BHARAT SANCHAR NIGAM LIMITED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2007.

SCHEDULE Year ended 31st March 2007 (Rs. in Lakh) 3,461,621 509,890 3,971,511 730,897 331,169 1,091,628 77,941 914,931 3,146,566 824,945 -9,564 815,381 815,381 96,229 -19,470 -45,795 3,700 130 780,587 50,000 67,500
18,484

Year ended 31st March 2006 (Rs. in Lakh) 3,613,893 403,765 4,017,658 742,063 352,305 1,049,689 108,980 937,669 3,190,706 826,952 -40,549 786,403 58,296 844,699
80,130

INCOME Income from Services Other Income EXPENDITURE Employees' Remuneration and Benefits Licence fee and Spectrum fee (Refer Note 13.1 on Schedule U) Administrative, Operating and Other Expenses Financial Expenses Depreciation

N O

P Q R D

Profit before Prior period items Prior period items (Net) Profit before Extraordinary items Extraordinary items (Refer Note 13.4 on Schedule U) Profit before taxation Current Tax
MAT Credit

Deferred Tax Fringe Benefit Tax Wealth Tax Profit for the year after taxation Appropriation : Interim Dividends on Equity Share Capital Proposed Dividends: - On Equity Share Capital - On Preference Share Capital Tax on Dividends Transfer to General Reserve Surplus carried to Balance Sheet Earnings Per Share (In Rs.) Basic/Diluted earnings per equity share (Refer Note 18 on Schedule U)

-134,002 4,100 501 893,970 37,500 12,500 67,500 16,479 178,794 581,197 893,970 15.28

156,117 488,486 780,587 14.03

Accounting Policies Notes to Accounts

T U

The Schedules referred to above form an integral part of the Profit and Loss Account.

For and on behalf of Bharat Sanchar Nigam Limited As per our report of even date For Thakur, Vaidyanath Aiyar & Co. Chartered Accountants A.K.Sinha (Chairman and Managing Director)
M.P.Thakur

Partner M. No: 52473

S.D.Saxena Director (Finance)

P.K.Purwar Deputy Director General (Corporate Accounts)

Place : New Delhi Date :

H.C.Pant Company Secretary and General Manager (Legal)

BHARAT SANCHAR NIGAM LIMITED BALANCE SHEET AS AT 31ST MARCH 2007.

SCHEDULE SOURCES OF FUNDS Shareholder's Funds Capital Reserves and Surplus Loan Funds Unsecured Loans Deferred Tax Liability-Net (Refer Note 19.1 on Schedule U) Total APPLICATIONS OF FUNDS Fixed Assets Gross Block Less: Depreciation Net Block Capital Work-in-Progress Decommissioned Assets Investments Current Assets, Loans and Advances Inventories Sundry Debtors Cash and Bank Balances Other Current Asset - Accrued interest Loans and Advances Less : Current Liabilities and Provisions Current Liabilities Provisions Net Current Assets Inter/Intra Circle Remittance (Refer Note 14 on Schedule U) Total Accounting Policies T Notes to Accounts U The Schedules referred to above form an integral part of the Balance Sheet. As at 31st March 2007 (Rs. in Lakh) As at 31st March 2006 (Rs. in Lakh)

A B

1,250,000 7,444,802

1,250,000 6,825,651

554,366 124,605 9,373,773

728,393 170,400 8,974,444

D 11,864,901 6,071,511 5,793,390 256,860 6,444 6,056,694 20,000 242,847 622,986 3,745,296 114,148 649,511 5,374,788 1,667,919 514,858 2,182,777 3,192,011 105,068 9,373,773 11,169,203 5,150,354 6,018,849 382,048 7,346 6,408,243 20,000 279,524 630,205 3,057,948 63,627 582,501 4,613,805 1,652,585 507,858 2,160,443 2,453,362 92,839 8,974,444

E F G H I J K

L M

As per our report of even date For Thakur, Vaidyanath Aiyar & Co. Chartered Accountants

For and on behalf of Bharat Sanchar Nigam Limited

A.K.Sinha (Chairman and Managing Director)

M.P.Thakur

Partner M. No: 52473

S.D.Saxena Director (Finance)

P.K.Purwar Deputy Director General (Corporate Accounts)

Place : New Delhi Date :

H.C.Pant Company Secretary and General Manager (Legal)

BHARAT SANCHAR NIGAM LIMITED SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS
As at 31 March 2007 (Rs. in Lakh) SCHEDULE A : CAPITAL (Refer Note 2.2 on Schedule U) Authorised 10,000,000,000 (P. Y.: 10,000,000,000) Equity Shares of Rs. 10/- each 7,500,000,000 (P.Y.: 7,500,000,000) Preference Shares of Rs. 10/- each
st st

As at 31 March 2006 (Rs. in Lakh)

1,000,000 750,000 1,750,000

1,000,000 750,000 1,750,000

Issued, Subscribed and Paid Up 5,000,000,000 (P. Y. : 5,000,000,000) Fully paid up Equity Shares of Rs 10/- each 7,500,000,000 (P. Y. : 7,500,000,000) Fully paid up 9% Non- Cumulative Preference Shares of Rs 10/- each

500,000 750,000 1,250,000

500,000 750,000 1,250,000

Notes: Out of the above Equity shares 4,999,998,400 Equity shares of Rs. 10/- each (P.Y. : 4,999,998,400) and 7,500,000,000 Preference Shares of Rs. 10/- each P.Y. : 7,500,000,000) were allotted as fully paid up for consideration other than cash As at 31st March 2007 (Rs. in Lakh) SCHEDULE B : RESERVES AND SURPLUS Capital Reserves As per last Balance Sheet Less: Assets derecognised Less: Liabilities identified & transferred to liabilites (Refer Note 2.2 on Schedule U) General Reserves As per last Balance Sheet Transfer from P&L Account As at 31st March 2006 (Rs. in Lakh)

4,071,880 9,674 15,778

4,046,428 4,071,880

248,478 156,117

404,595

248,478

Contingency Reserves Surplus: Profit and Loss Account As per last Balance Sheet Transfer from P&L account Total

200,000

200,000

2,305,293 488,486

2,793,779 7,444,802

2,305,293 6,825,651

BHARAT SANCHAR NIGAM LIMITED SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS
As at 31 March 2007 (Rs. in Lakh) SCHEDULE C : UNSECURED LOANS Loan from Govt. of India (Non refundable & non interest bearing ) 15 Year Government of India Loan (Refer Note 3 on Schedule U) Interest accrued and due on the above Govt. loan (Refer Note 3 on Schedule U) Deferred Payment Liabilities Accrued interest due on the above Total
st st

As at 31 March 2006 (Rs. in Lakh)

72,000 300,000 182,309

72,000 550,000 106,333

57 554,366

59 1 728,393

Note : 1. Deferred payment liabilities represent arrangement mainly with cable suppliers with interest ranging from 12% to 15% p.a. payable over a period of 5 to 7 years. 2. Amount of deferred payment liability was due for payment in earlier years, however, since the party has filed a civil suit in the court neither interest has been provided for, nor payment has been made during last two years.

BHARAT SANCHAR NIGAM LIMITED SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS
As at 31 March 2007 (Rs. in Lakh) SCHEDULE E: CAPITAL WORK-IN-PROGRESS (Refer Note 2.1 & 5 on Schedule U) Land Buildings Apparatus and Plants Cables Subscriber Installations Lines and Wires Electrical Fittings and Appliances Computers Mast and Arials Installation Test Equipments Office Machinery and Equipments Furniture and fittings Motor Vehicle and Launches Overheads awaiting distribution on the above components Less : Provision for long pending incomplete projects etc. Total 1 20,336 89,162 106,361 3,988 2,583 16,315 270 20,170 489 156 90 10 1,175 261,106 4,246 256,860 As at 31 March 2007 (Rs. in Lakh)
st st st

As at 31 March 2006 (Rs. in Lakh)

43 24,657 167,736 127,232 6,295 5,950 17,076 2,199 30,273 665 214 150 5 2,578 385,073 3,025 382,048 As at 31 March 2006 (Rs. in Lakh)
st

SCHEDULE F: DECOMMISSIONED ASSETS Decommissioned Assets Less : Provision for diminition in the value of decommissioned assets Total 36,089 29,645 6,444 26,636 19,290 7,346

As at 31 March 2007 (Rs. in Lakh)

st

As at 31 March 2006 (Rs. in Lakh)

st

SCHEDULE G : INVESTMENTS (At cost) (Long Term , Unquoted, Non-trade) 20,000,000 (P. Y. 20,000,000) 7% Fully Paid Redeemable Cumulative Preference Shares of Rs. 100/- each in ITI Limited (A Government of India owned company). Total

20,000 20,000

20,000 20,000

BHARAT SANCHAR NIGAM LIMITED SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS
As at st 31 March 2007 (Rs. in Lakh) SCHEDULE H : INVENTORIES (Refer Note 6 on Schedule U) Building materials Lines and Wires Cables Apparatus and Plants Telephone and Telex Instruments Telegraph and Telex Spares Broad Band Equipments Satellite Based Broadband Equipments Raw material (at Factory) Finished goods (at Factory) Finished Stock (at various Circles) Stores Excess/Short in Inventory Account 466 16,354 106,839 83,342 19,268 149 1,168 227 11,108 1,078 15,932 13,016 2,186 271,133 28,286 242,847 As at 31st March 2007 (Rs. in Lakh) SCHEDULE I : SUNDRY DEBTORS (Refer Note 7 on Schedule U) Debtors Less: Provision for Doubtful debts (Refer accounting policy 2 (a) of Schedule T) Accrued Revenue Total 767,664 447,033 320,631 302,355 622,986 717,907 372,386 345,521 284,684 630,205 As at 31st March 2006 (Rs. in Lakh) 365 16,822 129,481 92,454 14,142 63 1,426 8,890 1,266 17,303 12,415 601 295,228 15,704 279,524 As at st 31 March 2006 (Rs. in Lakh)

Less: Provision for obsolete inventory/short inventory Total

As at 31st March 2007 (Rs. in Lakh) SCHEDULE J : CASH AND BANK BALANCES (Refer Note 10 on Schedule U) Cash and cheques in hand Balances with Scheduled banks - Current Account - Deposit Account Total

As at 31st March 2006 (Rs. in Lakh)

2,704 147,251 3,595,341 3,745,296

3,094 186,941 2,867,913 3,057,948

BHARAT SANCHAR NIGAM LIMITED SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS
As at 31st March 2007 (Rs. in Lakh) SCHEDULE : K - LOANS AND ADVANCES (Refer Note 8 on Schedule U) Advances recoverable in Cash or in kind or for value to be received Capital Advance Amount recoverable from DoT on Current Account Claims recoverable from other Government departments Claims recoverable from other Government companies Claims recoverable from others Claims recoverable towards defence telecom projects (Net of advances) Advance Income Tax (Net of provision for tax Rs. 432,233 lakh (P.Y. Rs. 336,004 lakh) Advance Fringe Benefit Tax (Net of provision for FBT Rs. 7,800 lakh (P.Y. Rs. 4,100 lakh) MAT credit receivable Excise Duty, Cenvat & Service Tax Recoverable Sales Tax Recoverable Less: Provision for doubtful items Total As at 31 March 2007 (Rs. in Lakh) SCHEDULE : L - CURRENT LIABILITIES Sundry Creditors Advances received from Customers and others Deposits from Customers and others Income received in advance against services Claims payable to DoT Claims payable to departments of Govt. of India Claims payable to Government companies Licence Fee, Spectrum charges and Transponder charges payable (Refer Note 13 on Schedule U) Excise Duty payable Payable for revised wages Salary & Incentive payable to employees Payable to SAARC Countries (Refer Note 12.3 & 12.4 on Schedule U) Liabilities for services Other liabilities Interest accrued but not due on Deposits Other Provisions for expenses Total 597,419 24,176 613,555 39,027 48,521 12,469 68,584 40,644 3 18,931 84,691 569 62,649 16,252 3,275 37,154 1,667,919 582,687 6,116 634,294 33,450 54,091 13,310 58,948 38,795 35 18,954 77,591 934 54,514 35,571 3,034 40,261 1,652,585
st st

As at 31st March 2006 (Rs. in Lakh)

196,971 33,584 95,954 10,649 202,268 11,924 8,327 143,968 2,655 19,470 29,088 6,164 761,022 111,511 649,511 As at

148,579 26,829 114,003 13,033 201,674 15,306 93,790 355 37,428 5,566 656,563 74,062 582,501

31 March 2006 (Rs. in Lakh)

BHARAT SANCHAR NIGAM LIMITED SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS
As at st 31 March 2007 (Rs. in Lakh) SCHEDULE : M - PROVISIONS Provision for Wealth Tax Proposed Dividend Provision for Tax on Dividend Provision for phased out assets (Refer Note 5.4 on Schedule U) Provision for leave encashment Provision for Gratuity laibility 413 67,500 11,472 10,523 422,839 2,111 400 80,000 11,220 10,595 405,153 490 As at st 31 March 2006 (Rs. in Lakh)

Total

514,858

507,858

BHARAT SANCHAR NIGAM LIMITED SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS
Year ended st 31 March 2007 (Rs. in Lakh) SCHEDULE : N - INCOME FROM SERVICES Telephones (other than WLL) Cellular Wireless in Local Loop (WLL) Income from Broad Band Services Circuits Value Added Services Installation / Reconnection Charges Surcharge on delayed payments Telegraph & Telex Receipt from other operators Other Services Total 1,660,499 926,463 56,805 51,384 51,268 41,364 32,812 19,857 1,896 614,619 4,654 3,461,621 Year ended 31st March 2007 (Rs. in Lakh) SCHEDULE : O - OTHER INCOME Recoverable from Universal Service Fund (Refer Note 13.3 on Schedule U) Interest - On deposits in Banks * - Others Profit on sale of Assets Liquidated Damages Excess provision written back Rent of Staff Quarters Sale of Scrap Others including sale of Directories, Publications, Forms, Waste Paper etc. Foreign Exchange Fluctuation Gain/(Loss) (Net) Total * Includes TDS: Rs 1,579.62 lakh, P.Y.: Rs. 34,065.35 lakh 171,915 278,849 2,275 800 17,773 21,676 1,236 4,233 11,080 53 509,890 176,575 172,076 1,264 851 13,861 19,133 1,245 3,371 15,091 298 403,765 2,042,102 643,372 48,166 16,245 53,152 42,505 37,862 19,695 2,379 697,183 11,232 3,613,893 Year ended 31st March 2006 (Rs. in Lakh) Year ended st 31 March 2006 (Rs. in Lakh)

BHARAT SANCHAR NIGAM LIMITED SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS
Year ended st 31 March 2007 (Rs. in Lakh) SCHEDULE : P - EMPLOYEES REMUNERATION AND BENEFITS Salaries, Wages, Incentives & Allowances Leave encashment Pension Contribution (Refer Note 11 on schedule U) Contribution to Employees' Providend Fund Leave Salary Contribution Medical Expenses Staff Welfare Expenses Less: Allocated to Capital Work-in-Progress/W.I.P. Total 639,683 33,023 53,185 3,844 227 36,450 2,993 769,405 38,508 730,897 Year ended 31st March 2007 (Rs. in Lakh) SCHEDULE : Q - ADMINISTRATIVE, OPERATING AND OTHER EXPENSES Rent Rates and Taxes Power and Fuel Insurance Repairs and Maintenance -Buildings -Plant and Machinery -Cables - Others Professional and Consultancy charges Printing and Stationery Lease Rent Commission on Franchise Services Transponder Charges Bank charges Advertisement Travel Expenses Postage & Courier Charges Security Services Vehicle Running Expenses (Including hired vehicles) IUC payable to other service providers W/off & Losses other than Bad debts Expenditure on Services and other expenses Provision for doubtful debts and disputed bills Loss/(Profit) from Factories (Refer Note 6.2 on Schedule U) Loss/(Profit) from Construction/Telecom services projects Less: Allocated to Capital Project Works/W.I.P. Total 22,402 5,019 152,250 264 26,544 65,532 32,352 4,838 3,174 13,372 538 197,371 7,417 1,719 1,947 15,323 12,854 24,351 18,707 268,494 35,340 63,180 127,875 (2,510) (6) 1,098,347 6,719 1,091,628 20,377 3,379 135,764 303 23,806 54,061 25,814 2,232 2,790 12,593 386 209,759 7,865 3,082 1,642 15,068 12,455 21,361 17,216 213,889 47,059 63,255 159,518 2,179 0 1,055,853 6,164 1,049,689 604,282 84,467 55,607 2,620 702 32,977 2,743 783,398 41,335 742,063 Year ended 31st March 2006 (Rs. in Lakh) Year ended st 31 March 2006 (Rs. in Lakh)

BHARAT SANCHAR NIGAM LIMITED SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS
Year ended st 31 March 2007 (Rs. in Lakh) SCHEDULE : R - FINANCIAL EXPENSES Year ended st 31 March 2006 (Rs. in Lakh)

Interest on Government Loan Interest on Subscribers Deposit Interest on Others Total

75,976 1,809 156 77,941

106,333 2,459 188 108,980

Year ended 31st March 2007 (Rs. in Lakh) SCHEDULE : S - PRIOR PERIOD ITEMS Income Income from Services Excess income booked earlier now reversed Total Expenditure Salaries and Staff Expenses Power and Fuel Others Repairs Depreciation (Refer note 4 of Schedule D) Interest Expenditure booked earlier now reversed - Rent, Rates & Taxes -Interconnect Usage Charges (IUC)

Year ended 31st March 2006 (Rs. in Lakh)

10,609 -7,034 3,575

-3,126 -354 (3,480)

364 23 5,277 1,368 8,288 25 -1,069 -1,137

2,078 47 8,547 1,021 21,231 577 135 3,433

Total Net

13,139 -9,564

37,069 -40,549

BHARAT SANCHAR NIGAM LIMITED SCHEDULES FORMING PART OF THE FINANCIAL STATEMENTS
SCHEDULE D: FIXED ASSETS (Refer Note 2.1 and 5 on Schedule U) Gross Block Additions Deletions During the year (Rs. in Lakh) Depreciation Closing Balance at Closing Balance as For the year Deductions/ Closing Balance 31st March 2007 at 31st March 2006 (Refer note 4) adjustments as at 31st March 2007

Particulars

Opening Balance as at 1st April 2006

Opening Closing Balance as at Balance as at 31st March 1st April 2006 2007

TANGIBLES Lands Buildings Apparatus & Plants Motor Vehicle & Launches Cables Lines & Wires Subscribers Installations Installation Test Equipments Mast & Aerials Office Machinery & Equipments Electrical Fittings Furniture & Fittings Computers Subscriber Handsets INTANGIBLES Licence fees Software Total Previous Year

115,105 639,582 4,132,121 14,660 4,890,867 543,779 284,582 31,102 177,299 15,569 219,105 14,496 88,328 108 2,500 11,169,203 10,410,216

1,153 26,347 402,665 1,141 184,894 10,843 51,410 3,685 66,055 1,531 35,707 1,988 12,521 6 14,263 814,209 889,202

640 3,343 87,942 541 7,339 4,228 5,655 507 2,746 142 2,212 251 2,965 118,511 130,215

115,618 662,586 4,446,844 15,260 5,068,422 550,394 330,337 34,280 240,608 16,958 252,600 16,233 97,884 114 2,500 14,263 11,864,901 11,169,203

681 133,467 1,865,980 10,343 2,527,244 272,246 107,913 14,141 50,313 6,415 90,639 6,930 63,609 37 396 5,150,354 4,233,309

88 26,405 384,240 1,119 377,100 38,455 30,755 2,257 22,058 1,441 22,825 1,791 11,891 13 125 2,657 923,220 958,900

(139) 389 8,141 268 1,784 1,220 708 (400) (9,107) 5 (1,112) (69) 375 0 2,063 41,855

908 159,483 2,242,079 11,194 2,902,560 309,481 137,960 16,798 81,478 7,851 114,576 8,790 75,125 50 521 2,657 6,071,511 5,150,354

114,710 503,103 2,204,765 4,066 2,165,862 240,913 192,377 17,482 159,130 9,107 138,024 7,443 22,759 64 1,979 11,606 5,793,390 6,018,849

114,424 506,115 2,266,141 4,317 2,363,623 271,533 176,669 16,961 126,986 9,154 128,466 7,566 24,719 71 2,104 6,018,849 6,176,907

Notes: 1. In some cases, the title deeds of land purchased/acquired on leasehold/freehold from various authorities, are yet to be executed. 2. Land includes Leasehold land to the extent identified by nine circles (P.Y. nine circles) amounting to Rs. 2,961 lakh (P.Y. 8,113 lakh). 3. Additions to fixed assts include assest identified and taken over/reduced by the Company in the current year, relating to DOT as on 1.10.2000 Rs. 1,104 lakh - reduction ( P.Y. Rs. 6,761 lakh- taken over) 4. The depreciation during the year includes Rs. 8,288 lakh (P.Y. Rs. 21,231 lakh )relating to the prior period and the same has been included as prior period adjustments in P&L A/c. 5. Additions in Gross Block include Rs.45,227 lakh (P.Y. Rs. 47,499 lakh ) of expenses capitalised. 6. Depreciation during the year includes Rs. 6,798 lakh (P.Y. NIL) for permanent impairment of Apparatus & Plants (Rs. 5,057 lakh), Subscriber Installations (Rs. 1,684 lakh) & Installation Test Equipments (Rs. 57 lakh).

BHARAT SANCHAR NIGAM LIMITED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2007 Year ended 31st March 2007 PARTICULARS (Rs. in Lakh) A. Cash flow from operating activities: Net (loss)/profit before tax but after Prior period and Extraordinary items Adjustments for: Depreciation Prior period depreciation Interest/Finance charges Interest Income Loss/(Profit) on Fixed Assets sold Debts / Advances Written off Provision for Bad and Doubtful Debts Excess provision written back Prior Period item other than depreciation Extraordinary Items Other Provision Operating profit before working capital changes Adjustments for changes in working capital : - Inter Circle Remittance - Sundry Debtors - Other Receivables - Trade and Other Payables Cash generated from operations -Taxes paid - MAT Credit - Extraordinary Items - Prior Period item other than depreciation Net cash from operating activities B. Cash flow from Investing activities: Inventories Purchased Purchase of fixed assets Capital Work in Progress Proceeds from Sale of fixed assets Interest Received Net cash used in investing activities C. Cash flow from financing activities: Proceeds from long term borrowings Interest Paid Interim Dividend Paid Dividend Paid Dividend Distribution Tax Paid Net cash used in financing activities Net Increase/(Decrease) in Cash and Cash Equivalents Opening Cash and cash equivalents Cash and cash equivalents as at 31.03.2007 Cash and cash equivalents comprise Cash, Cheques and Drafts (in hand) Balances with banks (174,027) (77,700) (50,000) (80,000) (18,233) (399,960) 687,348 3,057,948 3,745,296 (93,696) (108,358) (37,500) (97,500) (18,933) (355,987) 864,835 2,193,113 3,057,948 24,723 (815,313) 125,505 107,795 230,602 (326,688) (54,539) (882,441) 78,066 84,750 124,081 (650,083) (Rs. in Lakh) Year ended 31st March 2006

815,381

844,698

914,931 8,288 77,941 (281,123) (800) 35,340 127,875 (21,676) 1,276 102,518

964,570 1,779,951

937,669 21,231 108,980 (173,340) (851) 47,059 159,518 (19,133) 19,320 (58,296) 181,942

1,224,099 2,068,797

(12,229) (131,465) (87,246) (685)

(231,625) 1,548,326

1,663 (94,637) (170,397) 145,474

(117,897) 1,950,900

(152,524) 19,470 (1,276)

(134,330) 1,413,996

(118,971) 58,296 (19,320)

(79,995) 1,870,905

2,704 3,742,592

3,745,296

3,094 3,054,854

3,057,948 -

1. 2. 3.

Notes: In the absence of adequate data regarding assets appearing in the deletions/adjustments column of the fixed assets schedule all deletions have been assumed to be cash sales. In the absence of adequate details regarding unreconciled inter circle remittances with the subsidiary records, the inter circle remittances have been treated as part of working capital changes. Figures in bracket shows outflows. For and on behalf of Bharat Sanchar Nigam Limited

For Thakur, Vaidyanath Aiyar & Co.

Chartered Accountants

A.K.Sinha (Chairman and Managing Director)

M.P.Thakur Partner M. No: 52473

S.D. Saxena Director (Finance)

P.K.Purwar Deputy Director General (Accounts)

Place: New Delhi Date :

H.C. Pant Company Secretary and General Manager(Legal)