Bharti Airtel Ltd

About

Bharti Airtel Ltd is one of the world’s leading providers of telecommunication services with presence in 18 countries representing India, Sri
Lanka, 14 countries in Africa. [1]

Key Points

Revenue Breakup[1]
Mobile (India) – 49.8%
Africa – 25.8%
Airtel business – 12.9%
Homes – 2.1%
Digital Services – 2.7%
Towers – 6.4%

See full details
  • Market Cap 406,080 Cr.
  • Current Price 726
  • High / Low 739 / 387
  • Stock P/E 357
  • Book Value 100
  • Dividend Yield 0.28 %
  • ROCE 12.3 %
  • ROE -22.2 %
  • Face Value 5.00

Pros

Cons

  • Stock is trading at 7.24 times its book value
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 0.83% over past five years.
  • Company has a low return on equity of -22.10% for last 3 years.
  • Promoter holding has decreased over last 3 years: -11.31%
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
20,148 20,231 20,602 20,738 21,131 21,344 23,019 23,939 25,060 26,518 25,747 26,854
14,024 14,111 13,993 12,504 12,294 12,829 13,526 13,531 14,283 14,685 13,415 13,873
Operating Profit 6,124 6,120 6,610 8,234 8,837 8,515 9,493 10,408 10,777 11,832 12,332 12,980
OPM % 30% 30% 32% 40% 42% 40% 41% 43% 43% 45% 48% 48%
Other Income 100 1,497 2,130 -1,082 -30,049 -36 -5,614 -11,099 680 5,299 1,052 735
Interest 2,986 1,945 2,532 3,393 3,187 3,289 4,147 3,456 3,791 3,972 3,861 4,226
Depreciation 5,237 5,472 5,493 6,759 6,935 6,818 6,862 7,227 7,286 7,503 7,502 7,714
Profit before tax -1,998 200 714 -2,999 -31,334 -1,629 -7,129 -11,374 380 5,657 2,021 1,776
Tax % 112% -91% 19% 20% 27% 71% 30% -34% 109% 76% 25% 47%
Net Profit 119 86 107 -2,866 -23,045 -1,035 -5,237 -15,933 -763 854 759 284
EPS in Rs 0.22 0.16 0.19 -5.21 -41.91 -1.88 -8.96 -27.26 -1.31 1.46 1.29 0.48

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
41,829 59,602 71,506 76,947 85,864 96,101 96,532 95,468 82,639 80,780 84,676 100,616 104,179
25,506 39,438 47,965 53,987 59,352 62,499 62,548 60,138 52,560 55,016 51,086 55,337 56,257
Operating Profit 16,323 20,164 23,541 22,960 26,512 33,602 33,984 35,330 30,079 25,764 33,591 45,279 47,922
OPM % 39% 34% 33% 30% 31% 35% 35% 37% 36% 32% 40% 45% 46%
Other Income 1,417 255 428 1,159 2,881 1,243 4,858 1,713 1,756 4,474 -35,600 -4,215 7,766
Interest 645 2,535 4,083 4,519 5,879 4,446 8,546 9,547 9,326 10,622 14,073 15,091 15,850
Depreciation 6,199 10,207 13,368 14,815 15,650 19,858 17,450 19,773 19,243 21,348 27,094 29,404 30,005
Profit before tax 10,895 7,678 6,518 4,785 7,864 10,540 12,846 7,723 3,267 -1,732 -43,177 -3,432 9,833
Tax % 14% 23% 35% 53% 62% 52% 46% 45% 33% 197% 29% -260%
Net Profit 9,163 5,752 4,257 2,258 2,773 4,621 6,077 3,800 1,099 410 -32,183 -15,084 1,133
EPS in Rs 17.55 11.01 8.15 4.32 5.04 8.41 11.05 6.91 2.00 0.74 -55.06 -25.63 1.92
Dividend Payout % 4% 7% 9% 17% 26% 33% 9% 11% 194% 244% -3% 0%
Compounded Sales Growth
10 Years:5%
5 Years:1%
3 Years:7%
TTM:16%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:%
TTM:103%
Stock Price CAGR
10 Years:8%
5 Years:20%
3 Years:33%
1 Year:68%
Return on Equity
10 Years:-4%
5 Years:-12%
3 Years:-22%
Last Year:-22%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
1,899 1,899 1,899 1,899 1,999 1,999 1,999 1,999 1,999 1,999 2,728 2,746
Reserves 37,980 46,868 48,712 48,423 57,757 37,778 64,823 65,494 67,600 69,424 74,417 56,207
Borrowings 10,288 58,749 69,023 66,736 75,896 83,415 100,646 107,288 111,334 125,428 148,228 162,785
19,743 37,742 36,265 40,912 45,840 58,747 57,004 57,542 68,589 77,176 133,718 122,679
Total Liabilities 69,910 145,258 155,900 157,970 181,492 181,939 224,472 232,322 249,521 274,026 359,091 344,417
50,849 124,051 129,168 125,674 140,614 124,279 172,293 178,235 187,200 200,832 229,256 223,480
CWIP 2,436 4,823 4,414 2,992 0 17,415 5,702 10,838 9,751 9,634 4,282 5,726
Investments 5,162 622 1,836 7,710 15,531 10,752 11,977 14,339 16,159 15,711 25,476 27,550
11,463 15,761 20,482 21,594 25,347 29,494 34,500 28,910 36,411 47,850 100,077 87,661
Total Assets 69,910 145,258 155,900 157,970 181,492 181,939 224,472 232,322 249,521 274,026 359,091 344,417

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
16,203 18,851 22,593 22,608 26,233 28,059 27,942 28,280 29,854 20,070 18,129 48,205
-13,760 -60,462 -18,380 -18,676 -25,181 -22,301 -14,091 -30,680 -27,940 -28,286 -29,598 -27,286
-1,187 39,715 -4,011 -4,566 2,774 -9,672 -11,946 -351 1,920 9,464 19,144 -24,910
Net Cash Flow 1,256 -1,895 203 -634 3,826 -3,914 1,905 -2,752 3,835 1,248 7,675 -3,991

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 28 34 33 32 27 20 21 18 26 19 20 13
Inventory Days
Days Payable
Cash Conversion Cycle 28 34 33 32 27 20 21 18 26 19 20 13
Working Capital Days -66 -134 -95 -98 -105 -121 -118 -132 -141 -157 -223 -172
ROCE % 25% 13% 9% 8% 11% 11% 13% 11% 8% 3% 5% 12%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
67.14 67.14 67.14 62.71 62.70 62.70 58.98 56.23 56.23 56.23 55.86 55.86
18.32 17.15 17.61 22.05 22.33 16.40 20.29 20.15 17.57 17.75 18.57 18.12
12.72 13.88 13.25 13.14 13.20 14.14 15.83 18.37 21.72 21.78 20.35 20.64
1.77 1.79 2.00 2.07 1.74 6.71 4.87 5.21 4.45 4.18 5.16 5.32
0.04 0.04 0.00 0.03 0.03 0.05 0.04 0.04 0.03 0.06 0.06 0.06

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