CONSOLIDATED FINANCIAL STATEMENTS FOR PAST FIVE QUARTERS - BHARTI AIRTEL LIMITED

[AS PER INDIAN ACCOUNTING STANDARDS (Ind-AS)]

Schedule INDEX

Financial Indicators

1.0 Consolidated Statements of Operations as per Indian Accounting Standards (Ind-AS)

2.0 Consolidated Balance Sheet as per Indian Accounting Standards (Ind-AS)

3.0 Consolidated Statement of Cash Flows as per Indian Accounting Standards (Ind-AS)

4.0 Consolidated Summarised Statement of Operations (net of inter segment eliminations)

5.0 Schedules to Financial Statements

Operational Indicators

6.0 Operational Performance

Page 1 of 13
INDEX CONSOLIDATED FINANCIAL STATEMENTS - BHARTI AIRTEL LIMITED

1.0 Consolidated Statement of Operations as per Indian Accounting Standards (Ind-AS)

1.1 Consolidated Summarized Statement of Income Net of Inter Segment Eliminations

Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Dec-19 Sep-19 Jun-19 Mar-19 Dec-18

Income
Revenue 219,471 211,313 207,379 206,022 202,310
Other income 745 677 832 706 832
Total 220,216 211,990 208,211 206,728 203,142

Expenses
Network operating expenses 49,345 49,689 46,636 59,505 58,183
Access Charges 27,109 26,389 25,627 24,410 24,462
License fee / spectrum charges (revenue share) 17,666 16,764 17,930 17,288 17,469
Employee benefits 9,651 9,464 8,641 9,429 9,530
Sales and marketing expenses 9,003 7,581 8,386 10,391 10,621
Other expenses 14,028 12,823 17,357 18,842 20,023

Total 126,802 122,710 124,577 139,866 140,287

Profit from operating activities before depreciation, amortization and 93,414 89,280 83,634 66,862 62,855
exceptional items

Depreciation and amortisation 69,408 69,351 67,587 54,934 54,723

Finance costs 32,816 31,872 34,121 29,156 26,081
Finance income (2,970) (2,789) (2,306) (3,833) (6,633)
Non-operating income / expenses, (net) 211 231 461 59 721
Share of results of joint ventures and associates (1,523) (3,155) (931) (368) 98

Profit before exceptional items and tax (4,528) (6,230) (15,298) (13,086) (12,135)

Exceptional items 10,500 307,110 14,694 (20,221) (14,137)

Profit before tax (15,028) (313,340) (29,992) 7,135 2,002

Tax expense
Current tax 7,309 4,281 7,763 3,034 5,331
Deferred tax (17,688) (89,320) (13,833) (1,660) (7,155)

Profit for the period (4,649) (228,301) (23,922) 5,761 3,826

Consolidated Statement of Comprehensive Income

Amount in Rs Mn, except ratios

Quarter Ended
Particulars
Dec-19 Sep-19 Jun-19 Mar-19 Dec-18
Profit for the period (4,649) (228,301) (23,922) 5,761 3,826
Other comprehensive income ('OCI'):
Items to be reclassified subsequently to profit or loss :
Net gains / (losses) due to foreign currency translation differences 781 4,503 (2,470) (2,028) (5,431)
Gains / (losses) on net investments hedge (1,015) (1,156) (153) 1,289 2,781
Gains / (Losses) on cash flow hedge 220 (114) (79) 45 (223)
Gains / (losses) on fair value through OCI investments 0 (126) 19 (11) 10
Tax credit / (charge) 195 296 68 670 4,231
181 3,403 (2,614) (35) 1,368

Items not to be reclassified to profit or loss :

Re-measurement gains / (losses) on defined benefit plans 140 41 (291) (43) (51)
Share of joint ventures and associates 7 3 (6) (3) (9)
Tax credit / (charge) (9) (13) 80 0 9
138 32 (217) (46) (51)

Other comprehensive income / (loss) for the period 318 3,434 (2,832) (81) 1,317

Total comprehensive income / (loss) for the period (4,331) (224,867) (26,754) 5,680 5,143

Profit for the period Attributable to: (4,649) (228,301) (23,922) 5,761 3,826
Owners of the Parent (10,353) (230,449) (28,660) 1,072 862
Non-controlling interests 5,704 2,148 4,738 4,689 2,964

Other comprehensive income / (loss) for the period attributable to : 318 3,434 (2,832) (81) 1,317
Owners of the Parent (1,070) 1,119 (1,949) 982 3,201
Non-controlling interests 1,389 2,315 (882) (1,063) (1,883)

(4,331) (224,867) (26,754) 5,680 5,143

Total comprehensive income / (loss) for the period attributable to :
Owners of the Parent (11,423) (229,330) (30,609) 2,054 4,062
Non-controlling interests 7,092 4,463 3,856 3,626 1,081

Earnings per share (Face value : Rs. 5/- each) (In Rupees)
Basic -2.02 -44.92 -6.18 0.25 0.20
Diluted -2.02 -44.92 -6.18 0.25 0.20
* With the adoption of IndAS 116 and pursuant to reporting changes in DTH, effective April 1, 2019, the results and ratios of period commencing April
1, 2019 are not comparable with previous periods.

Page 2 of 13
INDEX CONSOLIDATED FINANCIAL STATEMENTS - BHARTI AIRTEL LIMITED

2.0 Consolidated Summarized Balance Sheet (As per Ind AS)

Amount in Rs Mn
As at As at As at As at As at
Particulars
Dec-19 Sep-19 Jun-19 Mar-19 Dec-18
Assets

Non-current assets
Property, plant and equipment (Incl CWIP) 1,153,315 1,143,109 1,118,292 903,661 880,811
Intangible assets 1,159,315 1,169,282 1,144,247 1,200,996 1,212,330
Investment in joint ventures and associates 94,577 91,553 88,769 88,937 89,250
Financial Assets
- Investments 19,862 20,215 21,745 21,941 21,645
- Others 12,504 12,853 18,080 22,784 17,286
Income & Deferred tax assets (net) 258,421 238,960 130,379 107,073 100,567
Other non-current assets 77,803 83,653 93,076 77,526 53,647
2,775,797 2,759,625 2,614,588 2,422,918 2,375,536

Current assets

Financial Assets
- Investments 192,660 60,383 55,570 46,232 38,189
- Trade receivables 53,558 53,290 51,551 43,006 48,955
- Cash and bank balance 102,060 106,957 57,104 62,121 43,458
- Bank deposits 23,968 20,780 19,292 18,934 21,461
- Others 202,421 200,533 20,296 20,769 20,493
Other current assets 163,795 154,658 137,851 137,995 147,022
738,462 596,601 341,664 329,057 319,578

Total Assets 3,514,259 3,356,226 2,956,252 2,751,975 2,695,114

Equity and liabilities

Equity attributable to owners of the Parent 688,287 699,833 913,746 714,222 711,097
Non-controlling interests ('NCI') 222,918 170,316 126,703 135,258 120,962
911,205 870,149 1,040,449 849,480 832,059

Non-current liabilities
Financial Liabilities
- Borrowings 1,052,293 1,112,440 1,080,537 872,454 901,513
- Others 48,126 60,033 52,775 62,957 49,761
Deferred tax liabilities (net) 8,111 6,816 6,228 11,297 8,190
Other non-current liabilities 39,838 35,756 24,895 25,238 25,803
1,148,368 1,215,045 1,164,435 971,946 985,267

Current liabilities
Financial Liabilities
- Borrowings 412,431 256,730 218,383 381,829 308,955
- Trade Payables 294,583 267,212 289,267 280,031 297,379
- Others 157,535 190,819 153,359 172,548 165,861
Current tax liabilities (net) 11,847 10,189 9,472 8,228 8,345
Other current liabilities 578,290 546,082 80,887 87,913 97,248
1,454,686 1,271,032 751,368 930,549 877,788

Total liabilities 2,603,054 2,486,077 1,915,803 1,902,495 1,863,055

Total equity and liabilities 3,514,259 3,356,226 2,956,252 2,751,975 2,695,114

* With the adoption of IndAS 116 and pursuant to reporting changes in DTH, effective April 1, 2019, the results and ratios of period
commencing April 1, 2019 are not comparable with previous periods.

Page 3 of 13
INDEX CONSOLIDATED FINANCIAL STATEMENTS - BHARTI AIRTEL LIMITED

3.0 Consolidated Statement of Cash Flows

Amount in Rs Mn
Quarter Ended
Particulars
Dec-19 Sep-19 Jun-19 Mar-19 Dec-18
Cash flows from operating activities

Profit before tax (15,027) (313,340) (29,992) 7,135 2,002

Adjustments for -
Depreciation and amortisation 69,409 69,351 67,587 54,934 54,723
Finance costs 32,825 31,272 34,121 29,156 26,081
Finance income (2,970) (2,596) (2,306) (3,833) (6,633)
Other non-cash items 9,178 303,848 17,612 (18,005) (15,140)

Operating cash flow before changes in working capital 93,414 88,535 87,022 69,387 61,034
Changes in working capital -
Trade receivables (907) (3,801) (12,105) 5,667 (1,984)
Trade payables 23,325 (16,497) 6,325 4,657 11,057
Other assets and liabilities 1,225 3,019 10,002 (25,064) (16,168)

Net cash generated from operations before tax and dividend 117,057 71,256 91,244 54,647 53,938

Income tax paid (5,412) (6,189) (7,188) (5,593) 6,372

Net cash generated from operating activities (a) 111,645 65,067 84,056 49,054 60,310

Cash flows from investing activities

Net (Purchase) / proceeds from sale of PPE (56,614) (39,691) (49,202) (47,619) (53,366)
Purchase of intangible assets, spectrum- DPL (1,884) (3,428) (10,201) (11,304) (13,430)
Net movement in current investments (130,950) (4,244) (8,595) (9,801) 14,350
Net (Purchase) / Sale of non-current investments 599 1,830 522 2,442 (14,694)
Consideration
Cash acquired/on
advance for combination
business acquisitions, net of cash acquired 0 1,189 (1,189) (4,800) (811)
- - - - -
Sale of tower assets - - - - 78
Investment in joint venture / associate (2,134) 2 (2,605) - -
Dividend received 0 0 - 53 54
Interest received 1,038 882 1,620 342 2,608

Net cash (used in) / generated from investing activities (b) (189,945) (43,460) (69,650) (70,687) (65,210)

Cash flows from financing activities

Net Proceeds / (Repayments) from borrowings 75,316 52,163 (105,440) (4,180) (62,549)
Net (repayment of) / proceeds from short-term borrowings 17,376 (55,053) (83,799) 65,391 11,863
Repayment of lease liabilities and proceeds from sale and finance leaseback (16,243) (6,372) (11,859) (1,329) (2,029)
of towers
Purchase of treasury shares and proceeds from exercise of share options (411) 2 (83) 2 (42)
Interest and other finance charges paid (21,549) (14,643) (43,271) (26,620) (12,801)
Dividend paid (including tax) (6,377) (3,784) (7,774) 0 (19,820)
Proceeds from issuance of equity shares / perpetual bonds to Non-controlling 53,074 54,799 231 13,993 89,751
interest
Purchase of shares from NCI - - - (20) (23)
Net proceeds from issue of shares (0) 7 249,129 - -
Payment towards derivatives (25,733) 0 (15,784) - -

Net cash (used in) / generated from financing activities (c) 75,453 27,119 (18,650) 47,237 4,350

Net increase / (decrease) in cash and cash equivalents during the period
(2,847) 48,726 (4,244) 25,604 (551)
(a+b+c)
Effect of exchange rate on cash and cash equivalents (2) 2,560 (101) (531) (1,221)

Cash and cash equivalents as at beginning of the period 84,256 32,970 37,315 12,242 14,014
Cash and cash equivalents as at end of the period 81,409 84,256 32,970 37,315 12,242

Page 4 of 13
INDEX

4.0 Consolidated Summarised Statement of Operations as per Ind-AS (net of inter segment eliminations)
Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Dec-19 Sep-19 Jun-19 Mar-19 Dec-18

Total revenues 219,471 211,313 207,379 206,022 202,310

EBITDA 93,501 89,363 84,926 68,064 63,069
EBITDA / Total revenues 42.6% 42.3% 41.0% 33.0% 31.2%
EBIT 24,008 19,930 16,046 11,932 8,132
Finance cost (net) 29,846 29,083 31,815 25,322 19,448
Share of results of Joint Ventures / Associates 1,523 3,154 931 368 (97)
Profit before Tax (4,526) (6,231) (15,298) (13,086) (12,135)
Income tax expense 892 (1,874) (5,830) (5,852) (5,790)
Profit after tax (before exceptional items) (5,419) (4,357) (9,469) (7,235) (6,344)
Non Controlling Interest 5,386 6,872 4,533 4,647 4,064
Net income (before exceptional items) (10,805) (11,228) (14,002) (11,881) (10,408)
Exceptional Items (net of tax) (770) 223,944 14,454 (12,996) (10,170)
Profit after tax (after exceptional items) (4,649) (228,301) (23,922) 5,761 3,826
Non Controlling Interest 5,704 2,148 4,738 4,689 2,964
Net income (10,353) (230,449) (28,660) 1,072 862
Capex 51,831 37,901 50,468 62,735 65,679
Operating Free Cash Flow 41,670 51,461 34,458 5,329 (2,609)
Cumulative Investments 3,569,521 3,514,674 3,432,802 3,473,673 3,401,022

* With the adoption of IndAS 116 and pursuant to reporting changes in DTH, effective April 1, 2019, the results and ratios of period
commencing April 1, 2019 are not comparable with previous periods.
Region and Segment wise summarised statement of operations as per Ind-AS:

4.1 India South Asia- Summarised Statement of Operations as per Ind-AS (net of inter segment eliminations)
Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Dec-19 Sep-19 Jun-19 Mar-19 Dec-18

Total revenues 159,002 154,608 154,448 153,433 148,713

Net revenue 121,602 118,202 117,850 118,394 113,382
EBITDA 65,119 63,298 60,723 46,510 41,194
EBITDA / Total revenues 41.0% 40.9% 39.3% 30.3% 27.7%
EBIT 6,559 4,601 2,287 (1,120) (5,489)
Profit before Tax (12,097) (17,071) (20,536) (19,757) (15,918)
Profit after Tax (before exceptional items) (6,072) (10,163) (11,313) (10,843) (7,925)
Non Controlling Interest 2,726 3,878 2,669 2,213 2,305
Net income (before exceptional items) (8,799) (14,041) (13,982) (13,056) (10,230)
Capex 41,155 27,576 43,542 41,239 53,481
Operating Free Cash Flow 23,964 35,723 17,181 5,271 -12,287
Cumulative Investments 2,938,934 2,903,597 2,838,517 2,840,219 2,779,596

* With the adoption of IndAS 116 and pursuant to reporting changes in DTH, effective April 1, 2019, the results and ratios of period
commencing April 1, 2019 are not comparable with previous periods.
4.1.1 India - Summarised Statement of Operations as per Ind-AS (net of inter segment eliminations)
Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Dec-19 Sep-19 Jun-19 Mar-19 Dec-18

Total revenues 157,974 153,610 153,446 152,408 147,683

Net revenue 120,769 117,408 117,074 117,536 112,551
EBITDA 65,015 63,213 60,630 46,466 41,152
EBITDA / Total revenues 41.2% 41.2% 39.5% 30.5% 27.9%
EBIT 6,861 4,878 2,547 (898) (5,241)
Profit before Tax (11,621) (16,583) (20,119) (19,538) (15,413)
Profit after Tax (before exceptional items) (5,590) (9,669) (10,889) (10,618) (7,414)
Non Controlling Interest 2,726 3,878 2,669 2,213 2,305
Net income (before exceptional items) (8,316) (13,547) (13,558) (12,831) (9,719)
Capex 40,823 27,469 43,223 41,075 53,091
Operating Free Cash Flow 24,191 35,744 17,407 5,390 -11,939
Cumulative Investments 2,923,204 2,888,882 2,823,790 2,825,696 2,765,673
* With the adoption of IndAS 116 and pursuant to reporting changes in DTH, effective April 1, 2019, the results and ratios of period
commencing April 1, 2019 are not comparable with previous periods.
B2C Services

4.1.1.1 Mobile Services India - Comprises of consolidated operations of Mobile Services India
Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Dec-19 Sep-19 Jun-19 Mar-19 Dec-18

Total revenues 111,653 109,814 108,667 106,322 101,894

EBITDA 40,109 39,913 38,742 25,657 19,498
EBITDA / Total revenues 35.9% 36.3% 35.7% 24.1% 19.1%
EBIT (8,249) (11,449) (12,419) (13,778) (19,032)
Capex 25,415 19,639 36,426 34,632 36,971
Operating Free Cash Flow 14,694 20,274 2,316 -8,975 -17,474
Cumulative Investments 2,350,313 2,392,024 2,334,818 2,319,107 2,266,463

* With the adoption of IndAS 116, effective April 1, 2019, the results and ratios of periods commencing April 1, 2019 are not comparable
with previous periods.

Page 5 of 13
4.1.1.2 Homes Services - Comprises of operations of Homes Services.
Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Dec-19 Sep-19 Jun-19 Mar-19 Dec-18

Total revenues 5,546 5,475 5,705 5,536 5,503

EBITDA 3,302 2,471 2,524 2,450 2,583
EBITDA / Total revenues 59.5% 45.1% 44.2% 44.3% 46.9%
EBIT 1,094 1,233 1,034 487 734
Capex 2,661 1,023 1,169 1,431 2,372
Operating Free Cash Flow 642 1,447 1,355 1,019 211
Cumulative Investments 94,119 78,756 77,727 75,782 75,237
* With the adoption of IndAS 116, effective April 1, 2019, the results and ratios of periods commencing April 1, 2019 are not comparable
with previous periods.
4.1.1.3 Digital TV Services - Comprises of operations of Digital TV Services.
Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Dec-19 Sep-19 Jun-19 Mar-19 Dec-18

Total revenues 7,922 7,893 7,389 10,506 10,330

EBITDA 5,441 5,607 5,263 3,926 3,826
EBITDA / Total revenues 68.7% 71.0% 71.2% 37.4% 37.0%
EBIT 3,011 3,243 3,612 1,853 1,568
Capex 3,509 2,052 2,437 1,917 3,268
Operating Free Cash Flow 1,931 3,556 2,826 2,009 558
Cumulative Investments 96,553 93,046 90,987 88,570 86,765

* With the adoption of IndAS 116 and pursuant to reporting changes in DTH, effective April 1, 2019, the results and ratios of period
commencing April 1, 2019 are not comparable with previous periods.
B2B Services

4.1.1.4 Airtel Business

Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Dec-19 Sep-19 Jun-19 Mar-19 Dec-18

Total revenues 33,176 33,312 32,080 30,040 31,116

EBITDA 12,125 9,396 7,655 9,587 9,874
EBITDA / Total revenues 36.5% 28.2% 23.9% 31.9% 31.7%
EBIT 8,075 7,706 6,149 5,623 6,667
Capex 7,628 2,620 1,155 1,385 8,603
Operating Free Cash Flow 4,498 6,776 6,500 8,201 1,271
Cumulative Investments 160,565 107,229 105,826 129,829 126,988
* With the adoption of IndAS 116, effective April 1, 2019, the results and ratios of periods commencing April 1, 2019 are not comparable
with previous periods.
4.1.1.5 Tower Infrastructure services
Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Dec-19 Sep-19 Jun-19 Mar-19 Dec-18

Total revenues 16,662 16,674 17,262 16,705 17,325

EBITDA 8,782 9,268 10,055 8,167 8,510
EBITDA / Total revenues 52.7% 55.6% 58.3% 48.9% 49.1%
EBIT 5,686 6,125 6,357 5,193 5,829
Share of results of Joint Ventures / Associates 3,852 4,866 2,642 2,639 2,177
Capex 1,611 2,136 2,036 1,710 1,876
Operating Free Cash Flow 7,171 7,132 8,019 6,457 6,633
Cumulative Investments 210,237 206,935 202,120 201,760 198,872
* With the adoption of IndAS 116, effective April 1, 2019, the results and ratios of periods commencing April 1, 2019 are not comparable
with previous periods.

Page 6 of 13
4.1.1.6 South Asia - Comprises of Sri Lanka
Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Dec-19 Sep-19 Jun-19 Mar-19 Dec-18

Total revenues 1,155 1,106 1,089 1,124 1,130

Net revenue 849 810 794 874 845
EBITDA 106 84 92 45 42
EBITDA / Total revenues 9.2% 7.6% 8.5% 4.0% 3.7%
EBIT (301) (277) (260) (220) (248)
Profit before Tax (475) (489) (418) (218) (506)
Profit after Tax (before exceptional items) (481) (494) (423) (224) (511)
Non Controlling Interest 0 0 0 0 0
Net income (before exceptional items) (481) (494) (423) (224) (511)
Capex 331.1 106.5 318.5 163.9 389.4
Operating Free Cash Flow (225.0) (22.0) (226.3) (119.3) (347.6)
Cumulative Investments 15,730 14,715 14,727 14,523 13,923

* With the adoption of IndAS 116, effective April 1, 2019, the results and ratios of periods commencing April 1, 2019 are not comparable
with previous periods.

4.2 Africa - Comprises of 14 country operations in Africa.

In INR: Amount in Rs Mn, except ratios

Quarter Ended
Particulars
Dec-19 Sep-19 Jun-19 Mar-19 Dec-18

Total revenues 62,692 59,157 55,433 55,115 56,154

Net revenue 49,904 46,773 43,870 43,718 44,492
EBITDA 28,331 26,082 24,206 21,608 21,868
EBITDA / Total revenues 45.2% 44.1% 43.7% 39.2% 38.9%
EBIT 17,398 15,344 13,762 13,107 13,614
Profit before Tax 11,829 10,633 8,055 9,203 9,506
Profit after Tax (before exceptional items) 5,107 5,880 4,734 6,808 7,251
Non Controlling Interest 2,644 2,832 1,810 2,466 1,734
Net income (before exceptional items) 2,463 3,048 2,924 4,342 5,518
Capex 10,677 10,326 6,927 21,496 12,198
Operating Free Cash Flow 17,654 15,756 17,279 112 9,670
Cumulative Investments 606,434 586,118 569,702 607,892 593,875
* With the adoption of IndAS 116, effective April 1, 2019, the results and ratios of periods commencing April 1, 2019 are not comparable
with previous periods.

In USD: Amount in US$ Mn, except ratios

Quarter Ended
Particulars
Dec-19 Sep-19 Jun-19 Mar-19 Dec-18

Total revenues 883 844 796 781 783

Net revenue 703 667 630 620 620
EBITDA 399 372 348 306 305
EBITDA / Total revenues 45.2% 44.1% 43.7% 39.2% 39.0%
EBIT 245 219 198 186 190
Profit before Tax 167 151 116 131 134
Profit after Tax (before exceptional items) 73 84 68 97 102
Non Controlling Interest 37 40 26 35 25
Net income (before exceptional items) 36 43 42 62 77
Capex 150 147 99 305 170
Operating Free Cash Flow 248 224 248 2 135
Cumulative Investments 8,498 8,306 8,254 8,791 8,491
* With the adoption of IndAS 116, effective April 1, 2019, the results and ratios of periods commencing April 1, 2019 are not comparable
with previous periods.

In USD: Constant Currency Amount in US$ Mn, except ratios

Quarter Ended
Particulars
Dec-19 Sep-19 Jun-19 Mar-19 Dec-18

Total revenues 896 853 802 782 785

Net revenue 713 674 635 620 622
EBITDA 404 376 350 307 306
EBITDA / Total revenues 45.1% 44.0% 43.7% 39.2% 39.0%
EBIT 248 221 199 186 191
Profit before Tax 175 143 120 129 114
Capex 150 147 99 305 170
Operating Free Cash Flow 254 228 251 2 136
Cumulative Investments 8,498 8,306 8,254 8,791 8,491
Note: Above nos have been re-instated to 1st Mar'19 closing constant currency except Capex, OFCF & Cumulative Investments.
Accordingly previous quarter nos. have been re-instated for like to like comparisons.
* With the adoption of IndAS 116, effective April 1, 2019, the results and ratios of periods commencing April 1, 2019 are not comparable
with previous periods.

Page 7 of 13
INDEX

5.0 Schedules to Financial Statements

5.1 India

5.1.1 Operating Expenses

Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Dec-19 Sep-19 Jun-19 Mar-19 Dec-18

Access charges 22,067 21,904 21,508 20,457 20,486

14,368 13,251 14,595 14,033 14,041

Licence fees, revenue share & spectrum charges
Network operations costs 37,710 38,627 36,697 46,527 45,285
Cost of good sold 770 1,047 268 382 604
Employee costs 5,416 5,594 5,069 5,305 5,256
Selling, general and adminstration expense 13,320 10,785 16,564 21,089 21,766
Operating Expenses 93,651 91,208 94,702 107,792 107,439

* With the adoption of IndAS 116 and pursuant to reporting changes in DTH, effective April 1, 2019, the results and ratios of period commencing
April 1, 2019 are not comparable with previous periods.
5.1.2 Depreciation and Amortisation
Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Dec-19 Sep-19 Jun-19 Mar-19 Dec-18

Depreciation 42,884 42,784 42,482 31,338 31,493

Amortization 15,251 15,533 14,444 14,902 14,758
Depreciation and Amortisation 58,135 58,317 56,926 46,239 46,251
* With the adoption of IndAS 116, effective April 1, 2019, the results and ratios of periods commencing April 1, 2019 are not comparable with
previous periods.
5.1.3 Income Tax
Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Dec-19 Sep-19 Jun-19 Mar-19 Dec-18

Current tax expense 2,696 1,632 5,551 1,846 2,765

Deferred tax expense / (income) (8,727) (8,545) (14,780) (10,766) (10,764)
Income tax expense (6,031) (6,914) (9,229) (8,920) (7,999)

5.2 South Asia

5.2.1 Operating Expenses

Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Dec-19 Sep-19 Jun-19 Mar-19 Dec-18

Access charges 140 139 142 145 146

165 156 153 105 139

Licence fees, revenue share & spectrum charges
Network operations costs 358 357 359 442 427
Cost of good sold 1 1 1 0 1
Employee costs 99 99 98 92 101
Selling, general and adminstration expense 287 270 244 295 275
Operating Expenses 1,050 1,021 996 1,080 1,088

* With the adoption of IndAS 116, effective April 1, 2019, the results and ratios of periods commencing April 1, 2019 are not comparable with
previous periods.

5.2.2 Depreciation and Amortisation

Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Dec-19 Sep-19 Jun-19 Mar-19 Dec-18

Depreciation 383 342 332 244 268

Amortization 24 21 20 20 21
Depreciation and Amortisation 407 362 352 265 289

* With the adoption of IndAS 116, effective April 1, 2019, the results and ratios of periods commencing April 1, 2019 are not comparable with previous periods.

5.3 Africa

5.3.1 Operating Expenses (In Constant Currency)

Amount in US$ Mn
Quarter Ended
Particulars
Dec-19 Sep-19 Jun-19 Mar-19 Dec-18
Access charges 99 95 90 88 87

45 49 46 45 46
Licence fees, revenue share & spectrum charges
Network operations costs 163 153 136 175 179
Cost of good sold 39 35 31 29 30
Employee costs 66 66 54 62 62
Selling, general and adminstration expense 85 87 100 81 81
Operating Expenses 497 485 458 480 485
Note: Above nos have been re-instated to 1st Mar'19 closing constant currency except Capex, OFCF & Cumulative Investments. Accordingly
previous quarter nos. have been re-instated for like to like comparisons.
* With the adoption of IndAS 116, effective April 1, 2019, the results and ratios of periods commencing April 1, 2019 are not comparable with
previous periods.

Page 9 of 13
5.3.2 Depreciation and Amortisation (In Constant Currency) - (14 Countries)
Amount in US$ Mn
Quarter Ended
Particulars
Dec-19 Sep-19 Jun-19 Mar-19 Dec-18
Depreciation 135 132 128 99 94
Amortization 21 21 20 20 20
Depreciation and Amortisation 155 154 149 119 114
Note: Above nos have been re-instated to 1st Mar'19 closing constant currency except Capex, OFCF & Cumulative Investments. Accordingly
previous quarter nos. have been re-instated for like to like comparisons.
* With the adoption of IndAS 116, effective April 1, 2019, the results and ratios of periods commencing April 1, 2019 are not comparable with
previous periods.
5.3.3 Income Tax - (14 Countries)
Amount in US$ Mn
Quarter Ended
Particulars
Dec-19 Sep-19 Jun-19 Mar-19 Dec-18
Current tax expense 62 39 32 15 30
Deferred tax expense / (income) 32 28 16 19 1
Income tax expense 95 68 48 34 32
Note: Above table reflects the USD reported numbers.

5.4 Schedule of Consolidated Net Debt

In INR Amount in Rs Mn, except ratios

Quarter Ended
Particulars
Dec-19 Sep-19 Jun-19 Mar-19 Dec-18
Long term debt, net of current portion 428,423 475,227 427,023 407,938 432,029
Short-term borrowings and current portion of
long-term debt 292601 148593 154509 360779 288549
Deferred payment liability 439,051 442,164 434,280 440,853 445,905
Less:
Cash and Cash Equivalents 102,060 106,958 57,104 62,121 43,459
Investments & Receivables 210,351 77,769 74,217 65,101 59,350
Net Debt excluding Lease Obligations 847,664 881,258 884,491 1,082,346 1,063,674
Lease Obligation 301,529 299,807 281,967 47,553 49,294
Net Debt including Lease Obligations 1,149,193 1,181,065 1,166,458 1,129,899 1,112,968
* With the adoption of IndAS 116, effective April 1, 2019, the results and ratios of periods commencing April 1, 2019 are not comparable with
previous periods.

In USD Amount in US$ Mn

Quarter Ended
Particulars
Dec-19 Sep-19 Jun-19 Mar-19 Dec-18
Long term debt, net of current portion 6,004 6,735 6,187 5,899 6,177
Short-term borrowings and current portion of
long-term debt 4,100 2,106 2,239 5,217 4,125
Deferred payment liability 6,153 6,266 6,292 6,375 6,375
Less:
Cash and Cash Equivalents 1,430 1,516 827 898 621
Investments & Receivables 2,947.7 1,102.1 1,075.3 941.4 848.5
Net Debt excluding Finance Lease Obligations 11,879 12,489 12,815 15,651 15,207
Finance Lease Obligation 4,225 4,249 4,085 688 705

Net Debt including Finance Lease Obligations

16,104 16,738 16,900 16,339 15,912
* With the adoption of IndAS 116, effective April 1, 2019, the results and ratios of periods commencing April 1, 2019 are not comparable with
previous periods.

5.5 Schedule of Consolidated Finance Cost

Amount in Rs Mn, except ratios
Quarter Ended
Particulars
Dec-19 Sep-19 Jun-19 Mar-19 Dec-18
Interest on borrowings & Finance charges 24,422 23,596 25,151 25,922 22,636
Interest on Finance Lease Obligation 6,451 6,538 6,236 1,312 1,380
Derivatives and exchange fluctuation 1,602 1,015 2,529 (227) (1,046)
Investment Income (2,629) (2,066) (2,101) (1,685) (3,523)
Finance cost (net) 29,846 29,083 31,815 25,322 19,448
* With the adoption of IndAS 116, effective April 1, 2019, the results and ratios of periods commencing April 1, 2019 are not comparable with
previous periods.

Page 10 of 13
INDEX 1000

6.1 Operational Performance - INDIA

Parameters Unit Dec-19 Sep-19 Jun-19 Mar-19 Dec-18

Total Customers Base 000's 308,738 304,703 301,451 302,206 303,268

Mobile Services
Customer Base 000's 283,036 279,430 276,817 282,640 284,224
Net Additions 000's 3,606 2,613 (1,533) (1,585) (48,539)
Pre-Paid (as % of total Customer Base) % 94.9% 94.9% 94.9% 93.5% 93.6%
Monthly Churn % 2.6% 2.1% 2.6% 2.8% 7.3%

Average Revenue Per User (ARPU) Rs 135 128 129 123 104
Average Revenue Per User (ARPU) US 1.9 1.8 1.9 1.7 1.4
Revenue per site per month Rs 202,375 195,769 196,584 196,178 193,519

Revenues
Mobile Services # Rs Mn 113,969 108,118 107,240 104,870 100,532

Voice
Minutes on the network Mn 758,897 716,642 737,108 731,187 702,881
Voice Usage per customer min 898 848 888 858 726

Data
Data Customer Base 000's 138,443 124,242 120,047 115,147 107,511
Of which 4G data customers 000's 123,793 103,111 95,173 86,808 77,068
As % of customer base % 48.9% 44.5% 43.4% 40.7% 37.8%
Total MBs on the network Mn MBs 5,547,223 4,828,577 4,191,715 3,705,034 3,216,897
Data Usage per customer MBs 13,928 13,116 11,930 11,048 10,528

Homes Services
Homes Customers 000's 2,352 2,350 2,342 2,270 2,245
Net Additions 000's 2 8 72 25 33
Average Revenue Per User (ARPU) Rs 787 777 825 815 821
Average Revenue Per User (ARPU) US 11.1 11.1 11.8 11.5 11.4

Digital TV Services
Digital TV Customers 000's 16,308 16,207 16,027 15,392 15,001
Net additions 000's 101 181 634 391 222
Average Revenue Per User (ARPU) $ Rs 162 162 157 233 231
Average Revenue Per User (ARPU) US 2.3 2.3 2.2 3.3 3.2
Monthly Churn % 1.8% 1.6% 1.0% 0.8% 1.3%

* M2M base has been reclassified to Airtel Business wef April 2019.
# Excludes revenues from Network Groups building / providing fiber connectivity and Group eliminations.

Page 11 of 13
Parameters Unit Dec-19 Sep-19 Jun-19 Mar-19 Dec-18
Mobile Services
Census Towns Nos 7,906 7,906 7,906 7,906 7,906
Non-Census Towns & Villages Nos 786,719 786,268 786,246 786,192 786,134
Population Coverage % 95.3% 95.3% 95.3% 95.3% 95.3%
Optic Fibre Network R kms 299,592 294,867 286,662 280,534 273,600
Network towers Nos 189,857 185,582 182,600 181,079 175,300
Of which Mobile Broadband towers Nos 188,591 181,825 177,141 172,627 164,859
Total Mobile Broadband Base stations Nos 473,859 0 461,891 0 443,804 0 417,613 0 371,562 0
Homes Services - Cities covered Nos 103 0 100 0 99 0 93 0 90 0
Airtel Business - Submarine Cable System Nos 7 7 7 7 7
Digital TV Services
Districts Covered Nos 639 639 639 639 639
Coverage % 99.8% 99.8% 99.8% 99.8% 99.8%

Bharti Infratel Standalone

Parameters Unit Dec-19 Sep-19 Jun-19 Mar-19 Dec-18
Total Towers No. 41,471 41,050 40,636 40,388 40,192
Total Co-locations No. 76,322 76,176 76,119 76,341 77,693
Key Indicators
Sharing Revenue per sharing operator per month Rs. 45,018 46,095 44,623 42,143 41,632
Average Sharing Factor Times 1.85 1.86 1.88 1.91 1.95

Indus Towers
Parameters Unit Dec-19 Sep-19 Jun-19 Mar-19 Dec-18
Total Towers No. 125,649 124,692 123,799 123,546 124,069
Total Co-locations No. 232,924 231,500 231,256 229,483 230,372
Average Sharing Factor Times 1.86 1.86 1.86 1.86 1.85

Bharti Infratel Consolidated

Parameters Unit Dec-19 Sep-19 Jun-19 Mar-19 Dec-18
Total Towers No. 94,244 93,421 92,632 92,277 92,301
Total Co-locations No. 174,150 173,406 173,247 172,724 174,449
Average Sharing Factor Times 1.85 1.86 1.87 1.88 1.89

6.2 Operational Performance - AFRICA

Parameters Unit Dec-19 Sep-19 Jun-19 Mar-19 Dec-18

Customer Base 000's 107,140 103,881 99,670 98,851 97,922
Net Additions 000's 3,258 4,211 819 929 3,827
Monthly Churn % 5.2% 4.5% 5.0% 5.4% 4.7%
Average Revenue Per User (ARPU) US 2.8 2.8 2.7 2.6 2.7

Voice
Voice Revenue $ Mn 513 491 472 482 484
Minutes on the network Mn 65,086 60,795 55,329 52,866 52,445
Voice Average Revenue Per User (ARPU) US$ 1.6 1.6 1.6 1.6 1.7
Voice Usage per customer min 206 199 186 179 183

Data
Data Revenue $ Mn 247 229 209 187 175
Data Customer Base 000's 32,887 31,910 30,001 30,024 29,264
As % of Customer Base % 30.7% 30.7% 30.1% 30.4% 29.9%
Total MBs on the network Mn MBs 189,798 162,394 139,303 120,674 105,338
Data Average Revenue Per User (ARPU) US$ 2.6 2.5 2.3 2.1 2.1
Data Usage per customer MBs 1,967 1,748 1,550 1,375 1,248

Airtel Money
Transaction Value US$ Mn 8,576 7,978 7,208 6,474 6,509
Transaction Value per Subs US$ 177 178 163 157 156
Airtel Money Revenue $ Mn 84 79 69 66 64
Active Customers 000's 16,634 15,521 14,600 14,216 13,805
Airtel Money ARPU US$ 1.7 1.8 1.6 1.6 1.5
Network & coverage
Network towers Nos 22,253 21,936 21,385 21,059 20,582
Owned towers Nos 4,454 4,461 4,500 4,422 4,441
Leased towers Nos 17,799 17,475 16,885 16,637 16,141
Of which Mobile Broadband towers Nos 19,133 18,274 17,049 16,426 15,734
Total Mobile Broadband Base stations Nos 43,174 40,187 35,283 32,501 29,650
Revenue Per site Per Month US$ 13,485 13,100 12,565 12,487 12,837
Human Resource Analysis
Total Employees Nos 3,286 3,184 3,100 3,075 3,071
Number of Customers per employee Nos 32,605 32,626 32,152 32,147 31,886
Personnel Cost per employee per month US$ 6,694 6,933 5,812 6,744 6,735
Gross Revenue per employee per month US$ 90,912 89,335 86,225 84,747 85,196

Page 12 of 13
Note: Above nos have been re-instated to 1st Mar'19 closing constant currency except Capex, OFCF & Cumulative Investments. Accordingly previous quarter nos. have been re-instated for
like to like comparisons.

Page 13 of 13