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Annual-Report-2006-2007 1B070539E8AF10BF106D84E1D3617B5A.Pdf Directors’ Report Dear Shareholders, The strong operational performance of the Company during the year culminated into an equally robust The directors are delighted to present the Twelfth Annual Report on the business and operations of the Company financial performance. together with audited financial statements and accounts The consolidated revenues and EBITDA for the year for the year ended 31st March 2007. ended March 31, 2007 was Rs. 184,202 million and Rs. 74,407 million respectively. The consolidated Overview revenues and EBITDA grew by 58% and 79% The Company is one of India’s leading private sector respectively for the year ended March 31, 2007. providers of telecommunications services, and was the The net finance cost for the year was Rs 2,488 million first private player to have an all India presence. The as compared to Rs 2,244 million for the Company is the largest GSM mobile service provider in corresponding period last year. Earnings before tax the country based on number of customers. The for the year ended March 31, 2007 was Rs. 46,784 Company’s customer base has crossed 39 million as on million, and the net profit was at Rs 40,621 million March 31, 2007, comprising of approx. 37 million mobile leading to a net profit growth of 100% over the and approx. 1.9 million broadband & telephone previous year and an earnings per share (basic) of customers. Rs. 21.432. During the financial year 2006-07, the Company crossed Net debt for the year ended March 31, 2007 was certain key milestones, and maintained its position as Rs. 42,867 million resulting in the net debt to EBITDA one of the leading telecommunications services provider of 0.58 times and interest (net) coverage ratio of in India by continuously reviewing its strategy and 26.47 times. 42 augmenting its operations. II. Financial highlights of Standalone Statement of Some of the key highlights include the following: Operations of the Company • First private telecom operator to cross total customer base of 39 million. In Rs. Million, except ratios • Nearly doubled mobile customer base by adding Particulars Year Ended 17,562,002 customers in the financial year 2006-07. March 31, March 31, Y-o-Y • Full year consolidated gross revenues of Rs. 184.2 2007 2006 Growth billion (~US$ 4.23 billion) and consolidated EBITDA of Rs. 74.4 billion (~US$ 1,707 million). Gross revenue 177,944 112,287 58% • Full year consolidated net profit of Rs. 40.6 billion (~US$ 932 million). EBITDA 72,602 40,167 81% • Year-on-year growth of total customer base by 86% Cash Profit from resulted in a 58% increase in revenues, 79% increase operations 70,979 38,530 84% in EBITDA and 100% growth in net profit. Earnings before Financial Results and Results of Operations taxation 46,014 22,858 101% Net profit / (Loss) 40,332 20,121 100% I. Financial highlights of Consolidated Statement of Operations of the Company: In Rs. Million, except ratios Dividend Particulars Year Ended The directors believe in the tremendous growth potential March 31, March 31, Y-o-Y of the telecommunication sector and the Company 2007 2006 Growth should capitalize on these by expanding and Gross revenue 184,202 116,641 58% strengthening its existing networks. Keeping in view the EBITDA 74,407 41,636 79% Company’s need for capital, its growth plans and the Cash Profit from intent to finance those plans through internal accruals operations 73,037 40,006 83% to maximum, the directors do not recommend any Earnings before dividend for the year ended March 31, 2007. The directors taxation 46,784 23,455 99% believe this would increase shareholder value and Net profit / (Loss) 40,621 20,279 100% eventually lead to a higher return threshold. 1 Director's Report.p65 42 6/15/2007, 7:15 PM Subsidiary companies Highlights of the year The Company has the following subsidiaries as on 31st Major agreements and alliances March 2007 viz. During the year Bharti Airtel has entered into following (i) Bharti Hexacom Limited major agreements and alliances: (ii) Bharti Comtel Limited • With Microsoft to offer software and services for (iii) Bharti Aquanet Limited the Small and Medium Business (SMB) market in India. (iv) Satcom Broadband Equipment Limited The partnership will start off by offering to Indian (v) Bharti Broadband Limited SMBs Microsoft solutions for Hosted Messaging and (vi) Bharti Infratel Limited Collaboration. It will also offer other hosted (vii) Bharti Telemedia Limited applications like CRM, Accounting, ERP, Unified (viii) Bharti Airtel (UK) Limited Communications and select Microsoft ISV (ix) Bharti Airtel (Canada) Limited applications; (x) Bharti Airtel (Hongkong) Limited •With Google to offer search services on Airtel Mobile. (xi) Bharti Airtel (USA) Limited and As part of the agreement, Airtel will bring Google (xii) Bharti Airtel Lanka (Private) Limited search to the Airtel Live mobile WAP portal. Google will also incorporate advertising through its Mobile In terms of approval granted by the Central Government Ads product on the Airtel Live mobile portal; under Section 212(8) of the Companies Act, 1956 vide letter No.47/72/2007-CL-III dated 29-03-2007, copy of the • With Adani Group to connect Mundra Port and Balance Sheet, Profit and Loss Account, Reports of the Special Economic Zone. This is a first-of-its-kind Board of directors and Auditors of the aforementioned alliance with the Adani group for setting up the subsidiaries (as stated in sl. (i) to (xi)) for the year ended Telecommunications Network Infrastructure for its March 31, 2007 have not been attached with the Balance multi-sector Special Economic Zone (SEZ) located at Sheet of the Company. We believe that the Consolidated Mundra port; Accounts present a full and fair picture of the state of • A three-year contract with Nokia at an estimated affairs and the financial condition and is globally value of US$ 400 mn to expand its managed GSM/ 43 accepted. These documents will be made available to GPRS/EDGE networks in eight Airtel circles and deploy Bharti Airtel’s investors and subsidiary companies’ a pan India WAP solution across its networks; investors upon request. The annual accounts of the subsidiary companies are also kept at the registered office • A three-year network expansion contract with of the Company and the concerned subsidiary companies Ericsson at an estimated value of USD 1 bn . The for inspection by any investor. Bharti Airtel Lanka (Private) contract will enable Bharti Airtel to rapidly expand Limited was incorporated in March 2007 only and its mobile services footprint further and reach out to therefore no financial statements have been prepared all towns and cities in 15 telecom circles in the till March 31, 2007.The statements required pursuant to country; the approval letter obtained from the Ministry of • With Microsoft to offer Microsoft’s latest Windows Company Affairs for this exemption is disclosed as parts Mobile 5.0 technology to its customer. With this of the Notes to Consolidated Accounts of the Company agreement, Bharti Airtel has become the first Indian page no. 172. teleco company to offer Microsoft’s latest Mobile 5.0 In addition the Company has also incorporated a wholly technology to its customers; owned subsidiary company, Bharti Airtel (Singapore) •With IBM to deliver India’s first ‘Service Delivery Private Limited in Singapore in April 2007. Platform’ (SDP). This platform will enable Airtel to deliver a suite of unique, innovative products, services Approval under sec 211(4) of the Companies Act and applications, to its over 39 million customers In terms of approval granted by the Central Government spanning mobile, landline and broadband services. under Section 211(4) of the Companies Act, 1956 vide Airtel is investing over USD 100 Million in this delivery letter No.46/44/2007-CL-III dated 29-03-2007, the platform; Company has been exempted from providing details of Mergers & Acquisitions movements of investments etc. in the Balance Sheet as on March 31, 2007. Pursuant to the aforesaid exemption, • During the year, the Company has sold 2.36% of its the company is required to provide only selective investments in Forum I Aviation Limited which has details of investments. Detailed information will be resulted in reduction of its shareholding in the JV made available to Bharti Airtel’s investors upon from 16.6% to 14.2%; request. The detailed information have been kept at the • Pursuant to a rights issue made by Bharti Hexacom registered office of the Company for inspection by any Limited (BHL) during the year, the Company investor and will also be made available on the Company’s subscribed to 43,750,000 shares of BHL for an website. 1 Director's Report.p65 43 6/15/2007, 7:16 PM aggregate consideration of Rs. 875 mn resulting in • Airtel Broadband & Telephone Services, India’s largest increase in its stake from 68.5% to 68.89%; private broadband and telephone service provider, introduced its Games on Demand Service as part of • On 17 April 2007, the Hon’ble High Court of Delhi its endeavour to offer rich broadband content to its approved the amalgamation of Satcom Broadband customers in July 2006. The online gaming suite offers Equipment Limited (SBEL) and Bharti Broadband unlimited play of best selling online games at an Limited (BBL) into Bharti Airtel Limited. On completion affordable subscription; of all procedural formalities, SBEL and BBL will stand dissolved (without the process of winding up) into • The Company launched India’s first Easy Lifetime Pre- Bharti Airtel Limited. The appointed date of the paid, wherein customers can go mobile for life for amalgamation is October 1, 2005; Rs.
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