Latest Quarterly/Halfyearly Detailed Quarterly

As On(Months) 30-Sep-2009(3) 30-Sep-2008(3) % Change

Sales of Products/Services 30323.70 31803.00 -4.65
Other Income 31.10 15.30 103.27
Total Income 30354.80 31818.30 -4.60
Total Expenses 26828.80 29541.80 -9.18
OPBDIT 3526.00 2276.5 54.89
Interest 3429.70 1192.60 187.58
Depreciation 2130.30 5275.60 -59.62
Exceptional & Extraordinary Items 0.00 0.00 --
Prior Period Adjustments 0.00 0.00 --
Provision for Tax -600.00 50.00 NM
After Tax Profit -1178.80 4687.40 NM
Equity Capital 10320.10 10320.10 0.00
Reserves 0.00 0.00 --

Income Statement
31-Mar-09(12)   31-Mar-08(12)   31-Mar-07(15)  
Profit / Loss A/C Rs mn %OI Rs mn %OI Rs mn %OI
   Net Sales (OI) 136105.80 100.00 134161.90 100.00 117252.60 100.00
   Material Cost 299.50 0.22 151.50 0.11 164.80 0.14
   Increase Decrease Inventories 0.00 0.00 0.00 0.00 0.00 0.00
   Personnel Expenses 7583.60 5.57 8224.90 6.13 6404.00 5.46
   Manufacturing Expenses 73855.80 54.26 55534.70 41.39 44283.40 37.77
Gross Profit 54366.90 39.94 70250.80 52.36 66400.40 56.63
   Administration Selling and Distribution
19792.70 14.54 21264.50 15.85 21476.60 18.32
Expenses
EBITDA 34574.20 25.40 48986.30 36.51 44923.80 38.31
   Depreciation Depletion and Amortisation 19335.10 14.21 18436.60 13.74 18361.20 15.66
EBIT 15239.10 11.20 30549.70 22.77 26562.60 22.65
   Interest Expense 9443.70 6.94 8700.50 6.49 4029.00 3.44
   Other Income 7757.00 5.70 4353.40 3.24 1913.90 1.63
Pretax Income 13552.40 9.96 26202.60 19.53 24447.50 20.85
   Provision for Tax 124.00 0.09 176.40 0.13 120.00 0.10
   Extra Ordinary and Prior Period Items Net 34598.30 25.42 -161.70 -0.12 -239.00 -0.20
Net Profit 48026.70 35.29 25864.50 19.28 24088.50 20.54
Adjusted Net Profit 13428.40 9.87 26026.20 19.40 24327.50 20.75
Dividend - Preference 0.00 0.00 0.00 0.00 0.00 0.00
Dividend - Equity 1651.20 1.21 1548.00 1.15 1022.30 0.87
Balance Sheet
31-Mar-09 %BT 31-Mar-08 %BT 31-Mar-07 %BT
    Equity Capital 10320.10 1.12 10320.10 1.83 10223.10 2.23
    Preference Capital 0.00 0.00 0.00 0.00 0.00 0.00
Share Capital 10320.10 1.12 10320.10 1.83 10223.10 2.23
Reserves and Surplus 506583.10 55.09 238080.20 42.24 195032.30 42.56
Loan Funds 309036.10 33.61 202864.30 35.99 145678.40 31.79
    Current Liabilities 57747.40 6.28 72077.60 12.79 63093.30 13.77
    Provisions 35907.20 3.90 40304.00 7.15 44228.10 9.65
Current Liabilities and Provisions 93654.60 10.18 112381.60 19.94 107321.40 23.42
Total Liabilities and Stockholders Equity (BT) 919593.90 100.00 563646.20 100.00 458255.20 100.00
    Tangible Assets Net 138458.90 15.06 148834.50 26.41 159414.80 34.79
    Intangible Assets Net 175618.80 19.10 20041.80 3.56 21569.70 4.71
  Net Block 314077.70 34.15 168876.30 29.96 180984.50 39.49
  Capital Work In Progress Net 36438.60 3.96 71175.60 12.63 21856.00 4.77
Fixed Assets 350516.30 38.12 240051.90 42.59 202840.50 44.26
Investments 313647.50 34.11 138441.40 24.56 54344.40 11.86
  Inventories 2531.40 0.28 2012.20 0.36 985.10 0.21
  Accounts Receivable 14822.20 1.61 10932.10 1.94 8021.10 1.75
  Cash and Cash Equivalents 5351.50 0.58 1926.60 0.34 684.50 0.15
  Other Current Assets 5619.40 0.61 1.40 0.00 1979.40 0.43
Current Assets 28324.50 3.08 14872.30 2.64 11670.10 2.55
Loans & Advances 227105.60 24.70 170280.60 30.21 189400.30 41.33
Miscellaneous Expenditure Other Assets 0.00 0.00 0.00 0.00 0.00 0.00
Total Assets (BT) 919593.90 100.00 563646.20 100.00 458255.30 100.00
Ratio Analysis
As on 31-Mar-09 31-Mar-08 31-Mar-07

Return Related
Return on Total Assets (%) 1.80 6.80 9.50
Return on Networth (%) 2.60 10.50 14.88
Return on Capital Employed (%) 3.60 9.70 11.50

Profitability
Gross Margin (%) 39.90 52.40 70.75
Operating Margin (%) 11.20 22.80 28.38
Net Profit Margin (%) 35.30 19.30 25.63
Adjusted Net Profit Margin (%) 9.90 19.40 25.88
Asset Turnover(x) 0.20 0.30 0.63

Leverage
Debt/Equity ratio (x) 0.60 0.80 0.88
Total Debt/Total Assets (x) 0.40 0.40 0.50
Long term Debt/Networth (x) 0.50 0.60 0.88
Interest Coverage (x) 3.70 5.60 14.00

Liquidity
Current Ratio (x) 0.30 0.20 0.25
Quick Ratio (x) 0.40 0.20 0.25
Cash Ratio (x) 0.10 -- --

Working Capital
Working Capital to Sales (x) -0.20 -0.40 -0.50
Working Capital Days (days gross sales) -78.90 -155.60 -183.88
Receivables (days gross sales) 39.70 29.70 28.75
Creditors (days cost of sales) 61.90 271.10 226.50
FG Inventory (days cost of sales) -- -- --
RM Inventory (days consumption) -- -- --

Cash Flow Indicator

Operating Cash Flow/Sales (%) 13.80 22.20 112.00

Per Share
Book Value Per Share (Rs) 165.30 110.70 112.25
Earnings Per Share (Rs) 23.30 12.60 15.00
Dividend Per Share (Rs) 0.80 0.80 0.63

Growth(%)
Total Operating Income 1.45 14.42 --
EBITDA -29.42 9.04 N.M.
EBIT -50.12 15.01 N.M.
Net Profit 85.69 7.37 42534.51

Comparison between Bharati & Reliance

Balance Sheet (All figures in Rs Mn)

Bharti Airtel Limited Reliance Communications Limited
Comparison 31-Mar-08 31-Mar-07 31-Mar-06 31-Mar-08 31-Mar-07 31-Dec-05
Assets            
Gross Block 249127.84 238058.10 155936.85 192021.10 182859.10 1980.88
Net Block 168814.81 175002.21 113921.49 148834.50 159414.80 1662.36
CWIP 27510.79 23758.16 23412.50 71175.60 21856.00 0.00
Investments 93794.36 5802.47 4763.43 138441.30 54344.20 120741.01
Inventories 568.61 478.14 177.44 2012.20 985.10 0.00
Receivables 27764.57 14185.17 10761.71 10932.10 8021.10 0.00
Other Currrent Assets 54274.06 31047.17 21844.67 172208.70 192064.30 31589.57
Total Assets 372727.20 250273.31 174881.25 543604.40 436685.50 153992.95
Liabilities            
Equity 18979.07 18959.34 18938.79 10320.10 10223.10 6116.15
Reserves 161365.83 77092.58 38290.11 218038.40 173462.60 147834.27
Total Debt 65703.42 53108.05 47962.91 202864.30 145678.40 0.00
Creditors 83799.54 69472.46 44447.50 47462.50 25244.30 10.51
Other Current Liabilities 42879.34 31640.88 25241.94 64919.10 82077.10 32.02
Total Liabilities 372727.20 250273.31 174881.25 543604.40 436685.50 153992.95
Income Statement
(All figures in Rs Mn)
Bharti Airtel Limited Reliance Communications Limited
Comparison 31-Mar-08 31-Mar-07 31-Mar-06 31-Mar-08 31-Mar-07 31-Dec-05
Months 12 12 12 12 15 9
Gross Sales 257035.10 177944.34 112286.81 134161.90 117252.60 0.00
Operating Income 259393.68 178855.85 112916.42 134172.80 117293.80 22.77
OPBDIT 106162.84 71867.27 40133.04 47985.20 44860.90 6.12
OPBDT 100182.83 68973.32 36870.21 44140.80 42537.10 6.12
OPBT 68517.01 45440.31 22546.83 25704.20 23936.90 -21.25
Non Operating Income 1208.42 573.40 311.13 338.30 275.00 109.80
Extraordinary Item 1682.37 -476.16 -881.45 0.00 0.00 -6.32
PAT 62441.92 40332.26 20120.79 25864.50 24088.50 56.54
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Ratios
Reliance Communications
Bharti Airtel Limited
Limited
Comparison 31-Mar-08 31-Mar-07 31-Mar-06 31-Mar-08 31-Mar-07 31-Dec-05
ShareStatistics            
Earning Per Share (Rs) 32.90 21.27 10.62 12.53 9.43 0.06
Cash Earning Per Share (Rs) 49.59 33.69 18.19 21.46 16.70 0.09
Book Value (Rs) 95.02 50.66 30.22 110.64 89.84 125.87
Dividend Per Share (Rs) 0.00 0.00 0.00 0.75 0.40 0.00
Profitability Ratios            
OPBIT/Productive Capital Employed (%) 68.34 40.84 34.61 13.33 8.30 -0.09
ROCE (%) 0.00 0.00 0.00 0.00 0.00 0.00
RONW (%) 34.62 41.99 35.16 11.33 10.49 0.05
TAX/PBT (%) 12.56 11.43 8.44 0.68 0.51 31.25
Gross Profit Margin (%) 0.00 0.00 0.00 0.00 0.00 0.00
Net Profit Margin (%) 0.00 0.00 0.00 0.00 0.00 0.00
Operating Profit Margin (%) 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Payout Ratio (%) 0.00 0.00 0.00 0.00 0.00 0.00
Dividend/Operating Cash Flow (%) 0.00 0.00 0.00 0.00 0.00 0.00
Leverage Ratios            
Debt Equity Ratio (Times) 0.36 0.55 0.84 0.89 0.79 0.00
LTD/NW (Times) 0.34 0.51 0.52 0.53 0.76 0.00
Liquidity Ratios
           
Current Ratio (Times)
0.65 0.45 0.47 1.65 1.87 742.81
Flow Ratio (Times)
0.00 0.00 0.00 0.00 0.00 0.00
Cash/CA (%)
0.00 0.00 0.00 0.00 0.00 0.00
Cash/CL (%)
0.00 0.00 0.00 0.00 0.00 0.00
PBDIT/Finance Charges (Times)
18.24 24.87 12.13 12.57 19.42 0.00
Activity Ratios
           
RM Inventory (Days Consumption)
0.00 0.00 0.00 0.00 0.00 0.00
FG Inventory (Days Cost of Sales)
0.00 0.00 0.00 0.00 0.00 0.00
Receivables (Days Gross Sales)
39.43 29.10 34.98 29.74 31.21 0.00
Creditors (Days Cost of Sales)
199.61 237.01 222.90 201.00 159.01 172.75
Op.Curr.Assets (Days OI)
88.00 88.00 92.00 350.00 566.00 379727.00
Working Capital (Net of Cash) (Rs Mn)
0.00 0.00 0.00 0.00 0.00 0.00
Working Capital Cycle (Days OI)
0.00 0.00 0.00 0.00 0.00 0.00
Growth Ratios
           
Growth in Total Income (%)
0.00 0.00 0.00 0.00 0.00 0.00
CAG in Total Income(3 periods)(%)
0.00 0.00 0.00 0.00 0.00 0.00
Growth in Gross Profits (%)
0.00 0.00 0.00 0.00 0.00 0.00
CAG in Gross Profits(3 Periods) (%)
0.00 0.00 0.00 0.00 0.00 0.00
Growth in Net Profits (%)
0.00 0.00 0.00 0.00 0.00 0.00
CAG in Net Profits(3 Periods) (%)
0.00 0.00 0.00 0.00 0.00 0.00
Growth in Net Profits-(projected) (%)
0.00 0.00 0.00 0.00 0.00 0.00
Growth in Operating Profits (%)
0.00 0.00 0.00 0.00 0.00 0.00
CAG in Operating Profits (3 Periods) (%)
0.00 0.00 0.00 0.00 0.00 0.00
CashFlow & Forex Details
           
Forex Exchg Earnings/ForexOutflow
0.00 0.00 0.00 0.00 0.00 0.00
(Times)
0.00 0.00 0.00 0.00 0.00 0.00
Forex Earnings /OI(%)