Overview
The telecom industry is the foundation of nations digital ecosystem, fuelling economic growth, driving innovation, transforming industries and enhancing the quality of life. As digital platforms and technologies evolve rapidly, the need for reliable, high-speed connectivity has become imperative. Over time, the role of the telecom sector has expanded beyond a traditional connectivity provider, to become a critical enabler of next-generation technologies and digital advancements. It is driving the use of advanced technologies, including cloud computing, AI-powered solutions, IoT-based automations and more. To address the evolving customer needs, telecom operators continue to invest in digital network infrastructure, augmenting data capacities and ensuring resilience.
India is at an inflection point in digital economic growth, with the digital economy now accounting for nearly 12% of the GDP, a significant rise over the past decade. The telecom sector is playing a pivotal role in this transformation by enabling widespread digital adoption through affordable service offerings, sustained investments, alongside a supportive regulatory regime. Operators are deepening rural connectivity and digital access to bridge the digital divide. Continued network infrastructure expansion, along with the governments focus on strengthening digital infrastructure is accelerating Indias digital transformation.
The vision of Atmanirbhar Bharat is driving Indias telecom industry toward greater indigenisation with initiatives, including the Performance Linked Incentive scheme, fostering the production of network equipment and devices in India. Operators are increasingly collaborating with technology partners to boost domestic manufacturing, strengthen local supply chains and reduce import dependence.
During FY 2024-25, telecom operators continued with 5G network expansion although its monetisation remains limited due to lack of compelling use cases. In July
2024, private telecom operators initiated much-needed tariff correction as mobile tariffs in India are among the lowest globally despite the country being one of the highest data-consuming markets. To support the adoption of technological advancements and enable sustained investments, an improved tariff structure is essential to improve the financial health of the industry.
Given the telecom sector is among the heavily taxed, the sector needs continued government support on policy and regulatory framework to encourage sustained investment towards forging a resilient digital backbone that will empower Indias journey into a technologically advanced and inclusive future.
Indias 5G rollout was one of the fastest globally, covering most cities and rural areas, reaching 80% of the population within two years of the launch. 5G smartphone penetration is on the rise, with 5G devices accounting for 79%* of the total smartphone shipments in 2024. During the year, handset manufacturers launched affordable 5G smartphone variants to accelerate adoption. With Airtel 5G Plus available nationwide, the Company is well-positioned to capitalise on the growing smartphone ecosystem. During FY 2024-25, the Department of Telecommunications successfully conducted a spectrum auction. Operators are focused on renewing existing licences and selectively adding spectrum to enhance their spectrum portfolio.
Airtel purchased 97 MHz spectrum in key circles for a total consideration of C68.6 billion.
Airtel is at the forefront of Indias digital revolution, making large scale investments in future-ready digital infrastructure to strengthen nationwide connectivity.
Its efforts are focused on expanding the network coverage in rural areas to provide digital access, augmenting the 5G network, providing seamless connectivity and delivering exceptional experience. Demonstrating Airtels commitment to connect the remotest locations, Airtel has expanded its footprint to areas, including Phobrang,
Galwan River and Daulat Beg Oldie - working closely with military personnel to ensure reliable connectivity in these difficult terrains. With overC1.3 trillion invested in its digital network infrastructure in the last five years,
Airtel continues to contribute towards long-term growth prospects of Indias digital economy.
Airtels strategy centres on portfolio premiumisation, winning with quality customers and delivering an exceptional customer experience. The Companys strong performance and consistent improvement in revenue market share underscores its sharp execution, a digital-first approach and operational excellence. In mobility, Airtel has consistently gained revenue market share over the last six years. The Companys strategic focus on portfolio premiumisation and quality customer acquisition continues to drive industry-leading ARPU growth. Airtels rural acceleration program has performed strongly across key metrics 4G customer additions, revenue market share gains and cost efficiency per site.
Over the last three years, Airtel has deployed nearly 45K sites across over 90K villages, providing digital access to over 85 million people.
Low penetration levels and changing customer content habits are driving strong tailwinds in the Homes segment.
To capitalise on this significant opportunity, Airtel is investing at an accelerated pace in Fiber to the Home (FTTH) and Fixed Wireless Access (FWA) expansion. FWA is playing a pivotal role in expanding addressable market for home connectivity. During FY 2024-25, the Company expanded its addressable market by launching FWA services across 2,500+ cities and rolled out 7.2 million additional fiber home passes for FTTH.
The Company continues to strengthen its content partnerships, integrating over 22 OTT apps into the
Xstream platform to offer viewers a vast array of regional and premium content through a single, unified interface, enhancing the value of its offerings.
The Digital TV segment demonstrated stable performance amid a challenging environment during the year.
Complementing its Digital TV and Wi-Fi offerings,
Airtel introduced IPTV services in 2,000 cities, enabling customers to access an extensive library of on-demand content from 29 leading streaming apps and over 600 TV channels, all seamlessly delivered over high-speed Airtel Wi-Fi.
During the year, Airtel Business continued to drive enterprise digital transformation by combining robust connectivity with an expanding portfolio of digital services across Cloud, Cybersecurity, IoT, CPaaS and Managed Services.
Airtels commitment to enhancing its digital infrastructure is underscored by significant investments, which includes - network sites, fiber deployment, data centres, under-sea cables and building muscle around digital businesses. Over the last two years, the Company accelerated fiber deployment, adding 100,382 Rkms nationwide.
In FY 2024-25, two under-sea cables landed in India, this will strengthen Airtels position in global connectivity. Airtel also partnered with leading technology providers, including Google and Zscaler, to deliver a comprehensive suite of cloud, security and connectivity solutions. These strategic investments and collaborations are aimed at building a robust, future-ready digital ecosystem that empowers businesses in a dynamic and connected world. The Company is extensively using AI/ML-enabled digital tools and data analytics to enhance customer experience, drive operational excellence and embed sustainability into its networks. It has begun accelerating the shift from AI experimentation to actual deployment, embedding AI capabilities in its network and digital tools. Airtels industry-first Anti-SPAM tool is testament to its digital capabilities. Within eight months of its launch, it has identified 26.2 billion calls, translating to the detection of an impressive 1,600 spam calls every second. With spammers increasingly targeting customers via international routes, Airtels AI-powered tool has evolved to screen and alert customers to spam calls and SMSs from international numbers.
Over the years, Airtel has incubated multiple digital businesses to build at scale, including Airtel Finance, Cloud, Cybersecurity, IoT, CPaaS and Managed Services. In a short span of time, Airtel Finance has served over 1 million customers across various products, with total disbursements exceeding C50 billion. A recent partnership with Bajaj Finance has reinforced its focus on building one of Indias largest digital financial services platforms.
Airtel Payments Bank continues to deliver a strong performance. Its total Monthly Transacting User (MTU) base has grown at a CAGR of 38% over the last three years to reach 96 million. The bank reported an annual revenue growth of 35% Y-o-Y, with deposits reaching a new high of C36 billion.
During FY2024-25, Indus Towers Limited became a subsidiary of the Company, further diversifying its portfolio. Indus Towers is a leading independent tower infrastructure provider in the country with 249,305 towers and 405,435 co-location. In addition, Airtel also transferred its network towers to Indus Towers, the transfer is aimed at creating benefits from group-wide synergies of operations and enable sharper focus.
Sustainability is at the core of Airtels strategy with measurable progress on its ESG agenda. The aim is to minimise impact on the environment through greener networks, have a positive effect on lives, foster inclusivity and promote high standards of governance and transparency. The Company is augmenting the use of renewable energy across its network sites and data centres. In FY 2024-25, Airtel solarised over 15,000 sites and increased renewable energy usage in its data centres.
Its efforts to minimise the environmental impact have led to reduction of over two million litres of diesel consumption per month over the last two years. The Companys concerted efforts towards improving diversity have yielded strong outcomes. Womens participation in the Company has improved to 18.5% compared to 11.1% in FY 2022-23.
Bharti Airtel Foundation is making a notable impact on society. Over the years, its focus on educating underprivileged children has impacted over three million children and over three lakh teachers. The Foundation maintained strong partnerships with IITs, ISBs and the Anant National University, while scaling public school transformation through the Quality Support Program and state partnerships.
Economic Review*
During the year 2024, the global economy demonstrated resilience with varied growth trends across regions amid multiple challenges faced by economies. According to the IMF, global growth stood at 3.3% in 2024, largely in line with the projections, supported by softening inflation to 5.7% and the resulting monetary easing across various economies.
In 2024, global demand and trade strengthened. Growth moderation in most advanced economies was offset by the robust momentum in the US and China, which benefited from strong consumption. Growth in the Euro area was subdued, reflecting persistent weakness in manufacturing, declining goods exports as well as a weakening currency against the US dollar. Overall, advanced economies reported 1.7% growth, similar to that of the previous year.
Outlook
As the first quarter of the century draws to a close, the global economy stands at a critical juncture, with global growth estimates dependant on fiscal policy measures, inflationary trends and trade policy uncertainty. Falling commodity prices, however, could soften the impact on net importers. Oil prices dropped to a four-year low and metals prices have also plummeted, tracking an anticipated slowdown in global growth. As per the IMF, overall global economic growth is expected to decelerate to 2.8% in 2025, before it improves to 3% in 2026. Global headline inflation is expected to ease to 4.3% in 2025, with labour markets cooling down and the wage price spiral moderating.
However, uncertainties around US tariffs have already triggered apprehensions of a tariff war and will likely slow down this decline with upward inflationary pressure in advanced economies.
Growth is expected to moderate across regions, with advanced economies likely to moderate to
1.4% amid geopolitical tensions. The US is projected to witness the sharpest deceleration with growth estimated at 1.8% vis-?-vis 2.8% in 2024, attributable to trade tensions and a softer demand momentum.
Emerging economies grew at 4.2%, slightly lower than the previous year and falling short of IMFs previous projections. Indias economy is estimated to grow 6.5% in FY 2024-25, remaining one of the fastest-growing large economies despite growth moderation in the first half of the fiscal year, owing to deceleration in industrial activities, while it regained growth momentum in the second half.
In April 2025, the US introduced reciprocal tariffs on its trading partners, affecting Asian economies the most.
Although partially suspended as on April 9, 2025, the tariffs introduced new uncertainties regarding global economic growth, including global trade routes, inflation and trade flows. The prospective tariffs have begun to shape investment decisions and outlook, affecting growth estimates and confidence levels.
The South Asian economies are likely to see the highest tariff impact, with growth in China expected to soften to 4% vis-?-vis 5% in 2024. India seems to be relatively better placed despite downward revision in growth estimates to 6.2% for FY 2025-26 and will likely continue maintaining its position of being one of the fastest-growing large economies.
High debt levels in many countries could prompt fiscal consolidation. Uncertainties persist around US tariffs and high debt levels across countries; their eventual impact will hinge on how quickly nations boost domestic consumption, reroute trade flows, enhance productivity and deploy effective countermeasures, including non-tariff actions.
A combination of geopolitical tensions and protectionist measures are anticipated to subdue global economic activity. Policymakers worldwide face renewed challenges in balancing measures to sustain economic growth with the imperative to contain inflation. Fiscal consolidation strategies must be carefully calibrated to the unique economic conditions of each country.
Indian Economic Review*
India is estimated to grow by 6.5% in FY 2024-25 as per the Reserve Bank of India (RBI). The performance is underpinned by robust economic fundamentals and easing inflation during the end of FY 2024-25. Positive trends in the services and agriculture sectors supported growth. The manufacturing sector saw headwinds due to global and seasonal factors and weaker investments.
However, its impact on the overall economic momentum was only partial. An above-normal monsoon supported recovery in the agricultural sector and improving rural incomes compared to last year. As a result, overall private consumption remained resilient and stable. The Indian economy, supported by strong domestic consumption, is relatively shielded from external shocks.
The average inflation rate trended downward with food inflation cooling off towards the end of 2024 owing to falling vegetable prices and record wheat production. This enabled the RBI to change its monetary policy stance to accommodative from neutral. The services trade surplus coupled with a healthy growth in remittances helped contain current account deficit and led to healthy foreign exchange reserves. The overall fiscal deficit is estimated to decline with growth in tax revenues andered against the governments focus on fiscal consolidation.
In FY 2024-25, Foreign Institutional Investors were net sellers in cash equities to the tune of $47 billion, this was more than offset by robust Domestic Institutional Investor inflows of $72 billion underscoring the active participation from domestic investors. Overall Foreign
Portfolio Investor inflows stood at $1.7 billion, driven by debt inflows as equities saw outflows. However, net
Foreign Direct Investment dropped to $1.5 billion due to increased repatriation and outward investments.
External commercial borrowings and non-resident deposits saw stronger inflows.
Outlook
Riding on its robust economic fundamentals, India is projected to remain the worlds fastest-growing major economies, with an estimated 6.5% growth in FY 2025-26. The key drivers for this growth include strong private sector consumption along with a steady services sector and investment growth. Government capex is expected to stay strong, however, fiscal prudence is likely to entail limited government consumption growth. is likely to further soften with the easing of commodity prices. However, global trade policy changes could impact this trend owing to imported inflation and subsequently leading to a less accommodative policy stance. Merchandise exports are also expected to be weighed down by uncertainties while service exports are projected to stay resilient.
Indias low external vulnerability, modest 19% external debt-to-GDP ratio and forex reserves, continues to support macroeconomic stability. The financial sector remains resilient, withbanksandNBFCswell-macro financial shocks. A forecast of an above-normal southwest monsoon in 2025 bodes well for rural demand and food price stability.
Meanwhile, headline inflation eased to 3.3% in
March 2025, led by cooling food prices.
*Source: RBI Press Releases; and Economic Survey 2024-25.
Africa Economy*
Growth in Sub-Saharan Africa in 2024 stood slightly below expectations at 3.2%, according to the World Bank, owing to the ongoing conflict in Sudan as well as other country-specific by the need for fiscal consolidation due to rising debt ation lifts private consumption and a tricky monetary policy trajectory based on varying inflation trends. profit from rising exports.
Growth has shown diverging trends across the region, with larger economies showing improving economic fundamentals but emerging economies still heavily dependent on natural resources and external factors.
Countries like Nigeria and Angola benefitted from the boom in oil production while metal-exporting countries like Zambia faced downward pressure from a fall in metal prices.
The region will have to overcome the challenge of rising food insecurity and depreciating currencies to
Nigeria tackle have led the way through effective macroeconomic and fiscal reforms, including a tighter monetary policy and improved revenue administration.
Outlook
The global economic order is undergoing significant shifts, shaped by ongoing tariff escalations, uncertainty around inflationary trends and evolving monetary policies. Amid these challenges, India is poised to stand out as growth leader. Indias strong economic growth is supported by several key factors: rising domestic consumption, reform-oriented government policies - boosting manufacturing and significant investments in infrastructure. Efforts to address supply chain bottlenecks, along with a robust push for digital inclusion and innovation, is driving accelerated in a digital adoption nationwide.
Indias digital economy is growing at twice the pace of overall economy, powered by rising digital inclusivity and the emergence of digital-first industries. The telecom sector is instrumental in this growth, bridging the digital divide, transforming enterprises and enabling innovation, to further solidify Indias position as an economic powerhouse.
Rising disposable incomes, growing aspirations and the need to stay connected is supporting growth of telecom sector. The rapid expansion of 5G networks is transforming connectivity with ultra-fast, low-latency data speeds and potentially unlocking new digital opportunities. As of September 2024, India became the worlds second-largest 5G smartphone market, according to Counterpoint Research. Given the pace of 5G adoption and the increasing availability of affordable smartphones,
Outlook
According to the World Bank, growth in the region will likely rise to 4.1% in 2025. Most economies in Sub-Saharan Africa should regain momentum. This has been compounded aseasing and investment, while resource-rich countries will
However, progress will depend on how well the region navigates shifting trade policies and geopolitical tensions. The recent rise in protectionist measures and tariffs, globally and within Africa, is increasing input costs and making cross-border supply chains more complex and costly. These could reinforce the food price volatility triggered by conflict in the Middle East.
An accommodative monetary stance, careful debt management and a supportive global backdrop will be essential for sustaining growth.
*Source: World Bank Global Economic Prospects
5G shipments are likely to sustain improvement. Growth in data adoption is supported by accelerated network rollouts, affordable data plans and a surging demand for video streaming and digital content. 5G is also driving home internet penetration through expansion of
FWA services. Low penetration of fixed line broadband in the country provides strong growth tailwinds.
Globally, satellite technology is emerging as a vital enabler of ubiquitous connectivity, extending high-speed internet access to remote and underserved areas. A favourable policy framework will enable timely investments and the adoption of newer technologies.
Responding to emerging market dynamics and evolving customer requirements, Airtel is investing in digital infrastructure and forging strategic partnerships to strengthen consumer and enterprise offerings. The Company is actively working with enterprises to develop industry-specific 5G use cases that enable advanced solutions in areas like automation, smart manufacturing, real-time remote monitoring and more. At the same time, Airtel is expanding its digital portfolio across emerging business segments and high-growth areas. For individuals and families, the Company is actively expanding its offerings, as demonstrated by the expansion of FWA in new cities and the launch of IPTV. Airtel has continued to embed digital transformation into its core operations to stay agile amid shifting customer preferences, future proof its business and drive sustainability and innovation at scale. Cutting-edge digital tools and tech-led platforms designed by the
Companys in-house engineering and network teams are simplifying customer journeys, improving operational efficiency and enabling Airtel to deliver a brilliant experience. These innovations streamline network complexities, optimise deployment planning and manage extensive on-ground workflows, improve customer satisfaction and unlock new revenue streams.
The Company is committed to lead digital innovation with deployment of next-generation technologies, strategic collaborations and development of intelligent platforms that deliver superior value to customers and unlock new growth opportunities. Airtels AI-powered
Anti-SPAM tool is a significant breakthrough in combating the spam menace. Additionally, it has developed the
Converged Data Engine (CDE), a cutting-edge SaaS platform that empowers telecom operators to rapidly drive business outcomes through a unified, intelligent data infrastructure and omni-channel capabilities, backed by deep industry insights.
Airtels consistent focus on digital transformation, customer-centric innovation and operational excellence have sharpened its competitive edge. Underscored by prudent capital allocation, strategic partnerships and a strong financial foundation, the Company is primed to seize emerging opportunities and invest in next-generation technologies.
Industry Overview
Indian Telecom sector
As of March 31, 2025, Indias total telecom user base reached 1,200.8 million, an increase of 1.52 million (~13 basis points). Overall tele-density stood at 85.04%, with urban tele-density at 131.45% and rural tele-density at 59.06%.
Himachal Pradesh leads Indias non-metropolitan telecom circles with the highest teledensity at 120.37% followed by Kerala at 119.49%, Punjab (111.79%), Karnataka
(105.62%), Tamil Nadu (102.27%), Maharashtra (100.81%) andhra Pradesh (94.53%) and Gujarat (90.55%).
Among metropolitan areas, Delhi leads with a teledensity of 275.79%. Service areas such as Bihar (57.23%), Uttar Pradesh (66.60%), Madhya Pradesh (69.35%) and Assam (73.79%) have comparatively lower teledensity.
The industry has witnessed consistent growth in fixed broadband, with the number of customers increasing from 40.85 million as of March 31, 2024, to 46.28 million as of March 31, 2025. Growth in this segment has been propelled by smart TV penetration, changing content consumption habits and concurrent usage at home.
Africa Telecom Overview
The mobile services sector in sub-Saharan Africa has seen considerable growth in recent years as demand for services continues to drive increased take-up.
However, despite the strong historic growth, penetration of both voice and data services remains low relative to other regions. With unique SIM penetration between 40% and 50% and only 50% of telecom customers owning a smartphone, there is still huge unmet demand for voice and data services across the continent. In addition, with >90% of payments being in cash and 65% to 70% of adults being unbanked, the mobile money opportunity across the region remains very compelling.
Across Sub-Saharan Africa, demand for data, mobile voice and mobile money services continue to grow, driven by a young and fast-growing population seeking better connections with each other. The continued expansion of the telecoms market facilitates access to the digital economy, drives increased digital inclusion and promotes economic progress across the market. An under-penetrated telecoms market, rising smartphone affordability and low levels of financial inclusion provide growth opportunities in voice, data and mobile money services. The telecoms market in Sub-Saharan Africa is projected to grow by 7.0%* CAGR to reach $61 billion by 2030.
*Source: GSMA Report Sub-Saharan Africa 2024
Regulatory Developments Reporting changes
During the year, Indus Towers Limited ("Indus Towers") completed a buyback of 56,774,193 equity shares, resulting in an increase in the Airtel Groups shareholding from 48.95% to 50.005%. This transaction led to Indus being classified as a subsidiary of the Airtel Group in accordance with Section 2(87)(ii) of the Companies Act, 2013.
Subsequently, following changes to the composition of the Board of Indus effective November 19, 2024, the financial and non-financial information of Indus have been consolidated on a line-by-line basis in this report, in compliance with Indian Accounting Standard 110 (Ind AS 110).
India
Development in regulations
The year saw several regulatory changes and developments. The significant ones included:
A. Telecommunications Act, 2023
• It was officially released through a notification in the Gazette on December 24, 2023.
• Certain provisions of the Act, like those related to Right of Way, Universal Service Obligation Fund (now Digital Bharat Nidhi), National security, etc. have come into force with effect from
June 26, 2024. Certain other provisions, like those relating to technologically neutral use of spectrum, optimal utilisation of spectrum, prohibition on unauthorised jammers etc. have come into force with effect from September 05, 2024.
• Department of Telecommunications is now in the process of framing rules under the Act, through public consultations.
• Post conclusion of the consultation process, the following rules have been notified:
Telecommunications (Administration of Digital Bharat Nidhi) Rules, 2024 dated August 30, 2024
Telecommunications (Right of Way) Rules, 2024 dated September 17, 2024
Telecommunications (Telecom Cyber Security) Rules dated November 21, 2024
Telecommunications (Critical Telecommunication Infrastructure) Rules dated November 22, 2024
Telecommunications (Temporary Suspension of Services) Rules dated November 22, 2024
Telecommunications (Procedures and
Safeguards for Lawful Interception of Messages) Rules dated December 06, 2024
B. Telecommunications (Administration of Digital Bharat Nidhi) Rules, 2024 dated August 30, 2024
• The Digital Bharat Nidhi (DBN) replaces the Universal Service Obligation Fund (USOF).
• The new rules will not override the existing arrangements until their date of expiry.
• Key powers and functions of DBN Administrator:
Formulating procedure of selection of Implementers for DBN schemes/projects and entering into agreements with the selected Implementers
Disbursing funds from DBN to Implementers
Monitoring/evaluating/verifying the work done by Implementers, including through third-party agencies
• DBN implementers will be selected through bidding – in cases of projects for delivery of telecom services in underserved rural, remote and urban areas, or through inviting applications – in cases of projects for research and development of new telecom technologies, products or services.
• Funding for schemes/projects can be in the form of funding, partial funding, co-funding, market risk mitigation, risk capital, etc.
• Funding would also be extended to providing targeted access to telecom service for underserved groups like women, persons with disabilities and economically and socially weaker sections.
• Key criteria for undertaking schemes and projects under DBN:
Provision of telecom services, creation of telecom network, introduction of next generation telecom technologies, improving affordability of telecom services, in underserved rural, remote and urban areas
Promotion of innovation, R&D, indigenous technology; encouraging start-ups
Developing standards to meet national requirements and their standardisation in international bodies
Promotion of sustainable and green technologies
• The rules have mandated sharing of telecom networks established under DBN in an open and non-discriminatory manner.
C. Telecommunication (Right of Way) Rules, 2024 dated September 17, 2024
• Notable changes include amendments in definition of "mobile tower", inclusion of submarine cables as "underground telecommunications network", changes to process for grant of permission, 90% refund to be given in case right of way (RoW) application is denied; timeline for return of bank guarantee (BG) specified (15 days).
• RoW permission is now time bound, with milestone-based tracking such as seeking any clarification/additional document, comments etc. The final approval or rejection shall be granted within 67 days, failing which the application is considered deemed approved.
• Rules also provide for setting up temporary networks, establishment of network on property other than public property (private property), Common Ducts and Cable Corridors, removal/ relocation/alteration of telecom network, damage to network.
• No increase in RoW costs (application fee, compensation for restoration and RoW) as compared to 2016 Rules & amendments. Also, submarine cable included in Fee Schedule and compensation for pits only specified for horizontal drilling method.
• The Government continues to actively work towards ensuring the seamless deployment of telecom infrastructure across the country. The recently announced Right of Way Rules, 2024, aimed at simplifying the process for obtaining Right of Way (RoW) permissions among other things, came into force from January 1, 2025 and have to be mandatorily followed by the states. The Central Government continues to engage with multiple stakeholders including State Governments and industry bodies to provide support for the resolution of initial teething issues.
• Additionally, the composite billing scheme, launched with the objective of streamlining the billing process has now been implemented in
11 states, including the likes of Rajasthan, Madhya Pradesh and Maharashtra. The Green Energy
Open Access policy, aimed at incentivising the use of renewable sources of energy has now been notified in almost 24 states.
D. Telecommunications (Telecom Cyber Security) Rules, 2024 dated November 21, 2024
• Applicability: Rules to be applicable to ‘Telecom
Entities both authorised entities (licensees) as well as those which have been granted exemption from authorisation (license) under the Telecom Act.
• Traffic Data:
Central Government may seek traffic data from Telecom Entities or direct Telecom Entities to set up necessary infrastructure for collection of traffic data from designated points
Analysis of such traffic data may be shared with entities engaged in law enforcement and security related activities, Telecom Entities or users – for the purpose of ensuring cyber security of telecom networks
• Obligations of Telecom Entities:
Appointment of a Chief Telecommunications
Security Officer
Adoption of a telecom cyber security policy
Reporting of security incidents to Central Government within six hours of becoming aware of such incident (with additional details like no. of users and geographical area affected, proposed remedial measures, etc. to be submitted within 24 hours)
Timely response to security incidents
Periodic telecom cyber security audits
Setting up of Security Operations Centre (either by itself or in collaboration with other
Telecom Entities)
• Powers of Central Government:
Any person may report any act endangering telecom cyber security to the Central Government
Based on its assessment, Central Government may direct the Telecom Entity to temporarily suspend or permanently disconnect the relevant telecom identifier as well as other telecom identifiers or telecom equipment linked to that person
The person to whom such telecom identifier is allotted may represent within 30 calendar days against an order for temporary suspension or termination
Central Government may maintain a repository of persons and telecom identifiers acted upon and prohibit Telecom Entities from providing telecom services to such persons for up to three years
Central Government may also prohibit other persons (providing services linked to telecom identifiers) from using such telecom identifiers for identification of their customers or for delivery of their services
• Telecom Equipment Identification No. (IMEI/ ESN, etc.):
OEM/Importer to register IMEI no. of telecom equipment with the Central Government, prior to first sale/import into India
No person to intentionally remove/ change the unique telecom equipment identification number
• Digital implementation of these rules: Central Government shall notify a portal for digital implementation of these rules
E. Telecommunications (Critical Telecommunication Infrastructure) Rules, 2024 dated November 22, 2024
• Applicability:
Rules to be applicable to ‘Telecom Entities
– both authorised entities (licensees) as well as those which have been granted exemption from authorisation (license) under the Telecom Act
Such entities shall provide details of telecom network, services, elements of such network and services, etc.
• Notification of Critical Telecom Infrastructure:
Telecom Entities to provide details of their networks and services to the Central
Government
Such network or part thereof will be notified as Critical Telecom Infrastructure ("CTI"), the disruption of which will have a debilitating impact on national security, economy, public health or safety of the nation
• Obligations and Compliance of Telecom Entities:
Compliance of CTI with specifications (ERs, IRs,
ITSARs, etc.), testing requirements etc. as well as NSDTS and directives on comms security certification
Maintaining complete list of CTI with hardware/software details and dependencies on such CTI
Securely preserving logs and documentation of CTI network architecture for at least 2 years
Maintaining records of supply chain of telecom/other equipment deployed in CTI, till such infrastructure is in use
Annual vulnerability/threat/risk analysis for CTI network architecture
Intimation of security incidents to Central Government within 6 hours of occurrence
Maintaining a risk register with potential & severity of risks and mitigation solutions
Remote access to CTI for repair/maintenance to be undertaken only from pre-approved foreign locations, every instance of such RA to be intimated to the Central Government and logs to be maintained for at least 1 year
Allowing inspection by Central Government personnel, of hardware, software & data pertaining to CTI
Upgradation of CTI (except routine software updates) to be undertaken only after prior written approval of Central Government.
F. Telecommunications (Temporary Suspension of Services) Rules, 2024 dated November 22, 2024
• Applicability: To suspend any telecommunication service or any class of telecommunication services
• No suspension order shall be made, unless the authority issuing such order has considered that the objectives set forth, cannot be achieved by any other reasonable means
• Procedure:
Suspension order to be issued and reasons to be recorded in writing by a competent authority
Competent authority defined Union Home Secretary; or the Secretary to the State
Government, Home Department
In case it is not feasible for a suspension order to be issued by the competent authority, such suspension order may be issued by an officer of Joint Secretary or above rank, who has been duly authorised by the competent authority. Such suspension orders shall be subject to confirmation (ratification) by the competent authority, within 24 hours of issuance of such order, failing which the suspension order shall cease to exist
• Contents of suspension orders:
Reason for such order – the order to be limited to addressing the specific reason
Clearly defined geographical area and type of telecommunication service required to be suspended
Duration of suspension order shall not exceed 15 calendar days
• A copy of the suspension order, shall be forwarded to the concerned review committee within a period of 24 hours from the issuance of such order
• Review Committee:
Composition:
Central Review Committee Cabinet Secretary (Chairman); Secretary, Department of Legal Affairs (Member); and
Secretary-T, DoT (Member)
State Review Committee – State Chief
Secretary (Chairman); Secretary Law or Legal Remembrancer In-Charge; Legal Affairs (Member); and Secretary to State
Government, other than the State Home Secretary (Member)
Review committee shall meet within five calendar days of issuance of such orders to examine adherence to the act/rules and record its findings. In case the committee is of the opinion that the suspension order does not adhere to the act/rule, such orders can be set aside
G. Telecommunications (Procedures and Safeguards for Lawful Interception of Messages) Rules, 2024 dated December 06, 2024
• These rules shall replace Rule 419 and 419A of the Indian Telegraph Rules, 1951, without affecting existing interception orders issued until their expiry
• Applicability:
Rules to be applicable to ‘Telecom Entities
- both authorised entities (licensees) as well as those which have been granted exemption from authorisation (license) under the Telecom Act
Rules to not apply to LIM demos
• Who can issue Interception Orders?
‘Competent Authority – Union/State Home Secretary
In unavoidable circumstances - Officer specially authorised for the purpose, not below the rank of Joint Secretary to
Central Government
In remote areas or for operational reasons, where it is not feasible for the above persons to issue an interception order - Head/second senior most officer of authorised LEA (not below rank of IGP at State level) - but the same will have to be confirmed by the Competent Authority within seven working days
• Procedure for Implementation of Interception Orders:
Every LEA to have two nodal officers not below the rank of Superintendent of Police
Both DoT and Telecom Entities to have two nodal officers in each LSA
LEAs nodal officer to convey the Interception Order to nodal officer of DoT/Telecom Entity - Latter to acknowledge within two hours
Nodal officer of DoT/Telecom Entity to submit fortnightly report to LEAs of all Interception
Orders received
Validity - 60 calendar days, can be renewed but cannot go beyond 180 calendar days
163
Competent Authority and LEAs to destroy records of Interception Orders every six months, unless required for functional requirements or under Court directions
DoT and Telecom Entities to destroy records of Interception Orders within two months of discontinuation of interception
Telecom Entity to be responsible for any actions of its employees and vendors leading to unauthorised interception
• Review Committee:
Constitution of Review Committee:
Central Government: Chairman – Cabinet
Secretary; Members Legal Affairs
Secretary & DoT Secretary
State Government: Chairman – Chief
Secretary; Members Legal Affairs
Secretary & a Secretary to the State Government other than Home Secretary
All Interception Orders to be forwarded to
Review Committee within seven working days
Review Committee to meet every two months and review all Interception Orders
H. TRAI Standards of Quality of Service of Access (Wireline and Wireless) and Broadband (Wireline And Wireless) Service Regulations,
2024 dated August 02, 2024
• TRAI has issued new regulations regarding quality of service, for Fixed, Mobile and Broadband services. They have come into force from October 01, 2024. Salient features are as under:
QoS performance of mobile service to be monitored on monthly instead of quarterly basis To be effective from April 01, 2025
Certain parameters like network availability, call drop, voice packet drop rate in uplink and downlink, etc. To be reported on the Cell level instead of BTS level
Benchmarks tightened for some key parameters like network availability (cumulative downtime and worst-affected cells due to downtime), call drop rate, packet drop rate, latency, etc. – To be implemented in a graded manner over the next 2.5 years
Measurement methodology for some key parameters like Downlink and Uplink Packet
Drop Rate, Latency, Pol Congestion, Download and upload speed, Maximum Bandwidth utilisation between radio and core network during busy hours, etc. changed from average to percentile basis
New parameters introduced like reporting of significant network outages, jitter, maximum bandwidth utilisation between radio and core network during busy hour and SMS delivery success rate, etc.
Graded financial disincentives increasing with continued non-compliance
I. Rating of Properties for Digital Connectivity Regulations, 2024 dated October 25, 2024
• These regulations shall apply to –
Property Managers who intend to get their property, of minimum specified size, rated for digital connectivity, either voluntarily or under the provisions of applicable laws, rules or regulations
Digital Connectivity Rating Agency (DCRA), who may evaluate and award ratings for property under these regulations
The service providers, who may enter an arrangement with the property manager for development or access of digital connectivity or digital connectivity infrastructure
• Key highlights:
A Rating platform, an information technology system and associated applications shall be set up or authorised by TRAI for the purpose of managing rating of properties for digital connectivity as per provisions of the regulations. The rating process shall be implemented through the rating platform only
Any entity fulfilling the eligibility criteria intending to commence activity as Digital Connectivity Rating Agency (DCRA) shall be empanelled by the Authority through registration on the rating platform
Property manager, who intends to apply for the rating of his/her property of minimum specified size, shall register on the rating platform, in such manner and format and upon payment of such fees, as may be specified by the Authority
The properties, for the purpose of rating for digital connectivity, are classified in the different categories, namely - Residential,
Government Properties, Commercial
Establishments, Other private or public areas, Stadiums or Sport Arenas or spaces of frequent gathering and Transport corridors
The DCRA shall disclose the fee to be charged and other terms and conditions, if any, to the property manager and get their acceptance before commencement of any rating activity
The fees charged by DCRA shall be based on the category and classification of properties, the responsibility of DCRA under the provisions of these regulations, the complexity involved, the area of the property, etc.
No TSP shall enter into an exclusive arrangement or tie-up arrangement with any property manager for development or access of digital connectivity or digital connectivity infrastructure in their property
For the purposes of rating for digital connectivity, Model Building Bye Laws (MBBL) issued by Ministry of Housing and Urban
Affairs (MoHUA) shall be referred to in cases where MBBL of State or Union Territory do not have provisions for digital connectivity infrastructure
DCRA shall evaluate the property and assign scores, on the rating platform, against each rating criteria and sub-criteria. Digital Connectivity Rating shall be awarded to the property starting from one star to five star.
The detailed guidelines for award of score and process shall be issued separately as per provisions of these regulations
TRAI shall notify the date on which the rating platform shall be made live. Further, TRAI may, till the development of online rating platform, provide an alternate mechanism for rating of property
J. Telecom Consumers Protection (Twelfth Amendment) Regulations, 2024 dated December 23, 2024
• A separate Special Tariff Voucher (STV) for Voice and SMS (with a validity period not exceeding 365 days) to be launched by TSPs, in addition to existing Data-only STV and bundled offers.
• The cap on the validity period for STV and Combo Vouchers (CV) has been increased from the existing 90 days to 365 days.
• A mandatory top-up of C10, with the rest of price points in multiples of C10, allowed for STV/CV/PV/ Top-Up vouchers.
• Colour coding of vouchers, as it exists in the physical form, has been discontinued.
• This has come into force, with effect from
January 22, 2025.
K. Telecom Commercial Communications Customer Preference (Second Amendment) Regulations, 2025 dated February 12, 2025
• Revamped Complaint Reporting mechanism for Subscribers:
No need of registration of preferences before logging complaint against UCC
TSPs to provide facility on mobile app to auto capture call logs/SMS details for complaint registration and also, facility to register complaints through screenshots
Time period for making complaints increased from three days to seven days
Time period for TSPs to take action reduced from 30 days to 5 days
Trigger for action by TSPs changed from "having 10 complaints against the sender in last seven days" to "having five complaints against the sender in last 10 days"
• Introduced option for Opt-out:
TSPs to provide a mandatory opt-out option promotional messages
Standardised identifiers in messages "-P", "-S", "-T" and "-G" to be suffixed to promotional, service, transactional and government messages, respectively
Consent given for completing any ongoing transaction to be valid only for 7 days
Implicit consent in case of transactional and service commercial communications to be valid only for the duration or discharge of the contract between customer and sender
Disclosure of the use of auto-diallers/robo
• Measures against Spammers/Senders of UCC:
For the first violation, outgoing services of all telecom resources of the sender to be barred for 15 days
For subsequent violations, all telecom resources of the sender, including PRE/SIP trunks, to be disconnected across all access providers for 1 year and the sender to be blacklisted
140 series to continue to be used for promotional calls and the newly-allocated 1600 series designated for transactional and service calls
• Restrictions on TSPs for implementing new measures for identification of spam:
Mandate on TSPs to analyse call and SMS patterns based on parameters such as unusually high call volumes, short call durations and low incoming-to-outgoing call ratios
TSPs to deploy honeypots to analyse emerging spam trends and take pre-emptive action against suspected spammers
Limits on the number of intermediaries between the Principal Entity (PE) and the Telemarketer (TM) to ensure full traceability of messages
Senders and TMs to undergo physical verification, biometric authentication and unique mobile number linking during registration
• Introduction of graded FDs for TSPs:
FD of C 2 lakhs for first instance of violation, C5 lakhs for second instance and C10 lakhs per instance for subsequent instances, to be imposed on TSPs in case of misreporting of the count of UCC – to be imposed separately for registered and unregistered senders
TSPs to have agreements with all registered senders and telemarketers option for TSPs to prescribe a security deposit which may be forfeited in case of violation by senders and telemarketers
L. Amendments to TRAIs Regulatory Framework for Broadcasting and Cable Services
• On July 08, 2024, the TRAI notified amendments to the Regulatory Framework for Broadcasting and Cable Services, encompassing the Tariff
Order, Interconnection Regulations and Quality of Service Regulations, with most clauses having taken effect 90 days after their publication in the Official Gazette. Key highlights are as under:
• Tariff Order:
The cap on NCF has been removed, now falling under forbearance
DPOs can offer up to 45% discounts on bouquet formations, instead of 15%
Uniform pricing of pay channels across all addressable distribution platforms, to ensure level playing field
• Interconnection Regulations:
Distinction between HD and SD channel for carriage fee purposes has been eliminated with a single ceiling prescribed allowing DPOs flexibility to charge lower fees as deemed appropriate
• QoS Regulations:
Charges for installation, activation, visiting, relocation and temporary suspension are under forbearance
Distributor Retail Price (DRP) can be displayed alongside Maximum Retail Price (MRP) in the
Electronic Program Guide (EPG)
• The amendments also introduce financial disincentives for contravention of certain provisions of these regulations
M. Spectrum Auctions 2024
• Department of Telecom (DoT), on March 08, 2024, issued the Notice Inviting Applications (NIA) for auction of all the available spectrum in 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz, 2500 MHz, 3300 MHz and 26 GHz bands.
• The cumulative reserve price of the 10523.15 MHz spectrum put to auction was C96,317.65 crores.
• The auction started on June 25, 2024 and concluded on June 26, 2024.
• A total quantum of 141.4 MHz of spectrum was sold, for a total value of C11,340.78 crores.
• Bharti Airtel Ltd. has acquired a total of 97 MHz of spectrum, for a total consideration of C6,856.76 crores. Out of the above, Bharti Hexacom Ltd. has acquired 15 MHz with an outlay of C1,001 crores.
N. TRAI Recommendations on "Telecommunication Infrastructure Sharing, Spectrum Sharing and Spectrum Leasing" dated April 24, 2024
• Telecom Infrastructure Sharing
Permit TSPs to share all types of passive and active infrastructure
Core network elements can be shared subject to the condition that there are at least two independent core networks
Allow sharing of Lawful Interception System (LIS) with DoT approval
• Inter-band Spectrum Sharing
Allow inter-band spectrum sharing among TSPs in an LSA, (either by pooling of spectrum in different bands or using RANs of each other in shared bands) for below bands:
Category-1 |
Category-2 | Category-3 | Category-4 |
| 600 MHz, | 1800 MHz | 2300 MHz, | 26 GHz, |
| 700 MHz, | and | 2500 MHz | 37-37.5 GHz, |
| 800 MHz | 2100 MHz | and | 37.5-40 GHz, |
| and | 3300-3670 | 42.5-43.5 GHz | |
| 900 MHz | MHz |
A TSP should not enter into inter-band spectrum sharing with more than one TSP in a spectrum band category in an LSA
Sharing is permitted only after two years from the date of spectrum acquisition
Sharing fee: 0.5% of the applicable market price, prorated for sharing period
• Authorised Shared Access (ASA) of Spectrum
DoT to explore implementing ASA: IMT spectrum assigned to Government or other users to be assigned to TSPs as secondary users
A field trial of ASA should be conducted
• Leasing of spectrum
TSPs can lease their auctioned access spectrum with other TSPs, after two years from the date of acquisition, with prior joint intimation to DoT
TSP cannot lease more than 50% of its qualifying spectrum holding (i.e. after the lock-in period) in a band in an LSA
Leasing fee: 1% of the applicable market price, prorated for relevant period
The lessee cannot lease out the leased spectrum to any other TSP
In case a TSP has taken spectrum on lease in a particular band, a lock-in period of two years from the effective date of spectrum leasing will be applicable, before becoming eligible to surrender the qualifying spectrum in that band acquired earlier
• However, as per the provisions of the Telecom Regulatory Authority of India Act, 1997, TRAIs recommendations are not binding upon the Central Government.
O. TRAI Recommendations on "Inputs for formulation of National Broadcasting Policy - 2024" dated June 20, 2024
• TRAI released a consultation paper on April 02,
2024 seeking ‘Inputs for National Broadcasting
Policy – 2024, a broad policy document aimed at stipulating the vision, mission, strategies that will set the tone for a planned development and growth of the broadcasting sector in the country.
• Thereafter, TRAIs released its recommendations dated June 20, 2024:
Goals:
Propelling growth: Establishing a robust broadcasting ecosystem
Promoting content: Encouraging Indian content outreach at global stage Protecting interests: Safeguarding rights of content creator and leveraging broadcasting services for protecting socio-environmental interests of the society
To achieve each goal, a number of strategies have been recommended.
• However, as per the provisions of the Telecom Regulatory Authority of India Act, 1997, TRAIs recommendations are not binding upon the Central Government.
P. TRAI Recommendations on "Upgradation of DD
Free Dish platform to an Addressable System" dated July 08, 2024
• Convert DD Free Dish platform from a non-addressable system to an addressable system.
• With effect from April 01, 2025, signals of television channels of private broadcasters must be encrypted.
• Within four years, all channels, including DD should be mandatorily encrypted before up-linking.
• Sale of non-addressable STBs should be prohibited in the market from January 01, 2025.
• Nevertheless, the public service broadcaster will be provided with requisite exemptions from TRAI Regulations.
• However, as per the provisions of the Telecom Regulatory Authority of India Act, 1997, TRAIs recommendations are not binding upon the Central Government.
Q. TRAI Recommendations on the "Connectivity to Access Service VNOs From More Than one NSO" dated September 13, 2024
• There should be no cap on the number of NSOs from whom a VNO can take connectivity for providing wireline access service in an LSA, provided that measures like logical/virtual partitioning at the EPABX are ensured. The Access
Service VNO shall duly inform its NSO(s) and the Central Government regarding connectivity of more than one NSO at a particular EPABX.
• An Access Service VNO intending to provide both wireless and wireline access services in an LSA, should be permitted to take connectivity from one
NSO for wireless access service and other NSO(s) for wireline access service in the LSA. However, they need to ensure that the network resources taken fromdifferent NSOs for wireless and wireline services are not integrated in any manner.
• However, as per the provisions of the Telecom Regulatory Authority of India Act, 1997, TRAIs recommendations are not binding upon the Central Government.
R. TRAI Recommendations on the "Framework for Service Authorisations to be Granted Under the Telecommunications Act, 2023" dated September 18, 2024
• DoT should grant service authorisations in the form of permissions, instead of entering into license agreements with TSPs.
Detailed terms and conditions should form part of rules under the Telecom Act
To maintain regulatory stability, TRAIs recommendations should be sought in case of any change in terms and conditions (except in case of change in the interests of security of State)
• There should be three broad categories of service authorisations:
Main: Would include Access Services, Internet Services, Long Distance Services, Satellite-based Telecom Services, M2M WAN Services (Can be granted in the sub-categories of NSO or VNO)
Auxiliary: Would include PMRTS, PM-WANI,
M2M Service, Enterprise Communication
Services, IFMC, Data Communication Service between Aircraft and Ground Stations, etc.
Captive: Would include CMRTS, CNPN, Captive VSAT CUG, etc.
• There should be two broad categories of rules:
Telecommunication (Grant of service Authorisations) Rules: To provide for broad conditions like eligibility, validity, etc.
Different rules providing for detailed terms & conditions for different categories of service authorisations:
Telecommunication (Main Service Authorisations) Rules 1. Part-I to cover common terms & conditions for all Main
Services, 2. Part-II to cover specific terms & conditions for each Main Service separately
Auxiliary Service Authorisations Separate rules for each Auxiliary Service
Captive Service Authorisations Separate rules for each Captive Service
• A Unified Service Authorisation for National Service
Area should be introduced:
Scope: All ‘Main telecom services (Access, Internet, Long Distance, Satellite-based, M2M WAN)
Can deploy any equipment anywhere in India, except LIM facilities and connectivity to disaster management platform to be at State/UT level
Interconnect: Can be at any mutually agreed location, failing which it has be at the PoIs specified in TRAIs Interconnection
Regulations.
Assignment of spectrum (access & backhaul) and numbering resources: To continue at LSA level for now.
DoT should provide a roadmap for financial accounting & reporting, assignment of numbering resources and assignment of spectrum at National level.
• NLD and ILD Authorisations should be merged into a single Long Distance Service Authorisation.
Requirement of having international gateways and related security conditions will continue to apply only to entities providing ILD services – No additional compliance burden on operators offering only NLD service
• GMPCS and Commercial VSAT CUG Authorisations should be merged into a single Satellite-based Telecommunication Service Authorisation.
• Scope: Both GMPCS and VSAT based FSS
No need of separate ISP Authorisation for providing internet services, but will have to comply with same conditions as applicable to ISP operators (as opposed to the current requirement where a VSAT operator needs to have an ISP Authorisation also, to be able to provide internet service)
Also clarified that emergency SOS messaging via satellite using MSS frequencies is already covered under GMPCS
Satellite Earth Station Gateways established in India should be allowed to be used to provide service in foreign countries, with
DoTs permission, subject to fulfilling the relevant jurisdictions regulatory requirements (it should not be construed as provision of service under Indian regime)
Additional SUC may be levied in such case
In case internet bandwidth is used to carry the foreign traffic, traffic of Indian and foreign users should be segregated
• Scope of ISP Authorisation should be enhanced to include provision of domestic leased circuits and VPN services.
• Migration:
TSP with Access Licenses/Authorisations in at least 50% of LSAs should be allowed to migrate to Unified Service Authorisation
Validity period of the Authorisation would start afresh upon migration (However, spectrum would continue on the same terms)
• Miscellaneous:
Use of Non-Terrestrial Network (NTN) should be allowed under Access Service Authorisation
DoT should explore a mechanism to compensate TSPs for additional security related requirements
Government agencies should compensate TSPs for public broadcast messages (except disaster-related)
TSPs may take telecom network resources on lease/hire from cloud service providers, which are either empanelled by MeitY or authorised by DoT – Cloud and associated data to be located/stored in India
• Changes in VNO Regime:
Multi-parenting allowed in case of all services, except wireless access service
Service-specific parenting allowed instead of extant practice of authorisation-specific parenting (e.g. an ISP VNO may now tie up with Access VNO as well)
• However, as per the provisions of the Telecom Regulatory Authority of India Act, 1997, TRAIs recommendations are not binding upon the Central Government
S. TRAI Recommendations on the "Definition of International Traffic" dated December 10, 2024
• Definition of International Traffic: The traffic originating in one country and terminating in another country, where one of the countries is India.
• Definition of International SMS: The international traffic delivered using SMS.
• A2P SMS: Any incoming application-to-person SMS shall be treated as an international SMS, if it cannot be generated, transmitted or received without the use or intervention of any electronic device, computer system or computer application located outside India.
• Definition of Domestic Traffic: The traffic originating and terminating within India.
• Definition of Domestic SMS: The domestic traffic delivered using SMS.
• However, as per the provisions of the Telecom Regulatory Authority of India Act, 1997, TRAIs recommendations are not binding upon the Central Government.
T. TRAI Recommendations on "Regulatory Framework for Ground-based Broadcasters" dated January 15, 2025
• Definition: Ground-based Broadcasting means providing programming services through terrestrial communication medium using ground infrastructure (other than satellite based communication medium) for delivery of channels to the distributors of television channels.
Note: terrestrial communication medium - wireline
(e.g. cable/fiber, etc.)/wireless (e.g. cellular/microwave/Wi-Fi, etc.)/internet/cloud or any other equipment/system other than satellite medium
• Regulatory Framework: Similar to ‘Guidelines for
Uplinking and Downlinking of Satellite Television
Channels in India, 2022, but excludes provisions related to satellite communication.
• Scope: Provide television channels to DPOs via terrestrial communication mediums for onward re-transmission. No restrictions on the number of mediums that can be utilised.
• Service Area: National.
• Authorisation Fee: C7 lakh per channel per year.
• TRAI has also acknowledged that there are rising concerns about the unregulated growth of FAST (Free Ad-Supported Streaming TV) channels (Digital platforms - OTT) delivering broadcast content, in Airtel parlance) in India leading to regulatory disparities and affecting the competitive balance with traditional broadcasting. Accordingly, it has recommended that the MIB assess whether FAST channels comply with existing guidelines and whether additional policies are needed to address gaps.
• However, as per the provisions of the Telecom Regulatory Authority of India Act, 1997, TRAIs recommendations are not binding upon the Central Government. fixed-line connections to
U. TRAI Recommendations on the "Frequency Spectrum in 37-37.5 GHz, 37.5-40 GHz and 42.5-43.5 GHz bands Identified for IMT" dated February 04, 2025
• Spectrum in ranges 37-37.5 GHz and 37.5-40 GHz should be put to auction in the next auctions.
• Spectrum in the range 42.5-43.5 GHz should not be put to auction in the next auctions, due to non- availability of the device ecosystem.
• Valuation of 37-40 GHz band should be based on average of different approaches, including auction determined price of 26 GHz band duly indexed at MCLR and international auction determined price ratios.
• Apart from Access Service providers, Internet service providers (ISPs) and entities holding M2M service authorisation should also be allowed participate in the auctions for 37-40 GHz band.
• However, as per the provisions of the Telecom Regulatory Authority of India Act, 1997, TRAIs recommendations are not binding upon the Central Government.
V. TRAI Recommendations on "Revision of National Numbering Plan" dated February 06, 2025
• Measures to address fixed-line Telecommunication Identifier (TI) resource constraints:
Short-term: Continue allocating SDCA-specific spare sub-levels to TSPs
Long-term: Migration from SDCA-based to LSA-based ten digit closed numbering scheme, within six months
• All fixed-line to fixed line calls (even within same SDCA) to be dialled with prefix ‘0 followed by SDCA code and the subscriber number.
• Post migration, TI resources generated using SDCA codes with spare sub-levels to be used across the LSA rather than being confined to the specific SDCA.
• Thereafter, a Fixed-line Location Routing Number
(FLRN) should be adopted, preferably within five years, to facilitate fixed-line number portability.
• Charges/Withdrawal of TIs:
No need for imposition of any additional charges for allocation of TI resources
No need for imposition of financial disincentive on non-utilisation of TI resources
However, unutilised TI resources may be withdrawn by DoT on the basis of annual usage
• Mandatory Deactivation on Non-Usage:
Allinactivemobile& be mandatorily deactivated after 365 days post 90 days of non-usage period.
• Measures in respect of TI resources for SIP/PRI connections:
Submission of SIP/PRI voice traffic report to DoT field units for examination for misuse for UCC
Implementation of CLI authentication framework while extending SIP/PRI trunks to non-TSPs
• However, as per the provisions of the Telecom Regulatory Authority of India Act, 1997, TRAIs recommendations are not binding upon the Central Government.
W. TRAI Recommendations on the "Terms and Conditions of Network Authorisations to be Granted under the Telecommunications Act, 2023" dated February 17, 2025
• Authorisations in line with Extant Regime:
Infrastructure Provider Authorisation: for provision of dark fibers, right of way, duct space, towers and IBS (Largely on the lines of the extant IP-I Registration)
MNP Provider Authorisation: for establishment
& operation of telecom networks for providing
MNP to access service providers (On the lines of the extant MNPSP License)
• New Authorisations Proposed by TRAI:
Digital Connectivity Infrastructure Provider (DCIP) Authorisation: for provision of wireline access networks, RAN, transmission links and Wi-Fi systems; in addition to the activities allowed under the scope of IP-I (On the lines of TRAI Recommendations on DCIP Authorisation under UL)
Internet Exchange Point (IXP) Authorisation: for peering and exchange of internet traffic, originated and destined within
India, among TSPs/ISPs and CDNs (On the lines of TRAI Recommendations on IXP Authorisation under UL)
Satellite Earth Station Gateway (SESG)
Authorisation: for establishment & operation of SESGs (On the lines of TRAI Recommendations on separate SESG License)
However, Satellite Control Centre (SCC), Mission
Control Centre (MCC), Telemetry, Tracking
& Control (TT&C) Stations, Remote Sensing Stations and Ground Stations for supporting space-based services like Space Situational
Awareness or navigation missions etc. to be exempt from requirement of Authorisation
Cloud-hosted Telecommunication Network (CTN) Authorisation: For provision of cloud-hosted telecom network-as-a-service
(CTNaaS) to TSPs
CNPN Provider Authorisation:
For establishing, maintaining, operating and expanding CNPN networks for enterprises
Cable Landing Station (CLS) Provider
Authorisation: For provision of access and co-location at CLS
• Following to be exempted from requirement of Authorisation:
Installation of In-Building Solution (IBS) by Property Managers, within their properties
Establishment and operation of Content Delivery Networks (CDNs)
• However, as per the provisions of the Telecom Regulatory Authority of India Act, 1997, TRAIs recommendations are not binding upon the Central Government.
X. TRAI Recommendations on "Broadcasting Service Authorisations under the Telecommunications Act, 2023" dated February 22, 2025
• Service authorisation for broadcasting services will be granted by the MIB under Section 3(1)(a) of the Telecommunications Act, 2023. Two main sets of rules:
Broadcasting (Grant of Service Authorisation) Rules
Broadcasting (Television Channel
Broadcasting, Television Channel Distribution and Radio Broadcasting) Services Rules
• New Services introduced: Ground-based TV broadcasting, Low Power Small Range Radio Service
• Migration: Voluntary migration of existing service providers to the new framework until existing licenses expire.
• DTH authorisation fee reduced to 3% of AGR, with DTH license fees phased out by FY 2026-27.
• Cross Holding Restrictions: Apply cross holding restrictions for DTH and HITS to IPTV (no more than 20% stake of a broadcasting/cable company in a DPO and vice versa).
• Vertical Integration: Reserve 15% channel capacity for vertically integrated broadcasters for HITS and IPTV services.
• Infrastructure Sharing: Allow voluntary infrastructure sharing among broadcasters, telecom and infrastructure providers.
• Net Worth: Remove the minimum net worth requirement of C100 crore for IPTV Service.
• Financial Disincentives (FD): Pay FD imposed by TRAI for regulatory violations. If defaulted, MIB can recover amount from the entitys Bank Guarantee/
Security Deposit.
However, as per the provisions of the Telecom Regulatory Authority of India Act, 1997, TRAIs recommendations are not binding upon the Central Government.
Y. TRAI Directions under Telecom Commercial Communications Customer Preference Regulations (TCCCPR), 2018
• TRAI, on August 20, 2024, issued a direction for implementation of various provisions under TCCCPR, 2018, such as DLT Voice Solution,
Whitelisting of APKs/URLs/OTT Links/Call-back numbers and PE-TM Chain Binding and End-to end implementation of 140xxx on DLT platform.
Z. MIBs Advisories Self-declaration Certificates for Advertisers
• The Ministry of Information & Broadcasting issued an advisory dated June 03, 2024 that required advertisers to certify that the advertisement (i) does not contain misleading claims and (ii) complies with all relevant regulatory guidelines, through the prescribed self-declaration process on the Broadcast Seva portal (for TV/Radio ads) or the Press Council of India Portal (for print media and internet ads).
• Thereafter, Advisory dated July 03, 2024 superseded the previous advisories dated June 03, 2024 and June 05, 2024. The revised requirement for self-declaration certificates applies only to advertisements related to products/services in the health and food sectors. These declarations are now required to be updated annually.
Africa
Legal and Regulatory Frameworks
Nigeria Mobile Services Know your customer (KYC)
In March 2024, the Nigerian Communications Commission (NCC) required full barring of fraudulently acquired National Identity Numbers (NINs) used for SIM registration across all mobile network operators (MNOs), with a final compliance date of July 31, 2024. In November 2024, the NCC limited individuals to four SIMs per NIN. The NCC also mandated that only one SIM could be registered via a third-party agent with further registrations needed at operator premises. This took effect on March 31, 2025.
Airtel Nigeria has fully complied with the directives issued. Since, Airtel has proceeded to implement these directives and with a view of mitigating against fraudulent SIM registration, proposed the implementation of Strategic Partner Stores in thirty-six (36) states. On April 10, 2025, the NCC approved 3,117 devices for immediate deployment in thirty-two states (32) and FCT. Approval for the remaining four (4) states, pends a thorough NCC investigation into the root cause of irregular/fraudulent SIM registration activities. Airtel being in the process of finalising the assignment of the approved devices to the strategic outlets at the state level, has requested an extension of the compliance deadline.
Licences
On July 1, 2024, Airtel Telesonic obtained the sales and installation of a terminal licence and a internet service provider licence for a duration of five years each.
Additionally, Airtel obtained the national long-distance licence for a duration of 20 years.
In December 2024, Airtel Telesonic was issued with an international data access services licence dated November 1, 2024, for duration of ten years.
Tariff adjustments
In January 2025, the NCC granted approval for tariff adjustments requested by the industry in response to prevailing market conditions. The adjustment, capped at a maximum of 50% of current tariffs, supports the ability of operators to continue investing in infrastructure and innovation, ultimately benefitting consumers through improved services and connectivity. The NCC reaffirmed its dedication to fostering a resilient, innovative and inclusive telecoms sector. The NCCs actions were also designed to ensure the long-term sustainability of the industry, support local vendors and suppliers and promote the overall growth of Nigerias digital economy.
East Africa Mobile Services Know your customer (KYC)
Rwanda
In August 2024, the regulator, RURA, issued an enforcement notice that required all operators to stop all street and kiosk-based SIM card registration and swaps and revoke the KYC credentials of all SIM registration agents within 24 hours. Airtel Rwanda implemented this directive and addressed the gaps in its SIM card selling outlets to ensure strict adherence to the KYC requirements. Airtel Rwanda co-operated with RURA and, in December 2024, Airtel Rwanda was granted written authorisation to restore KYC credentials to authorised kiosks, enabling agents to provide SIM registration and swap services in rural and underserved areas.
Zambia
Following an amendment to the Income Tax Act, on December 20, 2024, the Zambia Tax Authority required that MNOs, with effect from January 1, 2025, collect customer tax PINs as part of the onboarding KYC process for both telecoms and mobile financial service customers. Compliance with the legal requirement was to take effect on January 1, 2025.
Mobile termination regulation (MTR)
Rwanda
In August 2024, the Government of Rwanda signalled an end to the current zero MTR rate. The consultant hired by the regulator has proposed the introduction of a symmetric MTR rate of Rwandan franc 0.83 per minute for voice and Rwandan franc 0.1 for SMS, respectively.
Uganda
In August 2024, the Uganda Communications Commission (UCC) reduced the MTR rate from Ugandan shillings 45 per minute to Ugandan shillings 26 per minute with effect from
1 September 2024, pending the conclusion of an MTR cost study, which has not yet been finalised.
Zambia
Effective January 1, 2025, the Zambia Information and
Communications Technology Authority (ZICTA) imposed an interim asymmetrical MTR rate in favour of Zed Mobile, a new entrant in the telecoms market. The MTR payable to the three existing operators remains at Zambian kwacha
0.09 per minute, while the MTR rate payable to Zed Mobile has been set at Zambian kwacha 0.13 per minute pending the conclusion of a cost study.
Licences and spectrum
On September 6, 2024, Airtel Kenya received confirmation from the regulator of the extension of existing network facility provider, application service provider, content service provider and international gateway station and service licences as well as its spectrum in 900 MHz, 1,800 MHz and 2,100 MHz that were due for renewal in
January 2025 for a period of 24 months effective from
January 2025.
Francophone Africa Mobile Services Mobile termination regulation (MTR)
Republic of the Congo
In October 2023, l‘Agence de r?gulation des postes et des communications ?lectroniques du Congo Brazzaville
(lARPCE) extended the asymmetric MTR rate of 7 CFA
(Congolese franc) to terminate on Airtel Congo S.A.s network and 5 CFA to terminate on MTNs network for a period of 12 months to October 2024. In the meantime, the regulator has commissioned a cost study.
Licences
Chad
With effect from April 9, 2024, Airtel Chad was issued with a renewal of its 2G, 3G, 4G licences as well as the ISP licence. The licences are for a period of ten years at a cost of CFA 54 billion (approximately $89 million).
Gabon
On January 7, 2025, Airtel Gabon obtained a global fixed operator authorisation (FTTX licence), granted for a period of ten years at a sum of CFA 3.5 billion (approximately $5.8 million). The FTTX licence will enable Airtel Gabon to provide high-speed Internet services using fiber to retail customers.
Spectrum
Niger
In July 2024, LAutorit? de R?gulation des Communications
Electroniques et de la Poste (ARCEP) granted Airtel Niger the opportunity to acquire 20 MHz of spectrum in the 2600 MHz band at an initial fee of $1.32 million. In August 2024,
ARCEP granted a 12-month extension of the temporary allocation of 5 MHz in the 1800 band until July 2025. Airtel Niger is pursuing the conversion of this temporary allocation of spectrum into a permanent allocation at the end of the 12 month period. On October 31, 2024, Airtel
Niger received a decision from ARCEP allocating radio frequency for the fixed terrestrial service operating in the 6G Hz band (with a bandwidth of 40 MHz) for voice and data communications. This acquisition will bring additional backbone capacity (from 1.3 Gbps to 7.2 Gbps) and improve quality of service. It can also be used as an alternative to fiber on certain routes. Airtel Niger will be required to pay an annual fee of CFA 66,467,520 (approximately $109,000).
Tax developments
Democratic Republic of the Congo
Based on the Finance Act 2025, mobile telecom operators need to consider the deferred revenue as part of taxable income which will be subject to corporate income tax for the year.
Mobile Money Tax developments
Madagascar
The Finance Act 2025 introduced a 5% tax on mobile money revenue.
Malawi
The amendments to the Tax Acts were gazetted in April
2024 (effective January 2024) where the Corporate
Income tax rate of 30% is applicable up to 10 billion
Malawian kwacha and 40% over and above 10 billion Malawian kwacha.
Mobile money levy
Zambia
With effect from January 1, 2025, the Mobile Money
Transaction Levy Act 2024 has moved the administration of the levy from Bank of Zambia to the Zambia Revenue
Authority (ZRA) and has increased the chargeable rates on P2P transactions across eight brackets. A ZRA practice note of January 29, 2025 has extended the scope of the levy from P2P transactions to payments or transfers from a person to Government, from Government to a person, payment of utilities bills and to merchants and bank to wallet transfers. The mobile money industry is engaging ZRA and with relevant authorities on the scope of the levy as extended by the ZRA practice note.
Financial Review
Consolidated Figures
Particulars |
||||
| E Mn | $ Mn* | E Mn | $ Mn* | |
| Gross revenue | 1,815,110 | 21,491 | 1,643,643 | 19,865 |
| EBITDA | 1,049,994 | 12,432 | 889,064 | 10,745 |
| EBITDAaL | 932,961 | 11,046 | 782,065 | 9,452 |
| Interest, depreciation & others before exceptional items | 680,282 | 8,055 | 638,532 | 7,717 |
| Profit before exceptional items and tax | 369,712 | 4,377 | 250,532 | 3,028 |
| Profit before tax 1 | 442,580 | 5,240 | 174,809 | 2,113 |
| Tax expense1 | 31,921 | 378 | 60,338 | 729 |
| Profit for the year | 337,440 | 3,995 | 77,820 | 941 |
| Earnings per share (In C/USD) | 58.33 | 0.69 | 13.64 | 0.16 |
*1$ = C84.46 Exchange rate for the financial year ended March 31, 2025 (1$ =C82.74 Exchange rate for the financial year ended March 31, 2024).
Standalone Figures
| E Mn | $ Mn* | E Mn | $ Mn* | |
| Gross revenue | 1,089,439 | 12,899 | 941,198 | 11,375 |
| EBITDA | 615,267 | 7,285 | 510,867 | 6,174 |
| EBITDAaL | 533,745 | 6,320 | 440,859 | 5,328 |
| Interest, depreciation & others before exceptional items | 471,538 | 5,583 | 426,943 | 5,160 |
| Profit before exceptional items and tax | 143,729 | 1,702 | 83,924 | 1,014 |
| Profit before tax | 178,644 | 2,115 | 71,161 | 860 |
| Tax expense | (56,374) | (667) | 21,279 | 257 |
| Profit for the year | 235,018 | 2,783 | 49,882 | 603 |
| Earnings per share (In C/USD) | 40.60 | 0.49 | 8.74 | 0.11 |
*1$ = C84.46 Exchange rate for the financial year ended March 31, 2025 (1$ =C82.74 exchange rate for the financial year ended March 31, 2024).
1
Restated basis statutory reporting.To ensure like-for-like comparison, the financial figures
Towers Limited with the Company.
Our industry-leading performance is reflection of strong execution and operational excellence. The consolidated revenues for the year ended March 31, 2025 stood at C1,815,110 million, vis-?-vis C1,643,643 million in the previous year, an increase of C171,467 million.
The Company incurred operating expenditure (excluding access charges, cost of goods sold, license fees and charity & donation) of C509,356 million, a 3.5% decline from last year. Consolidated EBITDAaL stood at C932,961 million, reflecting 19.3% growth on a like-for-like basis, improving the EBITDAaL margin to 51.4%, up from 47.6% last year.
Depreciation and amortisation costs for the year stood at C476,780 million (higher by C43,548 million), due to continued investments in network upgrades and the rollout of 5G. As a result, EBIT stood atC569,567 million, up by C117,523 million from the previous year, with the
EBIT margin improving to 31.4% from 27.5% in the previous year. gin
Net finance costs amounted toC201,996 million, representing a reduction of C337 million compared to the previous year.
As a result, consolidated profit before taxes and exceptional items was C369,712 million, compared to C250,532 million in the previous year.
After accounting for exceptional items and non-controlling interests, the consolidated net profit for the year ended
March 31, 2025, amounted to C337,440 million, compared to a net profit of C77,820 million in the previous year.
The capital expenditure for the financial year ended March
31, 2025, was C422,904 million.
Key Ratios |
Units | FY 2024-25 | FY 2023-24 | Y-o-Y % |
| Capex productivity | % | 49.03 | 55.25 | -6 |
| Opex productivity | % | 28.06 | 32.11 | -4 |
| Interest coverage ratio | Times | 6.21 | 5.79 | 0.42 |
| Net debt to | Times | 1.79 | 2.37 | -0.58 |
| shareholders equity | ||||
| EBITDA margin | % | 57.85 | 54.09 | 4 |
| EBITDAaL margin | % | 51.40 | 47.58 | 4 |
| Netprofit | % | 18.59 | 4.73 | 14 |
| Return on shareholders | % | 34.49 | 19.0 | 15 |
| equity |
*Previous year numbers restated for enabling like-to-like comparison.
Liquidity and Funding
As on March 31, 2025, the Company had cash and cash equivalents of C61,056 million and short-term investments of C16,532 million. The Company generated operating free cash flow ofC510,057 million for the year.
As on March 31, 2025, the Companys consolidated net debt (excluding lease obligations) stood at C1,385,086 million, down from C1,452,207 million in the previous year. Consolidated net debt of the Company Including impact of leases stood at C2,038,384 million. The net debt-EBITDAaL ratio stood at 1.5x as compared to 1.9x as on March 31, 2024, while the net debt-equity ratio stood at 1.8x compared to 2.4x last year.
Airtel prepaid its high-cost spectrum liabilities to reduce both debt and cost of debt, demonstrating financial prudence and structural efficiency.
The Company prepaid C666,659 million of high-cost spectrum debt over the last four years, which had coupon rates ranging from 8.65% to 10%. In FY 2024-25, the prepayment stood at C259,820 million. Cumulatively these payments were made approximately seven years ahead of their average residual maturity.
*Previous year numbers restated for enabling like-for-like comparison.
Airtel Overview
Airtel is a global communications solutions provider with over 590 million customers in 15 countries across India and Africa. The company also has a presence in
Bangladesh and Sri Lanka through its associate entities.
The Companys strong performance and consistent improvement in revenue market share are a testament to sharp execution, a digital-focused approach and operational excellence.
In mobile services, the Company crossed the milestone of a total of over 360 million customers and 276 million+ smartphone data users, benefiting from its premiumisation strategy. Airtel has consistently gained revenue market share over the last six years. The Companys strategic focus on portfolio premiumisation and quality customer acquisition continues to drive industry-leading ARPU growth, with ARPU increasing to C245 vs C209 in the previous year.
In the Homes segment, Airtel sustained its growth momentum with a revenue increase of approximately 20% year-over-year. The Company added 2.4 million new customers, achieving the highest-ever net additions in Q4.
Segment-wise Performance
B2C services - Mobile Services India
Overview
Winning with quality customers, premiumising the portfolio and delivering brilliant experience are the strategic pillars of our consistent performance. Focused investments with continued expansion of 5G network, increased rural penetration and digital capabilities built over the past few years are yielding strong results. This contributed to strong growth in the mobile services customer base, increasing from 352.3 million on March 31, 2024, to 361.6 million on March 31, 2025. We also added 24 million smartphone data customers during the year.
In order to strengthen its network and deliver seamless and improved coverage & connectivity to the customers, Airtel acquired 97 MHz spectrum in 900 MHz, 1800 MHz and 2100MHz frequency bands through auction at cost of C68,567 million during the year. Complementing this,
Airtel also made significant investments in expanding its fiber ecosystem, deploying an additional 44,390 Rkms of optic fiber network across India, increasing its domestic fiber footprint to 489,098 Rkms on March 31, 2025. Fiber expansion is instrumental in enhancing network reliability, speed and coverage, thereby enabling Airtel to meet the rising demands of its diverse customer base.
During the year, Airtel launched Fixed Wireless Access (FWA) services to further accelerate its growth. In the Digital TV segment, Airtel launched IPTV services in March 2025, expanding coverage across most cities in India. Airtel Digital TV customer base stood at 15.9 million at Mar-25 exit. Despite macro challenges, Airtel showcased consistent customer market share improvement, which stood at 30% as on December 31, 2024.
Airtel Business posted a 6% year-over-year (YoY) growth, impacted by portfolio transformation. Our domestic portfolio continued with resilient performance and sustained growth led by both core connectivity and our digital portfolio. The Data Centre Business reported revenue growth of 13.8% led by strong demand and capacity expansion.
Africa reported growth on constant currency basis with revenue and EBITDA growth at 21% and 18%, respectively.
Africa Mobile customer base grew by 8.7% to 166.1 million and the Mobile Money active customer base grew by 17.3% to 38.0 million as of March 31, 2025.
These strategic initiatives have resulted in measurable growth metrics. The total mobile network usage rose from 4,667 billion minutes to 4,882 billion minutes. Data consumption increased by 23.2% to 81,257 billion MBs. Furthermore, the total smartphone data customer base expanded to 276.8 million, constituting 77.8% of total mobile service customers, demonstrating the growing penetration of smart devices and digital connectivity.
The Company continued investment in network infrastructure with 19,858 new towers added, bringing the total tower count to 338,029 as on March 31, 2025. Additionally, mobile broadband base stations reached 992,465, representing a 6.5% increase from the previous year.
In FY 2024-25, revenues rose by 18% to C1,002,500 million, up from C850,488 million last year, led by industry leading growth in ARPU.
The segment saw EBITDA margin increase to 57.8% from 55.0%, while the EBIT margin improved to 26.3% from
22.1% vs. last year. The margin performance resulted from operating leverage and ongoing cost efficiencies.
| FY 2024-25 | FY 2023-24 | Y-o-Y Growth | |
Particulars |
|||
| E Mn | E Mn | % | |
| Gross Revenues | 1,002,500 | 850,488 | 18% |
| EBIT | 263,653 | 188,199 | 40% |
Key Highlights
A. Connecting every corner
Airtel continues to strengthen and expand its network across challenging terrains and diverse geographies, ensuring seamless and reliable connectivity for its customers. By reaching to even remote and hard-to-access areas, Airtel is committed to bridging the digital divide and delivering superior communication services wherever its customers are located.
• Airtel offers seamless connectivity on the highest mountain passes in Leh and Ladakh, including Chang La and Khardung La. Tourists hotspots like Pangong Lake and Turtuk are also now connected exclusively with Airtel 5G.
• Airtel launched its network in Phobrang village, located on the Indo-China border, becoming the first service provider in the area.
• Partnering with the Indian Army, Airtel deployed 15 mobile towers in the Kupwara, Baramulla and Bandipore districts along the Line of Control in
North Kashmir. Apart from benefiting the local population, this initiative also provides essential communication facilities to soldiers stationed along the Line of Control, enabling them to stay in touch with their families and easing operational coordination.
• Airtel partnered with the Indian Army to launch its network in Galwan and Daulat Beg Oldie (DBO), the northernmost military outpost in the border town. It is the only private telecom provider offering services 16,700 ft above sea level.
• Airtel has significantly enhanced its network infrastructure in Gujarat by installing over 1,700 new cellular towers since early 2024, averaging more than eight towers per day. Airtel has been focusing on enhancing its network in rural areas of the state, which is one of its key markets.
• Airtel is the first telecom provider to offer uninterrupted 5G connectivity along the new
Mumbai Metro Line-3 (Aqua Line), thus taking the pioneering step to connect the Bandra Kurla Complex to Aarey, covering the crucial
Jogeshwari-Vikhroli Link Road section.
• During the Maha Kumbh in Prayagraj, Airtel took several measures to ensure seamless connectivity for millions of pilgrims by installing 287 new sites and optimising over 340 existing ones. It laid 74 km of fiber in the city and deployed 78 active Cells on
Wheels (CoW) within the Kumbh Mela premises.
Digital innovations and customer delight
Airtel is consistently working through innovation on strengthening its core to anticipate and lead change in the global digital landscape.
• In a pioneering move to curb the spam menace in India, Airtel has introduced Indias first AI-powered SPAM detection solution to combat spam calls and messages.
This innovative tool, introduced by a telecom service provider for the first time in the country, alerts customers in real-time to suspected spam calls and messages, processing 1 trillion call records daily and flagging 140 million spam calls and 8 million
SMSs.
The solutions is free of cost for Airtels customers and has been auto-activated, requiring no service requests or app downloads. With this groundbreaking initiative, Airtel has set a new industry benchmark in prioritising the security, privacy and convenience of customers.
• Airtel and Apple have partnered to offer Apple TV+ and Apple Music exclusively to Airtels Wi-Fi and postpaid customers. Postpaid plans above C999 include six months of free Apple Music and access to Apple TV+.
• Airtel completed deployment of additional spectrum it acquired in July 2024 across
Rajasthan, Assam, the Northeast, Bihar, Jharkhand, Chandigarh, Punjab and Kolkata. This deployment includes an extra 5MHz on the 2100 band, boosting Airtels 5G/4G network capacities, which significantly enhances data speeds and coverage in both urban and rural areas.
• The Company has successfully piloted seamless standalone (SA) and non-standalone (NSA switches in select circles and is expanding 5G services across its 1800, 2100 and 2300 MHz bands as more customers transition to 5G.
• Airtel Finance launched a fixed deposits marketplace during the year, offering attractive interest rates of up to 9.1% per annum, providing assured returns and fixed income investment option through the Airtel Thanks App.
Strategic Alliances and Partnerships
• Ericsson and Airtel signed a multi-year, multi-billion extension deal for 4G and 5G RAN products and solutions. As part of the deal, Ericsson will deploy centralised RAN and Open RAN-ready solutions for network transformation, improving coverage and capacity. Ericsson will also upgrade its deployed
4G radios to enhance customer experience.
• Nokia and Airtel signed a multi-year, multi-billion deal to deploy 4G and 5G equipment across key Indian cities. The contract entails Nokias deployment of its cutting-edge 5G AirScale portfolio, featuring base stations, baseband units and latest Massive MIMO radios powered by energy-efficient ReefShark technology that will enhance Airtels 5G network capacity and coverage. Additionally, Nokia will upgrade Airtels existing 4G network with multiband radios and baseband equipment supporting 5G. Airtel will also use Nokias MantaRay Network Management for AI-driven network monitoring and support.
• Airtel and Nokia conducted a 5G non-standalone (NSA) Cloud RAN trial, marking Nokias first such project. This initiative aims to enhance customer experience with high-performing networks.
The trial utilised 3.5 GHz for 5G and 2100 MHz for 4G, successfully achieving a throughput of over 1.2 Gbps with commercial user devices on
Airtels network.
• Airtel, MediaTek and Nokia completed successful trials combining Time Division Duplex (TDD) and Frequency Division Duplex (FDD) mid-band spectrum, achieving uplink speeds of 300 Mbps on a 5G network with Advanced Uplink
Functionality using latest-generation chipset. Conducted at Airtels tech lab, the trial maximised uplink performance by aggregating 3.5 GHz
(n78) and 2.1 GHz (n1) frequency bands. This innovation enhances connectivity and user experience for demanding applications, such as video conferencing, live streaming and large file uploads, reinforcing Airtels commitment to meeting the needs of a connected world.
• Airtel and Nokia have launched the transformative ‘Green 5G initiative to enhance energy efficiency in Airtels 4G and 5G RAN. This project will utilise AI/ML and advanced software solutions to reduce energy consumption during peak and off-peak hours, aiming to cut Airtels carbon emissions by approximately 143,413 metric tonnes of each year.
CO
2• Airtel has partnered with Ericsson and the Volvo
Group to advance Industry 4.0 and 5.0 in India by researching Extended Reality (XR), Digital Twin technologies and AI in the manufacturing sector. This collaboration aims to enhance industrial operations and workforce training by leveraging
5G and 5G Advanced technologies, with a focus on deploying Airtels 5G Advanced network for
XR applications.
• Airtel and Ericsson have renewed their partnership to deploy Ericssons 5G Core network for Airtels customers in India. This collaboration will support
Airtels transition to a full-scale 5G SA network, enhancing service capabilities. The agreement includes packet core, signalling, charging and policy solutions.
• Airtel has partnered with SpaceX to provide
Starlinks high-speed internet services in India. The partners will consider offering Starlink equipment in Airtels retail stores and explore ways to enhance Airtels network using Starlink, while SpaceX benefits from Airtels existing ground infrastructure and other capabilities in India.
• Airtel Finance partnered with Bajaj Finance to create one of Indias largest digital financial services platforms. This collaboration combines Airtels extensive customer base of 375 million and vast distribution network with Bajaj Finances diversified suite of 27 product offerings and vast reach, supported by its 5,000+ branches and 70,000 field agents. The partnership aims to provide financial services to the last mile population, thus promoting digital inclusion.
C. Awards and recognitions
Airtel continued to reinforce its leadership not only in telecommunications innovation but also in sustainability and corporate governance. The Companys consistent recognition across global and national platforms reflects its commitment to excellence, innovation and responsible business practices.
The GSMA Board elected Gopal Vittal as the new Chairman
Mr. Gopal Vittal is the second Indian to chair the Groupe Sp?cial Mobile Association (GSMA) after Mr. Sunil Bharti Mittal. As Chairman, Mr. Vittal will guide the strategic direction of the GSMA, which comprises over 1,000 global telecom companies, device manufacturers, software firms and internet organisations. This appointment underscores Airtels significant influence in the global telecom sector, with both Mr. Mittal and Mr. Vittal having held key positions on the GSMA Board for years.
Detailed List of Notable Awards and Recognitions Won
D. Financial Efficiency
Airtel prepaid its high-cost spectrum liabilities, thereby reducing its debt and cost of debt. This reflects the companys focus on financial prudence.
Airtel prepaid C259,820 million of high-cost spectrum liabilities in FY 2024-25 and has cumulatively prepaid spectrum liabilities of C666,659 million over the last 4 years. The average interest rate on the cumulative liabilities prepaid was approximately 9.74%. Airtel has fully prepaid spectrum liabilities that had interest rates higher than 8.65%. These prepayments have been made about seven years ahead of their average residual maturity.
Airtels subsidiary, Network i2i Ltd., also voluntarily called and redeemed $1 billion in Perpetual Notes.
Homes Services
Overview
Airtels Homes business continues to build on its robust growth trajectory, strengthening its footprint across India.
Backed by aggressive fiber deployments and launch of Fixed Wireless Access (FWA), Airtel is delivering a seamless, high-speed broadband experience to customers in 1,476 cities nationwide. Airtels FWA services are available in 2,500+ cities.
As a result of accelerated expansion, Airtels customer base crossed the 10 million mark by the end of FY 2024-25, up from 7.6 million the previous year - a year-on-year growth of 31.7%. A broader shift toward digital lifestyles, driven by rising consumption of streaming content, remote work, online learning and smart home solutions are leading the surge in demand for Airtels Wi-Fi services.
Homes segment reported revenues of C59,044 million for the year ended March 31, 2025, compared to C49,701 million in the prior year - an increase of
18.8%. EBITDA margin remained strong at 50.0%. EBIT for the year increased to C13,379 million, up 11% year-on-year.
Key Highlights
Strategic Partnerships and Innovation
Airtel strategically partnered with Nokia and Qualcomm to accelerate the expansion of 5G FWA and advanced Wi-Fi solutions across India. Under this collaboration,
Nokia will supply Airtel with its FastMile 5G FWA outdoor gateway receiver and Wi-Fi 6 Access Points, powered by Qualcomm Modem-RF and Wi-Fi 6 chipsets. This initiative will empower Airtel to deliver high-speed broadband connectivity in regions where fiber deployment is limited or difficult, thereby extending the benefits of digital access to millions.
A. Expansion of footprint
• Airtel Wi-Fi offers not just reliable high-speed internet, but also a rich bundle of digital entertainment with 22+ OTT platforms.
• Expansion included opening up all Airtel direct and indirect distribution channels, thus increasing reach and accessibility.
B. Enhancing customer experience
• ZEE5 partnership: Airtel has partnered with ZEE5 to bring its full content library -
1,800+ TV shows, 4,000+ movies and a wide array of web series in multiple languages - to Airtel Wi-Fi customers.
• Apple collaboration: In a strategic move, Airtel joined hands with Apple to offer:
– Apple TV+ to all Airtel Home Wi-Fi customers on plans starting at C999.
– Apple TV+ and six months of Apple Music to postpaid users on plans above C999.
• Airtel Xstream Play: Indias fastest-growing OTT aggregator, now with over 5 million paid customers, partnered with Sun NXT. This gives customers access to 50,000+ hours of rich regional content across languages like Tamil,
Telugu, Kannada, Malayalam, Bangla and Marathi. With content from 22+ OTT platforms, Airtel
Xstream offers one of the largest bundled OTT content ecosystems available on a single app in India.
C. Technology innovation
• Airtel continues to lead in broadband innovation with the deployment of Nokias Qualcomm-powered 5G FWA solutions. These devices support high-speed, low-latency and reliable internet services, especially in regions where fiber is not feasible.
Awards and Recognitions
• Economic Times MartEquity Awards Winner –
Best Multi-Channel Marketing Initiative
• ACEF Global Customer Engagement Award
Bronze Marketing Performance Measurement
• e4m Performance Marketing Awards Silver – Best Paid Search Campaign
Digital TV Services
Overview
Airtel Digital TV strengthened its market position with a 15.9 million customer base, on the back of its differentiated, simplified pricing and a seamless experience tailored to attract high-value users. A key milestone was the launch of IPTV services in 2,000 cities, further expanding Airtels reach. As a leader in innovation, Airtel
DTH and IPTV offer cutting-edge products and excellent customer service, making it one of the largest digital TV providers across all 640 districts in the country.
Key Highlights
• Airtel launched IPTV services in March 2025, covering
2,000 cities in India. The service offers customers the best large-screen viewing experience, with IPTV providing a modern TV interface with traditional linear
TV features, together with the bundled offering of 29 streaming apps including Netflix, Apple TV+ and
Amazon Prime – and over 350 TV channels.
• The Company experienced substantial customer growth in its Airtel Black plans during the year. As Indias first all-in-one solution for households, Airtel Black provides customers a unified bill, a single customer care number and zero switching costs, enhancing customer convenience.
• Airtel added 39 new TV channels to its platform this year, bringing the offering to a total of 705 channels.
This includes 99 HD channels, 36 SVOD services, four international channels and one 4K channel.
• Airtel partnered with Glance to launch Glance TV in India, which transforms idle TV screens into AI-powered smart surfaces, setting a new benchmark in Connected
TV (CTV) industry and enhancing the TV experience. Available through Airtel Xstream devices with Android TV OS, Glance TV features live and trending content from various categories, including news, entertainment, sports, business, finance, automobiles and technology.
B2B Services
Airtel Business
Overview
Airtel Business is Indias major ICT services provider offering a wide range of solutions to enterprises, governments, global carriers, OTT platforms and SMEs.
Known for its large customer base and global reach, Airtel Business continues to expand the digital landscape with strong network capabilities, serving businesses of various sizes across India, the US, Europe, Africa, the Middle East, Asia-Pacific and the SAARC region.
Global Business, the international division of Airtel Business, provides comprehensive connectivity solutions encompassing voice and data services for carriers, telecom operators, OTT players, multinational corporations and content providers globally. It caters to both international and domestic connectivity needs.
With ownership of the i2i submarine cable system, connecting Chennai to Singapore and stakes in major submarine cables (2Africa Pearls, SEA-ME-WE-6, AAG, IMEWE, Unity, EIG, SEA-ME-WE-4 and EASSY), Airtel has built a substantial international infrastructure. Airtel possesses capacity on more than 34 global submarine cables. This reinforces its significant role in facilitating global data flow.
Airtel Business provides an extensive array of digital services as well, which includes Network integration,
Managed services, CPaaS, PaaS, Cloud, Cybersecurity, IOT and Data center services. This comprehensive suite facilitates customers in advancing their digital transformation efforts effectively.
In FY 2024-25, Airtel Business achieved a 6.1% Y-o-Y growth, impacted by portfolio transformation. Our domestic portfolio continued with resilient performance and sustained growth led by both core connectivity and our digital portfolio. The Data Centre Business recorded revenue growth of 13.8% led by strong demand and capacity expansion.
Financial Performance
| FY 2024-25 | FY 2023-24 | Y-o-Y Growth | |
Particulars |
|||
| E Mn | E Mn | % | |
| Gross revenue | 220,935 | 208,209 | 6% |
| EBIT | 59,123 | 60,205 | -2% |
Key Highlights
A. Digital innovations and customer delight
• Airtel landed the new SEA-ME-WE-6 submarine cable in Mumbai and Chennai. Installed by SubCom, the cable connects India to Singapore and France (Marseille) via Egypt, enhancing Indias global connectivity. This adds 220 Tbps of capacity, further strengthening Airtels network presence with diversified capacity in the global submarine cable system.
• Airtel has landed the 2Africa Pearls cable in India, connecting the country to Africa and Europe via the Middle East, in collaboration with center3 and
Meta. This cable will provide over 100 Tbps of international capacity, enhancing Airtels global network to support Indias digital growth.
• Nxtra by Airtel has joined the RE100 initiative
– a global initiative led by Climate Group in partnership with CDP - committing to 100% renewable electricity. This makes it the only data centre organisation in India to pledge to RE100 and the 14th Indian company to reach this milestone, highlighting its commitment to environmental sustainability and a net-zero goal by 2031.
• Nxtra by Airtel has pioneered the use of AI in its data centres, aiming to create ‘Intelligent by Design and Sustainable by Choice infrastructure. It is the first data centre in India to utilise AI for predictive maintenance, enhanced operational and energy efficiency, streamlined automation and optimised capital expenditure. The AI-powered SmartSense platform, developed by Ecolibrium, was first implemented in Nxtras Chennai data centre and will soon be deployed across its core locations.
B. Strategic alliances and partnerships
• Airtel and Google Cloud have formed a long-term collaboration to provide cloud solutions to Indian businesses. This partnership will deliver advanced cloud services to accelerate cloud adoption for Airtels customer base of over 2,000 large enterprises and one million Emerging businesses. The two companies will combine their unique strengths in connectivity and AI to create advanced AI/ML solutions that Airtel will train on its extensive data set.
• Airtel Business has partnered with Sparkle, Italys first international service provider, to secure additional capacity on a low-latency route connecting Asia and Europe. The agreement allows Airtel to use Sparkles capacity on the Blue-Raman Submarine Cable Systems linking India to Italy.
This collaboration will diversify Airtels global network across multiple cable systems to support growing data service demands in India and its surrounding regions while also enabling the partners to explore new business opportunities together in the Indian subcontinent leveraging their respective cable infrastructures.
• Airtel Business and Cisco have launched the
Airtel Software-Defined (SD) Branch, a secure, cloud-based, end-to-end managed network solution for enterprises. Powered by Cisco Meraki platform, it simplifies network management across LAN, WAN and security for multiple branch locations, enhancing application performance and providing greater control over the entire network infrastructure.
• Kia India has partnered with Airtel Business for its Kia Connect 2.0 platform, focusing on Vehicle Management, AI Voice Command, Convenience, Remote Control, Safety and Security and Navigation. This collaboration uses Airtels nationwide network to provide reliable connectivity for Kias connected car variants, enabling seamless data transfer. Leveraging Airtels IoT Hub, the platform offers advanced analytics and real-time insights for both internal combustion engine (ICE) models and electric vehicles (EVs).
• Airtel Business has partnered with Zscaler to launch ‘Airtel Secure Digital Internet, Indias first fully-managed Zero Trust Architecture (ZTA) solution to protect enterprises from a wide range of cyber threats. This service combines Airtels Internet Leased Line (ILL) connectivity with
Zscalers cloud security and Security Service Edge (SSE) technologies as well as Zscaler Internet Access (ZIA ). It offers advanced security features like threat protection, SSL inspection, cloud firewall and secure cloud application access.
Built on the principle of ‘never trust, always verify, this solution enables Indian enterprises to navigate digital complexities in a scalable and cost-efficient manner effectively.
• Airtel Business has introduced ‘Airtel Secure Internet, a robust cybersecurity solution powered by Fortinet. This fully managed service enhances security on Internet Leased Line (ILL) circuits, combining Airtels connectivity with Fortinets next-generation firewall. It provides comprehensive protection through Airtels state-of-the-art Security Operations Centre (SOC) and Fortinets Security Orchestration, Automation and Response (SOAR) platform, ensuring an effective defence against cyber threats.
• Airtel Business and Vonage have teamed up to launch Airtel IQ Business Connect, a unified communications app designed for Indian enterprises to simplify customer engagement. This device-agnostic application enables businesses to maintain continuity in customer interactions across mobile phones, tablets and laptops while addressing data loss issues that can occur during employee transitions. With no need for additional hardware, companies can easily implement this solution to strengthen customer loyalty and engagement.
Awards and Recognitions
• The Economic Times: CIO Awards 2024 for
Excellence in Technology Implementation - End to End Service Delivery Platforms
• Quantic Business Media Pvt. Ltd: Cyber
Security Excellence Awards 2024 for Best
Web Application and API Protection Service - Telecommunications
• ET Shark Awards: B2B Campaign of the Year
• Zscaler Partner Award 2024: Solution Provider - Partner of the Year
• Ciscos ‘Service Provider Partner of the Year for APJC region
• ASSOCHAM (The Associated Chambers of Commerce and Industry of India: Branding and Marketing Excellence Awards 2025 for the ‘Best Adoption of AI in Marketing
• Fortinet: 2024 Unified SASE Partner of the Year
• #KladioScape: Outstanding Marketing
Campaign of the Year at AI World Sumit
Passive Infrastructure Services
Overview
Airtel offers passive infrastructure services through its subsidiary, Indus Towers Limited, one of the worlds largest tower infrastructure providers. Indus Towers acquires, builds, owns, operates and maintains tower and related infrastructure, providing shared access primarily to wireless telecommunications service providers under long-term contracts. It serves all wireless telecom providers in India and operates in all 22 telecommunications circles.
Indus Towers offers valuable, cost-effective infrastructure solutions for telecom operators, enabling tower sharing to reduce operating costs and accelerate network rollouts. With a strong nationwide presence, it helps expand coverage in underserved areas. Additionally, its commitment to energy efficiency supports both cost reduction and environmental goals.
During FY 2024-25, Indus Towers reported one of the highest tower and tenancy additions in its history. During the year, the company added 29,569 macro towers and
36,847 co-locations, taking the total base to 249,305 and
405,435 respectively. The tenancy ratio is industry-leading at 1.63. In terms of lean towers, the company added
3,192 co-locations on lean towers to take the overall base to 13,878.
Key Updates
• In FY 2024-25, Indus Towers expanded its market share by acquiring over 12,600 telecom towers and related infrastructure, including Macro Sites, Ultra Lean Sites (ULS) and Cell on Wheels (COW), from Airtel. This single-operator portfolio presents opportunities for sharing towers with other operators.
• Indus Towers enhanced its renewable energy portfolio in FY 2024-25 by investing in solar power projects. The company signed a Power Purchase Agreement with JSW Green Energy Eight Limited, a special purpose vehicle (SPV), to procure 130 MW of solar power, committing about C38.03 Crores for a 26% stake in the project.
• Indus Towers signed an agreement to acquire a 26% stake in Amplus Tungabhadra Private Limited, another
SPV, to establish and operate a 50 MW captive solar power plant. The ~C27 Crores investment aims to secure renewable power in line with the Electricity Act, helping reduce reliance on conventional energy.
Indus Consolidation w.e.f. November 19, 2024
During the year, Indus Towers Limited (‘Indus Towers), completed a buyback of 56,774,193 equity shares, increasing the Airtel Groups shareholding in Indus Towers from 48.95% to 50.005%, thus classifying it as a ‘subsidiary under Section 2(87)(ii) of the Companies Act, 2013.
Following the change in the composition of the Board of
Indus Towers, effective from November 19, 2024, Airtel acquired control over Indus Towers for consolidation. The numbers and information presented in this annual report, to the extent applicable, include the impact of Indus Towers consolidation from the said date of consolidation.
Financial Performance
| Particulars | FY 2024-25 | FY 2023-24 | Y-o-Y Growth |
| E Mn | E Mn | % | |
| Gross revenue | 301,228 | 286,006 | 5.3% |
| EBIT* | 145,946 | 88,581 | 64.8% |
Africa
Overview
Airtel Africa is a leading provider of telecommunications and mobile money services, with operations in 14 countries in sub-Saharan Africa. Airtel Africa provides an integrated offer to their customers, including mobile voice, data services and mobile money services both nationally and internationally. Airtel Africa is transforming millions of lives across Sub-Saharan Africa by delivering essential telecoms and mobile money services that are bridging the digital and financial divides. Through focus on enhancing customer experience and investment in extending networks, Airtel Africa has reached more people than ever this year, helping connect the unconnected, banking the unbanked and enabling communities, businesses and economies to thrive.
Investing in reach, coverage and capacity
• 1.7 million Airtel Money agents (+23.4%)
• 110,000+ exclusive distribution infrastructure • $670 million capex ($737 million in 2023-24)
• 37,117 infrastructure sites (+2,583 sites)
• 78,700+ km of connecting fiber (+3,300 km)
• 74.4% 4G coverage (+3.7%)
Delivering transparent, affordable, essential services
• 166.1 million total customers (+8.7%)
• 73.4 million data customers (+14.1%)
• 44.6 million Airtel Money customers (+17.3%) • $136 billion Airtel Money transaction value (+32.0% in constant currency) Airtel Africas overall customer base grew by 8.7% to 166.1 million as on March 31, 2025. Airtel Africas voice traffic grew by 13% to 570 billion minutes during the year, driven by customer base growth of 8.7% and an increase in voice usage per customer by 4.9% to 299 minutes per customer per month. The continued investment in sales and distribution infrastructure as well as network coverage, along with sustained demand for voice services, contributed to the growth in voice traffic. The growth of voice usage per customer was mainly contributed by Nigeria. Further, during the reporting year, we deployed around 2,600 sites, reaching 37,100+ sites in total as of March 31, 2025. We added 3,300+ sites on 4G and now 97%+ of our total sites are enabled for 4G. 5G is operational across five markets, with around 1,500 sites deployed. We also added around 3,300 km of fiber (reaching 78,714 km of fiber as of March 31, 2025).
Airtel Africas mobile money customer base grew by 17.3% to 44.6 million as of March 31, 2025, representing 26.8% of our total customer base. This growth was largely driven by expansion of our distribution infrastructure and merchant ecosystem. Our enhanced distribution channel ensures availability of mobile money float across our footprint. Our mobile money transaction value grew by 32.0% to over $136 billion in reported currency. The transaction value per customer reached $273 per month, an increase of 13.3% in constant currency.
In C reported currency, Airtel Africa revenues stood at C418,795 million compared to C411,841 million in the previous year. Groups EBITDA for the year stood at
C194,978 million compared to C201,016 million in the previous year. EBIT for the year was C124,490 million compared to C135,627 million in the prior year. PBT showed marked improvement, reflecting stronger operational performance and effective cost management, toC64,504 million compared to C61,197 million in the prior year. Capital expenditure for year was C56,700 million compared to C61,028 million in the prior year.
Financial and Operational Review
| FY 2024-25 | FY 2023-24 | Y-o-Y Growth | |
Particulars |
|||
| E Mn | E Mn | % | |
| Gross revenue | 418,795 | 411,841 | 2% |
| EBIT | 124,490 | 135,627 | -8% |
A. Key Company Developments Update on buyback programme
On December 23, 2024, the Company announced the commencement of a second share buyback programme that will return up to $100 million to shareholders. This programme is expected to be phased in two tranches of maximum $50 million each. The Company has entered into an agreement with Barclays Capital Securities Limited
(‘Barclays) to conduct the first tranche of the buy-back and carry out on-market purchases of its ordinary shares, with the Company subsequently purchasing its ordinary shares from Barclays.
This follows the completion of the first share buyback programme, which ended on October 28, 2024.
This buyback programme, which commenced on March 1, 2024, returned $100 million to shareholders following the purchase of 68,834,800 ordinary shares in aggregate, at a volume weighted average price of GBP 112.30 per ordinary share.
Network sharing in Uganda and Nigeria
The Group and MTN Group entered into an agreement to share network infrastructure in Uganda and Nigeria, while ensuring compliance with local regulatory and statutory requirements. These sharing agreements target improved network cost efficiencies, expanded coverage and the provision of enhanced mobile services to millions of customers, particularly those in remote and rural areas who do not yet fully enjoy the benefits of a modern connected life.
Following the conclusion of agreements in Uganda and Nigeria, MTN and Airtel Africa are exploring various opportunities in other markets, including Republic of the Congo, Rwanda and Zambia. Among the types of agreements considered are RAN sharing and those aimed at establishing commercial and technical agreements for fiber infrastructure sharing and, if necessary, the construction of fiber networks.
Renewal of tower lease agreements with American
Tower Corporation and I.H.S
During the year we renewed tower lease agreements with ATC and I.H.S for approximately 8,300 sites across Nigeria, Uganda, Kenya, Zambia and Niger for a period of
10 to 12 years. The renewals ensure we continue to benefit from contract structures, including the proportion that is linked to foreign currency. Under IFRS16 accounting standards, the extension of these lease agreements resulted in a $1.3 billion increase in lease liabilities.
Madagascar licence acquisition
In March 2025 Airtel Madagascar acquired a global operating licence for a term of 15 years for €30 million (approximately $32.5 million) payable in local currency.
The payment will be in five annual instalments, with the first instalment made in March 2025. The existing telecom licence would have expired in September 2025. Repayment of remaining $550 million bond achieving a zero-debt position at HoldCo.
On May 20, 2024, the Group announced that it has repaid in full the 5.35% Guaranteed Senior Notes maturing in May 2024. This bond repayment of $550 million was made exclusively out of the cash reserves at the HoldCo and is a continuation of its strategy to reduce external foreign currency debt.
Dividend recommendation
Returning cash to shareholders through our progressive dividend policy remains a key priority. In line with our dividend policy, we paid an interim dividend of 2.6 cents per share in December 2024. Furthermore, the Board recommended a final dividend of 3.9 cents per share, making a total dividend of 6.5 cents per share, which is an increase of 9.2% compared to the prior year.
Hyperinflationary accounting in Malawi
During the year, Malawi met the requirements to be designated as a hyperinflationary economy under IAS 29 ‘Financial Reporting in Hyperinflationary Economies. The Group has, therefore, applied hyperinflationary accounting, as specified in IAS 29, to its Malawi operations where the functional currency is the Malawian kwacha for the reporting period commencing 1 April 2024.
South Asia
During the year, the transaction between Bharti Airtel Limited, Dialog Axiata PLC (Dialog) and Axiata Group, Berhad involving the share swap of Bharti Airtel Lanka (Private) Limited (Airtel Lanka) with Dialog was consummated, effective
June 26, 2024.
Upon completion of the transaction, Dialog acquired 100% ownership of Airtel Lanka and Bharti Airtel Limited obtained
10.355% shareholding in Dialog.
Subsequently, the investment in Dialog has been irrevocably classified as Investment held at Fair Value through Other
Comprehensive Income (‘FVTOCI).
Revenue accounted till the said date of transaction is C941 million and EBIT losses are C503 million. Amount recognised in OCI on account of fair value changes in investment is C1,338 million.
Share of Associates/Joint Ventures
Airtel Payments Bank Limited
Airtel Payments Bank Limited became an associate of Bharti Airtel Limited w.e.f. November 1, 2018.
Key Operational and Financial Performance
Particulars |
Unit | FY 2024-25 | FY 2023-24 |
Operational Performance |
|||
| Monthly transacting users (MTU) | 000s | 95,819 | 66,940 |
| Total customers | 000s | 1,94,653 | 1,62,431 |
| Gross merchandise value (GMV) | C Bn | 3,808 | 2,631 |
Financial Highlights |
|||
| Total revenue | C Mn | 27,077 | 18,355 |
| EBITDA | C Mn | 2,999 | 1,816 |
| EBITDA/Total revenue | % | 11.1% | 9.9% |
| Net income (proportionate share of Airtel) | C Mn | 498 | 252 |
Robi Axiata Limited
Robi Axiata Limited is a joint venture between Axiata Group Berhad of Malaysia and Bharti Airtel Limited.
Key Operational and Financial Performance
Particulars |
Unit | FY 2024-25 | FY 2023-24 |
Operational Performance |
|||
| Customer base | 000s | 56,364 | 58,071 |
| Data customer as a % of the customer Base | % | 75.5% | 75.1% |
| ARPU | BDT | 138 | 140 |
Financial Highlights |
|||
| Total revenue | C Mn | 69,930 | 76,759 |
| EBITDA | C Mn | 35,538 | 36,179 |
| EBITDA/Total revenue | % | 50.8% | 47.1% |
| Net income (proportionate share of Airtel) | C Mn | 1,446 | 822 |
Risk Management and Mitigation Framework
Please refer to the detailed ‘Risk and Mitigation Framework on page 46 on this Integrated Annual Report.
Material Developments in HR
Airtels people strategy for FY 2024-25 was shaped by four strategic priorities viz.:
• Future-proofing talent and skills
• Strengthening organisation effectiveness
• Building an inclusive and engaged culture
• Providing superlative employee experience
Each of these strategic priorities was designed to be fit for purpose for the business of today, while building capabilities for the future.
Future-proofing talent and skills
Airtel invested in building a robust internal succession pipeline, ensuring that critical leadership roles had identified successors. This was supported by focused career planning, expanded leadership academies and targeted coaching interventions. Our commitment to capability building was evident in the launch and expansion of digital learning platforms and functional academies, which offered employees opportunities to develop new and relevant skills. Airtells, our internal employee marketplace initiative, with its theme of Limitless Learning, encouraged every function to map out career paths and cross-skilling opportunities, making continuous learning a core part of our culture. The result was a notable increase in internal mobility, with a significant portion of open roles filled by existing employees, reflecting our belief in developing talent from within.
Strengthening organisation effectiveness
This year, Airtel enhanced agility and productivity at the frontend, including our associates. We launched our own HRMS for associates, streamlining hiring, compensation and exit processes. This reduced manual effort and allowed managers to focus on team and operational goals.
Airtel took another step further in streamlining its network frontend by integrating network managed services with core network teams. This has led to simplified interfaces, larger role clarity, improving both employee and customer experience, reinforcing a customer-first approach.
These changes also strengthened our ability to respond to market opportunities and laid the groundwork for continued productivity gains.
Building an inclusive and engaged culture
Airtel continued to make progress in fostering an inclusive and engaged workplace. The representation of women in our workforce increased meaningfully (net addition of 734 women employees in FY25), supported by targeted hiring and a structured approach to lateral and campus recruitment. Initiatives such as POSH awareness workshops, well-being sessions and people manager upskilling helped reinforce our values of respect and inclusion across all levels of the organisation. For every cohort of new hire, whether from campus or lateral channels, we provided tailored onboarding and support to help them assimilate and succeed.
Providing superlative employee experience
This year, Airtel elevated the employee experience by driving focused improvements across work, workforce and workplace. On the work front, we streamlined processes and introduced digital and AI tools, helping employees work smarter and focus on higher-impact outcomes. For the workforce, we deepened engagement through tech interventions like the Airtel Alum Hub, Intern portal and AirCare Plus - flexible bespoke wallet covering holistic wellness support. We also strengthened our feedback loops using digital platforms to stay closely connected to employees needs throughout their journey with us.
The workplace saw tangible transformation with ten office refurbishments or relocations, creating modern, collaborative and safe spaces. These were backed by stronger safety protocols and the rollout of the Airtel Shield platform, embedding a culture of safety. Together, these efforts have led to a measurable uplift in employee sentiment and engagement, reinforcing Airtels reputation as a purpose-driven, people-centric employer.
Internal Controls
• Airtel has deployed a robust framework of internal controls across the organisation to facilitate efficient conduct of its business operations in compliance with the Company policy; fair presentation of its financial results in a manner that is complete, reliable and understandable; adherence to regulatory and statutory compliances that safeguard investor interest. Followed at the circle and country levels, this framework is assessed periodically and the performance of circles and countries is measured via objective metrics and defined scorecards.
• Accounting hygiene and audit scores are driven centrally through the central financial reporting team and Airtel Centre of Excellence (ACE), both being responsible for the accuracy of books of accounts, preparation of financial statements and reporting the same as per the Companys accounting policies. Regulatory and legal requirements, accounting standards and other pronouncements are evaluated regularly to assess applicability and impact on financial reporting. The relevant financial reporting requirements, documented in the Group Accounting Manuals, are communicated to relevant units and enforced throughout the Group. This, together with the financial reporting calendar evidencing the tasks and timelines, forms the basis of the financial reporting process.
• Deloitte Haskins & Sells LLP, the Statutory Auditors, have done an independent evaluation of key internal controls over financial reporting (ICOFR) and expressed an unqualified opinion stating that the Company has, in all material respects, adequate ICOFR and such ICOFR was operating effectively as on March 31, 2024.
• The Company has in place an Internal Assurance (IA) function headed by the Chief Internal Auditor. EY and
ANB & Co (ANB) are the Internal Assurance Partners of the Company. The internal assurance plan for the year is derived from a bottom-up risk assessment and directional inputs from the Audit Committee. The Audit Committee oversees the scope and coverage of the IA plan and evaluates the overall results of these audits during the quarterly Audit Committee meetings. Based on approved audit plan, IA partners conduct internal audits to review internal financial, operational,
IT, regulatory compliance and anti-fraud controls on a periodic basis. Any material weakness or control gap is presented to the Audit Committee members every quarter wherein management team ensures that the mitigation plans are being implemented to address the weakness/gap both incidentally and systematically. Additionally, separate quarterly Audit Committee meetings, if required, are also held to review the progress made on the previous gaps identified by
Internal Assurance. During these meetings, functional Directors are invited from time to time to provide updates on improvements in controls and compliance within their respective functions and updates on the progress of any transformational projects undertaken.
A CEO and CFO Certificate, forming part of the Corporate Governance Report, confirms the existence and effectiveness of internal controls and reiterate their responsibilities to report deficiencies to the Audit
Committee and rectify the same. The Companys Code of Conduct requires adherence to the applicable laws and Companys policies and also covers matters such as financial integrity, avoiding conflicts of interest, workplace behaviour, dealings with external parties and responsibilities to the community.
The Airtel Centre of Excellence (ACE), based in
Gurugram, Bengaluru and Chennai, is the captive shared service for financial accounting. Digitisation of ACE is being aimed as a part of the transformation agenda and includes initiatives such as system-based reconciliation and reporting processes with vividly defined segregation of duties. The Company operates on a single instance of Oracle across all operating units, which ensures uniformity and standardisation in ERP configurations, charts of accounts and finance processes across countries. The Company continuously examines its governance practices to enhance investor trust. Initiatives such as a virtual desktop interface for ultimate data security, self-validation checks, desktop reviews and regular physical verification are producing measurable outcomes through substantial improvement in control scores across India and Africa.
Oracle Governance Risk & Compliance (GRC) module has been implemented for India and Africa to strengthen existing controls pertaining to access rights for various
ERPs, ensuring segregation of duties and preventing possibilities of access conflicts.
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