Ratio Magazine :: The Inside Track to East Africa’s Economies - Press Releases: Bharti Airtel Announce Consolidated IFRS Results for Q1 FY 2011

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Press Releases: Bharti Airtel Announce Consolidated IFRS Results for Q1 FY 2011

Wednesday, 03 August 2011

New Delhi, 3 August 2011 --- Bharti Airtel Limited (“Bharti Airtel” today announced its audited consolidated IFRS results for the first quarter ending 30 June 2011.

The consolidated total revenues for the first quarter of FY 2011 of USD3,796m grew by 38.6% over last year. Africa continued its upward trend with revenues of USD979m (Q4 FY11: USD924m), a growth of 6% over last quarter. India and South Asia sustained double digit revenue growth of 11.9% year on year, while sequential revenue growth was 4%. Consolidated EBITDA margin was maintained at 33.6%.

The income before taxes for Q1 FY12 came in at USD384m (Q1 FY11: USD445m). On a year on year basis, the income before taxes dropped mainly on account of: higher interest outgo (USD77m) caused by the Africa acquisition and 3G investments in India, and 3G license fee amortisation of USD36m. The effective tax rate for Q1 increased to 29.9%, mainly due to reduction in tax holiday benefits in India. Consequently, net income for the quarter came in at USD272m (Q1 FY11: USD361m).

The Consolidated Operating Free Cash Flow for the first three months was at USD304m. Continued robust cash generation has resulted in improvement of the Net Debt – Equity ratio to 1.20 (1.38 as on 30 June 2010) and Net Debt - EBITDA ratio to 2.77 (2.86 as on 30 June 2010).

In a statement, Mr. Sunil Bharti Mittal, Chairman and Managing Director, Bharti Airtel Limited, said: “Bharti Airtel has started this fiscal year on a stable note. Revenue growth has been steady across all geographies, with Africa recording a healthy sequential growth of approximately 6%, and annual growth of 21%. In India, the company’s efforts in the area of cost efficiencies have helped arrest the margin decline. The new customer facing organisation in India will see more agile and responsive teams in action. This will also give a fillip to growth in value added services, broadband, digital TV and Airtel Money. Overall, 2011-12 promises to be an exciting year of transformation”.

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