DIRECTORSDear Shareholders,
Your Directors have pleasure in presenting the seventeenth annual report on thebusiness and operations of the Company together with the audited financial statements forthe year ended March 31, 2012.
OVERVIEW
Bharti Airtel is one of the world’s leading providers of telecommunicationservices with presence in 20 countries including India, Sri Lanka, Bangladesh and 17countries in the African continent. The Company served an aggregate of 251.65 Mn customersas on March 31, 2012 providing mobile, voice and data solutions using 2G, 3G and 4Gtechnologies. In terms of number of wireless customers, the Company is among the top 5 inthe world. The Company provides fixed line voice and data solutions to 3.3 Mn customers in87 cities in India. The Company also offers an integrated suite of telecom solutions toits enterprise customers, in addition to providing long distance connectivity in India,Africa and rest of the world. The Company also offers Digital TV and IPTV Services inIndia.
All these services are rendered under a unified brand "airtel" eitherdirectly or through subsidiary companies. The Company also deploys, owns and managespassive infrastructure pertaining to telecom operations under its subsidiary, BhartiInfratel Limited that owns 42% of Indus Towers Limited. Together, Bharti Infratel andIndus Towers are the largest passive infrastructure service providers in India.
FINANCIAL RESULTS AND RESULTS OF OPERATIONS
In line with the amended statutory guidelines, the Company has adopted IFRS(International Financial Reporting Standards) for consolidation of accounts from thefinancial year 2010-11 onwards. Consolidated and Standalone financial highlights of theoperations of the Company are as follows:
Consolidated Financial Highlights
| | | (Rs Millions) |
| Particulars | Financial Year | Y-o-Y Growth |
| 2011-12 | 2010-11 | |
| Gross revenue | 714,508 | 595,383 | 20% |
| EBITDA | 237,123 | 200,718 | 18% |
| Cash profit from operations | 198,939 | 178,905 | 11% |
| Earnings before taxation | 65,183 | 76,782 | -15% |
| Net profit/(loss) | 42,594 | 60,467 | -30% |
The Company publishes its standalone accounts as per Indian Generally AcceptedAccounting Principles.
Standalone Financial Highlights:
| | | (Rs Millions) |
| Particulars | Financial Year | Y-o-Y Growth |
| 2011-12 | 2010-11 | |
| Gross revenue | 416,038 | 380,177 | 9% |
| Cash profit from operations | 128,722 | 133,374 | -3% |
| Earnings before taxation | 69,562 | 87,258 | -20% |
| Net profit/(loss) | 57,300 | 77,169 | -26% |
LIQUIDITY
The Company generates healthy operational cash flows and maintains sufficient cash andfinancing arrangements to meet its strategic objectives. It deploys a robust cashmanagement system to ensure timely servicing of its liquidity obligations. The Company hasalso been able to arrange for adequate liquidity at an optimized cost to meet its businessrequirements and has minimized the amount of funds tied-up in the current assets.
As of March 31, 2012, the Company has cash and cash equivalents of Rs 20,300 Mnand short term investments of Rs 18,132 Mn. During the year ended March 31, 2012,the Company generated operating free cash flow of Rs 101,319 Mn. The net debt-EBITDA ratio as on March 31, 2012 was at 2.56 and the net debt – equity ratio was at1.29. The net debt in USD terms decreased from USD 13,427 Mn as on March 31, 2011 to USD12,714 Mn as on March 31, 2012.
The Company manages the short-term liquidity to generate optimum returns by deployingsurpluses albeit only in the debt and money market instruments including in high ratedliquid and income debt fund schemes, fixed maturity plans, bank fixed deposits and othersimilar instruments.
The Company is comfortable with its present liquidity position and foreseeableliquidity needs. It has adequate facilities in place and robust cash flows to meetliquidity requirements for executing its business plans and meeting with any evolvingrequirements. The Company also enjoys strong access to capital markets across debt, equityand hybrids.
GENERAL RESERVE
Out of the total profit of Rs 57,300 Mn on a standalone basis of Bharti AirtelLimited for the financial year ended March 31, 2012, an amount of Rs 4,300 Mn hasbeen transferred to the General Reserve.
DIVIDEND
The Board recommends a final dividend of Rs 1 per equity share of Rs 5each (20% of face value) for the financial year 2011-12. The total dividend payoutinclusive of Rs 616 Mn as tax on dividend, will amount to Rs 4,414 Mn. Thepayment of dividend is subject to the approval of the shareholders at the ensuing annualgeneral meeting of the Company.
SUBSIDIARY COMPANIES
As on March 31, 2012, the Company has 123 subsidiaries as set out in page no. 225 ofthe annual report (for abridged annual report please refer page no. 73).
Pursuant to the General Circular No. 2/2011 dated February 8, 2011 issued by theMinistry of Corporate Affairs, Government of India, the Board of Directors have consentedfor not attaching the balance sheet, statement of profit & loss and other documents asset out in section 212(1) of the Companies Act, 1956 in respect of its subsidiarycompanies for the year ended March 31, 2012.
Annual accounts of these subsidiary companies, along with related information areavailable for inspection at the Company’s registered office and the registered officeof the respective subsidiary companies. Copies of the annual accounts of the subsidiarycompanies will also be made available to Bharti Airtel’s investors and subsidiarycompanies’ investors upon request.
The statement pursuant to the above referred circular is annexed as part of the Notesto Consolidated Accounts of the Company on page no. 231 of the annual report (for abridgedannual report please refer page no. 77).
ABRIDGED FINANCIAL STATEMENTS
In terms of the provisions of section 219(1)(b)(iv) of the Companies Act, 1956, theBoard of Directors have decided to circulate the abridged annual report containing salientfeatures of the balance sheet and statement of profit & loss to the shareholders forthe financial year 2011-12. Full version of the annual report will be available onCompany’s website www.airtel.in and will also be made available to investorsupon request.
In support of the green initiative of the Ministry of Corporate Affairs, the Companyhas also decided to send the annual report through email to those shareholders who haveregistered their email id with their depository participant/Company’s registrar &share transfer agent. In case a shareholder wishes to receive a printed copy, he/she mayplease send a request to the Company, which will send a printed copy of the annual reportto the shareholder.
QUALITY
Deeply embedded in Bharti’s DNA, operational excellence is pivotal to reinforcecompetitive advantage through a culture of process enhancements and elimination ofnon-conformances. Bharti has set a strong culture emphasizing quality based on foundationsof constant customer focus, profitability and stability.
The quest for operational excellence is further strengthened by the unique strategy-to-successframework, comprising of six inter-related quality initiatives that accelerate processre-engineering through radical process re-design based on customer voice.
All our processes are continually assessed by external consultants leading toCertifications like TL9000, BCP DR (Business Continuity Process & Data Redundancy),ISO 27001, OHSAS (Occupational Health and Safety Advisory Services).
The Company’s zest towards operational and business excellence has been recognizedthrough Golden Peacock award for corporate excellence established by the Institute ofDirectors in 1992 to honour and recognize unique achievements in corporate excellence.
BRANDING
The year 2011-12 was marked by significant achievements on the brand front as airtelstrengthened its position as a youth brand. The Company yet again captured theimagination of the nation with the high impact Har Friend Zaroori Hai (HFZ) brandcampaign that was launched in August 2011. Apart from positioning airtel, thejingle touched the right chord with the customers across demographics and geographies. Thebrand theme positively impacted the Top of Mind Awareness scores (ToMA) and Brandpreference scores. The campaign generated massive online engagement and was later enhancedin January 2012 with 20 new online commercials.
In line with the international brand positioning, Sri Lanka launched an outstandingSinhala adaptation of HFZ, including a flash mob outside Colombo Railway Station.The campaign was also embraced by Bangladesh and built a significant connect withaudiences there as well.
The association with Formula One TM for the 2011 airtel Grand Prixof India was another first for airtel. The airtel Delhi Half Marathon (ADHM)2011 enabled us to further augment our brand position.
Moving towards epitomizing our service superiority, during the year we launched our newservice campaigns, signifying our differentiated services – *121#, Instant help 24 x7 and My Airtel My Offer customized offers.
Further at the end of the year, the pan-India launch of airtel money with thetag line- ‘baat sirf paison ki nahin hai’ –continued airtel’squest to enrich lives of millions.
The various initiatives undertaken this year took brand airtel to greaterheights and the success is evident from being named India’s most trusted mobileservices brand in the Economic Times Brand Equity 2011 survey. Airtel was also awardedthird position in the list of top 100 Indian brands.
In Africa, we have re-positioned the brand airtel in line with the global brandstrategy, to focus on the youth and to be committed to delivering fresh and excitingproducts and great customer experience. The first step in bringing this positioning tolife has been achieved through the launch of exciting youth campaigns rolled out usinglocal insights. More specifically, in Kenya we have rolled out the Mi ni 254campaign, (I am ‘254’ which is the international dialing code for Kenya).In Nigeria, we launched Club 10; in DRC, Lobo Nayo Club 10, in Burkina Faso,The Airtel Choco, in Tanzania Supa 5 campaign, and in Gabon Ndoss.All the campaigns were very youth oriented and delivered an exciting youth proposition,built around a strong CUG (Closed User Group) that offered voice, SMS and data value. Thekey agenda for these campaigns was to drive brand equity among this core target.
In our drive to be the market leader on data in Africa, Airtel Africa has launched 3Gin 8 countries within a 9-month period. Airtel 3G’s key communication objective wasto own the Mobile Internet experience in the minds and hearts of our customers in Africa.Airtel 3G provides our customers with new ways to communicate, access to information,conduct business, learn, be entertained, live and experience different facets of theirlives. We are now delivering a superior internet experience like no other in our marketsand have gone a step further and introduced an innovative new product - the data rechargevoucher, in Nigeria. This is a first in Africa from Airtel.
Airtel Money is the first m-commerce service in many of our markets in Africa. Thecommunication message was simplified as: Airtel Money: Simple. Secure. Instant, andthis platform was used in our educational drive to ensure customers understood what AirtelMoney can do. In addition to this, we have also supported Airtel Money with a strongemotive campaign promise for the more advanced M-Commerce markets in Africa which was : withAirtel Money, we can help your money do more. This message is in line with thetransformational impact of this product on the daily lives of our consumers.
In partnership with Manchester United, the Company also successfully completed thelaunch of Airtel Rising Stars (ARS). This is an expansive grassroots initiative for under17s and is a tangible demonstration of our commitment to empowering the youth in Africa,by providing them with the platform to showcase their skills. Given Africa’s strongsupport of the English Premier League, Airtel has also partnered with Arsenal FootballClub to cater to the fans in Nigeria, Ghana, Rwanda, Zambia and Uganda. This secondpartnership, in addition to our Africa Rising Stars platform, will ensure that Airtel ownsfootball in the minds and hearts of our consumers in Africa.
MAJOR AGREEMENT AND ALLIANCES
The Company has signed the following key agreements/alliances this year:
• With Nokia Siemens Networks, Huawei and ZTE for TD-LTE (popularly known as 4G)networks in the telecom circles of Maharashtra, Karnataka and Kolkata respectively. Thiswould also enable a seamless data network cover between existing and this new technology.
• With Nokia Siemens Networks, Huawei and Cisco for "Unified PacketCore" in India. This high capacity packet core is access agnostic and caters to 2G,3G, LTE (4G) customers across the country.
• With Ericsson and Nokia Siemens Networks for the Unified Managed Servicescontract. This has been awarded to Ericsson in 15 circles and for a part of Bangladesh;and Nokia Siemens Networks in 8 telecom circles. This will ensure seamless operations andmaintenance of the mobile networks.
• With Nokia Siemens Network for Mobile Internet Browsing Solution (MIBS) andMulti Media Messaging solutions (MMSC) across all countries in Africa.
• With Alcatel Lucent, Huawei and ZTE for Carrier Ethernet (CEN - Version 2) withcapability to handle IP & E1/STM Backhaul in India; with Alcatel Lucent for IP –MPLS core across all countries in Africa
• With HP to launch Cloud Enabled Platform (CLEP).
• Extension of Managed Services contract for CRBT with Comviva and Onmobile to 9and 7 countries in Africa, respectively. Also, Managed Services contract for VAS nodeswith Comviva extended for all countries in Africa.
• With Infosys as the technology partner for m-commerce Platform in India and withComviva for Africa.
• With Universal Music and OnMobile to launch ‘My Song MyStory’ on Airtel, enabling its customers to listen to live concerts nationally.
• With Voice Tap to launch "Live Customer Counseling" and "NCERTSolution" on Airtel enabling students to get career counseling from expertsthrough IVR and access NCERT study material through WAP.
NEW PRODUCTS/INITIATIVES
During the year, the Company launched various new and innovative products and services,directly and through its subsidiaries, which enabled it to strengthen its leadership in anintensely competitive market. Some of the key launches of the year included:
• 3G footprint expanded to over 1,100 cities in India at end of March 2012including 7 service areas with ICR arrangements.
• 4G services in Kolkata, based on TD-LTE technology, making India one of thefirst countries in the world to commercially deploy this cutting-edge technology.
• airtel money (Semi Closed Wallet) launched nationally in February 2012, in over300 towns across 20,000 retail outlets with an acceptance network across 7,500 merchantestablishments.
• CEM (Customer Experience Management), a proactive diagnosis tool that provides amulti-dimensional end-to-end view encompassing network, device, service insights and usagebehaviour.
• Prepaid Web launched on a pan India basis wherein customers can now visit www.airtel.into access their account details including online activation, deactivation of valueadded services & data plans, and to raise and track service requests.
• SmartByte - ‘GB on Demand’ Service, where a user gets an optionto buy chunks of GBs as per his/her requirement. With this service, any customer whosespeed gets throttled beyond FUP (Fair Usage Policy) limit, can buy additional high speedquota on the go and enjoy browsing at a higher speed for a longer time.
• Twitter on USSD, Facebook on USSD, an innovative way of accessingTwitter/Facebook, first time in India, where airtel customers can access theirTwitter/Facebook accounts for nominal charges per day even without activating dataservices.
• Infotainment Portal on *789#, a USSD portal which is a single destination forover 200 types of content across 40 genres.
• MO Sports, an integrated mobile sports entertainment service comprising of WAP,video, voice and MMS on subscription as well as a pay-per-consume basis.
• Comedy FM, first of its kind service innovation that empowers mobile users withthe ability to get radio experience on their devices anytime, anywhere, and allows them tochoose from variety of comic shows.
• iPhone 4 & iPhone 4S along with bundled data plans.
• EOCN (End of Call Notification) for all our prepaid customers’ pan-India.This enables the customer to know the data consumed and balance after every such datausage session.
• Interactive services launched on Digital TV platform including: a) iExam- an interactive application focusing on competitive exams, targeting young school/collegestudents b) iKids - an interactive channel for kids c) iKissan - offeringreal time access to crop prices, weather information and localized farming advice d)iDarshan - enabling customers to enjoy Live Aarti from shrines e) iDivine & iDD- mosaic applications designed to save satellite bandwidth wherein the customer sees 4regional DD and 4 devotional channels respectively in a mosaic format and can furtherselect a channel of his choice basis his language/region preference.
• Hello Tunes cRBT launched in 15 African countries which allows theAirtel customer to express his/her identity in different ways.
• Music on Demand (Airtel Radio) was launched in 4 African countries and itgives the customer the opportunity to listen to any genre of music that they like anytime.
• Mobile Classifieds, launched in 5 African countries, allows customers toreceive several kinds of ads (car sales, job opportunity, etc) on their mobile.
• Google SMS, launched in 4 African countries, allow Airtel customers tokeep their chats going by sending texts from their Gmail account to any Airtel customerand receive an instant reply for free.
• Blackberry Crosby Tiers, launched in 5 African countries, provides a lowpriced Blackberry service to our customers compared to the traditional BIS and BESservices. This already contributes to 38% of our Blackberry customer base.
• Airtel Credit Services were launched in 11 African countries. Airtelcustomers can easily access airtime, in areas where no airtime distributors are availableor even after working hours when airtime distributors are closed, on credit and pay for itin the next recharge.
• Call Completion services, launched in 10 African countries, allow theAirtel customer to know who called you when you are not reachable via SMS (Missed callAlert) or Voicemail. This service also allows the customer to record a voice message,which is delivered via SMS on the specified day and time.
• DDS (Dynamic Discount Solution) allows us to discount customer voicerates to increase usage in selective under-utilized sites.
• Implementation of Easy Recharge in 6 African countries which reducespaper voucher costs by providing electronic vouchers and widen the distribution networkfor airtime across Airtel Africa.
• Roaming Suite products were implemented in 14 African countries over thelast 8 months. These address cross border roaming issues in-roamer retention and welcomeSMSes. Smart Call Assistant gives the roaming customer the opportunity to call by usingtheir current phonebook with numbers that are saved in national format. Short code serviceallows the customers to use their home call center by dialing the home country customercare number.
• 3G footprint expanded to 7 African countries, which has increased datausage, grown customer base as well as data revenue.
• Mobile health tips were implemented in 5 African countries and allow thecustomer through daily, weekly and monthly subscription to get general health tips viaSMS.
• Airtel messaging allows the Airtel Africa customer to access theiremails, social networks and chat services independent of the actual mobile device. Alreadyimplemented in 11 African countries.
• Airtel Africa has been granted USD 400,000 by GSMA Development Fund for a 2 yearMobile Farmer pilot for Kenya. This product will provide weather, crop and advisoryservices to the farming community. This is an acquisition play product.
OTHER COMPANY DEVELOPMENTS
• Bharti Airtel has expanded its footprint on the African continent by launchingits services in Rwanda taking the total count to 17 countries. The Company is now presentin 20 countries across the globe.
• The Company re-organized the India operations into the B2C (Business toConsumer) and B2B (Business to Business) entities to leverage inherent synergies acrossmultiple product lines.
AWARDS & RECOGNITIONS
The Company was conferred with many awards and recognitions during the year. Some ofthem are listed below:
• Ranked as the No.1 Service Brand and No.3 in the overall rankings in the annual BrandEquity’s Most Trusted Brands Survey.
• Telecom Center of Excellence (TCOE) Award for Service Provider withcustomer focus for best delivery of Network Services - for the year 2011. Instituted byTelecom Centres of Excellence (TCOE) in association with the Department ofTelecommunications (DoT) and other reputed industry bodies including COAI, AUSPI andFICCI, the award is a prestigious accolade.
• 4 awards at the Telecom Operator Awards 2012 - ‘Best National MobileOperator’, ‘Best VAS Provider’, ‘Best EnterpriseServices Provider’ and ‘Best Ad Campaign by an Operator’.
• Rated as one of the top 5 best employers, by Aon Hewitt’s BestEmployers in India 2011 study.
• SSON Excellence Award under ‘Excellence in Culture Creation’category for Airtel Center of Excellence-Finance, RA, HR and SCM Shared Services.
• Featured amongst the Top 25 Companies globally in a study by Fortune- AON Hewitt- on ‘The Best Companies for Leaders’.
• airtel Digital TV (HD) recognized as ‘Product of the year 2012’,through an independent survey conducted by the research firm, AC Nielsen.
• Voted as India’s Best Managed IT Services Brand for Large Enterprises &SMEs by the PC Quest’s annual User’s Choice Club Awards 2011.
• Adjudged as the ‘Top Telecom Operator’, ‘Top CellularOperator’ and ‘Top NLD Service Provider’ at the Voice & Data(V&D) 100 Awards 2011.
• ‘Golden Peacock National Quality Award’ for the year 2011.
• DSCI (Data Security Council of India) Excellence Award 2011 for Securityin Telecom.
• Awarded in ‘Customer Experience Enhancement’ and ‘Innovative VASProduct’ categories at the ET Telecom Awards 2011.
• Adjudged as ‘Enterprise Telecom Service Provider of the year’,‘Wholesale Data Service Provider of the year’ and ‘Mobile VAS provider ofthe year’ at the Frost & Sullivan 2011 Asia Pacific ICT Awards.
• Adjudged as ‘Innovative Broadband Provider’ in the CMAI Awards 2011.
• Airtel’s mobile commerce product, Airtel Money, was adjudged the ‘BestMobile Money Service’ in Ghana at the Mobile World Ghana Telecoms Awards.
• At the 23rd Enugu International Trade Fair in Nigeria, the Companyreceived three awards for its outstanding performance at the fair and contribution to thedevelopment and growth of the economy of the south east region.
• The Company received The Special Jury Award for Corporate Responsibility whichwas given for the first time as recognition of the tremendous work done by Airtel Africain the sphere of education for the under-privileged. This award was received during the"Annual Changemaker Award 2011" Ceremony in February 2012 in New-Delhi.
• Airtel’s music campaign ‘One8’ was the first runner-up in theMIDEM International Trade Fair Awards in the category of the most innovative and creativemusic campaign.
CAPITAL MARKET RATINGS
As at March 31, 2012, Bharti Airtel Limited is rated by two domestic rating agencies,viz. CRISIL and ICRA, and two international rating agencies, viz. Fitch Ratings andS&P.
• CRISIL and ICRA have rated the Company at the top end of their rating scales,both for short term (P1+/A1+) as well as long term (AAA/LAAA) with Negative outlook.
• Fitch Ratings maintained its rating at BBB - but moved the outlook to negative.S&P has reaffirmed its rating at BB+ with Stable outlook.
SHARE CAPITAL
During the year, there was no change in the authorised, issued, subscribed and paid-upequity share capital of the Company which stood at Rs 18,987,650,480 divided into3,797,530,096 equity shares of Rs 5 each as at March 31, 2012.
MANAGEMENT DISCUSSION & ANALYSIS REPORT
In accordance with the listing agreement requirements, the Management Discussion &Analysis report is presented in a separate section forming part of the Annual Report.
CORPORATE GOVERNANCE
The Company is committed to maintain the highest standards of Corporate Governance. TheDirectors adhere to the requirements set out by the Securities and Exchange Board ofIndia’s Corporate Governance Practices and have implemented all the stipulationsprescribed.
A detailed report on Corporate Governance pursuant to the requirements of clause 49 ofthe listing agreement forms part of the annual report. However, in terms of the provisionsof section 219(1)(b)(iv) of the Act, the abridged annual report has been sent to themembers of the Company excluding this report. A certificate from the auditors of theCompany, M/s. S.R. Batliboi & Associates, Chartered Accountants, Gurgaon confirmingcompliance of conditions of corporate governance as stipulated under clause 49 is annexedto the report as Annexure A.
SECRETARIAL AUDIT REPORT
Keeping with the high standards of corporate governance adopted by the Company and alsoto ensure proper compliance with the provisions of various corporate laws, the regulationsand guidelines issued by the Securities and Exchange Board of India, the listingagreement, the Company has voluntarily started a practice of the secretarial audit from apracticing company secretary.
The Company has appointed M/s. Chandrasekaran Associates, Company Secretaries, NewDelhi, to conduct secretarial audit of the Company for the financial year ended March 31,2012, who has submitted their report confirming the compliance with all the applicableprovisions of various corporate laws. The Secretarial Audit Report is provided separatelyin the annual report. However, in terms of the provisions of section 219(1)(b)(iv) of theAct, the abridged annual report has been sent to the members of the Company excluding thisreport.
CORPORATE SOCIAL RESPONSIBILITY
At Bharti Airtel, Corporate Social Responsibility (CSR) encompasses much more thansocial outreach programs and is an integral part of the way the Company conducts itsbusiness. Detailed information on the initiatives of the Company towards CSR activities isprovided in the Corporate Social Responsibility section of the annual report.
DIRECTORS
Ms. Chua Sock Koong, Mr. Craig Edward Ehrlich, Mr. Nikesh Arora, Mr. Rajan BhartiMittal and Mr. Rakesh Bharti Mittal retire by rotation at the forthcoming annual generalmeeting and being eligible, offer themselves for re-appointment.
A brief resume, nature of expertise, details of directorships held in other publiclimited companies, of the directors proposing re-appointment along with their shareholdingin the Company as stipulated under clause 49 of the listing agreement with the stockexchanges is appended as an annexure to the notice of the ensuing annual general meeting.The Board recommends their appointment.
Lord Evan Mervyn Davies has expressed his inability to continue as a director on theBoard of the Company from the conclusion of the ensuing annual general meeting. Inaddition, in line with the Policy of Independent Directors adopted by the Board, H.E. Dr.Salim Ahmed Salim, independent director, has completed his term of office and will stepdown from the Board from the conclusion of the ensuing annual general meeting. The Boardwould appoint new directors in their place in due course in compliance with the statutoryrequirements.
FIXED DEPOSITS
The Company has not accepted any fixed deposits and as such, no amount of principal orinterest was outstanding as of the balance sheet date.
AUDITORS
The Statutory Auditors of the Company, M/s. S. R. Batliboi & Associates, CharteredAccountants, Gurgaon, retire at the conclusion of the ensuing annual general meeting ofthe Company and have confirmed their willingness and eligibility for re-appointment andhave also confirmed that their re-appointment, if made, will be within the limits underSection 224(1B) of the Companies Act, 1956. The Board recommends their re-appointment forthe next term.
AUDITORS’ REPORT
The Board has duly examined the Statutory Auditors’ report to the accounts, whichis self explanatory and clarifications wherever necessary, have been included in the Notesto Accounts section of the annual report.
As regards the comments under paras i(a) and i(b) of the annexure to the IndependentAuditors’ Report regarding updation of quantitative and situation details relating tocertain fixed assets in the Fixed Assets Register and reconciliation of the physicalverification results, the Company has strengthened its process for periodic updation ofthe Fixed Assets Register at frequent intervals and a time bound plan has been put inplace to complete the pending updation of the physical verification results in the FixedAssets Register. Further, the financial impact of the physical verification has been giveneffect to in the books of accounts.
As regards the comment under para xxi of the annexure to the Independent Auditors’Report to address the issues of fraud by employees and external parties, the Company hastaken appropriate steps including issuance of warning letters, termination of service ofthe errant employees, termination of the contract/agreements with the external parties,legal action against the external parties involved, blacklisting the contractors, etc. TheCompany is further strengthening its internal control systems to reduce the probability ofoccurrence of such events in future.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
For the Company, being a service provider organization, most of the information asrequired under section 217(1)(e) of the Companies Act, 1956, read with the Companies(Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988, asamended is not applicable. However, the information as applicable has been given inAnnexure B to this report.
EMPLOYEES STOCK OPTION PLAN
The Company values its employees and is committed to adopt the best HR practices. Theemployees of the Company are presently eligible for two ESOP schemes under 2001 and 2005Employee Stock Option Policy. Besides attracting talent, the Schemes also help inretention of talent and experience.
The ESOP Scheme 2001 is administered through a Trust, whereby the shares held in theTrust are transferred to the employee as and when the concerned employee exercises stockoptions under the Scheme.
Till March 2010, under ESOP Scheme 2005, the employees were allotted new equity sharesupon exercise of stock options. Post April 2010, the Company has started purchasing itsequity shares up to the limit approved by the shareholders in the existing Trust andappropriates the same towards the Scheme. Accordingly, under the ESOP Scheme 2005, theCompany now acquires shares from the secondary market in the Trust and transfers the sameto the respective employees in lieu of allotment of fresh equity shares.
Disclosure in compliance with clause 12 of the Securities and Exchange Board of India(Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999, asamended, are provided in Annexure C to this report.
A certificate from M/s . S. R. Batliboi & Associates, Chartered Accountants,Statutory Auditors, with respect to the implementation of the Company Employee’sStock Option Schemes would be placed before the shareholders at the ensuing annual generalmeeting and a copy of the same will also be available for inspection at the registeredoffice of the Company.
PARTICULARS OF EMPLOYEES
The information as are required to be provided in terms of section 217(2A) of theCompanies Act, 1956 read with the Companies (Particular of Employees) Rules, 1975 havebeen set out in Annexure D to this report. In terms of the provisions of section219(1)(b)(iv) of the Act, the abridged annual report that has been sent to the members ofthe Company does not contain this annexure.
DIRECTORS’ RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956, the directors to the best oftheir knowledge and belief confirm that: I. The applicable accounting standards have beenfollowed along with proper explanation relating to material departures, in the preparationof the annual accounts for the year ended March 31, 2012; II. They have selected andapplied consistently and made judgments and estimates that are reasonable and prudent togive a true and fair view of the state of affairs of the Company as at the end of thefinancial year and of the profit of the Company for that period; III. They have takenproper and sufficient care for the maintenance of adequate accounting records inaccordance with the provisions of the Companies Act, 1956 and for safeguarding the assetsof the Company and for preventing and detecting fraud and other irregularities; IV. Theyhave prepared the annual accounts on a going concern basis.
ACKNOWLEDGEMENTS
Your directors wish to place on record their appreciation to the Department ofTelecommunications (DoT), the Central Government, the State Governments in India,Government of Bangladesh, Government of Sri Lanka and Governments in the 17 countries inAfrica, the Company’s bankers and business associates, for the assistance,co-operation and encouragement they extended to the Company and also to the employees fortheir continuing support and unstinting efforts in ensuring an excellent all roundoperational performance. The directors would like to thank various partners viz. BhartiTelecom, Singapore Telecommunications Ltd., and other shareholders for their support andcontribution. We look forward to their continued support in the future.
| For and on behalf of the Board |
| Date: May 2, 2012 | Sunil Bharti Mittal |
| Place: New Delhi | Chairman and Managing Director |
Annexure B
INFORMATION RELATING TO CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, RESEARCH ANDDEVELOPMENT AND FOREIGN EXCHANGE EARNINGS AND OUTGO FORMING PART OF DIRECTORS’ REPORTIN TERMS OF SECTION 217(1)(E) OF THE COMPANIES ACT, 1956 READ WITH THE COMPANIES(DISCLOSURE OF PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988.
Conservation of Energy and Technology Absorption
The information in Part A and B pertaining to conservation of energy and technologyabsorption are not applicable to Bharti Airtel, being a telecommunication servicesprovider. However, the Company requires energy for its operations and every endeavor hasbeen made to ensure the optimum use of energy, avoid wastage and conserve energy as far aspossible. The Company continuously evaluates global innovation and technology as abenchmark and whenever required, enters into arrangements to avail of the latesttechnology trends and practices.
Foreign Exchange Earning and Outgo
Activities relating to export; initiatives taken to increase exports; development ofnew export markets for products and services; and export plans International Long DistanceBusiness
The Company has a global footprint with services in 26 countries with 13 point ofpresence (PoPs) and continues to focus on emerging market. The infrastructure establishesa seamless connectivity to Africa, Europe and the USA by offering at least three cables onevery route, thereby providing unparalleled diversity and resilience. The Company has seengrowth in its long distance voice business and believes that its presence and operationsin developing markets especially Asia and Africa will further strengthen its position byincreasing share of global traffic.
Telecom Services in other countries
Bharti Airtel Lanka (Private) Limited is Sri Lanka’s fastest growing wirelessservice provider. It expanded its footprint by starting commercial operations in the Eastand North of the country. Airtel at Sri Lanka ended the financial year with 1.6 Mncustomers. The Company continues to gain in both incremental customer market share andrevenue market share through aggressive marketing and strong distribution network.
Airtel Bangladesh Limited continues to grow with currently over 5.2 Mn customers. TheCompany has 124 distributors and over 81,000 retailers across the country. In the sixoperator competitive market, the Company’s immediate focus is to ensure fasterquality network rollout across the country and build a strong dynamic brand. As at March2012, Airtel Bangladesh Limited reached population coverage of ~65%. During the year, theCompany successfully switched its network to the new EGSM frequency band thereby puttingan end to the network interference issues experienced in the past.
Airtel Africa continues to grow with the revenue earning customer base for the year at53.1 Mn; the Company crossed the 50 Mn mark in December 2011. Nigeria, which is thelargest market, contributes 28% of the revenue earning customer base while the Francophoneand Anglophone regions contribute 31% and 41% respectively. Network rollout continuedaggressively with the total number of sites ending at 14,831 at the end of March 2012.
The Company successfully acquired a license in Rwanda and the brand Airtel wasofficially launched on the March 30, 2012 in Rwanda, making it the 17th countryunder Airtel Africa.
In terms of retailers, the Company ended with 1.1 Mn retailers across the countries.The zonal structure has been deployed across all countries, with Africa having a total of106 zones.
We continue to remain focused on our key strategic initiatives of growing non –voice revenues through 3G, SMB, Youth and Airtel Money, driving deeper distribution, best2G and 3G network quality, focus on platinum cities and customers among others. TheCompany continues to gain revenue market share and customer market share across Africa dueto its key strategic initiatives and strong distribution network.
Total foreign exchange used and earned for the year:
(a) Total Foreign Exchange Earning Rs 20,122 Mn (b) Total Foreign Exchange OutgoRs 35,232 Mn
Annexure C
INFORMATION REGARDING THE EMPLOYEES STOCK OPTION SCHEMES AS ON MARCH 31, 2012
| Sl.No. | Particulars | ESOP Scheme 2005 | ESOP Scheme 2001 |
| 1) | Number of stock options granted | 25,804,379* | 40,467,578** |
| 2) | Pricing Formula | Exercise Price not less than the par value of the equity share and not more than the price prescribed under Chapter VII of the SEBI (Issue of Capital and Disclosure | 29,015,686 @ 11.25 |
| | | 1,760,000 @ 0.45 |
| | | 4,380,000 @ 35.00 |
| | | 142,530 @ 0.00 |
| | Requirements) Regulation, 2009 on Grant Date. | 5,104,362 @ 5.00 |
| | | 40,000 @ 60.00 |
| | | 25,000 @ 110.50 |
| 3) | Options vested | 20,063,495 | 38,779,932 |
| 4) | Number of options exercised | 4,226,026 | 29,887,617 |
| 5) | Number of shares arising as a result of exercise of option during the financial year 2011-12 | | |
| | Nil | Nil |
| 6) | Number of options lapsed | 10,113,352 | 9,135,450 |
| 7) | Money realized by exercise of options | Rs 555,351,837 | Rs 387,917,655 |
| 8) | Total number of options in force | 11,465,001 | 1,444,511 |
| 9) | Options granted to Senior managerial personnel during the financial year 2011-12: | | |
| • Dr. Jai Menon | 2,09,000 | 75,000 |
| • Mr. Mario Pereira | Nil | 20,000 |
| • Mr. Bharat Bambawale | Nil | 15,000 |
| • Mr. Harjeet Kohli | 1,900 | Nil |
| • Mr. Jagbir Singh | 19,460 | 45,000 |
| • Mr. Mukesh Bhavnani | 19,380 | 45,000 |
| • Mr. S. Balasubramanian | 1,400 | Nil |
| • Mr. Vineet Taneja | 13,200 | Nil |
| • Mrs. Deepa Dey | 1,500 | Nil |
| • Mr. Ravi Kaushal | 2,000 | Nil |
| 10) | Diluted earning per share (EPS) as per AS 20 | N.A. | N.A. |
| 11) | Difference between the employees compensation cost based on intrinsic value of the Stock and the fair value for the year and its impact on profits and on EPS of the Company. | | |
| | N.A. | N.A. |
| 12) | a) | Weighted average exercise price | Rs 224.86 | a) Rs 11.25; Rs 0.45; |
| | | | Rs 35; Rs 0; Rs 5; |
| | | | Rs 60; Rs 110.5 |
| b) | Weighted average fair price | Rs 180.10 | b) NA; NA; NA; Rs 69.70; |
| | | | Rs 262.73; Rs 84.43; |
| | | | Rs 357.63 |
13) Method and significant assumptions Black Scholes/Lattice Valuation Model/MonteCarlo Simulation used to estimate the fair values of options. (i) risk free interest rate
i) 7.76% p.a. to 8.63% p.a. (The Government Securities curve yields are considered ason valuation date)
(ii) expected life
ii) 48 to 60 months
(iii) expected volatility
iii) 41.07% to 42.09% (assuming 250 trading days to annualize)
(iv) expected dividends
iv) 20% (Dividend yield of 0.28%)
(v) market price of the underlying share
v) Rs 361.83 to Rs 424.11 per equity share on grant date
Notes:
* Granted 7,069,827 options out of the options lapsed over a period of time. ** Granted8,787,578 options out of the options lapsed over a period of time.
• The options granted to the senior managerial personnel under both the schemesare subject to the adjustments as per the terms of respective performance share plan.
• There is no variation in the terms of options during the year.
• No employee was granted stock options exceeding 5% of the total grants orexceeding 1% of the issued capital during the year.
Annexure D
STATEMENT OF PARTICULARS UNDER SECTION 217(2A) OF THE COMPANIES ACT, 1956 READ WITH THECOMPANIES (PARTICULARS OF EMPLOYEES) RULES 1975, FOR THE YEAR ENDED MARCH 31, 2012 ANDFORMING PART OF THE DIRECTORS' REPORT
| Sl. No. | Name | Designation | Qualification(s) | Age (In years) | Date of Commencement of Employment | Total experience (in years) | Nature of duties of the employee | Gross Remuneration (in Rs ) | Previous employment/Designation |
| (A) Employed Throughout The Financial Year | | | | | | | | |
| 1 | A M Rai | Sr. Vice President | B.E/B.Tech | 51 | 28-Sep-00 | 29 | Service Management Centre | 10,917,327 | Fibcom/Project Lead |
| 2 | Abhay Johorey | Head - Airtel.com | PGDBM | 47 | 18-Oct-10 | 24 | Business Head | 9,881,459 | Aviva Asia PTE LTD/Director Operations |
| 3 | Abhay Savargaonkar | Sr. Vice President | B.E/B.Tech | 47 | 5-Aug-06 | 22 | Network | 8,835,898 | Bharti Infotel Ltd/Chief Technology Officer |
| 4 | Abhilasha Hans | Chief Service Officer- Shared Services | MBA | 47 | 23-Jan-07 | 21 | Customer Service Delivery | 9,754,152 | Teletech Services India Limited/Sr. Vice President |
| 5 | Ajai Puri | Director - DTH | Post Graduation | 51 | 15-May-04 | 31 | Business Head | 18,494,325 | Cargill Foods India/Business Head-India Foods |
| 6 | Ajay Chitkara | Head - Global Data Business | PGDBM | 40 | 1-May-01 | 18 | Business Head | 12,513,331 | Comsat Max Limited/Area Sales Manager |
| 7 | Alexander Andrew Kelton | President - Enterprise Services | BSc. Electrical Engineering, Chartered Engineer (Eeng) and MIET | 53 | 5-Jul-10 | 33 | Business Head | 40,289,975 | Telstra International/Managing Director |
| 8 | Amrita Gangotra | CIO - India & South Asia | Post Graduation | 47 | 25-Nov-02 | 22 | Information Technology | 17,384,555 | HCL Comnet Ltd/Chief Information Officer |
| 9 | Ananda Mukerji | Group Director - Business Development | PGDBM, B.Tech | 52 | 7-Mar-11 | 26 | Business Development | 24,286,603 | Firstsource Solutions Limited/Founding Managing Director & CEO |
| 10 | Anant Arora | CEO-Market Operations Gujarat | B.E/B.Tech | 45 | 11-Apr-03 | 22 | Business Head | 12,117,105 | Reliance Infocomm Ltd/Head - Sales Operations |
| 11 | Anantharaman R | Sr. Vice President | Post Graduation | 45 | 26-Sep-03 | 21 | Business Head | 7,218,625 | BPL Mobile Cellular Ltd/Business Head |
| 12 | Anjani Rathor | Sr. Vice President | PGDBM | 39 | 10-Dec-07 | 15 | mComm | 8,793,567 | Delhi Accenture Boeing/Director, Strategy and Business Development |
| 13 | Anuj Khungar | Sr. Vice President | Post Graduation | 48 | 28-Feb-05 | 24 | Operations & Deployment | 6,678,052 | Reliance Infocomm Ltd/Chief Technical Officer |
| 14 | Argha Basu | Vice President | Post Graduation | 44 | 25-Feb-08 | 21 | Product Development & Business Solution Group | 6,977,067 | VSNL/Business Head-Mpls |
| 15 | Ashish Arora | Sr. Vice President | MBA | 42 | 3-Apr-07 | 17 | Sales | 6,740,815 | Sify Ltd/National Sales Head |
| 16 | Ashish D Kalay | Chief Informations Officer - B2C | MBA | 47 | 8-Nov-10 | 22 | Information Technology | 8,549,089 | Colt Telecom/Director/IT Head- India |
| 17 | Badal Bagri | Chief Controller - Finance | CA | 40 | 24-Sep-10 | 12 | Finance | 11,068,466 | Genpact/Sr Vice President and Global Controller |
| 18 | Deven Khanna | Director - CMD’s Office | B.Com, CA | 52 | 1-Sep-04 | 22 | Finance | 32,847,343 | Triveni Engineering Industries Ltd./VP-Corp Finance & Planning |
| 19 | Dharmender Khajuria | Vice President | MBA | 43 | 21-Nov-01 | 20 | Sales | 6,071,145 | National Panasonic/Sr. Sales Officer |
| 20 | Dhruv Bhagat | Sr. Vice President | PGDBM | 42 | 1-Sep-06 | 16 | Business Head | 7,292,018 | Hutchison Essar Ltd./Business Head |
| 21 | Dipak Roy | Head HR - Mobile Services | MBA | 45 | 19-Jun-06 | 24 | Human Resources | 12,687,050 | IBM/General Manager |
| 22 | Felix Mohan | Sr. Vice President | Post Graduation | 56 | 9-Oct-06 | 32 | Information Technology | 8,833,735 | Secure Synergy/Director |
| 23 | George Fanthome | Sr. Vice President | MBA | 45 | 9-Jul-07 | 23 | Information Technology | 6,885,816 | Genpact/Vice President |
| 24 | George Mathen | Sr. Vice President | Post Graduation | 43 | 17-Nov-06 | 21 | Business Head | 7,050,023 | Coca Cola India/Head - Sales |
| 25 | Girish Mehta | Chief Marketing Officer - Telemedia Services | BE & MBA | 42 | 30-Aug-10 | 16 | Marketing | 9,235,344 | Dell/Director of Consumer Marketing |
| 26 | Harjeet Kohli | Sr. Vice President | MBA | 38 | 19-Jan-09 | 14 | Finance | 8,312,698 | Citigroup India/Director |
| 27 | Heera Lal Gupta | Sr. Vice President | B.E/B.Tech | 44 | 16-Feb-99 | 23 | Operations & Deployment | 7,229,205 | Koshika Telecom Ltd./Sr.Manager |
| 28 | Indeevar Krishna | Sr. Vice President | PGDBM | 43 | 1-Nov-10 | 18 | Customer Service Delivery | 6,222,700 | CITIBANK/Head - Branch Operations and Service, North |
| 29 | Inder Walia | Group Director - Human Resources | PGDBM | 54 | 6-Aug-07 | 28 | Human Resources | 31,415,202 | Arcelor Mittal/Executive Vice President, HR |
| 30 | Jayant Sood | Telemedia Head Customer Service Delivery | CA | 47 | 12-Aug-09 | 27 | Customer Service Delivery | 13,400,930 | American Express/Business Leader |
| 31 | Jyoti Pawar | Director - Legal & Regulatory | Solicitor’s Degree, LLB | 46 | 18-Aug-08 | 20 | Legal | 17,603,427 | GE Money/Senior VP- Legal & Compliance |
| 32 | K Srinivas | President - Consumer Business | BE, PGDBM | 49 | 7-Nov-02 | 24 | Business Head | 30,024,251 | Hindustan Lever Ltd./Business Manager New Ventures |
| 33 | Kaushal Modi | Sr. Vice President | Post Graduation | 38 | 12-Jul-10 | 14 | Business Head | 7,031,859 | Prime Focus Technologies Private Limited/Vice President - Business Development & Sales |
| 34 | Kishor Asrani | Sr. Vice President | Graduation | 42 | 15-Feb-05 | 21 | Sales | 6,066,030 | HCL Infinet Limited/Zonal Head - North & East |
| 35 | Krish Shankar | Executive Director - Human Resources | PGDBM | 49 | 23-Mar-07 | 28 | Human Resources | 31,083,043 | Unilever Asia Africa Singapore (Hindustan Lever Ltd.)/Vice President - HR |
| 36 | L Ramakrishna | Sr. Vice President | Post Graduation | 47 | 29-Sep-00 | 24 | Supply Chain Management | 6,840,891 | Alcatel Business Systems/Sr Manager |
| 37 | Lal Bahadur Prasad | Vice President | Post Graduation | 45 | 1-Jul-02 | 23 | Customer Service Delivery | 6,124,581 | Wipro Infotech/Regional Manager |
| 38 | Manoj Kumar GARG | Vice President | MBA | 43 | 17-Aug-09 | 18 | Human Resources | 6,185,191 | DELL International Services/Site HR Head |
| 39 | Manoj Paul | Sr. Vice President | BE & MBA | 44 | 8-Apr-02 | 21 | Business Head | 8,176,354 | HCL Commet/GM Legal |
| 40 | Meenakshi Vajpai | Sr. Vice President | Post Graduation | 49 | 12-Aug-03 | 23 | Information Technology | 6,046,823 | vCustomer Services India Pvt Ltd/GM |
| 41 | Milan Rao | Head Global Voice | BE & MBA | 41 | 1-Apr-03 | 18 | Business Head | 8,532,527 | JM Morgan Stanley/Head Sales |
| 42 | Mohit Beotra | Head - Brand | MBA | 44 | 22-Mar-10 | 22 | Business Head | 12,829,912 | Lowe Lintas India Limited/Executive Director |
| 43 | Munish Kanotra | Sr. Vice President | PGDBM | 41 | 9-Oct-01 | 16 | Marketing | 12,141,648 | Spice Telecommunications/Sr Manager |
| 44 | Murali Kittu | Sr. Vice President | MBA | 43 | 1-Jul-05 | 20 | Business Head | 7,015,543 | Standard Chartered Bank/National Manager |
| 45 | N L Garg | Sr. Vice President | B.E/B.Tech | 47 | 19-Jul-04 | 25 | Supply Chain Management | 6,958,287 | Escotel Mobile Communications Ltd/Dy Manager |
| 46 | N Rajaram | Chief Marketing Officer- Mobile Services | MBA | 44 | 1-Apr-11 | 20 | Marketing | 11,668,360 | Hindustan Unilever Limited/Vice President |
| 47 | Najib Khan | Chief Marketing Officer | BE & MBA | 42 | 3-Jul-01 | 20 | Marketing | 10,051,933 | Alcatel Business Systems/Technical Manager |
| 48 | Narender Gupta | Group Director - Corporate Affairs | B.Com, PGDBM, | 54 | 1-Feb-99 | 32 | Corporate Secretarial & | 31,594,679 | DLF Cement Ltd./Sr.Manager-Legal to GM-Legal |
| 49 | Neil Pollock | Head - Service Operations and Customer Service Delivery Transformation | FCS, LLB MBA | 46 | 23-Nov-09 | 25 | Regulatory Customer Service Delivery | 21,331,569 | Optus Pty. Ltd./Head of Strategy & Productivity |
| 50 | Nilanjan Roy | CFO India & South Asia | CA | 46 | 1-Mar-06 | 22 | Finance | 19,865,811 | Unilever Nv/Plc, Usa/Finance Director |
| 51 | Prasanta Das Sarma | CEO-Market Operations West Bengal | BE & MBA | 49 | 19-Aug-02 | 27 | Business Head | 13,277,172 | HFCL/Associate Vice President |
| 52 | PVV Srinivasa Rao | Sr. Vice President | PGDBM | 44 | 19-Aug-10 | 21 | Business Head | 7,109,542 | Cambridge Systems Inc/COO |
| 53 | R Mahalakshmi | Sr. Vice President | MBA | 38 | 30-Oct-08 | 15 | Human Resources | 8,033,228 | Ranbaxy Laboratories Ltd/GM-HR (L & D) |
| 54 | Raghav Rao | Vice President | MBA | 48 | 1-Apr-05 | 25 | Product Development & Business Solution Group | 6,043,334 | Comsat Max/General Manager |
| 55 | Raghunath Mandava | Operations Director - East Hub | BE & MBA | 45 | 29-Sep-03 | 22 | Business Head | 19,653,722 | Hindustan Lever Ltd./Operations & Marketing Manager |
| 56 | Rajiv Rajgopal | CEO-Consumer Business India Operations | MBA | 44 | 12-Sep-07 | 21 | Business Head | 15,124,827 | Castrol India Limited/VP Sales - Retail |
| 57 | Rajnish Kaul | Sr. Vice President | Graduation | 44 | 28-Jan-03 | 23 | Business Head | 12,158,170 | Escotel Mobile Communications Ltd/Head Sales |
| 58 | Ramamurthy Kolluri | Vice President | Post Graduation | 57 | 3-Nov-00 | 32 | Strategic Architecture & Engineering | 6,437,603 | Siemens Public Communication Networks Ltd/ VP Information & Broadband |
| 59 | Ramesh Menon | CEO-Market Operations Maharashtra | PGDBM | 45 | 26-Oct-09 | 22 | Business Head | 10,919,951 | Spencers Retail Ltd/Sr VP- Operations |
| 60 | Ravi Kaushal | Sr. Vice President | CA | 56 | 17-Apr-95 | 32 | Business Head | 6,965,468 | TCILl Bellsouth Ltd./General Manager-Finance |
| 61 | Ravindra Singh Negi | Sr. Vice President | PGDBM | 40 | 1-Aug-00 | 17 | Business Head | 6,971,436 | Koshika Telecom Ltd./Product Manager - Prepaid |
| 62 | Rohit Gothi | CEO-Market Operations Uttar Pradesh East | MBA | 44 | 17-Apr-09 | 21 | Business Head | 12,853,006 | Lornamead Acquisitions, London/Country Director, India |
| 63 | Rohit Malhotra | CEO-Market Operations, Karnataka | PGDM | 44 | 15-Apr-09 | 20 | Business Head | 11,913,286 | Pantaloon Retail India Ltd/ Head Operation - South Zone |
| 64 | S Asokan | Executive Director - Supply Chain | B.E (Mechanical), AICWA | 54 | 7-Jun-06 | 27 | Supply Chain Management | 26,447,671 | Eicher Good Earth Limited/General Manager |
| 65 | S Balasubramanian | Sr. Vice President | CA | 46 | 8-Aug-05 | 21 | Finance | 6,601,972 | Coke/General Chief Accountant |
| 66 | S K Sharma | Sr. Vice President | B.E/B.Tech | 56 | 9-May-03 | 33 | Operational Excellence | 7,932,865 | GE Capital/Vice President - Quality |
| 67 | S Ravi Kumar | Chief Supply Chain Officer Operations | BE & MBA | 51 | 5-Aug-10 | 26 | Supply Chain Management | 9,133,306 | Samsonite Singapore Pte Ltd/Vice President - Southeast Asia |
| 68 | Samit Guha | Sr. Vice President | CA | 42 | 17-Mar-04 | 21 | Finance | 6,433,946 | Philips India Limited/Factory Controller |
| 69 | Sanjay Kapoor | CEO- Bharti Airtel- India & South Asia | B.Com (Hons), MBA | 50 | 1-Jul-98 | 28 | Business Head | 38,835,108 | Tele Tech Services India Ltd./President & CEO |
| 70 | Sanjeev Bedekar | Sr. Vice President | M.Tech/M.S | 47 | 24-Aug-06 | 25 | Quality | 6,842,814 | Tata Teleservices Ltd/Vice President |
| 71 | Sanjeev Kumar | CEO-Market Operations NCR | CS | 47 | 30-Jan-94 | 25 | Business Head | 8,711,885 | A F Ferguson/Consultant |
| 72 | Sarang Kanade | Sr. Vice President | Post Graduation | 41 | 2-Mar-10 | 15 | Business Head | 6,730,710 | Spencers Retail Ltd/VP Operation |
| 73 | Sarvjit Singh Dhillon | Group CFO | BA.,(Hons) FCIMA, MBA | 46 | 29-Jun-01 | 24 | Finance | 23,836,216 | British Telecom/ED & CFO |
| 74 | Saurabh Goel | Sr. Vice President | Post Graduation | 44 | 27-Jun-03 | 16 | Business Head | 9,117,806 | Hughes Escorts Comm. Ltd./Team Lead |
| 75 | Shamini Ramalingam | Group Director - Internal Assurance | Bachelor of Commerce, University of Melbourne | 53 | 30-Nov-07 | 30 | Corporate Audit Group | 22,120,328 | Telstra Corporation, Australia/National Manager, Business capability & Solutions |
| 76 | Shankar Halder | Chief Technical Officer - ANG | B.E/B.Tech | 53 | 19-Apr-04 | 29 | Network | 18,498,862 | Escotel Ltd./Chief Technical Officer |
| 77 | Sharlin Thayil | CEO-Market Operations AP | PGDBM | 50 | 28-Dec-00 | 26 | Business Head | 8,521,762 | BILT/Deputy General Manager-South |
| 78 | Shashi Arora | CEO-Consumer Business India Operations | BE & MBA | 47 | 1-Feb-06 | 22 | Business Head | 15,716,620 | Kotak Mahindra Bank/Group Head - Marketing |
| 79 | Shishir Kumar | CEO-Market Operations Punjab | PGDBM | 48 | 31-Aug-06 | 25 | Business Head | 8,666,216 | Beta Healthcare International Ltd/ Chief Operating Officer |
| 80 | Srikanth Balachandran | Global Chief Financial Officer | CA, B.Com | 51 | 17-Nov-08 | 31 | Finance | 41,063,979 | Hindustan Unilever Limited/ Programme Leader – Global Finance |
| 81 | Sriraman Jagannathan | Businees Head | BE & MBA | 46 | 4-Jan-10 | 23 | mComm | 17,804,422 | Citibank/Vice President |
| 82 | Sudeep Banerjee | Sr. Vice President | MBA | 42 | 21-Feb-05 | 20 | Human Resources | 7,602,212 | Aventis/General Manager-HR |
| 83 | Sudipto Chowdhury | CEO-Market Operations Rajasthan | Graduation | 48 | 16-Jun-03 | 26 | Business Head | 11,781,070 | Bharti Hexaom Ltd./Vice President |
| 84 | Sukesh Jain | Sr. Vice President | BE & MBA | 44 | 1-Jun-00 | 20 | Marketing | 6,553,316 | Procall/Sr. Manager |
| 85 | Suman Kargupta | Vice President | Diploma | 42 | 23-Mar-09 | 20 | Customer Service Delivery | 6,373,373 | Tata Teleservices Limited/Head - Business Excellence and Customer Relationship Management |
| 86 | Sunil Bharti Mittal | Chairman & Managing Director | Graduate | 54 | 1-Oct-01 | 26 | General Management | 250,356,452 | Bharti Cellular Ltd./CMD |
| 87 | Surendran C | Sr. Vice President | BE & MBA | 46 | 4-Nov-03 | 24 | Business Head | 7,452,723 | Modi Xerox/Head-Outsourcing |
| 88 | Umesh Gupta | Sr. Vice President | PGDSM | 44 | 12-Dec-06 | 21 | Information Technology | 7,270,588 | Equinox Overseas Private Limited/Chief Information Officer |
| 89 | Vijai Prakash Tripathi | Vice President | Post Graduation | 49 | 15-Dec-97 | 24 | Operations & Deployment | 6,040,010 | Optel Telecom Ltd./Project Lead |
| 90 | Vijaya Sampath | Group General Counsel & Co. Secretary | B.A., LLB, FCS | 59 | 1-Jan-04 | 27 | Legal | 22,753,924 | Ranbaxy Laboratories/VP (Legal & Secretarial) |
| 91 | Vikas Singh | CEO - Karnataka, Tamil Nadu | MBA | 45 | 22-Aug-06 | 22 | Business Head | 16,515,208 | Hutch India/AVP-Sales & Marketing Operations |
| 92 | Vineet Taneja | Operations Director - South Hub | BE & MBA | 48 | 17-May-10 | 24 | Business Head | 15,293,353 | Nokia India/Head of Marketing |
| (B) Employed For Part Of The Financial Year | | | | | | | | |
| 1 | A S Pillai | Head-NI Solutions & Professional Services | B.E/B.Tech | 45 | 7-Jul-08 | 23 | Product Development & Business Solution Group | 4,509,589 | Datacraft India Ltd/Head - Professional Services |
| 2 | Alok Goyal | Vice President | M.Tech/M.S | 47 | 30-Nov-08 | 25 | Supply Chain Management | 5,261,140 | Senergy Global Ltd./Head - Carbon Credits |
| 3 | Alok Nigam | Head HR - North Hub | Post Graduation | 46 | 16-Mar-06 | 24 | Human Resources | 3,974,791 | Intex Technologies ltd/Head Corporate HR |
| 4 | Amit Mathur | National ICT & Voice Head | MBA | 44 | 2-Jul-01 | 23 | Sales | 5,308,322 | Esconet (Escorts Grp Co)/ Regional Operational Head |
| 5 | Anil Sharma | Advisor - Group Corporate Affairs | B.A. | 59 | 19-Mar-12 | 36 | Corporate Affairs | 331,587 | JSW Ispat Steel Limited/Director Corporaye Affairs |
| 6 | Anirban Ghosh | Chief Operating Officer - Mobile Services, West Bengal | MBA | 43 | 3-May-04 | 21 | Business Head | 5,842,765 | Hindustan Lever Ltd./Regional Sales Manager |
| 7 | Archana Sasan | Vice President | LLB | 48 | 12-Feb-09 | 23 | Legal | 4,531,126 | GE Money Financial Services Limited/ VP-Legal&Compliance |
| 8 | Arun Kumar Malik | Vice President | PGDBM | 58 | 2-Aug-04 | 37 | Operational Excellence | 3,724,516 | Escotel Mobile Communications Limited/ General Manager- Quality Management |
| 9 | Arun Sawhney | Sr. Vice President | PGDBM | 46 | 7-Oct-09 | 19 | Network | 6,540,622 | A S Consulting/V P & Head National key Accounts |
| 10 | Atul Bindal | President - Mobile Services | BE (Mech), MBA | 51 | 23-Jun-03 | 26 | Business Head | 68,709,826 | DHL International/Communication Director Asia Pacific |
| 11 | Bharat Bambawale | Director - Global Brand | B.Sc. | 50 | 1-Aug-11 | 28 | Brand | 9,000,060 | J Walter Thompson/Global Business Director |
| 12 | Bhavna Puri | General Manager - P2M Operations | Graduation | 42 | 17-Jun-02 | 22 | Customer Service Delivery | 4,197,048 | Hexacom (India) Ltd./Incharge Customer Care |
| 13 | Binod Sriwastav | Vice President | B.E/B.Tech | 39 | 10-Aug-09 | 15 | Product Development & Business Solution Group | 2,581,613 | Tata Communication Ltd/VP |
| 14 | Deepak Khanna | Operations Director - Small & Medium Business | MBA | 48 | 2-Mar-04 | 27 | Business Head | 14,542,949 | Cybiz Technology Ltd/Director |
| 15 | Deepak Mehrotra | Operations Director - West Hub | BE & MBA | 48 | 31-Oct-03 | 22 | Business Head | 22,259,890 | Hindustan Coco-Cola Beverages (P) Ltd/ Reg. Vice President |
| 16 | Dr. Pawan Bakhshi | Vice President | PGDBM | 47 | 1-Aug-01 | 22 | mComm | 2,542,698 | FreeMarkets/Specialist, Knowledge Management |
| 17 | Gayatri Varma | Chief People Officer | MBA | 44 | 9-Aug-10 | 19 | Human Resources | 13,575,657 | American Express India/VP - HR, India Middle East & Africa |
| 18 | Harinder Singh Grewal | Chief Technical Officer - North Hub | Graduation | 54 | 30-Sep-03 | 27 | Supply Chain Management | 3,569,434 | Spice Communication Limited/Sr.Manager |
| 19 | Harpreet Singh | Chief of Operations - RON | MBA | 46 | 15-Apr-04 | 21 | Sales | 3,428,322 | Integrated Technology Solutions Pvt Ltd./ General Manager |
| 20 | Hemant Dadlani | Chief Operating Officer - Telemedia South | MBA | 41 | 13-Jul-95 | 21 | Business Head | 5,265,258 | Blue Dart Express Ltd./Sales Executive |
| 21 | Jagbir Singh | Director - Network Service Group (India & South Asia) | MBA | 47 | 13-Apr-11 | 25 | Technical | 16,211,499 | Reliance Communications Ltd./CTO |
| 22 | Jai Menon | Director - Global Innovation & IT | MS–Mech Engg. & PhD Mech Engg & Computer Sciences | 48 | 4-Apr-11 | 20 | Information Technology | 32,510,280 | Vodafone Group Services Ltd./ Group Technology Strategy Director |
| 23 | Joachim Horn | Executive Director - Network Services Group | Engineering & Computer Science | 52 | 1-Apr-09 | 28 | Technology & Networks | 21,699,374 | T-Mobile/Group CTO |
| 24 | Joaquim Mario Do Carmo Pereira | Group Director - Internal Assurance | ACCA | 50 | 6-Feb-12 | 27 | Corporate Audit Group | 1,676,432 | Millicom International Cellular S.A./Head of Internal Audit, Compliance & Revenue Assurance |
| 25 | Kunwar Kishore Arora | Head-Data Centre & Managed Services | MBA | 52 | 18-Jun-08 | 27 | Product Development & Business Solution Group | 7,921,545 | UCA Services Inc/Vice President |
| 26 | Manik Jhangiani | Group Director - Finance | CPA, Bsc. Accounting & Economics | 47 | 8-May-09 | 24 | Finance | 59,641,844 | The Coca Cola Hellenic/CFO & Strategy Development Director |
| 27 | Manish Bhatt | National Data Head | PGDBM | 45 | 11-Sep-03 | 26 | Business Head | 5,281,541 | BPL Mobile Ltd/Branch Head |
| 28 | Manish Rastogi | Head CS - South & West 2 | PGDBM | 45 | 10-Jun-02 | 22 | Customer Service Delivery | 5,534,819 | BTNL North/Head - Market Communication |
| 29 | Manish Trehan | Chief Operating Officer - Mobile Services, Jammu & Kashmir | Graduation | 47 | 26-Aug-02 | 22 | Business Head | 2,531,451 | Hindustan Times Ltd/Dy Manager |
| 30 | Manoj Kohli | CEO (International) & Joint Managing Director | B.Com, LLB, MBA | 53 | 26-Oct-02 | 32 | Business Head | 29,547,886 | Escotel Mobile Communications Ltd./Executive |
| 31 | Manu Sood | Head Distribution | MBA | 39 | 13-Jan-12 | 11 | Business Head | 3,682,592 | Hindustan Lever Limited/ General Manager - North India |
| 32 | Mohan Verma | Head Sales & Marketing | PGDBM | 39 | 27-Sep-06 | 15 | Sales | 3,536,888 | GE Money/Assistant Vice President |
| 33 | Mukesh Bhavnani | Group General Counsel & Co. Secretary | LLB, ACS | 57 | 2-Jun-11 | 34 | Group General Counsel & Company Secretory | 14,207,332 | Essar Group/Group President - Legal |
| 34 | Nagarajan R | Chief Technical Officer | B.E/B.Tech | 48 | 1-Aug-00 | 29 | Network | 2,030,759 | BPL Cullular Ltd/Head-Network Management |
| 35 | Nils Rix | Head - Strategy - Architecture & Engineering | Doctorate (Applied Physics) | 49 | 8-Sep-10 | 29 | Network | 15,409,275 | Er cisson Inc., North America/VP Networks & VP Strategy & Marketing, CTO |
| 36 | Pankaj Koul | Zonal Business Manager | PGDBM | 43 | 4-Dec-95 | 20 | Sales | 4,435,432 | Aristocrate Marketing Ltd./Sr. Executive |
| 37 | Pankaj Miglani | Head - Wholesale Voice | CA | 42 | 21-Dec-01 | 19 | Business Head | 3,725,119 | GE Capital Transportation Financial Services/ Asst Vice President |
| 38 | Pankaj Sootha | Vice President | M.Tech/M.S | 43 | 6-Mar-00 | 21 | Business Head | 4,352,701 | Glosolar Energy(India) Ltd/Technical Manager |
| 39 | Rajesh Kumar Dudeja | Head Customer Service Delivery | B.E/B.Tech | 43 | 10-Feb-98 | 18 | Customer Service Delivery | 4,263,912 | Modi Xerox/Sr.Service Engineer |
| 40 | Raviganesh V | Regional Operations Head -South | MBA | 42 | 19-Jan-09 | 18 | Business Head | 7,131,544 | Bharti Telemedia Ltd./COO |
| 41 | Sachin Deshpande | Circle Chief Technical Officer - Delhi/NCR | B.E/B.Tech | 45 | 12-Mar-02 | 26 | Network | 3,891,350 | Siemens Public Comm. Ltd./ Sr. Manager - Technical |
| 42 | Sandeep Behl | Chief Customer Service Officer - Enterprise Services | B.E/B.Tech | 48 | 16-Jan-07 | 26 | Customer Service Delivery | 9,504,848 | Hewett Pakward India Ltd./Business Head |
| 43 | Sanjay Bhutani | Hub Head B2B | B.E/B.Tech | 39 | 6-Apr-00 | 17 | Sales | 5,778,843 | FASCEL LTD/Project Manager |
| 44 | Sanjay Mittal | Head of VSAT | MBA | 46 | 30-May-06 | 22 | Product Development & Business Solution Group | 7,350,229 | Ingram Micro India Ltd./Head-Sales |
| 45 | Sanjay Sehgal | Vice President | MBA | 43 | 7-Aug-06 | 19 | Marketing | 5,128,852 | Standard Chartered Bank/National Sales Manager |
| 46 | Sanjeeb Kalita | Head - Customer Service Delivery | MBA | 42 | 15-Apr-05 | 16 | Customer Service Delivery | 2,644,305 | Accenture/Consultant |
| 47 | Sanjeev Singh | Sr. Vice President | Post Graduation | 46 | 7-Jul-11 | 22 | Customer Service Delivery | 4,569,039 | Genpact/Senior Vice President |
| 48 | Senjam Raj Sekhar | Vice President | Graduation | 40 | 23-Mar-05 | 16 | Corporate Communications | 2,871,435 | Samsung India/Head-Corporate Communication |
| 49 | Shireesh Mukund Joshi | Director- Marketing | PGDBM | 46 | 19-Jan-09 | 22 | Marketing | 25,216,058 | Pepsico International - China/Marketing Director |
| 50 | Shivan Bhargava | Chief Operating Officer - Mobile Services, Gujarat | BE & MBA | 43 | 10-Oct-03 | 20 | Business Head | 8,315,158 | Coca Cola India/Regional Logistics & Planning Manager |
| 51 | Shrirang N Bijur | Sr. Vice President | MBA | 59 | 12-Feb-07 | 38 | Supply Chain Management | 4,127,944 | Reliance Capital Ltd./Sr. Vice President |
| 52 | Sreedhar Krishna Menon | Principal Financial Officer | MBA | 41 | 1-Jul-02 | 16 | Finance | 2,696,182 | AFL Private Limited/Manager - Accounts |
| 53 | Sushil Grover | Vice President | MBA | 47 | 25-Sep-06 | 25 | Supply Chain Management | 3,148,354 | QTIL/Head Operations |
| 54 | Swarn Bajaj | Chief Marketing Officer (North Hub) | Post Graduation | 41 | 27-Oct-03 | 18 | Marketing | 6,116,490 | Spice Communication Ltd/GM |
| 55 | V Venkatesh | CEO-Market Operations, Karnataka | Diploma | 49 | 18-Jan-02 | 26 | Network | 11,315,779 | Hll/Marketing Manager |
| 56 | Vishal Agrawal | Deputy General Manager - Sales | PGDBM | 41 | 19-Feb-01 | 19 | Sales | 4,469,099 | Triune Projects Pvt Ltd./Sr.Engineer |
| 58 | Zairus Master | Vice President | MBA | 40 | 18-Apr-11 | 15 | Marketing | 5,902,642 | Nokia India pvt Ltd/Head Solution Marketing |