15
21,329.56
0.00
379.79
64.55

39,974.00
16.51
36.00
166.93

37,975.30
13.42
20.00
142.58

37,975.30
15.09
20.00
130.16

37,975.30
20.32
20.00
116.16

37,975.30
24.82
20.00
96.24

Source : Dion Global Solutions Limited

Yearly Results of Bharti Airtel

Net Sales/Income from operations

Other Operating Income
Total Income From Operations

------------------- in Rs. Cr. -------------------

Mar '14

Mar '13

Mar '12

Mar '11

Mar '10

49,918.50

45,350.90

41,603.80

38,015.80

35,609.54

--

--

--

--

--

49,918.50

45,350.90

41,603.80

38,015.80

35,609.54

EXPENDITURE
Consumption of Raw Materials
Purchase of Traded Goods
Increase/Decrease in Stocks

--

--

--

--

--

2.20

1.90

18.30

--

--

--

--

--

--

--

Power & Fuel

4,169.70

3,569.90

2,972.70

--

--

Employees Cost

1,648.10

1,511.30

1,391.50

1,451.20

1,530.55

Depreciation

7,231.30

6,826.70

5,916.00

4,193.70

3,890.08

Excise Duty

--

--

--

--

--

Admin. And Selling Expenses

--

--

--

5,315.50

4,645.06

R & D Expenses

--

--

--

--

--

Provisions And Contingencies

--

--

--

--

--

Exp. Capitalised

--

--

--

--

--

Other Expenses

27,799.70

26,797.10

23,577.60

18,311.70

15,789.98

9,067.50

6,644.00

7,727.70

8,743.70

9,753.87

853.40

1,463.10

624.70

112.90

89.73

P/L Before Int., Excpt. Items & Tax

9,920.90

8,107.10

8,352.40

8,856.60

9,843.60

Interest

1,336.40

1,652.30

1,396.20

130.80

-855.65

P/L Before Exceptional Items & Tax

8,584.50

6,454.80

6,956.20

8,725.80

10,699.25

-207.10

--

--

--

--

P/L Before Tax

8,377.40

6,454.80

6,956.20

8,725.80

10,699.25

Tax

1,777.20

1,358.50

1,226.20

1,008.90

1,273.09

P/L After Tax from Ordinary Activities

6,600.20

5,096.30

5,730.00

7,716.90

9,426.16

Prior Year Adjustments

--

--

--

--

--

Extra Ordinary Items

--

--

--

--

--

Net Profit/(Loss) For the Period

6,600.20

5,096.30

5,730.00

7,716.90

9,426.16

Equity Share Capital

1,998.70

1,898.80

1,898.80

1,898.80

1,898.77

64,727.20

52,245.30

47,528.70

42,210.70

34,836.28

P/L Before Other Inc. , Int., Excpt. Items & Tax

Other Income

Exceptional Items

Reserves Excluding Revaluation Reserves

Equity Dividend Rate (%)

36.00

20.00

20.00

20.00

--

Basic EPS

16.68

13.42

15.09

20.32

--

Diluted EPS

16.68

13.42

15.09

20.32

--

Basic EPS

16.68

13.42

15.09

20.32

--

Diluted EPS

16.68

13.42

15.09

20.32

--

138.61

119.43

119.64

120.41

122.17

34.68

31.45

31.50

31.71

32.17

--

--

--

--

--

--

--

--

--

--

--

--

--

--

--

261.13

260.32

260.11

259.34

--

100.00

100.00

100.00

100.00

--

EPS Before Extra Ordinary

EPS After Extra Ordinary

Public Share Holding

No Of Shares (Crores)
Share Holding (%)
Promoters and Promoter Group Shareholding
a) Pledged/Encumbered
- Number of shares (Crores)
- Per. of shares (as a % of the total sh. of prom. and
promoter group)
- Per. of shares (as a % of the total Share Cap. of the
company)
b) Non-encumbered
- Number of shares (Crores)
- Per. of shares (as a % of the total sh. of prom. and
promoter group)
- Per. of shares (as a % of the total Share Cap. of the
company)

65.32

68.55

Cash Flow of Bharti Airtel

Net Profit Before Tax

68.50

68.29

--

------------------- in Rs. Cr. ------------------Mar '14

Mar '13

Mar '12

Mar '11

Mar '10

12 mths

12 mths

12 mths

12 mths

12 mths

8377.40

6454.80

6956.20

8725.80

10699.25

16022.00

13884.70

11437.80

13293.20

12692.63

-17086.30

-10725.90

-12611.80

-19102.10

-10601.66

Net Cash (used in)/from Financing Activities

1182.20

-3185.70

1400.80

5594.80

-2539.32

Net (decrease)/increase In Cash and Cash

Equivalents

117.90

-26.90

226.80

-214.10

-448.35

Opening Cash & Cash Equivalents

327.90

354.80

128.00

342.10

789.88

Closing Cash & Cash Equivalents

445.80

327.90

354.80

128.00

341.53

Net Cash From Operating Activities

Net Cash (used in)/from
Investing Activities

Source : Dion Global Solutions Limited

Key Financial Ratios of Bharti Airtel

Mar '14

Mar '13

Mar '12

Mar '11

Mar '10

5.00

5.00

5.00

5.00

5.00

Investment Valuation Ratios

Face Value
Dividend Per Share

1.80

1.00

1.00

1.00

1.00

40.77

35.47

35.93

35.13

36.65

124.88

119.42

109.55

100.11

93.77

--

--

--

--

84.64

78.37

82.49

82.49

82.49

82.49

Operating Profit Margin(%)

32.65

29.70

32.79

35.08

39.08

Profit Before Interest And Tax Margin(%)

17.85

14.19

18.29

22.76

28.04

Gross Profit Margin(%)

18.16

14.65

18.57

22.95

28.15

Cash Profit Margin(%)

27.65

25.46

27.57

32.15

35.25

Adjusted Cash Margin(%)

27.65

25.46

27.57

32.15

35.25

Net Profit Margin(%)

12.99

10.88

13.56

20.12

26.36

Adjusted Net Profit Margin(%)

12.99

10.88

13.56

20.12

26.36

Return On Capital Employed(%)

13.18

12.07

13.14

16.65

23.86

Operating Profit Per Share (Rs)

Net Operating Profit Per Share (Rs)
Free Reserves Per Share (Rs)
Bonus in Equity Capital
Profitability Ratios

Return On Net Worth(%)

9.89

9.41

11.59

17.49

25.79

10.20

9.41

11.59

17.49

23.27

Return on Assets Excluding Revaluations

166.93

142.58

130.16

116.16

96.24

Return on Assets Including Revaluations

166.93

142.58

130.16

116.16

96.25

13.40

12.66

14.48

17.54

24.36

Current Ratio

0.93

0.65

1.02

0.63

0.70

Quick Ratio

0.98

0.75

1.37

0.73

0.67

Debt Equity Ratio

0.13

0.24

0.29

0.23

0.14

Long Term Debt Equity Ratio

0.11

0.18

0.17

0.17

0.12

7.42

4.91

5.98

27.92

85.82

Adjusted Return on Net Worth(%)

Return on Long Term Funds(%)

Liquidity And Solvency Ratios

Debt Coverage Ratios

Interest Cover
Total Debt to Owners Fund

0.13

0.24

0.29

0.23

0.14

Financial Charges Coverage Ratio

12.83

9.04

10.22

42.15

49.64

Financial Charges Coverage Ratio Post Tax

11.35

8.22

9.34

39.04

48.73

45,380.45

21,595.67

1,296.07

1,105.17

1,307.05

22.63

20.70

23.14

21.32

15.30

Investments Turnover Ratio

45,380.45

21,595.67

1,296.07

1,105.17

1,307.05

Fixed Assets Turnover Ratio

0.86

0.82

0.84

0.82

0.88

Total Assets Turnover Ratio

0.84

0.90

0.84

0.92

0.93

Asset Turnover Ratio

0.70

0.69

0.71

0.79

0.92

Management Efficiency Ratios

Inventory Turnover Ratio
Debtors Turnover Ratio

Average Raw Material Holding

--

Average Finished Goods Held

--

--

--

--

--

--

--

--

0.41

-17.92

-53.47

43.95

-52.34

-36.57

Material Cost Composition

--

0.40

0.56

0.92

0.78

Imported Composition of Raw Materials Consumed

--

--

--

--

--

Number of Days In Working Capital

Profit & Loss Account Ratios

Selling Distribution Cost Composition

Expenses as Composition of Total Sales

--

--

--

--

6.75

7.01

6.13

4.83

4.77

5.03

10.90

7.45

6.62

4.92

4.02

Cash Flow Indicator Ratios

Dividend Payout Ratio Net Profit
Dividend Payout Ratio Cash Profit

5.20

3.18

3.26

3.08

2.80

Earning Retention Ratio

89.44

92.55

93.38

95.08

95.54

Cash Earning Retention Ratio

94.88

96.82

96.74

96.92

96.99

0.61

1.09

1.21

0.83

0.40

Mar '14

Mar '13

Mar '12

Mar '11

Mar '10

AdjustedCash Flow Times

Earnings Per Share

Book Value

16.51

13.42

15.09

20.32

24.82

166.93

142.58

130.16

116.16

96.24

Source : Dion Global Solutions Limited

Capital Structure (Bharti Airtel)

From

Period
To

Instrument

Authorized Capital

Issued Capital

(Rs. cr)

(Rs. cr)

-PAIDUPShares (nos)
Face Value

Capital

2013

2014

Equity Share

2500

1998.7

3997400102

1998.7

2012

2013

Equity Share

2500

1898.77

3797530096

1898.77

2011

2012

Equity Share

2500

1898.77

3797530096

1898.77

2010

2011

Equity Share

2500

1898.77

3797530096

1898.77

2009

2010

Equity Share

2500

1898.77

3797530096

1898.77

2008

2009

Equity Share

2500

1898.24

1898239796

10

1898.24

2007

2008

Equity Share

2500

1897.91

1897907446

10

1897.91

2006

2007

Equity Share

2500

1895.93

1895934157

10

1895.93

2005

2006

Equity Share

2500

1893.88

1893879304

10

1893.88

2004

2005

Equity Share

2500

1853.37

1853366767

10

1853.37

2003

2004

Equity Share

2500

1853.37

1853366767

10

1853.37

2002

2003

Equity Share

2500

1853.37

1853366767

10

1853.37

2001

2002

Equity Share

2500

1853.37

1853366767

10

1853.37

2000

2001

Equity Share

110

106.24

106235060

10

106.24

Source : Dion Global Solutions Limited

Operating Profit & OPM

Operating Profit gives an indication of the current operational profitability of the business and allows a
comparison of profitability between different companies after removing out expenses that can obscure how
the company is really performing.
Interest cost depends on the management's choice of financing, tax can vary widely depending on
acquisitions and losses in prior years, and depreciation and amortization policies may differ from company
to company.

CATEGORY OF
SHAREHOLDER

NO. OF
SHAREHOLDERS

TOTAL
NO.
OF
SHARES

TOTAL NO. OF
SHARES HELD
IN
DEMATERIALIZE
D
FORM

TOTAL SHAREHOLDING
AS A % OF TOTAL NO.
OF SHARES
AS A % OF
(A+B)
AS A % OF
(A+B+C)

SHARES PLEDGED
OR
OTHERWISE
ENCUMBERED
NUMBER OF
SHARES
AS A % OF TOTAL
NO. OF SHARES

(A) Shareholding of Promoter and Promoter Group

(1) Indian
Bodies Corporate

1,747,545,460

1,747,545,460

43.72

43.72

Sub Total

1,747,545,460

1,747,545,460

43.72

43.72

Bodies Corporate

857,180,286

857,180,286

21.44

21.44

Any Others
(Specify)

8,493,000

8,493,000

0.21

0.21

8,493,000

8,493,000

0.21

0.21

(2) Foreign

Foreign Institutional
Investor

Sub Total

865,673,286

865,673,286

21.66

21.66

Total shareholding
of Promoter and
Promoter Group
(A)

2,613,218,746

2,613,218,746

65.37

65.37

Mutual Funds / UTI

236

98,718,559

98,718,559

2.47

2.47

Financial Institutions
/ Banks

34

5,261,574

5,261,574

0.13

0.13

Insurance
Companies

57

192,958,032

192,958,032

4.83

4.83

617

688,629,770

688,629,770

17.23

17.23

4,000

4,000

35

11,930,980

11,930,980

0.30

0.30

11,930,980

11,930,980

0.30

0.30

980

997,502,915

997,502,915

24.95

24.95

2,243

133,474,545

128,030,275

3.34

3.34

(B) Public Shareholding

(1) Institutions

Foreign Institutional
Investors
Qualified Foreign
Investor
Any Others
(Specify)
Foreign Portolio
Investor
( Corporate)
Sub Total

35

(2) NonInstitutions
Bodies Corporate
Individuals
Individual
shareholders
holding nominal
share capital up to
Rs. 1 lakh

32,508,366
240,860

32,499,553

0.81

0.81

Ratios
(Rs crore)
Mar ' 14

Mar ' 13

Mar ' 12

Mar ' 11

Mar ' 10

Per share ratios

Adjusted EPS (Rs)

17.03

13.42

15.09

20.32

22.40

Adjusted cash EPS (Rs)

35.12

31.40

30.67

32.46

33.19

Reported EPS (Rs)

16.51

13.42

15.09

20.32

24.82

Reported cash EPS (Rs)

34.60

31.40

30.67

32.46

35.61

1.80

1.00

1.00

1.00

1.00

40.77

35.47

35.93

35.13

36.65

Book value (excl rev res) per share EPS (Rs)

166.93

142.58

130.16

116.16

96.24

Book value (incl rev res) per share EPS (Rs)

166.93

142.58

130.16

116.16

96.25

Net operating income per share EPS (Rs)

124.88

119.42

109.55

100.11

93.77

84.64

Operating margin (%)

32.65

29.70

32.79

35.08

39.08

Gross profit margin (%)

18.16

14.65

18.57

22.95

28.15

Net profit margin (%)

12.99

10.88

13.56

20.12

26.36

Adjusted cash margin (%)

27.65

25.46

27.57

32.15

35.25

Adjusted return on net worth (%)

10.20

9.41

11.59

17.49

23.27

Reported return on net worth (%)

9.89

9.41

11.59

17.49

25.79

13.40

12.66

14.48

17.54

24.36

Long term debt / Equity

0.10

0.18

0.16

0.16

0.11

Total debt/equity

0.12

0.23

0.28

0.23

0.13

88.67

80.66

77.76

81.17

87.88

0.70

0.69

0.70

0.79

0.92

Current ratio

0.98

0.74

1.38

0.73

0.73

Current ratio (inc. st loans)

0.93

0.64

1.02

0.62

0.70

Quick ratio

0.98

0.74

1.37

0.72

0.67

Dividend per share

Operating profit per share (Rs)

Free reserves per share EPS (Rs)

Profitability ratios

Return on long term funds (%)

Leverage ratios

Owners fund as % of total source

Fixed assets turnover ratio
Liquidity ratios

Mar ' 14
Inventory turnover ratio

Mar ' 13

Mar ' 12

Mar ' 11

Mar ' 10

45,380.45

21,595.67

1,296.07

1,105.17

1,307.05

10.90

7.45

6.62

4.92

4.71

5.20

3.18

3.26

3.08

3.28

Earning retention ratio

89.44

92.55

93.38

95.08

94.78

Cash earnings retention ratio

94.88

96.82

96.74

96.92

96.48

Adjusted cash flow time total debt

0.60

1.09

1.21

0.83

0.39

Financial charges coverage ratio

12.83

9.04

10.22

42.15

49.64

Fin. charges cov.ratio (post tax)

11.35

8.22

9.34

39.04

48.73

Material cost component (% earnings)

0.40

0.56

0.92

0.78

Selling cost Component

6.75

7.01

6.13

4.83

4.77

5.03

0.72

0.78

0.65

0.78

0.80

78.37

82.49

82.49

82.49

82.49

Payout ratios
Dividend payout ratio (net profit)
Dividend payout ratio (cash profit)

Coverage ratios

Component ratios

Exports as percent of total sales

Import comp. in raw mat. consumed
Long term assets / total Assets
Bonus component in equity capital (%)