Investor Presentation

Transcription

1 Investor Presentation Bharti Airtel Limited Feb 2010

2 Disclaimer The information contained in this presentation is only current as of its date. All actions and statements made herein or otherwise shall be subject to the applicable laws and regulations as amended from time to time. There is no representation that all information relating to the context has been taken care off in the presentation and neither we undertake any obligation as to the regular updating of the information as a result of new information, future events or otherwise. We will accept no liability whatsoever for any loss arising directly or indirectly from the use of, reliance of any information contained in this presentation or for any omission of the information. The information shall not be distributed or used by any person or entity in any jurisdiction or countries were such distribution or use would be contrary to the applicable laws or Regulations. It is advised that prior to acting upon this presentation independent consultation / advise may be obtained and necessary due diligence, investigation etc may be done at your end. You may also contact us directly for any questions or clarifications at our end. This presentation contain certain statements of future expectations and other forward-looking statements, including those relating to our general business plans and strategy, our future financial condition and growth prospects, and future developments in our industry and our competitive and regulatory environment. In addition to statements which are forward looking by reason of context, the words may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential or continue and similar expressions identify forward looking statements. Actual results, performances or events may differ materially from these forward-looking statements including the plans, objectives, expectations, estimates and intentions expressed in forward looking statements due to a number of factors, including without limitation future changes or developments in our business, our competitive environment, telecommunications technology and application, and political, economic, legal and social conditions in India. It is cautioned that the foregoing list is not exhaustive This presentation is not being used in connection with any invitation of an offer or an offer of securities and should not be used as a basis for any investment decision. The information contained herein does not constitute an offer of securities for sale in the United States. Securities may not be sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Any public offering of securities to be made in the United States will be made by means of a prospectus and will contain detailed information about the Company and its management, as well as financial statements. No money, securities or other consideration is being solicited, and, if sent in response to the information contained herein, will not be accepted. Investor Relations :- For any queries, write to: ir@bharti.in

3 Advantage India Population: 1.2 billion increasing urbanisation relatively large youth population GDP Growth (Real) : ~6.5% second highest growing economy GDP Size (PPP adjusted): US$ 3 trillion fourth largest economy in the world Telecom penetration: 49.50% ( mn telecom subs) one of the lowest Govt. targets to reach 1 bn telecom subs by 2015 Broadband penetration: 0.68% (8.0 mn) one of the lowest Govt. target to reach 20 mn. Broadband subs by 2010 Deep Domestic Demand Huge Growth Potential Note: (1) *Telecom and Broadband penetration as at Jan 31 th 2010 as per TRAI press release. 3

4 The Company...Bharti Airtel An Integrated Telco Wireless Services 2G/3G Rural Market Sri Lanka Enterprise Services Carriers Corporate Telemedia Services Fixed Line Broadband DTH (Media)/IPTV Passive Infrastructure Services Fully integrated telecom player offering end to end solutions 4

5 Bharti Airtel - positioning in the world and India 3 rd LARGEST wireless operator in the world 1 LARGEST private INTEGRATED telecom company in India 6 th LARGEST INTEGRATED telecom operator in the world LARGEST WIRELESS operator in India LARGEST private FIXED LINE operator in India LARGEST operator in NLD, ILD and VSAT business LARGEST TELECOM company listed on Indian Stock Exchanges Note: (1) 3 rd largest wireless operator in the world refers to in-country (single country) operator based on the number of subscribers. 5

6 Latest Results Q3 FY09/10 Key operating and financial metrics Q3 FY 10 Y-on-Y Customers mn 38.0% Revenue $ 2,093 mn 1.4% EBITDA $ 838 mn -0.9% Cash Profit $ 876 mn 8.9% Net Income $ 473 mn 2.3% Continued Strong Performance Wireless Customer market share leadership at 22.7%. Total minutes on network carried in Q3 175 billion Total employee strength 18,201 Balance sheet strength: Assets - $ 14 billion Net debt - nil * ($414 million incl CCD) Net debt to EBITDA nil * (0.12 incl CCD) Continues to be FCF positive on a standalone basis EBITDA Margin 40.0% Net Profit Margin 22.6% ROCE 24.1% ROE 28.4% The company declared a Maiden dividend of 20% of face value for the year The company has also splitted the then existing equity shares of Rs. 10/- each into two equity shares of Rs. 5 each. The shareholders have received the credit of the splitted shares on 31 st July. Note: * Net Debt is excluding fully and compulsory convertible, non-cumulative, unsecured and interest free Debentures of US$

7 Segment contribution Rev, EBITDA and Investment REVENUE EBITDA 21% 9% 1% 11% -6% 9% 81% 26% 10% 62% Mobile Services Enterprise Services Telemedia Services Passive Infrastructure Services Mobile Services Enterprise Services Telemedia Services Passive Infrastructure Services Others Others INVESTMENTS 23% 3% 49% 14% 11% Mobile Services Enterprise Services Others Telemedia Services Passive Infrastructure Services Note: (1) Revenue and EBITDA is gross of inter segment eliminations. 7

8 Performance dashboard - 3 line graph Productivity Indicators = growing revenues + cost efficiencies + capital productivity 8

9 Recently in news... Presented Mobitude, India s First Mobile Phone Usage Survey. It captures the preference and choice of over 116 million mobile users located across India. Launched India s first ever Mobile Comics Portal on Airtel Live. This allows subscribers via WAP to access more than 300 Indian and International Comic. Launched Airtel Website Builder an easy to use solution that offers customers, SMBs, SMEs and home users, the convenience to build and maintain personalized websites themselves with minimum time and effort. The service offers more than 15,000 rich templates, a free domain name and unlimited web space hosting at an affordable price starting at just Rs. 250 per month. Launched VPN in a Box for SMEs in alliance with Cisco a first of its kind product based on infrastructure-as-a-service model. This MPLS based layer 3 VPN service is a ready-to-deploy bundle of a managed private leased line port, bandwidth, last mile connectivity and customer premise equipment. Announced expansion of its Middle East Connect network, to serve global carriers in the region. Bharti Airtel is the only outside operator with capacities on multiple cable routes in the region Signed a landmark agreement with other operators to build and operate the Southeast Asia Japan Cable system (SJC), a new international submarine cable system with the highest capacity in the world. Launched Ethernet services in more than 25 global cities across Asia, Europe, North America and Australia. The launch of the Global Ethernet Service Portfolio by Bharti Airtel is part of its strategy to become a truly global service provider with wide range of product offerings. Unveiled its Global Wireless Service Portfolio with a network that will reach 50 countries which will offer MPLS, Ethernet, IP and IPLC services to global carriers. 9

10 Wireless Services 10

11 Indian Wireless Market KPIs JK Sub Base : mn second largest market GUJ RAJ HP PB UP(W) HAR DEL DELHI UP(E) MADHYA MP PRADESH` BH WB AS NE Wireless Penetration: 46.37% lowest in the world HHI Index: very high one of the most competitive market Prepaid Base: 90%+ one of the highest in the world Usage per sub per month: MUM MAH KK KER AP TN CHN OR Kol Metros A Cat. B Cat. C Cat. Minutes: 404 one of the highest ARPU: ~ US$ 5.02 one of the lowest Rate per minute: 1.2 cents one of the lowest in the world VAS: ~ 9% One of the lowest Note: (1) Subscriber numbers and wireless penetration numbers as at Jan 31, 2010 are as per TRAI release (2) Other indicators on the slide are based on Global Wireless Matrix 3Q09 dated 28 th Sept 09 by Merrill Lynch, and reflective of Industry numbers. 11

12 Rapidly Growing Wireless Market Net Adds in Dec 19.9 Mn higher ever S-curve triggered Series2 Series % 80% 70% 60% 50% 40% 30% 20% 10% 0% Fastest Growing Market in the World Note: (1) Actual Data as per Industry Association Releases and Industry Estimates. 12

13 Wireless Market Structure Subscriber Trends Customer Market Share CMS (%) 25.0% 24.4% % 21.0% 19.0% 17.0% 22.3% 18.3% 17.7% 17.3% 17.5% (mn) % 13.0% 11.0% 9.0% 7.0% 12.8% 14.3% 11.0% 10.0% 11.1% 9.1% 7.8% 6.5% - Airtel Reliance Vodafone BSNL+MTNL Idea Tata Others 5.0% Airtel Reliance Vodafone BSNL+MTNL Idea Tata Others Jan-10 Jan-09 Net adds during the year CMS(Jan'10) CMS(Jan'09) Airtel continuously consolidating its market leadership position despite intense competition Airtel current monthly net adds at 2.9 million vs. 2.7 million a year ago Airtel ranks 1& 2 in 17 circles in terms of number of subscribers Over 60% of net adds coming from B&C circles (rural India) Airtel Continues to lead on Revenue Market Share 13

14 Company Highlights on Wireless Services 14

15 First mover advantage / Product innovations Electronic Recharge / Micro Prepaid Life time validity product Easy Music Hello Tunes (Ring Back Tones) Song Catcher Call Home Service Music on Demand Airtel Live (Portal) Money Transfers Google search Portfolio Manager (Stock Tracker) iphone Blackberry focus on product innovations M Commerce 15

16 Performance Indicators - Financial Revenues (INR mn) EBITDA (INR mn) & Margin (%) 85,000 80,000 79,392 82,216 82,285 80,994 79,618 28,000 27,000 26, ,183 25,860 25,860 75,000 70,000 65,000 69,150 64,201 72,843 25,000 24,000 23,000 22,779 24,963 24,178 60,000 55,000 56,106 22,000 21,000 21,218 22,009 50,000 Q308 Q408 Q109 Q209 Q309 Q409 Q110 Q210 Q310 20,000 Q408 Q109 Q209 Q309 Q409 Q110 Q210 Q310 16

17 Performance Indicators - Operational Customers & Market Share Prepaid/Postpaid % 24.7% 23.5% 24.2% 24.0% 24.0% 23.6% 23.7% 22.7% Q308 Q408 Q109 Q209 Q309 Q409 Q110 Q210 Q % 27.0% 26.0% 25.0% 24.0% 23.0% 22.0% 10 5% 10 0 % 95% 90% 85% 96.3% 95.4% 97.9% 90.4% 98.4% 99.6% % % 100.4% 97.5% 92.9% 93.5% 94.2% 94.7% 95.2% 95.3% 95.4% 92.3% 91.6% 91.0% Q208 Q308 Q408 Q109 Q209 Q309 Q409 Q110 Q210 Q310 Customers (Mn) CMS (%) Prepaid Subs Prepaid Net Adds ARPU & RPM MoU/Sub/Month & MON , , , , , , ,834 73,840 89,058 64, , , ,000 80,000 40,000 - Q208 Q308 Q408 Q109 Q209 Q309 Q409 Q110 Q210 Q310 RPM (Rs.) ARPU (INR) Q208 Q308 Q408 Q109 Q209 Q309 Q409 Q110 Q210 Q310 MoU/Sub (Min) Total minutes on Netw ork (Mn Min) 17

18 Road map Wireless Market Current Proposed Presence Operational in 22 circles of India on GSM technology. Launched Operations in Srilanka Looking for options primarily in emerging markets. Population Coverage 84% of population covering 5078 census towns and over 4 lakh non-census towns and villages. Poised to cover all census towns and majority of non-census towns and villages Penetration wider and deeper into rural India Network Rollout & Strength Hive off of passive infrastructure into a separate independent tower company Largest GSM (900/1800 Mhz) network in India comprising of over 102,190 network sites Strong partners: Ericsson; Nokia; Huawei; Alcatel Lucent Plans to get 3G spectrum. 18

19 Road map Wireless Market Current Proposed Sales & Distribution Network One of the widest distribution network. Following the FMCG company distribution model - Match Box Approach Present in over a million PoP in India. Tie-up with IFFCO, an edge over others to reach out to Rural India Continue distribution expansion, especially in rural areas Customer Service Continuous improvement in CSAT scores Multi pronged service strategy in place Focus on service through service training and employee sensitivity Unified service backend for enhanced customer experience Employee Engagement Significant improvement in employee engagement Awarded Great Work Place 2009 by Gallup Sustain employee engagement Focus on employee capability development and leadership pipeline 19

20 Current positioning and way forward Leadership Positioning Growth strategy and plans Revenue Revenue size ($ 6 Bn) Revenue Market Share New Revenue Streams Changing face of growth through M-Com, M-entertainment & 3G Non financial vitals Brand Distribution Churn lower than industry Spectrum Mix (900/1800 MHz) Cost Improving cost efficiencies Lowest cost GSM network Maximizing usage Increasing the usage through U&R drive Wallet share Net Adds Driven by rural strategy 20

21 Telemedia Services 21

22 A snapshot Largest private operator having presence in the voice, broadband, IPTV and data. Focus on SMB segment & Broadband at Homes Key Performance Indicators 1. Voice (wire-line) and Data (DSL) Presence in 95 top cities of India. 2. Target Segment : Retail and Small and Medium Enterprises. 3. Customer base: 3.0 million (end Jan2010) 4. Broadband (DSL with speeds>256 kbps) penetration at 41.5% of customer base. 5. Average ARPU for Quarter ended June 09 $ 20.6 per month. 6. Segment contributing to 9% of overall revenues of the company. 7. EBITDA margin of over 46.1%. Broadband revolution to follow wireless revolution in India SMB opportunity across ICT stream 22

23 Telemedia Services Business Units SMBs Homes Products Voice Data Mobile Services Applications SaaS Broadband Voice IPTV Goal One-Stop Shop for All Airtel Services and Solutions to SMBs Dominant Broadband & Fixed Voice share of the affluent in targeted 95 cities Strategies Data Products: Internet, MPLS etc. Integrated Solutions to drive share of wallet like hosted e mail, online desktop etc. Strategic Alliances Indirect Channel to Drive Penetration Deeper & Not Wider: 95 Cities Enhancing Broadband experience : Speed on Demand, Games on Demand & VAS Vertical & Not Horizontal: Hi-Rise Drive Triple Play Drive Higher spends for better customer experience 23

24 Product Portfolio 24

25 Performance Indicators Revenues (INR mn) EBITDA (INR Mn) & Margin (%) 8,800 8,500 8,200 7,900 7,600 7,300 7,307 7,641 7,988 8,486 8,458 8,585 8,550 8,544 8,550 4, , , , , ,944 3,696 3,667 3,614 3,531 3,463 3,367 3,344 7,000 Q308 Q408 Q109 Q209 Q309 Q409 Q110 Q210 Q310 3,000.0 Q408 Q109 Q209 Q309 Q409 Q110 Q210 Q310 Customers (overall & DSL) ARPU (INR) 3,000 2,750 2,500 2,250 2,000 1,750 2, , , , , ,726 1,0 72 2,828 1,13 8 2,928 1,18 7 2,989 1,241 2,000 1,200 1,150 1,10 0 1,0 50 1, ,14 0 1,13 7 1,13 8 1,14 7 1,098 1,0 71 1, , ,2 50 Q308 Q408 Q109 Q209 Q309 Q409 Q110 Q210 Q Q308 Q408 Q109 Q209 Q309 Q409 Q110 Q210 Q310 Fixed Line Customers ('000) DSL Cust. ('000) 25

26 Enterprise Services 26

27 A snapshot Enterprise Services provides a broad portfolio of services to large Enterprise and Carrier customers Corporates: Single point of contact for all telecommunication needs for Top 2500 corporate customers, providing full suite of voice, data, and managed communications solutions Carriers: Wholesale voice and data services to over 30 domestic and 450 international telecommunications carriers, as well as ILD and NLD carriage for Airtel s own customers Extensive national and international infrastructure Pan-India network with 118,337 Route kms of optical fiber, over 4,150 MPLS and SDH POPs Access network (terrestrial) in 95 cities, Wimax network in 143 cities, and over 1,500 local POIs International network with 225,000 Route Kms, connecting over 50 countries Key Performance Indicators (Q3 10) NLD Minutes Carried: 13.9 Billion ; ILD Minutes Carried: 3.1 Billion Revenue: Rs.20,546 Million (21 % Segment Contribution Share) EBITDA: Rs. 10,035 Million (48.8% EBITA Margin) 27

28 Highlights # 1 Operator in India in terms of: NLD Revenue (Voice & Data) ILD Revenue (Voice & Data) Corporate Fixed Line Operator Corporate Internet Provider Corporate Mobility Provider VSAT Provider (installed base) 28

29 Domestic Network Fiber commissioned for over 118,337 Kms Transmission Network (14,000 SDH nodes) High resilience via ring structure & automatic switching Tier-1 MPLS network (across 120 Cities) Internet backbone capacity > 60 Gbps Proactive 24 x 7 x 365 NOC 304 LDCAs & 1680 SDCAs covered 29

30 International Network 30 Infrastructure Interconnects with about 400 International Carriers NGN with 4 Global Media Gateways 100% Ownership of i2i Cable system and landing station Consortium ownership of Sea Me We 4 cable and landing station IRU capacity on TAT-14, Apollo, EAC, APCN2, JUCN, etc. Consortium partner in major cable systems under construction: IMEWE, EIG, AAG, Unity, EASSy Coverage TDM and IP Voice traffic termination in 230+ countries Major International PoPs for carrier interconnect at Los Angeles, New York, London, Hong Kong & Singapore Far-East Connect Platform to cater to high growth markets across Asia and the Pacific Extensive MPLS Coverage across the globe - more than 70 countries, 700+ PoPs via carrier-grade NNI s 30

31 What We Offer Wholesale Voice - NLD Voice Carriage Services - International & Domestic Toll Free services - International Calling Services - Signaling Based Services - International Voice Carriage Services - Global Wholesale Voice (Hubbing & Transit) - Roaming Hub - Prepaid Roaming Retail Voice - Mobility Solutions - Corporate Mobile Ser Voice Services - Mobile Data (Blackberry, Data card, applications) - SMS-Based Tools & Bulk SMS Solutions - Workforce Mobility Solutions (Vehicle Tracking, etc.) - Fixed line Solutions - Fixed Line/ PRI/ Centrex Services - Domestic Toll Free Service - Hosted Contact Centre Services - Premium International Toll Free Service Wholesale Data - Transport Services - Access Services Terrestrial/WiMax in India - Managed Network Services - Internet Access Services - MPLS, Multicast, Managed MPLS Services - Hosting & Services for Carrier PoPs - Carrier Outsourcing & Content Distribution Retail Data - Internet Services - Managed MPLS Services - Domestic and Int l Private Leased Lines - Data Center & Managed Services - Network Integration & Professional Services - Satellite Services - Audio and Video Conferencing Solutions 31

32 Certifications ISO 27001: 2005 Certified on Pan India basis. Information Management Security System including policies, procedures, physical, legal and technical security controls forming part of the organization s overall risk management processes. TL 9000/ ISO Certified on Pan India basis. Quality Management System (QMS) specifically addressing the needs in a telecommunication organization. CISCO Managed Services Certifications Tier-1 Certification for CISCO managed services First player in Asia Pac to obtain the Tier 1 (highest level certification) Telepresence Certification 32 Strictly For Private Circulation

33 Performance Indicators Enterprise Services Revenues (INR mn) EBITDA (INR mn) & Margin (%) ,000 21,000 20,000 19, ,572 21,874 21,808 21,628 20,982 21,331 20,546 11, , , ,655 9,369 9,799 9,920 10,246 10, , , , , , ,636 16, , , , ,179 14,0 0 0 Q308 Q408 Q109 Q209 Q309 Q409 Q110 Q210 Q310 4,000.0 Q408 Q109 Q209 Q309 Q409 Q110 Q210 Q310 Voice Minutes on Network 14,000 12,000 10,000 9,398 10,322 11, ,609 11,690 11, , , ,000 7,898 6,000 4,000 2,000 1,59 1 1,8 50 2,048 2,284 2,603 2,772 2,869 3,181 3,100 0 Q308 Q408 Q109 Q209 Q309 Q409 Q110 Q210 Q310 NLD Minutes (mn) ILD Minutes (mn) 33

34 Passive Infrastructure Services 34

35 A snapshot Bharti Infratel operates in 11 circles. Indus Tower operates in 16 circles. Standard Master Services Agreement with competitive rates already in place. Key focus areas: To increase sharing factor (tenancy) from current levels of 1.57 for Infratel and 1.66 for Indus. Provide energy optimization solutions and other network management services. Evaluate other revenue streams. To reduce sharing revenue per sharing operator through increased sharing factor and efficiencies Key performance Indicators (Infratel): Total Towers: 29,806 (nos) Sharing Factor: 1.57 Sharing Revenue per sharing operator per month at Rs. 38,107. EBITDA margin: 46.1% Key performance Indicators (Indus): Total Towers: 102,696 (nos) Sharing Factor: 1.66 Aim to be the preferred choice of vendor for all existing and new operators 35

36 Performance Indicators - Bharti Infratel Revenues (INR mn) EBITDA (INR mn) & Margin (%) 13, , ,000 10, , ,70 2 8,020 8,586 9,267 5,000 4,500 4,000 3,500 3, ,257 3,992 3,870 4,020 3,557 2,903 7,000 6,023 7,241 2,500 2,000 2,236 5,000 Q408 Q109 Q209 Q309 Q409 Q110 Q210 Q310 1,50 0 1,000 Q408 Q109 Q209 Q309 Q409 Q110 Q210 70,000 60,000 50,000 40,000 30,000 20,000 10, Towers (nos) & Sharing Factor ,966 61,355 58, , , ,548 28,078 29, Q408 Q109 Q209 Q309 Q409 Q1 10 Q2 10 Q ,000 37,000 33,000 29,000 25,000 Sharing Revenue per Sharing Operator per Month (Rs) 38,107 36,420 36,696 33,586 31,893 32,177 31,488 30,017 Q408 Q109 Q209 Q309 Q409 Q1 10 Q2 10 Q3 10 No of tow ers Sharing Factor Sharing Revenue per Sharing Operator per month Note: Figures for revenue, EBITDA and number of towers for quarters ending 4Q09 and beyond have taken the impact of 35,066 towers transferred to Indus 36

37 Indus Towers Roof Top Tower 103, , ,000 97, , , ,000 95, , ,000 Q4 0 9 Q110 Q2 10 Q No of towers Sharing Factor Ground Based Tower First of its kind deal Bharti (42%), Voda (42%) & Idea (16%) Largest independent tower company in the world ~ 100,000 towers under its management Benefits from captive tenancy as well as external tenants Incremental investment in towers to come from new operators / subscriber growth / 3G 37

38 Recent Honours 38

39 Bharti Airtel Leadership in business Recent Honours Rated as the Strongest Brand in the Economic Times- Brand Finance Brand Power (the only corporate brand to be awarded the AAA rating) Best Cellular Service Provider and Best VSAT & NLD player Service Provider at the 2009 Voice & Data 100 Awards Best Global Wholesale Carrier for 2009 at the Telecoms World Awards Middle East. Adjudged Wireless Service Provider of the Year Frost & Sullivan Asia Pacific ICT Awards ( in recognition of innovation, vision, strategy and profitability) Voted as the India s Most Innovative company in a survey conducted by Wall Street Journal Rated as India's Best Enterprise Connectivity Provider for 2009 at the annual Users Choice Awards instituted by PC Quest. Bharti Airtel and IFFCO JV bagged the Best Content Service award and Gujrat E- Gram project executed by Bharti Airtel won Best Project Management award at the world Communications Awards at London Sunil Bharti Mittal, Chairman & Group CEO Honorary degree of Doctor of Laws by University of Leeds (UK) in 2009 Tenth Lal Bahadur Shastri National Award by the Hon ble President of India in 2009 Akhil Gupta, Deputy Group CEO & MD CA Business Achiever Award by Institute of Chartered Accountants of India. Sarvjit Dhillon, Group Director Best Performing CFO in Telecom sector by CNBC-TV18 in Mar 09 39

40 Disclaimer The information contained in this presentation is only current as of its date. All actions and statements made herein or otherwise shall be subject to the applicable laws and regulations as amended from time to time. There is no representation that all information relating to the context has been taken care off in the presentation and neither we undertake any obligation as to the regular updating of the information as a result of new information, future events or otherwise. We will accept no liability whatsoever for any loss arising directly or indirectly from the use of, reliance of any information contained in this presentation or for any omission of the information. The information shall not be distributed or used by any person or entity in any jurisdiction or countries were such distribution or use would be contrary to the applicable laws or Regulations. It is advised that prior to acting upon this presentation independent consultation / advise may be obtained and necessary due diligence, investigation etc may be done at your end. You may also contact us directly for any questions or clarifications at our end. This presentation contain certain statements of future expectations and other forward-looking statements, including those relating to our general business plans and strategy, our future financial condition and growth prospects, and future developments in our industry and our competitive and regulatory environment. In addition to statements which are forward looking by reason of context, the words may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential or continue and similar expressions identify forward looking statements. Actual results, performances or events may differ materially from these forward-looking statements including the plans, objectives, expectations, estimates and intentions expressed in forward looking statements due to a number of factors, including without limitation future changes or developments in our business, our competitive environment, telecommunications technology and application, and political, economic, legal and social conditions in India. It is cautioned that the foregoing list is not exhaustive This presentation is not being used in connection with any invitation of an offer or an offer of securities and should not be used as a basis for any investment decision. The information contained herein does not constitute an offer of securities for sale in the United States. Securities may not be sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Any public offering of securities to be made in the United States will be made by means of a prospectus and will contain detailed information about the Company and its management, as well as financial statements. No money, securities or other consideration is being solicited, and, if sent in response to the information contained herein, will not be accepted. Investor Relations :- For any queries, write to: ir@bharti.in