1qfy15 results update | sector: bharti...

29 July 2014

1QFY15 Results Update | Sector: Telecom

Bharti Airtel

Shobhit Khare ([email protected]); +91 22 3982 5428

BSE SENSEX S&P CNX CMP: INR354 TP: INR465 Buy 25,991 7,749

Bloomberg BHARTI IN

Equity Shares (m) 3,997.4

M.Cap. (INR b) / (USD b) 1,416.5/23.6

52-Week Range (INR) 374/279

1, 6, 12 Rel. Per (%) 3/-10/-27

Financials & Valuation (INR Billion)

Y/E Mar 2015E 2016E 2017E

Net Sales 947.4 1,037.5 1,124.9

EBITDA 322.1 364.0 394.5 Adj. Net

fi 51.6 70.1 91.1

Adj. EPS ( )

12.9 17.5 22.8 Adj. EPS Gr. (%)

83.9 36.0 30.0

BV/Sh (INR) 176.9 192.8 213.5

RoE (%) 7.7 9.5 11.2

RoCE (%) 5.9 6.7 7.7

D. payout (%) 10 10 10

Valuations

P/E (x) 27.4 20.2 15.5

P/BV (x) 2.0 1.8 1.7

EV/EBITDA ( )

6.5 5.6 4.7

1QFY15 revenue/EBITDA above estimates; continued strong growth in PAT: BHARTI’s 1QFY15 EBITDA grew 18% YoY and 5.7% QoQ to INR 77.2b (est INR74.6b) driven by strong performance in India mobile business. Consolidated revenue grew 13.3% YoY and 3.3% QoQ to INR 229.6b (vs est INR224.9b), boosted by India mobile, Telemedia and DTH segments but dragged down by Africa business. Proforma PAT increased 97% YoY and 13.8% QoQ to INR13.6b. Reported PAT of INR11.1b included INR2.5b exceptional loss due to various disputes. PAT performance was strong despite INR3b forex loss.

Continued robust recovery in India mobile: India mobile revenue grew 9.9% YoY and 5.5% QoQ to INR127.5b. EBITDA grew 25% YoY and 11.7% QoQ to INR47.1b (vs est of INR44b). Mobile traffic grew 2.3% QoQ (vs est of 1.5%); mobile RPM increased 3.5% QoQ to 46.5p (vs est of 45.6p). Data revenue contribution increased to 12.4% (up 90bp QoQ) on 17% QoQ traffic growth.

Africa performance remains muted: Africa EBIDTA declined 2.3% QoQ to USD283m (vs est USD286m). Revenue grew 1.6% QoQ (primarily RPM led), impacted by 1.4% revenue-weighted currency depreciation. Subscriber base declined QoQ due to promotional bans in Nigeria and KYC changes in Uganda.

Net debt down INR28b QoQ to INR577b: Net debt declined 4.6% QoQ to INR577b on strong free cash generation. 1QFY15 capex stood at INR39.9b.

Change in segment reporting: BHARTI has made changes to the segment reporting structure. India & South Asia will include 1) Bangladesh and Srilanka operations and 2) Acquisition debt/associated finance cost of Africa business.

Upgrading EBITDA by 4%; TP by 14%; maintain Buy: We are upgrading our EBITDA estimates by ~4%. We expect 14% consolidated EBITDA CAGR over FY14-16E. The stock trades at proportionate EV/EBITDA of 6.5x FY15E and 5.6x FY16E. Maintain Buy with a revised target price of INR465 (INR410 earlier) based on 6.5x FY14 EV/EBITDA for India business (ex towers), 5x EV/EBITDA for Africa, and 15% discount vs fair value for Bharti Infratel (recently upgraded).

Investors are advised to refer through disclosures made at the end of the Research Report.

29 July 2014 2

Bharti Airtel

India & South Asia EBITDA up 9% QoQ India revenue grew 12% YoY and 5.7% QoQ to INR162b (v/s our estimate of

INR156.8b). EBITDA grew 22% YoY and 9.1% QoQ to INR60.2b (v/s our estimate of INR57.2b). EBITDA margin improved 300bp YoY and 120bp QoQ to 37.2% (v/s our estimate

of 36.5%), led by margin expansion in India mobile.

India Mobile: EBITDA up 12% QoQ driven by strong all round performance Mobile revenue increased 9.9% YoY and 5.5% QoQ to INR127.5b (est of

INR124.7b). Mobile EBITDA grew 25.1% YoY and 11.7% QoQ to INR47.1b (est of INR44b). EBITDA margin improved ~450bp YoY and ~200bp QoQ to 36.9%. RPM increased 5.7% YoY and 3.5% QoQ to 46.5p vs our est of 45.6p. Mobile traffic grew 4.8% YoY and 2.3% QoQ to 271b minutes, above our

estimate of 269b minutes. Data continued to grow strongly with traffic growth of 17% QoQ and data

revenue growth of 14% QoQ. Data contribution increased to 12.4% of revenue in 1QFY15 from 11.5% in 4QFY14.

MOU per subscriber declined marginally QoQ to 435 minutes (vs est of 432 minutes).

Mobile ARPU increased 3.1% QoQ to INR202 (vs est of INR197). Blended monthly churn increased marginally QoQ to 2.7%.

Africa: Performance remains muted Africa revenue increased 1.6% QoQ to USD1,164m (v/s est of USD1,162m). EBITDA declined 2.3% QoQ to USD283m implying EBITDA margin of 24.3% vs our

estimate of 24.6%. Net loss increased 31% QoQ to ~USD137m (v/s our estimate of USD142m net

loss). Total minutes increased 0.4% QoQ to 28.3b; RPM increased 1.8% QoQ. Subscriber base declined marginally to 69.1m, impacted by regulatory issues in

Nigeria and Uganda.

Net debt at INR577b; strong momentum in 3G site additions Bharti’s net debt declined 4.6% QoQ to INR577b led by strong free cash flow

during the quarter. Reported debt does not yet include INR129b spectrum related payments. Net debt/ annualized EBITDA remains comfortable at 1.9x

1QFY15 consolidated capex was ~INR40b implying capex/sales of 17%. While 2G site additions declined QoQ at ~1,100, 3G sites additions remained

strong at ~3,300.

29 July 2014 3

Bharti Airtel

Story in Charts India mobile KPIs

190

183

187

189

185

177

185

193

200

192

195

196

202

445

423

419

431

433

417

435 45

5

455

437

434

437

435

42.8 43.2 44.643.8 42.7

42.642.6 42.4 44.0 44.0

44.8 44.9

46.5

40.0

42.0

44.0

46.0

48.0

50.0

1QFY

12

2QFY

12

3QFY

12

4QFY

12

1QFY

13

2QFY

13

3QFY

13

4QFY

13

1QFY

14

2QFY

14

3QFY

14

4QFY

14

1QFY

15

Mobile ARPU (INR) Mobile MOU (mins) Mobile RPM (p)

Source: Company, MOSL

Bharti India: YoY mobile traffic growth (%)

1614

10 9 8 810 10

8 76

5 5

1QFY

12

2QFY

12

3QFY

12

4QFY

12

1QFY

13

2QFY

13

3QFY

13

4QFY

13

1QFY

14

2QFY

14

3QFY

14

4QFY

14

1QFY

15


Bharti India: Mobile traffic and RPM trend

-20 -18 -24-21 -17 -17 -17 -17 -1 -3

5 75 3

1.87

1.54 1.17

0.930.77

0.640.53 0.44 0.44 0.42 0.44 0.48 0.50 0.52

FY04

FY05

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

E

FY16

E

FY17

E

YoY RPM (%) Mobile RPM (INR)


Bharti India: Mobile data traffic

13 16 20 24 27 34 39 47 56

26%

25%21%

14%

23%

16%20% 19%

1QFY

13

2QFY

13

3QFY

13

4QFY

13

1QFY

14

2QFY

14

3QFY

14

4QFY

14

1QFY

15

Data traffic (b MB) QoQ growth (%)


Bharti India: Data revenue contribution and ARMB (p)

35 32 29 29 31 30 30 28 28

4% 5% 6% 7% 7% 9% 10% 11% 12%

1QFY

13

2QFY

13

3QFY

13

4QFY

13

1QFY

14

2QFY

14

3QFY

14

4QFY

14

1QFY

15

Data revenue per MB (p) Data revenue (% of wireless)


Bharti Airtel

Bharti India: Mobile churn rate per month (%)


Bharti vs Idea: QoQ India mobile traffic growth (%)


India mobile revenue and EBITDA margin


Africa revenue and EBITDA margin


Bharti: Mobile cell site base and quarterly additions


Consolidated net debt and net debt/EBITDA


Bharti Airtel: SOTP

FY16 EBITDA (INR B) Ownership Proportionate EBITDA (INR b)

EV/EBITDA Fair value

(INR b) Value/Sh

India business (excl. towers) 259 100% 259 6.5 1,680 420

Tower business (15% discount to fair value) 79% 382 96

Africa business 75 90% 68 5.0 339 85

Less FY16 net debt 549 137

Total Value 1,470 465

Shares o/s (b) 4.00

CMP 354

Upside (%) 31


6.47.2

7.98.8 8.8 8.5

5.9

3.2 3.2 3.22.7 2.4 2.7

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

1QFY14

2QFY14

3QFY14

4QFY14

1QFY15

5‐2 1

54

‐2

35

2 ‐3 1 42

7

‐2

79

5

‐4

5

8

3

‐6

4

9

5

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

1QFY14

2QFY14

3QFY14

4QFY14

1QFY15

Bharti ‐QoQ growth

98.4

97.8

101.8

105.1

104.6

108.9

107.0

110.2

116.0

113.5

116.4

120.8

127.5

34.2%33.7%33.8%34.0%

29.9%30.7%29.2%30.6%

32.4%33.5%34.1%34.9%

36.9%

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

1QFY14

2QFY14

3QFY14

4QFY14

1QFY15

India mobile revenue (INR b) EBITDA margin (%)

979 1030

1057

1071

1066

1097

1133

1120

1062

1119

1165

1145

1164

25.2%26.2%26.7%

27.8%

25.8%27.1%

26.5%25.4%

26.7%

26.9%25.8%25.3%

24.3%

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

1QFY14

2QFY14

3QFY14

4QFY14

1QFY15

Africa mobile revenue (USD m) EBITDA margin (%)

117

118 119

121

126

129 131 134 135

135

137 139 140

0.9 0.91.0 1.9

5.1

3.4

2.0 2.31.0

0.71.7

1.7

1.1

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

1QFY14

2QFY14

3QFY14

4QFY14

1QFY15

Cellsites ('000) Sites added ('000)

601 64

5 678

651 656

612

585

586 593 620

582 611

576

2.63 2.77 2.84 2.61 2.99 2.58 2.53 2.42 2.26 2.27 2.05 2.09 1.87

1QFY12

2QFY12

3QFY12

4QFY12

1QFY13

2QFY13

3QFY13

4QFY13

1QFY14

2QFY14

3QFY14

4QFY14

1QFY14

Net Debt (INR b) Net Debt/EBITDA (x)

29 July 2014 4

29 July 2014 5

Bharti Airtel

Bharti Airtel - Consolidated Segment wise Summary as per IFRS (INR m) 1QFY14 4QFY14# 1QFY15# YoY% QoQ% 1QFY15E v/s Est (%)

Revenue

Mobile 116,013 120,835 127,525 9.9 5.5 124,706 2.3

Telemedia 9,484 10,242 10,705 12.9 4.5 10,362 3.3

Enterprise 14,036 16,305 16,111 14.8 -1.2 16,794 -4.1

Passive Infrastructure 12,832 13,061 13,328 3.9 2.0 13,583 -1.9

Others (incl South Asia) 9,439 10,738 11,065 17.2 3.0 10,611 4.3

Africa 59,475 70,623 69,685 17.2 -1.3 74,067 -5.9

Eliminations -18,639 -19,611 -18,803 0.9 -4.1 -20,894

Consolidated Revenue 202,639 222,193 229,616 13.3 3.3 224,878 2.1

EBITDA

Mobile 37,633 42,147 47,061 25.1 11.7 43,964 7.0

Telemedia 3,764 3,816 3,947 4.8 3.4 3,872 1.9

Enterprise 2,765 3,661 3,223 16.6 -12.0 3,660 -11.9

Passive Infrastructure 5,745 6,340 6,073 5.7 -4.2 6,527 -7.0

Others (incl South Asia) 635 730 1,244 95.9 70.4 1,244 0.0

Africa 15,867 17,816 16,958 6.9 -4.8 17,535 -3.3

Eliminations -960 -1,474 -1,306 36.0 -11.4 -1,292

Consolidated EBITDA 65,449 73,066 77,200 18.0 5.7 74,616 3.5

EBITDA margin (%)

Mobile 32.4 34.9 36.9 446bps 202bps 35.3 165bps

Telemedia 39.7 37.3 36.9 -282bps -39bps 37.4 -50bps

Enterprise 19.7 22.5 20.0 31bps -245bps 21.8 -179bps

Passive Infrastructure 44.8 48.5 45.6 79bps -298bps 48.1 -249bps

International 26.7 25.2 24.3 -234bps -89bps 23.7 66bps

Consolidated EBITDA margin 32.3 32.9 33.6 132bps 74bps 33.2 44bps

Depreciation and amortization 38,470 39,444 40,365 4.9 2.3 40,462 -0.2

Operating income 26,979 33,622 36,835 36.5 9.6 34,154 7.8

Share of JV/Associate 3,075 1,673 1,578 -48.7 -5.7 1,406 12.3

Net finance cost 11,676 9,911 9,565 -18.1 -3.5 9,431 1.4

Proforma Profit Before Taxes 18,378 25,384 28,848 57.0 13.6 26,128 10.4

Proforma Tax 9,685 13,306 14,629 51.1 9.9 12,844 13.9

Effective Tax Rate (%) 52.7 52.4 50.7 -199bps -171bps 49.2 2bps

Proforma Profit After Tax 8,693 12,078 14,219 63.6 17.7 13,284 7.0

Proforma Minority Interest 1,804 128 617 -65.8 382.0 721 -14.4

Proforma Net Profit 6,889 11,950 13,601 97.4 13.8 12,563 8.3

#4QFY14/1QFY15 numbers adjusted for exceptional expense of INR1569m/INR1820m and associated tax impact


India Mobile: Operating Metrics India - Wireless KPIs 1QFY14 4QFY14 1QFY15 YoY% QoQ% 1QFY15E v/s Est (%)

Wireless traffic (b min) 258 265 271 4.8 2.3 269 0.8 RPM (p) 44.0 44.9 46.5 5.7 3.5 45.6 2.1 Subscribers (m) 191 206 209 9.7 1.9 209 0.1 ARPU (INR) 200 196 202 1.1 3.1 197 2.8 MOU (min) 455 437 435 -4.3 -0.4 432 0.8 Monthly churn (%) 3.2 2.4 2.7 -51bps 28bps Voice RPM (p) 36.6 37.2 38.1 4.1 2.5 Non-voice revenue contribution 16.9 17.4 18.2 131bps 80bps Data revenue contribution 8.2 11.5 12.4 422bps 92bps


29 July 2014 6

Bharti Airtel

Bharti Africa: Quarterly Performance (USDm) 1QFY14 4QFY14 1QFY15 YoY% QoQ% 1QFY15E v/s Est (%) Revenue 1,062 1,145 1,164 9.6 1.6 1,162 -1.5 EBITDA 283 290 283 0.0 -2.3 286 1.5 EBITDA margin (%) 26.7 25.3 24.3 -233bps -98bps 24.6 75bps Depreciation and amortization 219 226 236 8.0 4.6 230 -1.9 EBIT 64 64 47 -27.4 -26.9 55 15.9 Net finance cost 59 122 124 108.7 1.3 139 -12.1 Profit Before Taxes 5 -58 -77 -1647.5 32.1 -84 -30.4 Total Tax 68 68 80 16.4 17.5 70 -2.9 Profit After Tax (before minorities) -63 -127 -157 147.4 23.3 -155 -17.8 Minority Interest -11 -23 -20 75.9 -12.0 -13 81.3 Net Profit -52 -105 -137 162.9 31.0 -142 -26.6 Bharti Africa: KPIs Mobile Subs (m) 64.2 69.4 69.1 7.6 -0.5 71.5 -2.9 Mobile ARPU (USD/month) 5.5 5.5 5.6 2.3 1.9 5.5 0.1 Total Minutes of Use (b mins) 26.0 28.2 28.3 8.8 0.4 28.9 -2.5 Minutes of Use/Sub/Month 134 136 136 1.6 0.0 137 -0.4 Effective Mobile RPM (US Cents) 4.1 4.0 4.1 0.7 1.8 4.0 0.5


Summary of estimate change FY15E FY16E FY17E Revenue (INR b) Old 930 1018 1096 New 947 1037 1125 Change (%) 1.9 1.9 2.6 EBITDA (INR b) Old 310 351 380 New 322 364 395 Change (%) 3.8 3.8 3.8 EBITDA margin (%) Old 33.4 34.5 34.7 New 34.0 35.1 35.1 Change (bp) 62bps 61bps 40bps Depreciation (INR b) Old 169 188 201 New 169 190 202 Change (%) 0 1 1 Net finance cost (INR b) Old 40 41 34 New 44 46 35 Change (%) 9 10 4 Tax rate (%) Old 49 47 45 New 53 47 43 Change (bp) 332bps -62bps -161bps Net Profit (INR b) Old 51 64 81 New 52 70 91 Change (%) 0.3 9.8 12.6 EPS (INR) Old 12.9 16.0 20.3 New 12.9 17.5 22.8 Change (%) 0.3 9.8 12.6


29 July 2014 7

Bharti Airtel

Key assumptions and value drivers Mobile segment FY10 FY11 FY12 FY13 FY14 FY15E FY16E FY17E

Mobile - India

Subs (m) 128 162 181 188 206 218 229 237

YoY (%) 36 27 12 4 9 6 5 4

Average subs (m) 111 145 172 185 197 212 224 233

YoY (%) 42 31 19 8 7 8 5 4

Netadds per month (m) 2.8 2.9 1.6 0.6 1.4 1.1 0.9 0.7

YoY (%) 6 3 -45 -64 150 -26 -20 -16

Total mobile traffic (b min) 610 792 889 968 1,030 1,090 1,149 1,198

YoY (%) 28 30 12 9 6 6 5 4

ARPU (INR/month) 243 201 188 185 194 204 214 221

YoY (%) -25 -17 -6 -1 5 5 5 3

MOU 459 455 431 436 436 428 428 428

YoY (%) -10 -1 -5 1 0 -2 0 0

Mobile RPM (INR) 0.53 0.44 0.44 0.42 0.44 0.48 0.50 0.52

YoY (%) -17 -17 -1 -3 5 7 5 3

Mobile EBITDA margin (%) 38.7 34.7 33.9 30.1 33.8 37.0 38.8 38.1

Mobile Capex (INR b) 34 59 32 57 42 62 62 61

Mobile Capex/sales (%) 10 16 8 13 9 12 11 10

Mobile - Africa

Subs (m) 44 53 64 69 73 81 91

YoY (%) 5 20 20 9 5 12 12

Netadds per month (m) 0.2 0.7 0.9 0.5 0.3 0.7 0.8

ARPU (USD/month) 7.3 7.1 6.3 5.6 5.6 5.5 5.4

YoY (%) -2 -11 -11 0 -2 -2

Capex (USD b) 0.9 1.5 0.7 0.6 0.7 0.8 0.8

Capex/Sales (%) 24 37 16 14 15 15 15

EBITDA margin (%) 25 27 26 26 25 25 26


29 July 2014 8

Bharti Airtel

Business mix Revenue (INR b) FY10 FY11 FY12 FY13 FY14 FY15E FY16E FY17E Mobile 331 363 403 431 467 526 581 626 Telemedia 34 36 37 36 39 44 50 54 Enterprise 45 41 45 53 63 67 72 77 Passive Infrastructure 71 86 95 50 51 57 65 73 Others (incl South Asia) 6 10 16 32 41 46 52 57 Africa 0 131 198 240 273 287 304 333 Total revenue 487 667 794 842 934 1026 1124 1219 Eliminations and others -68 -72 -80 -73 -77 -78 -87 -94 Consolidated revenue 418 595 715 769 857 947 1037 1125 YoY% 13 42 20 8 11 10 10 8 EBITDA (INR b)

Mobile 128 126 137 130 158 195 225 239 Telemedia 15 16 16 15 15 16 18 19 Enterprise 13 10 8 9 14 14 16 16 Passive Infrastructure 25 32 36 23 23 26 30 34 Others (incl South Asia) -10 -10 -9 -2 2 5 6 7 Africa 0 29 53 63 71 71 75 86 Total EBITDA 170 202 240 236 282 327 370 401 Eliminations and others -2 -3 -3 -4 -5 -5 -6 -7 Consolidated EBITDA 168 200 237 233 278 322 364 395 YoY% 11 19 19 -2 19 16 13 8 Capex (INR b)

Mobile 34 59 32 57 42 62 62 61 Telemedia 10 8 8 3 4 3 3 4 Enterprise 12 4 2 1 1 1 1 1 Others (incl South Asia) 16 14 9 11 13 21 13 13 Passive infrastructure 12 23 14 11 8 10 11 12 Africa 0 36 76 39 38 42 46 50 Consolidated capex 83 143 140 122 106 139 136 141 YoY% -41 71 -2 -13 -13 31 -3 4 Capex/Sales (%) 20 24 20 16 12 15 13 12


29 July 2014 9

Bharti Airtel

Bharti Airtel: an investment profile Company description Bharti Airtel is an integrated telecom operator with presence in wireless, fixed-line and broadband, long distance, enterprise, and passive infrastructure services across India, Sri Lanka, Bangladesh and Africa. Bharti is the largest Indian wireless operator with revenue market share of ~31% and population coverage of 86%. Bharti is the third largest wireless company globally by subscribers. Key investment arguments Bharti continues to maintain its wireless leadership

in India with a wireless subscriber share of ~21% and adjusted revenue share of ~31%.

Bharti is well positioned to capture rural growth by leveraging its deep coverage and favorable frequency allocation.

Bharti has the highest investment in data spectrum among Indian telecom operators

Key investment risks Overbidding in upcoming spectrum auctions Potential market disruption from entry of a well-

funded operator like Reliance Industries into the Indian telecom market

High forex risk given exposure to significant USD denominated debt

Recent developments Bharti Airtel/subsidiaries have entered into

agreements for the divestment of over 3,100 telecom towers in four countries across Africa operations to Helios Towers Africa/subsidiaries (HTA). Bharti’s subsidiaries will have access to a dedicated portion of the towers from HTA under long term lease contracts.

Valuation & View We are upgrading our EBITDA estimates by ~4%. We

expect 14% consolidated EBITDA CAGR over FY14-16E. The stock trades at proportionate EV/EBITDA of 6.5x FY15E and 5.6x FY16E. Maintain Buy with a revised target price of INR465 (INR410 earlier) based on 6.5x FY14 EV/EBITDA for India business (ex towers), 5x EV/EBITDA for Africa, and 15% discount vs fair value for Bharti Infratel (recently upgraded).

Comparative valuations Bharti

Airtel

Idea RCOM

P/E (x) FY15E 27.4 16.7 30.4 FY16E 20.2 18.2 11.8 EV/EBITDA (x) FY15E 6.5 6.4 7.3 FY16E 5.6 6.7 5.9 EV/Sales (x) FY15E 2.1 2.2 2.7 FY16E 1.9 2.3 2.2 P/BV (x) FY15E 2.0 2.3 0.9 FY16E 1.8 2.1 0.9

EPS: MOSL forecast v/s consensus (INR) MOSL

Forecast Consensus

Forecast Variation

(%) FY15 12.9 13.2 -2.3 FY16 17.5 16.7 5.0 Target price and recommendation

Current Price (INR)

Target Price (INR)

Upside (%)

Reco

354 410 15.8 Buy

Shareholding pattern (%) Jun-14 Mar-14 Jun-13

Promoter 65.4 65.3 65.2

DII 7.2 7.8 8.2

FII 17.7 16.4 16.2

Others 9.7 10.5 10.4

Stock performance (1-year)

29 July 2014 10

Bharti Airtel

Financials and valuation

29 July 2014 11

Bharti Airtel

N O T E S

29 July 2014 12

Bharti Airtel

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Disclosure of Interest Statement BHARTI AIRTEL LTD Analyst ownership of the stock No

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1qfy15 results update | sector: bharti...

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