BhartiAirtel

Management Presentation Apr 2015

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Agenda

Introduction to Bharti Airtel

Industry Themes

Bharti Airtel: Growth Opportunities

Key Performance Indicators

Other Businesses

Financial Overview

Leadership

BHARTI AIRTEL:
WHO WE ARE

Bharti Airtel
1.85bn
Addressable
Population 4
Present in
20 Countries

US$15.1bn
Revenue 3

#1 Operator
In India 1
#2 Operator
In Africa 5

#4 Operator
in the World 1
#3 in-country
wireless service
operator in the
world 2

Source: TRAI and Informa Telecoms and Media

Notes:
1.
As of Dec 31, 2014
2.
Based on proportionate equity subscriptions with data from Informa Telecoms and Media. In-country wireless operator refers to single country subscribers
3.
FY2015 Revenue
4.
Combined population for the regions in which Airtel has a footprint
5
5.
As measured by proportionate equity subscription in a single country, according to 2014 Informa Telecoms and Media

Journey Through The Times

Start up (1995 - 2000)

Multiple Plays (2011 onwards)

Land Grab (2001 - 2010)

1998

2004

2008

2010

First
launched
in Delhi
and HP

Pan India
footprint;
Indias
largest
telco

Launch
direct to
home
services
(DTH)

Acquired
Zain;
Present in
over 20
countries

2010

New
brand
launch

2011

3G
services
launched

2012

Launch of
Airtel
Money in
India

2013

First
operator
to launch
4G in
India

2014

Crossed
300 million
customers

300
million
customers

Source: Company Filings

Global Services Portfolio

Mobile Services across 20 countries

310.9 mn1 wireless subscribers globally

Over 1.23 trillion minutes of calls in FY 2015
Over 333 petabytes of data over the last year
Over 172,000 base station sites

Telemedia Services (Fixed Line & Broadband)

3.4 mn1 broadband & internet customers
Services provided across 90 cities

Airtel Business (Large enterprises and carriers)

Over 225,000 Rkms1 across 50 countries, 5 continents

Over 324

million customers

FY15 Revenue: $15.1 bn3

Telemedia,4%

DigitalTV,2%

AirtelBusiness,7%
TowerInfra,5%

Tower Infrastructure Services

Bharti Infratel 37,196 towers1 across 11 circles
42% stake in Indus Tower which has 115,942 towers1
across 15 circles
Current market cap: US$11.65 bn2

India
Wireless,52%
International
Wireless,29%

Uniquely positioned with strong asset base

Digital TV
Pan India DTH, 10.1 mn1 subscribers top 3 player
Coverage across 639 districts1

Five key businesses creating an end-to-end

global telecom company

Source: TRAI and Informa Telecoms and Media

1. Bharti Airtel Quarterly Report for quarter ending Mar 31, 2015
2. Market Cap data as on Mar 31, 2015, closing exchange USD/INR rate = 62.59
3. Revenue pie chart based on pre inter-segment eliminations

Scale and Profitability across Diversified Segments

Revenue

FY15

YoY Growth

$15.1 bn

6.5%

Segment Wise Contribution to EBITDA (FY15)

IndiaWireless

International
Wireless

TowerInfra AirtelBusiness

Telemedia

DigitalTV

61%

EBITDA

$5.1 bn

12.0%

EBIT

$2.6 bn

29.0%
19%

Capex

$3.1 bn

Interest & Taxes

$1.5 bn

FCF*

$1.3 bn

8%

5%

$35.8 bn

2%

-1.0%

Segment Wise EBITDA Margins (FY15)

47.1%

Enterprise Value

6%

14.6%

International Operations contributed 29% of FY15

revenues
Diversified suite of offerings
with non-wireless segments contributing 20% to
operating profit (FY15)

40.4%

37.3%

IndiaWireless International
Wireless

27.3%

24.0%

21.0%

TowerInfra AirtelBusiness

*excludes Working Capital changes, includes the Cash flow from Infratel OFS and Secondary Sale during the year
Source: Company Filings (NSE, BSE)
Note:
1.
EBITDA pie chart are based on pre inter-segment eliminations

Telemedia

DigitalTV

WELL POSITIONED
IN KEY GROWTH
MARKETS

Present in Growth Markets

105 million new mobile subscriptions globally
Growth markets
contribute over a
third of new subs

Central and Eastern Europe, 7

India, 12

Western Europe, 3

- India

Latin America, 8

- Bangladesh
- Sri Lanka
- 17 in Africa

Africa, 23
Middle East, 6

in millions

Driving revenue
growth1 Y-o-Y
APAC (excluding
India and China),
26

- India: 11%
- Africa: 6%
China, 14

North America, 6
Source: Ericsson, as of Q4 2014
Note 1: As of Quarter ended Mar 2015, revenue growth on constant currency basis

10

 And Under-Penetrated Geographies

Airtels span: 1
Over 226 million customers in India
Over 76.3 million in Africa
Over 8.6 million in South Asia (Sri Lanka and Bangladesh)

Source: Ericsson, as of Q4 2014

Notes:
1.
Company filings, as of Quarter ended Mar 2015

11

India: Industry Consolidation Underway Through

Revenue Shares
8 Operators

43%

57%

14 Operators

10 Operators

34%

29%

71%

66%

Industry consolidation via market share

gains, with top 3 now accounting for
over 71% of the industry revenues
Exits by many operators post Feb 2012
SC verdict (122 licenses cancelled),
many rationalized their footprints
Spectrum auctions fortified
consolidation story

2008

Market share

2011

Top3

2014

Rest

Industry wide focus on improving operational and financial health

Source: As per companys reported numbers

12

Africa: Then and Now

2010

2015

Invested for
Growth in Africa

13 of 44

The Demographic Dividend

Median Age Projected in 2020 (years) 1

17 mn more Indians between 15 to 44 years 1

30.5
27.9

619
19.4

17.8

602

World

India

Africa

Nigeria

2013

2015

Source: UN Statistics; Euromonitor

14

Triggers To Bolster Data Uptake

Smartphone penetration in Asia 1
Singapore
Korea
Japan
APAC Avg
China
Thailand
Indonesia
India

Driving 2G to 3G Growth 2

72%
69%
50%
39%
30%
26%
26%
10%

Smartphone shipments to India have

doubled from 43.23 mn to 81.6 mn year
over year (2014 vs 2013)

India is expected to have one of the fastest growth rates in the data segment driven by low
cost mobile handsets and new technologies (3G/4G)
Notes:
1.
IDC, Avendus estimates 2013, IDC shipments data 2015
2.
Nokia MBiT 2015

15

AIRTEL: GROWTH
OPPORTUNITIES

Investment Highlights
1

Diversified operator with dominant position in marketplace

Large residual opportunity with bulk investments in place

Growth Strategy: Voice Secularity, Mobile Data and New Services

Focus on customer stickiness with increasing postpaid share

Focus on generating efficient utilization on operating and capital expenditures

17

The Leading Indian Wireless Operator

23% Wireless Subscriber Market Share1

Customer
23%
Market
Share

19%

16%

11%

9%

8%

7%

31% Wireless Revenue Market Share2

7%

5.6%

3.6%

7.2%

220

Bharti Airtel
30.9%

Vodafone
RCOM

180
153

BSNL+MTNL

17.5%

Idea

107
84

80

Tata
66

63

6.2%
Bharti Airtel

Vodafone

Idea

Reliance
Comm

BSNL&MTNL

Aircel

Tata

Aircel

5.6%
23.4%

Others

Others

Airtel has leadership in 17 circles of the total 22 circles (rank 1 or 2) with average
RMS of 36.4% in these circles
Source: TRAI
Notes:
1.
As of Jan 31, 2015
2.
For quarter ended Dec 31, 2014. Calculated on the basis of Gross Revenue for UASL + Mobile +CMTS licenses

18

Multiple Plays, Multiple Opportunities

Telemedia:

DTH:

One of four
customers
on Airtel,
DSL ARPU>
Rs 1000

EBIT
positive,
generating
significant
OFCF

Tower Co:

Integrated
Telco

Wireless:

Consolidating
the data
growth,
sharing
factor>2

20 growth
markets

Airtel
Business:

Airtel
Money:

50 countries,
5 continents

Building
Scale

Source: Company Filings

19

India: Investments To Yield Results

Nominal
Value of
liberalized
spectrum at
USD 12
billion1

Industry
leading
revenue2
yield/MHz at
2x avg with
same
cost/MHz

Wide
spectrum
presence:
16.1%3
spectrum
market share

Source:
1. Including Qualcomm licenses, excluding administered spectrum
2. Annualized 9M Revenues for FY15, Utilization based on 2G/3G spectrum
3. Ex 20 MHz BWA spectrum holding in 8 circles

Largest
optical fiber
network
amongst
private
players

Prime
spectrum to
yield data
growth:
Virtually Pan
India 3G &
4G

20

India: Strong Spectrum Position

Bharti Airtels Spectrum Position

Spectrum Holdings

Spectrum across 900/1800/2100/2300 bands, more or

less fungible across technologies

Hold 553.5 MHz (393.45 MHz paired & 160 MHz

unpaired) spectrum

20.2%

During Mar15 auctions, the company spent ~58% of the

overall spend on acquiring growth spectrum

100.0

23.5%

80.0

18.2%

Only operator with pan India 3G & 4G footprint - widest

broadband footprint in India.

Bharti has rolled out 3G and 4G services - with over 17

million 3G customers and close to 300,000 customers in
4G LTE across 19 cities

Spectrum
Band

Industry
Spectrum
(MHz)

Industry Spectrum Spectrum held Bharti spectrum

ex BSNL/MTNL
by Bharti
Market Share ex
(MHz)
(MHz)
BSNL/MTNL

900

439.6

295.2

116.4

39.4%

1800

955.3

877.3

177.1

2100

535.0

425.0

2300

660.0

440.0

Bharti Airtel plans to leverage its existing network and superior

spectrum position for data roll-outs
Source: TRAI, Department of Telecom, Company Filings

21

India: Incumbent with Growth Opportunity

Penetration

Share

< 60%
60% - 90%
90% +

No 1 Share
No 2 Share
No 3 Share

22

Africa: Geographical Opportunity & Performance

Mobile Penetration(%)

Number of Countries

< 60%

60% - 90%

> 90%

Market Position

Number of Countries

#1

#2

#3

Number of
competitors
No. of countries1

<=2

>=4

Through organic as well as in-country acquisitions we are #1 or #2 in 14 markets

Source: Company data, CIA World Factbook, World Bank
Note: 1. Only GSMA telecoms considered

23

Growth Lever: Voice Secularity

Volume
Growth
Value
Growth

Significant gap between realized and rack rates

Carries over 1 trillion minutes
Secular Volume growth Y-o-Y

(VRPM up 3.5% from trough of 35 paise)

1 paisa upside adds $200 mn to top line

Significant headroom for value as well as volume upside on a secular basis

24 of 44

Growth Lever: Data Across 2G/3G/4G

Converged opportunity across

technologies

Indias first 4G network

Industry first initiatives

Sole operator to be part of

Googles Android One devices
strategy

Data comes at incrementally higher EBITDA margins as compared to voice

25 of 44

Largest 3G Network In India

3G sites up 56.0% YoY 1

Expected Population Coverage Growth 2

40.0%

250000

200000
31,301

34,564

38,055

41,850

48,825

35.0%

33.3%

30.0%

29.3%

25.0%

26.9%

150000
24.7%

20.0%

22.6%
100000

15.0%
10.0%

50000
5.0%
0.0%

0
Q4'14

Q1'15
3G Sites

Q2'15
Total Sites

Source:
1.
Company filings
2.
Ericsson

Q3'15

Q4'15

% 3G sites

26

4G Services Launched

Key to tap into the data opportunity

Launchedin19citiesinIndiaonmobiles,mifi,dongles,homewifi routers
Africasfirst4Gservice:4GlaunchintheSeychelles
PartneringNokiaNetworkstolaunchultrafast4GservicesinIndiasfirstFDDLTEon1800MHz
IndiasfirstFDDLTEdeploymentacross6circles

Airtel 4G is now available in 19 cities

27

Growth Story: Airtel Money, Wynk, Industry First Initiatives

Airtel
Money

Wynk
One
Touch
Internet

Offered in India and all 17 opcos in Africa

KPI: Africa (Q4FY15)
Sub base of 6.2 million (up 1.8x YoY), transaction Value: $2,925 million
(up 31% YoY)

Carrier agnostic music app with a curated library of 1.8 million

songs
5 million downloads in just 6 months of launch

Makes internet discovery easy for first time users

53 million page views within 4 months of launch
Accredited as Best Mobile Service of the Year for customers at GSMA
Global Mobile Awards 2015 at Barcelona

28

Quality Subscriber Acquisitions

Africa: Churn %

India: Churn %
8.50%
6.70%
6.10%

7%

6.10%

5.80%
5.50%

3.20%

3.10%
3.20%

2.50%

2.40%
2.70%

Sep12

Feb13

Jul13

Dec13

May14

Oct14

Airtel has industry wide lowest churn at 2.5%

Mar15

Dec-13

Mar-14

Jun-14

Sep-14

Dec-14

Mar-15

In Africa, churn % decreased from 7% to 5.8% YoY

Led to rationalization of Gross Acquisition Costs driving

INR 10bn savings

Source: As per companys reported numbers

29

Increasing High Value Customers

203

5.5%
5.4%

202

5.4%

5.3%

201

5.3%
202
5.1%

200
199
198

5.2%

202

Postpaid Myplan for customers and enterprise

Extended Myplan for prepaid customers

5.1%
5.0%

4.9%

197

198
198

196
195

5.4%

4.9%

Expand company owned retail stores

Strengthen DTH & Enterprise businesses

4.8%
4.7%

196

194

4.6%
Mar-14

Jun-14

Sep-14

ARPU (INR)

Dec-14

Mar-15

Postpaid customers (%)

Postpaid subscriber base inching up

30 of 44

Focus On Efficient Utilization Of Opex/Capex

77.7%

75.6%

76.6%

229,616

78.9%

77.4%

232,171
228,452

230,155

Invested for growth -> yielding results

222,193

Passive Infrastructure sharing

45.0%

Mar-14

44.3%

44.0%

43.9%

43.0%

Jun-14

Sep-14

Dec-14

Mar-15

Total revenues

Opex to Total revenues

Divestment of towers in Africa underway

Capex Productivity

(INR Mn)

Increasing Operating and Capital expenditure productivity

31 of 44

KEY
PERFORMANCE
INDICATORS

India Performance Indicators

Minutes on Network (mn)

Total Subscribers (mn)

226
10% YoY

277,869

5% YoY

217
209

270,827

212

267,485
264,843

206

Mar-14

Jun-14

Sep-14

Dec-14

Mar-15

Mar-14

Voice Realization per minute (paisa)

38.08

37.69

Jun-14

Sep-14

Dec-14

37.67

Mar-15

Bharti Airtels Data and 3G Base (mn)

50

Up from a trough of 35 paise

37.16

263,905

40
36.22
30

28.9%
10.3

31.8%
12.5

38.5%
15.4

40.0%

41.8%

40.0%
16.9

19.4
30.0%
20.0%

20
10
Mar-14

Jun-14

Sep-14

Source: Company Filings

Dec-14

Mar-15

50.0%

25.3

26.8

24.7

25.3

27.0

Q4FY14

Q1FY15

Q2FY15

Q3FY15

Q4FY15

10.0%
0.0%

3G Data subs

2G Data subs

3G subs as % of total data subs

33

India: Significant Upside From Data

Bharti Airtels Non Voice Revenues as a % of
Mobile Revenues 1

Volumes doubling YoY (bn MBs)

82% YoY
86.6

25%

77.3

20%

67.7

15%

55.6
47.7

10%
5%
0%

Data Revenue

Other Non Voice Non Data Revenue

Q4FY14

Q1FY15

Q2FY15

Q3FY15

Q4FY15

Annualized data revenues have surpassed USD 1 billion

Source: Company filings
Note:
1.
For Mobile Services India

34

Africa Performance Indicators

Minutes of Usage per sub

Total Subscribers (mn) and Total Minutes (bn)

80.0

69.4

69.1

71.4

74.6

60.0
28.2

28.3

29.0

30.4

76.3

136

136

138

140

137

Q4FY14

Q1FY15

Q2FY15

Q3FY15

Q4FY15

35.0

30.4

30.0

31.0

25.0
20.0

40.0

15.0
10.0

20.0

5.0
0.0

0.0
Q4FY14

Q1FY15

Q2FY15

Subscribers (m)

Q3FY15

Q4FY15

Total Minutes (bn)

MoU per sub. per month

Capex (USDm) and Number of Sites

ARPU (USD) and ARPM (Usc)

6.0

7.0
6.5
6.0

4.1
5.5

5.5

5.0

4.1

3.9

5.6

5.4

3.6

3.2

4.0
3.0

5.1

2.0

5.0
4.4

4.5

1.0
0.0

4.0
Q4FY14

Q1FY15

Q2FY15

ARPU (US$)

Q3FY15
ARPM (US)

Q4FY15

400
350
300
250
200
150
100
50
0

18,819
17,781

17,792

17,935

18,347

265

284

Q2FY15

Q3FY15

20,000

18,000
357

176

160

Q4FY14

Q1FY15

16,000

14,000
Capex (US$m)

Q4FY15

Number of Sites

Source: Company Filings

35

Africa: Data and Mobile Money Are The Stars

Volumes up 84% YoY (Mn MBs)

Data Customer Base (000s)

36% YoY
26,365
22,305

Mar-14

30,379

27,116

84% YoY
9,475

23,650

Jun-14

11,256

8,061

Sep-14

Dec-14

Mar-15

3G sites up 44% YoY 1

6,114

6,541

Mar-14

Jun-14

Sep-14

Dec-14

Mar-15

Mobile Money: Transactions Value (USD mn)

3,345

17,792

6,923

Mar-14

17,781

17,935

18,347

18,819

2,925

2,892

Dec-14

Mar-15

31% YoY

9,228

8,104

2,200

2,186

Mar-14

Jun-14

10,011

7,165

Jun-14

Sep-14

Sites

Dec-14

of which 3G

Mar-15

Sep-14

36 of 44

OTHER
BUSINESSES

Telemedia Services

FY15: 13% YoY revenue growth, 22% YoY

EBITDA growth

Pan-India presence of 90 cities

Operates in the entire broadband continuum fixed line voice and high speed broadband
across Homes and Office segments, broadband
(via DSL), IPTV, internet leased line and MPLS
services

Key Performance Indicators

Customer base: 3.4 million

Broadband penetration at 44.2% of customer base
Average ARPU of $16.6 per month for quarter
ended Mar 31, 2015

Leading private operator with market share of 12.41%1

Source: Company Filings
Note 1: As of Oct 2014

38

Airtel Business
Indias leading and most trusted provider of ICT services

FY15: 6% YoY revenue growth, 1% YoY EBITDA growth

Customer base across - enterprises, governments,

carriers and small and medium business.

Diverse portfolio of services - voice, data, video, network

integration, data centers, managed services, enterprise
mobility applications and digital media.

Strategically located submarine cables and satellite

network - global network running across 225,000 Rkms,
covering 50 countries and 5 continents.

Source: Company Filings

Note:
1.
Post FY09 this segment was reclassified

39

Digital TV Services

FY15: 19% YoY revenue growth, 102% YoY EBITDA growth

First Company in India which provides real integration of all the

three screens viz. television, mobile and computer enabling our
customers to record their favorite TV programs through mobile and
web

Launched Airtel Digital TV service in October 2008 as fifth operator

providing Direct-to-Home (DTH) services in India

Subscriber base of ~10.1 million subscribers

Lowest industry churn of 1%
Present across 639 districts
Offer 430 channels including 22 HD channels and 4 interactive services
Also offers High Definition (HD) Set Top Boxes and Digital TV Recorders
with 3D capabilities delivering superior customer experience

Key Performance Indicators (Q4FY15)

Average ARPU of $3.4 per month for quarter ended Mar 31, 2015

40

Tower Infrastructure

Holds a 42% stake in Indus Towers, amongst

the largest tower companies in the world,
operating in 15 circles, thereby enabling the
Company to provide leading pan-India passive
infrastructure services

2.17

2.11

120,000

2.03

100,000

85,,892

80,000

Towers

6% YoY revenue growth, 13% YoY EBITDA

growth

60,000

Sharing factor (Tenancy ratio) of ~2.03x per

tower

115,942

20,000

1.40

Bharti Infratel conducted its Initial Public Offering

in December 2012, raising $761m for a 10%
stake

Current market capitalization of US$11.65 bn1

Bharti Infratel owns 42% stake in Indus Towers

37,196

37,196

Bharti Infratel
Standalone

Bharti Infratel
Consolidated

Indus Pro-rata share

Sharing Factor

one of the worlds largest passive infrastructure providers

Source: Company Filings
Note
1
As of Mar 31, 2015

1.20
1.00

Indus

1.80
1.60

48,696

40,000

2.00

Sharing Factor (x)

41

FINANCIAL
OVERVIEW

Steadily Improving Financials (Consolidated) 1

note: in INR terms

Continued margin improvement

*Net of Mobile Termination cuts

Source: Company Filings
Note:
1.
Africa operations consolidated starting from 8th June 2010

33

Steadily Improving Financials (Consolidated) 1

Total Revenues (US$bn)

Cash Flow from Operations (US$bn)

CAGR of 11.5% (INR)

4.7

CAGR of 3.6% ($)

14.3

14.1

14.2

FY12

FY13

FY14

15.1

4.0

4.1
3.6

13.1

FY11

4.0

FY15

Source: Company Filings

Note:
1.
Africa operations consolidated starting from 8th June 2010

FY11

FY12

FY13

FY14

FY15

44

Stable Margin Growth

32.90%

33.70%

33.70%

35.00%

33.50%

18.56%
16.10%

17.20%

16.90%

15.20%

13.50%

13.30%
7.10%

Q4'14

Q1'15

5.8%

Q2'15

GR YoY growth %

Source: Company Filings

Note:
1.
Africa operations consolidated starting from 8th June 2010

EBITDA %

3.6%

Q3'15

Q4'15
EBIT %

45

Diversified debt profile; focus on deleveraging

Leverage ratios improving
11.8

3
2.5

2.19

2.04

2.06

2.1

2.08

10.8
10.6

10.7

1.5

10.1

10.1
9.8

9.6

0.5
8.8

0
Q4FY14

Q1FY15

Net Debt ($bn)

Q2FY15

Q3FY15

Q4FY15

Net Debt-EBITDA Ratio

Many strategic initiatives undertaken, further deleveraging

through Africa tower sale underway
Note:
1.
As of March 31, 2015

46 of 44

LEADERSHIP

Leadership in Business
Amongst top 100
most valuable
brands globally

Estimated brand
value of over USD
11 bn, 2012

Study by Millward
Brown, May 2012

Published in Financial
Times

Brand
Leadership award
in Telecom, 2012

Bags five awards,

tele.net Telecom
Operator Awards
2013

Brand Leadership
Awards

Sunil Bharti Mittal, Chairman

Honorary Degree awarded by
Newcastle University - 2012

Business Leader for the World

Award from INSEAD in 2011

Including most
admired telecom
operator

Number 1 service
brand in India

Top
Treasury
Team, Asia; Adam

Brand Equitys most

trusted brands annual
survey, 2013

Smith
EuroFinance

One of top ten

brands in Africa

Airtel Nigeria won 3

industry awards at
Nigerian Telecom
Awards

Within 3 years
operations there

of

Rajan Bharti Mittal, Vice Chairman & MD

Indian Business Leaders of the

Year award at the Global India
Business Meeting, 2011

Award,

Including telecom
brand of the year

Akhil Gupta, Deputy Group CEO & MD

Outstanding Contribution to the

Sector award at the Telecom
Operator Awards 2012

CFO India Hall of Fame by CFO

India, 2011

48

Highest Standards of Corporate Governance

Credit Rating and Information Services of India (CRISIL) has
assigned its Governance and Value Creation rating CRISIL GVC Level
1 to the corporate governance and value creation practices of Bharti
Airtel
Quarterly financials audited on IFRS, IGAAP basis
IG rating from 3 International Rating Agencies
Diversified Board 50% independent directors
SingTel representatives on the Board of the company
Professional organization with empowerment to operating team

49

THANK YOU