Bharti Infratel's core mission is in line with the Bharti Group's philosophy of building businesses which

positively impact the society we live in. As one of the pioneers of Shared Tower Telecom Infrastructure
services, Infratel has helped Telecom operators maximize their reach in a short period of time – by providing
them compelling capex saving opportunities, as a result, making them focus their investment in reaching out
to more and more communities across the country, and contributing in offering highly affordable telecom
services which helps integrate more subscribers into the mainstream, and connect them to the rest of the
world. In the long run, this helps change their socio-economic status, and improve their 'quality of life'.

In India, Infratel has over 39,000+ towers, across 18 states, and 11 Telecom circles, and still growing. Bharti
Infratel also has a 42% stake in Indus Towers which was created as a Joint Venture between Bharti Infratel,
Vodafone and Aditya Birla Telecom to hive off the Towers business in 15 telecom circles.
GMR Group is an infrastructure provider with a wide presence, impact and scope that extends from:

• National to the global.

• Plugging infrastructure gaps to create benchmark assets.

• Supporting livelihoods to enhancing the quality of life.

The Group provides infrastructure that helps mankind achieve their quest in creating a better
tomorrow, today. Since its establishment in 1978, the GMR Group has been constantly developing its
capabilities in the creation of mega infrastructure projects. They span the domains of developing,
operating, managing and owning international airports as well as setting up and operating major
energy utilities. Developing and operating modern highways, urban infrastructure facilities and
developing multi-product Industrial Investment Regions are the other areas covered by the Group.
While quality and operational efficiencies guide all the strategic business areas, the Group accords
equal, if not more, emphasis on its work in the area of Social Entrepreneurship and Corporate Social
Responsibility. Through GMR Varalakshmi Foundation, the Group promotes and manages projects
across the spectrum of Education, Health, Hygiene & Sanitation, Empowerment and Livelihood and
Community Development.
Common Size Financial Statements

A common size income statement is an income statement in which each line item is
expressed as a percentage of the value of revenue or sales. It is used for vertical
analysis, in which each line item in a financial statement is represented as a
percentage of a base figure within the statement.

Common size financial statements help to analyze and compare a company's

performance over several periods with varying sales figures. The common size
percentages can be subsequently compared to those of competitors to determine
how the company is performing relative to the industry.

Trend Analysis

Trend Analysis is a statistical technique that tries to determine future movements

of a given variable by analyzing historical trends. In other words, it is a method
that aims to predict future behaviors by examining past ones.

Trend analysis is a technique employed by technical analyst in the financial

industry to predict the future movements of a given asset. They employ historical
data to determine the direction of the trend. The goal of this procedure is to
identify attractive investment opportunities that are currently showing an upward
trend; and of course, to identify downtrends too, so investors can get out before
losing money.

Perhaps one of the disadvantages of trend analysis is that past behavior is not
always consistent in the future, in other words, whatever the price of a given
security did in the past is not necessary an indication of what it will do in the future
because there are a lot of other significant elements that come into play when it
comes to determining the value a financial security.
 TREND ANALYSIS

Bharti Infratel

Mar 19 18-Mar 17-Mar 2019 (%) 2018 (%) 2017 (%)

SHAREHOLDER'S FUNDS

Equity Share Capital 1,849.60 1,849.60 1,849.60 100.00 100.00 100.00

Reserves and Surplus 13,814.70 15,875.80 14,387.50 96.01877 110.3444 100.00
Total Shareholders Funds 15,664.30 17,725.40 16,237.10 96.47228 109.166 100.00

NON-CURRENT LIABILITIES

Deferred Tax Liabilities [Net] 0 0 26.3 0 0 100.00

Other Long Term Liabilities 373.8 415.3 400.6 93.31003 103.6695 100.00
Long Term Provisions 272.3 248.4 224.3 121.3999 110.7445 100.00
Total Non-Current Liabilities 646.1 663.7 651.2 99.21683 101.9195 100.00
CURRENT LIABILITIES
Short Term Borrowings 5.7 0 278.5 2.046679 0 100.00
Trade Payables 1,082.60 1,099.50 1,121.40 96.54004 98.04708 100.00
Other Current Liabilities 671.2 701.1 3,161.00 21.23379 22.17969 100.00
Short Term Provisions 14 14.3 13.4 104.4776 106.7164 100.00
Total Current Liabilities 1,773.50 1,814.90 4,574.30 38.77096 39.67602 100.00
Total Capital And Liabilities 18,083.90 20,204.00 21,462.60 84.25773 94.13585 100.00
ASSETS

NON-CURRENT ASSETS

Tangible Assets 5,320.30 5,581.40 5,781.10 92.0292 96.54564 100.00

Intangible Assets 4.6 7.7 10.3 44.66019 74.75728 100.00
Capital Work-In-Progress 104 99.8 58.5 177.7778 170.5983 100.00
Fixed Assets 5,428.90 5,688.90 5,849.90 92.8033 97.24782 100.00
Non-Current Investments 7,887.30 6,322.60 10,167.00 77.57746 62.18747 100.00
Deferred Tax Assets [Net] 15 54.2 0 100.00
Long Term Loans And Advances 0 0 0 100.00
Other Non-Current Assets 461.9 500.8 539.4 85.63218 92.8439 100.00
Total Non-Current Assets 13,793.10 12,566.50 16,556.30 83.31028 75.90162 100.00
CURRENT ASSETS
Current Investments 2,954.90 6,507.30 1,499.00 197.1247 434.1094 100.00
Trade Receivables 545.4 274.5 300 181.8 91.5 100.00
Cash And Cash Equivalents 1.6 30.9 2,249.40 0.07113 1.3737 100.00
Short Term Loans And Advances 0 0 0 100.00
OtherCurrentAssets 788.9 824.8 857.9 91.9571 96.14174 100.00
Total Current Assets 4,290.80 7,637.50 4,906.30 87.4549 155.6672 100.00
Total Assets 18,083.90 20,204.00 21,462.60 84.25773 94.13585 100.00

COMMON SIZE STATEMENT

Bharti Infratel

Mar 19 18-Mar 17-Mar 2019 (%)

SHAREHOLDER'S FUNDS    
 
Equity Share Capital 1,849.60 1,849.60 1,849.60 10.22788
Reserves and Surplus 13,814.70 15,875.80 14,387.50 76.39226
Total Shareholders Funds 15,664.30 17,725.40 16,237.10 86.62014

NON-CURRENT LIABILITIES    
 
Deferred Tax Liabilities [Net] 0 0 26.3 0
Other Long Term Liabilities 373.8 415.3 400.6 2.067032
Long Term Provisions 272.3 248.4 224.3 1.505759
Total Non-Current Liabilities 646.1 663.7 651.2 3.572791
CURRENT LIABILITIES      
Short Term Borrowings 5.7 0 278.5 0.03152
Trade Payables 1,082.60 1,099.50 1,121.40 5.986541
Other Current Liabilities 671.2 701.1 3,161.00 3.711589
Short Term Provisions 14 14.3 13.4 0.077417
Total Current Liabilities 1,773.50 1,814.90 4,574.30 9.807066
Total Capital And Liabilities 18,083.90 20,204.00 21,462.60 100
ASSETS      
NON-CURRENT ASSETS    
 
Tangible Assets 5,320.30 5,581.40 5,781.10 29.42009
Intangible Assets 4.6 7.7 10.3 0.025437
Capital Work-In-Progress 104 99.8 58.5 0.575097
Fixed Assets 5,428.90 5,688.90 5,849.90 30.02063
Non-Current Investments 7,887.30 6,322.60 10,167.00 43.61504
Deferred Tax Assets [Net] 15 54.2 0 0.082947
Long Term Loans And Advances 0 0 0 0
Other Non-Current Assets 461.9 500.8 539.4 2.554206
Total Non-Current Assets 13,793.10 12,566.50 16,556.30 76.27282
CURRENT ASSETS     0
Current Investments 2,954.90 6,507.30 1,499.00 16.33995
Trade Receivables 545.4 274.5 300 3.015942
Cash And Cash Equivalents 1.6 30.9 2,249.40 0.008848
Short Term Loans And Advances 0 0 0 0
OtherCurrentAssets 788.9 824.8 857.9 4.362444
Total Current Assets 4,290.80 7,637.50 4,906.30 23.72718
Total Assets 18,083.90 20,204.00 21,462.60 100

TREND ANALYSIS

Bharti Infratel
Profit and Loss A/c

2018
Mar 19 2019 (%) 18-Mar 17-Mar 2017
(%)
INCOME
Revenue From
6,821.70 112.1 6,618.00 108.765 6,084.70 100
Operations [Gross]
Revenue From
6,821.70 112.1 6,618.00 108.765 6,084.70 100
Operations [Net]
Total Operating
6,821.70 112.1 6,618.00 108.765 6,084.70 100
Revenues
Other Income 1,668.20 163.2 1,106.10 108.218 1,022.10 100
Total Revenue 8,489.90 119.5 7,724.10 108.686 7,106.80 100
EXPENSES 100
Cost Of Materials
2,524.90 119.4 2,281.30 107.899 2,114.30 100
Consumed
Operating And Direct
0 0 406.2 99.4613 408.4 100
Expenses
Employee Benefit
291.5 106.2 291.6 106.191 274.6 100
Expenses
Finance Costs 52.9 -8.09 -170.5 26.0664 -654.1 100
Depreciation And
1,063.70 91.25 1,179.60 101.192 1,165.70 100
Amortisation Expenses
Other Expenses 891.8 192.9 482.9 104.479 462.2 100
Total Expenses 4,824.80 127.9 4,471.10 118.562 3,771.10 100

Profit/Loss Before
Exceptional,
ExtraOrdinary Items 3,665.10 109.9 3,253.00 97.5208 3,335.70 100
And Tax

Exceptional Items 0 -26 0 100

Profit/Loss Before Tax 3,665.10 109.9 3,227.00 96.7413 3,335.70 100
Tax Expenses-Continued Operations

Current Tax 846.9 98.55 893.9 104.014 859.4 100

Deferred Tax 39.2 -17.1 -80.8 35.3301 -228.7 100
Total Tax Expenses 886.1 140.5 813.1 128.92 630.7 100
Profit/Loss After Tax
And Before 2,779.00 102.7 2,413.90 89.2384 2,705.00 100
ExtraOrdinary Items
Profit/Loss From
2,779.00 102.7 2,413.90 89.2384 2,705.00 100
Continuing Operations
Profit/Loss For The
2,779.00 102.7 2,413.90 89.2384 2,705.00 100
Period

COMMON SIZE STATEMENT

Bharti Infratel

Profit and Loss A/c

 Mar 19 18-Mar 17-Mar 2019 (%)
INCOME
Revenue From
6,821.70 6,618.00 6,084.70 80.3507697
Operations [Gross]
Revenue From
6,821.70 6,618.00 6,084.70 80.3507697
Operations [Net]
Total Operating
6,821.70 6,618.00 6,084.70 80.3507697
Revenues
Other Income 1,668.20 1,106.10 1,022.10 19.6492303
Total Revenue 8,489.90 7,724.10 7,106.80 100
EXPENSES
Cost Of Materials
2,524.90 2,281.30 2,114.30 29.7400441
Consumed
Operating And Direct
0 406.2 408.4 0
Expenses
Employee Benefit
291.5 291.6 274.6 3.43349156
Expenses
Finance Costs 52.9 -170.5 -654.1 0.62309332
Depreciation And
1,063.70 1,179.60 1,165.70 12.5290051
Amortisation Expenses
Other Expenses 891.8 482.9 462.2 10.5042462
Total Expenses 4,824.80 4,471.10 3,771.10 56.8298802
Profit/Loss Before
Exceptional,
ExtraOrdinary Items 3,665.10 3,253.00 3,335.70 43.1701198
And Tax

Exceptional Items 0 -26 0 0

Profit/Loss Before Tax 3,665.10 3,227.00 3,335.70 43.1701198
Tax Expenses-Continued Operations

Current Tax 846.9 893.9 859.4 9.97538251

Deferred Tax 39.2 -80.8 -228.7 0.46172511
Total Tax Expenses 886.1 813.1 630.7 10.4371076
Profit/Loss After Tax
And Before 2,779.00 2,413.90 2,705.00 32.7330122
ExtraOrdinary Items
Profit/Loss From
2,779.00 2,413.90 2,705.00 32.7330122
Continuing Operations
Profit/Loss For The
2,779.00 2,413.90 2,705.00 32.7330122
Period

TREND ANALYSIS

GMR INFRA

Balance Sheet

Mar 19 2019 (%) 18-Mar 2018 (%) 17-Mar 2017 (%)

SHAREHOLDER'S
FUNDS
Equity Share Capital 603.59 100 603.59 100 603.59 100
Reserves and 187.661343
11,097.56 16,510.26 279.190883 5,913.61 100
Surplus 9
Total Shareholders
11,701.15 179.542595 17,113.85 262.595133 6,517.20 100
Funds

NON-CURRENT LIABILITIES

Long Term 103.975637

5,293.93 5,184.57 101.827749 5,091.51 100
Borrowings 9
Deferred Tax
489.28 1,780.61 0 100
Liabilities [Net]
Other Long Term 284.109351
654.73 133.26 57.8259926 230.45 100
Liabilities 3
Total Non-Current 120.969342
6,437.94 7,098.44 133.380183 5,321.96 100
Liabilities 1
CURRENT LIABILITIES
Short Term 835.887668
943.55 768.91 681.174699 112.88 100
Borrowings 3
226.472329
Trade Payables 497.22 333.48 151.892507 219.55 100
8
Other Current 220.754106
2,797.97 1,176.17 92.7974058 1,267.46 100
Liabilities 6
Short Term 634.031413
12.11 13.27 694.764398 1.91 100
Provisions 6
Total Current
4,250.85 265.379573 2,291.83 143.078412 1,601.80 100
Liabilities
Total Capital And 166.579916
22,389.94 26,504.12 197.189189 13,440.96 100
Liabilities 9
ASSETS

NON-CURRENT ASSETS

229.432416
Tangible Assets 156.84 117.21 171.459918 68.36 100
6
61.7363344
Intangible Assets 1.92 2.15 69.1318328 3.11 100
1
Capital Work-In-
0 20.93 0 100
Progress
222.135161
Fixed Assets 158.76 140.29 196.292151 71.47 100
6
Non-Current 124.664983
12,238.91 22,593.10 230.132295 9,817.44 100
Investments 9
Deferred Tax Assets
97.23 100 97.23 100 97.23 100
[Net]
Long Term Loans
1,599.55 87.6086516 2,230.71 122.177797 1,825.79 100
And Advances
Other Non-Current 97.2427070
298.01 344.52 112.419239 306.46 100
Assets 4
Total Non-Current 118.765446
14,392.46 25,405.85 209.647074 12,118.39 100
Assets 6
CURRENT ASSETS
0.14771048
Current Investments 0.01 26.6 392.909897 6.77 100
7
68.5731670
Inventories 45.08 38.1 57.9555826 65.74 100
2
 581.511490
Trade Receivables 394.73 50.34 74.1602829 67.88 100
9
Cash And Cash 54.5272969
24.57 92.68 205.681314 45.06 100
Equivalents 4
Short Term Loans 70.0055982
350.14 180.21 36.0304702 500.16 100
And Advances 1
1127.69247
Other Current Assets 7,182.95 710.34 111.520347 636.96 100
7
Total Current 604.692379
7,997.48 1,098.27 83.0405952 1,322.57 100
Assets 2
166.579916
Total Assets 22,389.94 26,504.12 197.189189 13,440.96 100
9
 COMMON SIZE STATEMENT

GMR INFRA

Balance Sheet

Mar 19 18-Mar 17-Mar 2019 (%)

SHAREHOLDER'S FUNDS
2.695808
Equity Share Capital 603.59 603.59 603.59
9
11,097.5 16,510.2 49.56493
Reserves and Surplus 5,913.61
6 6 9
11,701.1 17,113.8 52.26074
Total Shareholders Funds 6,517.20
5 5 7
NON-CURRENT LIABILITIES

23.64423
Long Term Borrowings 5,293.93 5,184.57 5,091.51
5
2.185267
Deferred Tax Liabilities [Net] 489.28 1,780.61 0
1
2.924215
Other Long Term Liabilities 654.73 133.26 230.45
1
28.75371
Total Non-Current Liabilities 6,437.94 7,098.44 5,321.96
7
CURRENT LIABILITIES
4.214169
Short Term Borrowings 943.55 768.91 112.88
4
2.220729
Trade Payables 497.22 333.48 219.55
5
Other Current Liabilities 2,797.97 1,176.17 1,267.46 12.49655
0.054086
Short Term Provisions 12.11 13.27 1.91
8
18.98553
Total Current Liabilities 4,250.85 2,291.83 1,601.80
5
22,389.9 26,504.1 13,440.9
Total Capital And Liabilities 100
4 2 6
ASSETS

NON-CURRENT ASSETS

0.700493
Tangible Assets 156.84 117.21 68.36
2
0.008575
Intangible Assets 1.92 2.15 3.11
3
Capital Work-In-Progress 0 20.93 0 0
0.709068
Fixed Assets 158.76 140.29 71.47
4
12,238.9 22,593.1
Non-Current Investments 9,817.44 54.66254
1 0
0.434257
Deferred Tax Assets [Net] 97.23 97.23 97.23
5
 7.144056
Long Term Loans And Advances 1,599.55 2,230.71 1,825.79
7
1.330999
Other Non-Current Assets 298.01 344.52 306.46
5
14,392.4 25,405.8 12,118.3 64.28092
Total Non-Current Assets
6 5 9 3
CURRENT ASSETS
Current Investments 0.01 26.6 6.77
0.201340
Inventories 45.08 38.1 65.74
4
1.762979
Trade Receivables 394.73 50.34 67.88
3
0.109736
Cash And Cash Equivalents 24.57 92.68 45.06
8
1.563827
Short Term Loans And Advances 350.14 180.21 500.16
3
32.08114
OtherCurrentAssets 7,182.95 710.34 636.96
9
35.71907
Total Current Assets 7,997.48 1,098.27 1,322.57
7
22,389.9 26,504.1 13,440.9
Total Assets 100
4 2 6
 TREND ANALYSIS

GMR INFRA

Profit and Loss

Mar 19 2019 (%) 18-Mar 2018 (%) 17-Mar 2017 (%)

INCOME

Revenue From Operations 279.076813

1,096.13 1,099.67 279.9781042 392.77 100
[Gross] 4
Revenue From Operations 279.076813
1,096.13 1,099.67 279.9781042 392.77 100
[Net] 4
0.62388818
Other Operating Revenues 4.91 6.34 0.805590851 787 100
3
93.3266653
Total Operating Revenues 1,101.04 1,106.01 93.74793392 1,179.77 100
7
1806.03773
Other Income 47.86 52.35 1975.471698 2.65 100
6
97.1651359
Total Revenue 1,148.90 1,158.36 97.96519003 1,182.42 100
1
EXPENSES
299.204032
Cost Of Materials Consumed 338.31 376.53 333.0061024 113.07 100
9
Operating And Direct 194.288868
334.41 238.48 138.5544969 172.12 100
Expenses 2
90.7503358
Employee Benefit Expenses 47.29 51.68 99.17482249 52.11 100
3
113.549695
Finance Costs 845.65 821.61 110.321723 744.74 100
2
Depreciation And 151.828890
24.49 19.06 118.1649101 16.13 100
Amortisation Expenses 3
109.701165
Other Expenses 125.18 144.37 126.5182718 114.11 100
5
Total Expenses 1,715.33 141.496189 1,651.73 136.2498763 1,212.28 100
Profit/Loss Before
Exceptional, ExtraOrdinary 1896.95244
-566.43 -493.37 1652.277294 -29.86 100
Items And Tax 5
13.0251548
Exceptional Items -475.96 -94.17 2.577062854 -3,654.16 100
9
Profit/Loss Before Tax -1,042.39 28.2949061 -587.54 15.94833904 -3,684.02 100
 1
Tax Expenses-Continued Operations

0.88235294
Current Tax 0.09 0.09 0.882352941 10.2 100
1
Less: MAT Credit Entitlement 0 0 0 0 10.11 100
Deferred Tax -8.17 0 0 100
-
Total Tax Expenses -8.08 8977.77777 0.09 100 0.09 100
8
Profit/Loss After Tax And 28.0748946
-1,034.31 -587.63 15.95039236 -3,684.11 100
Before ExtraOrdinary Items 1
Profit/Loss From 28.0748946
-1,034.31 -587.63 15.95039236 -3,684.11 100
Continuing Operations 1
28.0748946
Profit/Loss For The Period -1,034.31 -587.63 15.95039236 -3,684.11 100
1

COMMON SIZE STATEMENT

GMR INFRA

Profit and Loss

Mar 19 18-Mar 17-Mar 2019 (%)

INCOME
Revenue From Operations
1,096.13 1,099.67 392.77 95.40691096
[Gross]
Revenue From Operations
1,096.13 1,099.67 392.77 95.40691096
[Net]
Other Operating Revenues 4.91 6.34 787 0.427365306
Total Operating Revenues 1,101.04 1,106.01 1,179.77 95.83427626
Other Income 47.86 52.35 2.65 4.165723736
Total Revenue 1,148.90 1,158.36 1,182.42 100
EXPENSES
Cost Of Materials Consumed 338.31 376.53 113.07 29.44642702
Operating And Direct
334.41 238.48 172.12 29.10697189
Expenses
Employee Benefit Expenses 47.29 51.68 52.11 4.116111063
Finance Costs 845.65 821.61 744.74 73.60518757
Depreciation And
24.49 19.06 16.13 2.131604143
Amortisation Expenses
Other Expenses 125.18 144.37 114.11 10.89563931
Total Expenses 1,715.33 1,651.73 1,212.28 149.301941
 Profit/Loss Before
Exceptional, ExtraOrdinary -566.43 -493.37 -29.86 -49.301941
Items And Tax
Exceptional Items -475.96 -94.17 -3,654.16 -41.4274523
Profit/Loss Before Tax -1,042.39 -587.54 -3,684.02 -90.7293933
Tax Expenses-Continued Operations 0
Current Tax 0.09 0.09 10.2 0.00783358
Less: MAT Credit Entitlement 0 0 10.11 0
Deferred Tax -8.17 0 0 -0.71111498
Total Tax Expenses -8.08 0.09 0.09 -0.7032814
Profit/Loss After Tax And
-1,034.31 -587.63 -3,684.11 -90.0261119
Before ExtraOrdinary Items
Profit/Loss From
-1,034.31 -587.63 -3,684.11 -90.0261119
Continuing Operations
Profit/Loss For The Period -1,034.31 -587.63 -3,684.11 -90.0261119

Ratio analysis
CURRENT RATIO

The current ratio is a liquidity ratio that measures whether or not a firm has enough resources to meet its
short-term obligations. It compares a firm's current assets to its current liabilities.

Current Ratio= Current Assets /Current Liablities

Year GMR Bharti Infra

2017 1322.57/1601.8 = 0.83
2018 1098.27/2241.83 = 0.48
2019 7997.48/4250.85 = 1.88

QUICK RATIO

This ratio is also known as Quick or Acid Test Ratio. Liquidity ratios are a class of financial metrics used to
determine a debtor's ability to pay off current debt obligations without raising external capital.

Liquid Ratio= Liquid Assets/ Liquid Liablities

Year GMR Bharti Infra

2017 1277.51/1601.8 = 0.79
2018 1005.59/2291.83 = 0.44
2019 7972.91/4250.85 = 1.87
RETURN ON INVESTMENT

Return on Investment (ROI) is a performance measure used to evaluate the

efficiency of an investment or compare the efficiency of a number of different
investments. ROI tries to directly measure the amount of return on a particular
investment, relative to the investment’s cost. 

Return on investment = Net Profit/ Total Capital Employed × 100

Year GMR Bharti Infra
2017
2018 253.62/24212.29 × 100 = 1.05
2019 -172.04/18139.09 × 100 = (-0.94)

DEBT EQUITY RATIO

The debt-to-equity ratio (D/E) is a financial ratio indicating the relative proportion of shareholders' equity
and debt used to finance a company's assets. Closely related to leveraging, the ratio is also known as risk,
gearing or leverage.

Debt Equity Ratio = Long Term Debt/ Shareholders Equity

Year GMR Bharti Infra

2017 5204.39/6517.2 = 0.80
2018 5953.48/17113.85 = 0.35
2019 6237.48/11701.15 = 0.53

PROPRIETARY RATIO

The proprietary ratio (also known as the equity ratio) is the proportion of shareholders' equity to total
assets, and as such provides a rough estimate of the amount of capitalization currently used to support a
business.

proprietary ratio = Shareholders Fund/ Total Assets

Year GMR Bharti Infra

2017 6517.2/13440.96 = 0.48
2018 17113.85/26504.12 = 0.65
2019 11701.15/22389.94 = 0.52