H.R. COLLEGE OF COMMERCE & ECONOMICS 123, Dinshaw Wachha Road, Churchgate, Mumbai - 400020
A PR!"C# $
2012 -13 ANALYSIS ANALYSIS & %BHARTI AIRTEL- ANNUAL REPORT 2012-13
in the subject of ADVANCED ADVANCED FINANCIAL F INANCIAL ACCOUNING '()M*##"D #
UNIVERSI! OF MUM"AI +R #SEM$I
% +
MASER OF COMMERCE )
$ame .una/ bhan Ro// $o ($D"R #" (*DA$C" +
'of. Anjali Vachhani
!EAR ()*+$*, 1
H.R. COLLEGE OF COMMERCE & ECONOMICS INTERNAL ASSESSMENT PROJECT (40 Marks)
Name of the Student
"#rst name
Cass
$ %una
MCOM
"ather&s Name $ Ta'#nder Surname
R! No!
ACCO*NTS
+,
PART I
$ Ohan
Subject: ADVANCED FINANCIAL ACCOUNTING Topic fo t!e "oject: BHARTI AIRTEL- ANNUAL REPORT REPO RT 2012-13 ANALYSIS ANALYSIS
M-'s A/-'0e0 Docu2ent-tion *nterna/ "aminer 510 Mar6s7
"terna/ "aminer 510 Mar6s7 'esent-tion 510 Mar6s7 Vi3- -n0 Inte'-ction 510 Mar6s7 OAL MAR4S 540 Mar6s7
2
Si1n-tu'e
H.R. COLLEGE OF COMMERCE & ECONOMICS INTERNAL ASSESSMENT PROJECT (40 Marks)
Name of the Student
"#rst name
Cass
$ %una
MCOM
"ather&s Name $ Ta'#nder Surname
R! No!
ACCO*NTS
+,
PART I
$ Ohan
Subject: ADVANCED FINANCIAL ACCOUNTING Topic fo t!e "oject: BHARTI AIRTEL- ANNUAL REPORT REPO RT 2012-13 ANALYSIS ANALYSIS
M-'s A/-'0e0 Docu2ent-tion *nterna/ "aminer 510 Mar6s7
"terna/ "aminer 510 Mar6s7 'esent-tion 510 Mar6s7 Vi3- -n0 Inte'-ction 510 Mar6s7 OAL MAR4S 540 Mar6s7
2
Si1n-tu'e
-!R! COLLE.E O" COMMERCE / ECONOMICS #$% Di'(!)* +)c!!) Ro), C!uc!-)te Mub)i / 0111$1
ECLARATION 12 T-E ST*ENT
I 2u')3 2u')3 Ob!)' Ob!)' (tu,e' (tu,e'tt of M Com PartI
Ro33 Nube 45 !eeb6 ,ec3)e t!)t t!e
poject fo t!e ")pe St)te-ic M)')-ee't M)')-ee't tit3e, 7
BHARTI AIRTEL- ANNUAL REPORT 2012-13 2012- 13 ANALYSIS ANALYSIS 7
(ub (ubit itte te, , b6 e fo fo Semest ,ui'- t!e )c),e )c),eic ic 6e) 6e) 3054 Semester erII ,ui'3054 i( b)(e, o' )ctu)3 *o8 c)ie, out b6 e. I fut!e fut!e (t)te (t)te t!)t t!)t t!i( t!i( *o8 *o8 i( oi-i oi-i')3 ')3 )', 'ot (ubitt (ubitte, e, )'6*! )'6*!ee ee e3(e e3(e fo )'6 e9)i')tio'.
S#6nature of Student
3
CONTENTS S'. No
-'ticu5-'s
-1e Nos.
18 28 38 48 98 8 ;8 8 >8 108 118 128 138
About )harti Airte/ Cor
9:; > 10 : 13 14 19 1 1; 1 : 21 22 : 23 24 - 2 2; : 34 39
4
ABOUT BHARTI AIRTEL Bharti Airtel Limited is a leadin l!"al tele#!mm$ni#ati!ns #!m%an& 'ith !%erati!ns in 20 #!$ntries a#r!ss Asia and A(ri#a) Head*$artered in Ne' +elhi, India, the #!m%an& rans am!nst the t!% . m!"ile ser/i#e %r!/iders l!"all& in terms !( s$"s#ri"ers) In India, the #!m%an&s %r!d$#t !((erins in#l$de 2, 3 and . 'ireless ser/i#es, m!"ile #!mmer#e, (ied line ser/i#es, hih s%eed +SL "r!ad"and, IPT, +TH, enter%rise ser/i#es in#l$din nati!nal 4 internati!nal l!n distan#e ser/i#es t! #arriers) In the rest !( the e!ra%hies, it !((ers 2, 3 'ireless ser/i#es and m!"ile #!mmer#e) Bharti Airtel had !/er 256 milli!n #$st!mers a#r!ss its !%erati!ns at the end !( 7ar#h 2013)
In the 3 and B8A a$#ti!ns #l!sed last &ear, Airtel '!n 13 #ir#les in 3 and . #ir#les in B8A - 'ith a riht mi !( Ur"an and R$ral marets, #!m%lementin !$r strate& !( (!#$sin !n marets 'ith hih re/en$e and hih r!'th %!tential) 8e are #!mmitted t! i/e a %an India 3 e%erien#e t! !$r #$st!mer "ase in #!lla"!rati!n 'ith leadin tele#!m !%erat!rs) 8e (irml& "elie/e that 9data: '!$ld "e the r!'th dri/er (!r India in the net de#ade as 9/!i#e: was in h! las" 8hile 3 'ill aid in $sherin in the data re/!l$ti!n, 'here the ;rst
internet e%erien#e (!r masses 'ill "e thr!$h the m!"ile de/i#es< . 'ill add an!ther dimensi!n
t! data #!mm$ni#ati!n "& ($rther enri#hin the #$st!mer
e%erien#e)
9
N!w #!lhi$ Oc%&!' 22n( 2012) Bharti Airtel, a leadin tele#!mm$ni#ati!ns ser/i#e
%r!/ider 'ith !%erati!ns in 20 #!$ntries a#r!ss S!$th Asia and A(ri#a m!/ed $% !ne n!t#h in the '!rld 'ide ranin t! "e the (!$rth larest m!"ile !%erat!r in the '!rld in terms !( s$"s#ri"ers) =S!$r#e> 8ireless Intellien#e S#!re"!ard?) T!% @i/e O%erat!rs l!"all&> O*!'a%'
C%nn!ci%ns
Y%Y /'%wh$
+,illi%ns.
c%nn!ci%ns
hina 7!"ile !da(!ne r!$% Ameri#a 7!/il
53)0 35) 2D1)3
11 C DC C
r!$% Bharti Airtel Tele(!ni#a r!
%$2D0)0. 2.3)D1
13 C C
Bharti Airtel had "e#!me the (i(th larest m!"ile !%erat!r in the '!rld (!ll!'in its a#*$isiti!n !( Fain r!$%s m!"ile !%erati!ns a#r!ss 1D A(ri#an nati!ns in G$ne 2010) Bharti Airtel is> • • •
• •
•
3rd larest in-#!$ntr& m!"ile !%erat!r in the '!rld 5th larest in-#!$ntr& interated tele#!m !%erat!r in the '!rld Raned n$m"er D in the "est %er(!rmin te#hn!l!& #!m%anies in the '!rld "& "$siness 'ee India:s m!st inn!/ati/e #!m%an& "& 8all Street G!$rnal 8inner !( all$% reat '!r%la#e (!r "ein !ne !( the "est %la#es t! '!r '!rld'ide Raned 1 in the @T D00 '!rld:s larest #!m%anies 2006 raned "& (inan#ial times
!r%!rate in( !rmati!n di r e c t or s
B o a r dof ;
Mr .Suni lBha r t iMi t t a l Mr .Aj ayLa l r e c t or Chai r man&Managi ngDi
CEO ( I ndi a& Sout h
a lGupt Mr .Akhi
Ms .ChuaSoc kKoong
l i c h Mr .Cr ai gEhr
vynDa v i e s LordEvanMer
Mr .HuiWengCheong
Mr .N.Kumar
or a Mr .Ni keshAr
a s a d akPr Mr .Pul
r t iMi t t a l Mr . Raj anBha
r t iMi t t a l Mr .Rakes hBha
H. E. l i m Dr .Sal i m AhmedSa
Ms .TanYongChoo
i eh Mr .Ts unyanHs
Mr .ManojKohli CEO( o i ntMana I nt ernati onal)&J gi ng Di r e c t or
As i a)Gr oupGenera l
Counsel& Company S e c r e t a r y
poor Mr .Sanj ayKa
Mr .Mukes hBhavnani
ut S t a or t y dit Au or s
I nt e r na l
dit or s Au
Regi st ered&Corpor a t e d Offic e
we bs i t e
M/ s . S.R.Bat s o c i a t e s l i boi& As
Char t er edAcc o unt a nt s
M/ s . i v at eLi mi t e d Pr i c ewat er hous eCooper sPr M/ s . ANB Co i va t eLi mi t e d nsul t i ngPr
Bha r t iCr e s c e nt ,1 ,Nel d, s onMandel aRoa e–I 1 00 7 0,I ndi a Va Kunj ,Phas s a n t I ,New Del hi–1
www. a i r t e l . c o m
CONTENTS O ANNUAL REPORT
An ann$al re%!rt is a #!m%rehensi/e re%!rt !n a #!m%an&s a#ti/ities thr!$h!$t the %re#edin &ear) Ann$al re%!rts are intended t! i/e shareh!lders and !ther interested %e!%le in(!rmati!n a"!$t the #!m%an&s a#ti/ities and (inan#ial %er(!rman#e) An annual publication that public corporations must provide to shareholders to describe their operations and financial conditions. The front part of the report often contains an impressive combination of graphics, photos and an accompanying narrative, all of which chronicle the company's activities over the past year. The back part of the report contains detailed financial and operational information.
The (!ll!'in are the main #!ntents !( the Ann$al Re%!rt !( BHARTI AIRTEL> 1) 7essae (r!m hairman and 7anain +ire#t!r 2) +etails !( B!ard !( +ire#t!rs and B!ard !mmittees 3) +ire#t!rs Re%!rt .) A$dit!rs erti(i#ate !( !r%!rate !/ernan#e D) B$siness O/er/ie' 5) 7anaement dis#$ssi!n and anal&sis ) e& @inan#ial Indi#at!rs ) @inan#ials =In#l$din A$dit!rs Re%!rt? 6) N!ti#e !( A7 =In#l$din Attendan#e Sli% and Pr!& @!rm?
PERORANCE AT A /LANCE Pa'icla's
inancial Y!a' En(!( 1a'ch 31$
Unis
200
2004
2010
2012
2013
T!tal #$st!mer "ase
000:s
36,012
5.,25B
6,D63
13,013
220,BB
7!"ile ser/i#es
000:s
3,1.1
51,6BD
6.,.52
131,3.6
211,616
Telemedia ser/i#es
000:s
1,B1
2,2B3
2,25
3,05
3,265
+iital T3 ser/i#es
000:s
-
-
.0D
2,D6
D,553
Re/en$e
7n
1B.,202
20,122
33,D21
.1B,.2
D6.,52
EBIT+A
7n
.,.0
11.,01B
1D2,BDB
15,533
166,55.
ash %r!;t (r!m !%erati!ns
7n
3,03
111,D3D
13D,56
15,.DD
1,BD1
Earnins "e(!re taati!n
7n
.5,B.
3,11D
BD,610
10D,061
5,B2
Pr!;t a(ter ta
7n
.0,521
53,6D.
B,D60
B6,5B
50,.5
St!#h!lders: e*$it&
7n
11.,BB.
21,2..
261,26
.21,6.0
.B,55B
Net de"t
7n 7n
.2,B5
.0,BB5
B.,022
23,620
D66,D12
1D,D0
2DB,130
3D,301
..D,B50
1,0B,1B0
Based !n statement !( !%erati!ns
Based !n "alan#e sheet
Aa%ital em%l!&ed
e& rati!s EBIT+A marin
C
.0)36
.2)21
.0)62
.0)05
33)DB
Net %r!;t marin
C
22)0D
23)5B
21)0.
21).D
10)1
Ret$rn !n st!#h!lders: e*$it&
C
.3)10
3B)D1
30)61
2.)D0
13)30
Ret$rn !n #a%ital em%l!&ed
C
31)D
33)26
30)56
2.)36
10)6
Net de"t t! EBIT+A
Times
0)DB
0)35
0)DD
0)1.
3)00
Interest #!/erae rati!
Times
25).
26)D1
30)3B
30)D5
11)1.
B!! /al$e %er e*$it& shareI
30)30
D)23
5)2
111)13
12B).1
Net de"t t! st!#h!lders: e*$it&
Times
0)3
0)16
0)26
0)05
1)23
Earnins %er share ="asi#?I
10)2
1)12
20)0
23)5
1D)63
e& Per(!rman#e Indi#at!rs 1) !i#e ='ire-line? and +ata =+SL? Presen#e in t!% #ities !( India) 2) Taret Sement > Retail and Small and 7edi$m Enter%rises) 3) $st!mer "ase> 3)3 milli!n =end +e#em"er2012? .) Br!ad"and =+SL 'ith s%eedsJ2D5 "%s? %enetrati!n at .2)2C !( #$st!mer "ase) D) A/erae ARPU (!r K$arter ended +e#:11 1)6 %er m!nth) 5) Sement #!ntri"$tin t! C!( !/erall re/en$es !( the #!m%an&) ) EBIT+A marin !( !/er .2)2C
ac%'s a55!cin6 h! inancial P!'5%',anc!0
1)
+i/ersi(ied tele#!ms M Presen#e in r!'th marets 'ith !!d %r!(it %!tential< M Re/en$e di/ersi(i#ati!n a#r!ss 'ireline, 'ireless, and +SL"r!ad"and< M A"ilit& t! in/est in e!ra%hi# #!/erae and *$alit& !( re#e%ti!n< M In/estment in te#hn!l!&, %r!/idin "and'idth (!r hih-*$alit& m$ltimedia and 'ire and 'ireless Internet #a%a"ilities< M A"ilit& t! ad$st ser/i#e %lan str$#t$re and %ri#in, and "$ndlin 'here a%%r!%riate, t! %r!/ide re/en$e r!'th
2) e!ra%hi# and dem!ra%hi# (!!t%rint) In assessin a #!m%an&s (!!t%rint--its li#ensed and de/el!%ed e!ra%hi# territ!r&--'e %rimaril& #!nsider the maret t&%e> internati!nal, nati!nal, rei!nal, ma!r metr!%!litan, s$"$r"an, !r r$ral) The #a%ital #!sts !( "$ildin and $%radin net'!r in(rastr$#t$re, the e#!n!mies !( s#ale that #an "e realied in %r!/idin ser/i#e, in#!me le/els and s%endin %atterns !( the maret, and the deree !( #!m%etiti!n are e& (a#t!rs in determinin a marets desira"ilit&) The /al$e !( an& i/en #$st!mer !r %!tential #$st!mer /aries (r!m !ne e!ra%hi# rei!n t! the net) 3) +i/ersi(i#ati!n and maret share) 8e anal&e di/ersi(i#ati!n "& e!ra%h& and dem!ra%hi#s, %r!d$#t, #$st!mer "ase, and sement) Hih maret shares let #!m%anies s%read !$t #!sts and en!& m!re e#!n!mies !( s#ale than their #!m%etit!rs) Str!n maret %!siti!ns ena"le #!m%anies t! rein/est in (ied assets and de/el!% ne' ser/i#es, t! maintain leadershi%) Sie !(ten is #l!sel& #!rrelated 'ith, and is an !$tr!'th !(, di/ersi(i#ati!n> T! rea#h a lare sie, #!m%anies need m$lti%le %r!d$#ts and re/en$e streams a#r!ss "r!ad areas) Small- and medi$m-sie #!m%anies $s$all& are %re#l$ded (r!m rea#hin
the hihest ratins le/els, des%ite ha/in str!n %r!(ita"ilit& and (inan#ials #hara#teristi#s, "e#a$se !( a la# !( %r!d$#t, maret, and e!ra%hi# di/ersi(i#ati!n)
.) S#!%e !( ser/i#e !((erins"$siness lines) @!r 'ireless, it is im%!rtant t! "rea re/en$e !$t int! its /ari!$s ser/i#e #!m%!nents, in#l$din m!nthl& (ees, %!st%aid and %re%aid ser/i#es, r!amin, s$r#hares, and n!n-/!i#e ser/i#es) @!r #a"le, 'e anal&e "asi#-T ser/i#e, %remi$m-#hannel #hares, %a&-%er-/ie', Internet a##ess, and !IP re/en$es t! $nderstand 'hi#h %r!d$#ts are mat$re rather than hih-r!'th, and, i( data are a/aila"le, their res%e#ti/e %r!(it #!ntri"$ti!n) 7!re mat$re %r!d$#ts, 'hile n! l!ner #!ntri"$tin sini(i#antl& t! t!%-line r!'th, ma& "e #riti#al #ash #!'s t! ($nd the "$ild!$t !( ne' net'!rs and ser/i#es) D) 7aret %enetrati!n) The meas$rement !( maret %enetrati!n is %arti#$lar t! s%e#i(i# ind$stries) The ind$str& that meas$res 'ireless %enetrati!n as a %er#entae !( POPs, 'hi#h is the t!tal %!%$lati!n 'ithin a li#ensed 'ireless area) @!r #a"le tele/isi!n, the ind$str& hist!ri#all& has meas$red %enetrati!n as the n$m"er !( s$"s#ri"ers as a %er#entae !( h!mes %assed "& #a"le) B$t the t!tal am!$nt !( ser/i#es %er #$st!mer has als! e/!l/ed int! a e& %arameter sin#e the intr!d$#ti!n !( ser/i#es "e&!nd "asi# #a"le in#l$din diital, Internet #!nne#ti/it&, and tele%h!ne) 5) 7aret mat$rit& and r!'th %!tential) The le/el !( a marets mat$rit& and r!'th %!tential is #l!sel& #!rrelated 'ith the le/el !( e#!n!mi# de/el!%ment and r!'th %r!s%e#ts in an e#!n!m&, as 'ell as the etent !( #!m%etiti!n and re$lati!n =see "el!'?) In the %ast (e' &ears, (!r eam%le, 'ireless !%erat!rs ha/e ad$sted their r!'th strateies) As marets mat$re, rather than see maret %enetrati!n at an& #!st, !%erat!rs enerall& see r!'th thr!$h hiher #$st!mer retenti!n and m!re (!#$s !n maret sementati!n and in#reasin ARPU)
) Te#hn!l!&--!%%!rt$nit& and ris) In !rder t! remain #!m%etiti/e, tele#!m and #a"le #!m%anies m$st #!ntin$all& in/est in ne' (eat$res and ser/i#e #a%a"ilities, 'hi#h are !(ten "ased !n ne' te#hn!l!ies that in s!me instan#es ma& n!t "e ($ll& %r!/en)
A #!m%an&s de#isi!ns !n the t&%e !( te#hn!l!& it em%l!&s, and the deree t! 'hi#h is $ltimatel& #reates a #!m%etiti/e ad/antae !r disad/antae, is a e& #!nsiderati!n) ) K$alit& !( =#$st!mer? ser/i#e) K$alit& !( ser/i#e is a e& inredient in tele#!mm$ni#ati!ns, #a"le, and satellite) Be#a$se the maret has "e#!me m!re #!m%etiti/e in re#ent &ears, #$st!mer satis(a#ti!n and retenti!n are e& t! (!sterin l!n-term re/en$e r!'th) 7inimiin #h$rn is $st as im%!rtant as se#$rin #$st!mers and retainin them) h$rn is the %er#entae !( t!tal s$"s#ri"ers that terminate ser/i#e 'ith a #arrier !n a m!nthl& "asis, and it is an indi#at!r !( #$st!mer satis(a#ti!n) Pr!d$#t and ser/i#e inn!/ati!n is als! #r$#ial t! minimiin #h$rn) a%ital e%endit$res merits #l!se attenti!n in the tele#!mm$ni#ati!ns, #a"le, and satellite "r!ad#ast ind$stries) In dere$lated, #!m%etiti/e, and mat$re maret en/ir!nments, a #!m%an&s l!n-term r!'th %r!s%e#ts in#reasinl& de%end !n !n!in in/estment in ne' te#hn!l!ies and net'!r maintenan#e and $%rades)
6) 7anaement e/al$ati!n) 8e assess manaement !n its a"ilit& t! r$n and e%and the "$siness e((i#ientl& 'hile mitiatin inherent "$siness and (inan#ial riss) O$r e/al$ati!n als! (!#$ses !n the #redi"ilit& !( manaements strate& and %lans%r!e#ti!ns, its !%eratin and (inan#ial tra# re#!rds, and its a%%etite (!r ass$min "$siness and (inan#ial riss) Tele#!m, #a"le, and satellite "r!ad#ast #!m%anies are hihl& #!m%etiti/e "$sinesses re*$irin e%erien#ed and s$##ess($l manaement
0INANCIAL RESULTS AN# RESULTS O OPERATIONS inancial Hi6hli6hs %5 C%ns%li(a!( Sa!,!n %5 O*!'ai%ns %5 h! C%,*an7 as per International
Financial Reporting Standards.
In line 'ith the stat$t!r& $idelines, the !m%an& has ad!%ted Internati!nal @inan#ial Re%!rtin Standards =I@RS? (!r a##!$nts #!ns!lidati!n (r!m @Y 2010-11) !ns!lidated and standal!ne (inan#ial hihlihts !( the !m%an&:s !%erati!ns are as (!ll!'s>
Am!$nt in 7n
inancial Hi6hli6hs %5 San(al%n! Sa!,!n %5 O*!'ai%ns %5 h! C%,*an7 as per Indian Generally Accepted Accounting Principles.
Am!$nt in 7n
PRIARY ASSETS O THE COPANY
A #!r%!rati!ns !%eratin /al$e is made $% !( its '!rin #a%ital, (ied assets, identi(ia"le intani"le assets and !!d'ill) In lare 74A transa#ti!ns, the share re%resented "& intani"le assets has !tten %r!ressi/el& larer) This is "e#a$se, in the n!'lede e#!n!m& era, intelle#t$al %r!%ert& has "e#!me s$#h an im%!rtant (a#t!r "ehind #!m%anies #!m%etiti/e strenth)
In the #ase !( Airtel t!! a ma!r #h$n !( the (ied assets is #!m%!sed !( Intani"le Assets) The intani"le assets in #ase !( a tele#!m #!m%an& are the m!st im%!rtant asset as it is thr!$h these assets that the #!m%an& %er(!rms its da&-t!-da& a#ti/ities)
The A##!$ntin treatment (!r these intani"les "& Airtel is e%lained ($rther) Identi(ia"le intani"le assets are re#!nised 'hen the !m%an& #!ntr!ls the asset, it is %r!"a"le that ($t$re e#!n!mi# "ene(its attri"$ted t! the asset 'ill (l!' t! the !m%an& and the #!st !( the asset #an "e relia"l& meas$red) At initial re#!niti!n, the se%aratel& a#*$ired intani"le assets are re#!nised at #!st) @!ll!'in initial re#!niti!n, the intani"le assets are #arried at #!st less an& a##$m$lated am!rtisati!n and a##$m$lated im%airment l!sses, i( an&) Am!rtisati!n is re#!nised in the statement !( %r!(it and l!ss !n a straiht-line "asis !/er the estimated $se($l li/es !( intani"le assets (r!m the date the& are a/aila"le (!r $se) The am!rtisati!n %eri!d and the am!rtisati!n meth!d (!r an intani"le asset are re/ie'ed at least at ea#h (inan#ial &ear end) hanes in the e%e#ted $se($l li(e !r the e%e#ted %attern !( #!ns$m%ti!n !( ($t$re e#!n!mi# "ene(its em"!died in the asset is a##!$nted (!r "& #hanin the am!rtisati!n %eri!d !r meth!d, as a%%r!%riate, and are treated as #hanes in a##!$ntin estimates)
The three ma!r intani"le assets !( Airtel are> 1) S!(t'are 2) Li#enses 3) Band'idth
The Intani"le Assets in#l$de>
1) S!(t'are
S!(t'are is #a%italised at the am!$nts %aid t! a#*$ire the res%e#ti/e li#ense (!r $se and is am!rtised !/er the %eri!d !( li#ense, enerall& n!t e#eedin three &ears) S!(t'are $% t! Q D00 th!$sand is am!rtised !/er a %eri!d !( !ne &ear (r!m the date !( %la#e in ser/i#e) S!(t'are held (!r li#ensin !r rental t! !thers sh!$ld "e re#!nied as an intani"le asset) On the !ther hand, #!st !( s!(t'are %$r#hased "& an enter%rise (!r its !'n $se and 'hi#h is interal t! the hard'are ="e#a$se 'ith!$t that s!(t'are the e*$i%ment #ann!t !%erate?, '!$ld "e treated as %art !( #!st !( the hard'are and #a%italied as %r!%ert&, %lant, !r e*$i%ment) Th$s, the #!st !( an !%eratin s&stem %$r#hased (!r an in-h!$se #!m%$ter, !r #!st !( s!(t'are %$r#hased (!r #!m%$ter-#!ntr!lled ma#hine t!!l, are treated as %art !( the related hard'are) !st !( !ther s!(t'are %r!rams sh!$ld "e treated as intani"le assets =as !%%!sed t! "ein #a%italied al!n 'ith the related hard'are?, as the& are n!t an interal %art !( the hard'are) @!r eam%le, the #!st !( %a&r!ll !r in/ent!r& s!(t'are =%$r#hased? ma& "e treated as an intani"le asset %r!/ided it meets the #a%italiati!n #riteria $nder IAS 3
2) Li#enses A#*$ired li#enses =in#l$din s%e#tr$m? are initiall& re#!nised at #!st) S$"se*$entl&, li#enses are meas$red at #!st less a##$m$lated am!rtisati!n and a##$m$lated im%airment l!ss, i( an&) Am!rtisati!n is re#!nised in the statement !( %r!(it and l!ss !n a straiht-line "asis !/er the $ne%ired %eri!d !( the li#ense #!mmen#in (r!m the date 'hen the related net'!r is a/aila"le (!r intended $se in the res%e#ti/e $risdi#ti!n) Intani"le assets $nder de/el!%ment are /al$ed at #!st)
3)
Band'idth Pa&ment (!r "and'idth #a%a#itites are #lassi(ied as %re-%a&ments in ser/i#e arranements !r $nder #ertain #!nditi!ns as an a#*$isiti!n !( a riht) In the latter #ase it is a##!$nted (!r as intani"le assets and the #!st is am!rtised !/er the %eri!d !( the
areements,'hi#h ma& e#eed a %eri!d !( ten &ears de%endin !n the ten!r !( the areement) Band'idth s!metimes de(ines the net "it rate =aa) peak bit rate, information rate, !r %h&si#al la&er useful bit rate ?, #hannel #a%a#it&, !r the maim$m thr!$h%$t !( a l!i#al !r %h&si#al #!mm$ni#ati!n %ath in a diital #!mm$ni#ati!n s&stem) @!r eam%le, "and'idth tests meas$re the maim$m thr!$h%$t !( a #!m%$ter net'!r) The reas!n (!r this $sae is that a##!rdin t! Hartle&s la', the maim$m data rate !( a %h&si#al #!mm$ni#ati!n lin is %r!%!rti!nal t! its "and'idth in hert, 'hi#h is s!metimes #alled frequency bandwidt, spectral bandwidt, RF bandwidt, signal bandwidt !r analog bandwidt )
COPANY8S PERORANCE) The last &ear has seen a l!t !( (l$ (!r Airtel and the ind$str&) In a di((i#$lt en/ir!nment, 'e ained re/en$e share as 'ell as ne' #$st!mers) Besides !$r !%erati!nal s$##esses, 'e als! $shered in s!me e& initiati/es t! rein(!r#e !$r leadershi% in the maret%la#e) Here are s!me hihlihts) O/er the #!$rse !( the &ear, data $sae d!$"led and #!ntin$es t! r!' at this %a#e) 8e #reated a '!rld #lass Net'!r E%erien#e entre in !rder t! deli/er a "rilliant data e%erien#e) 8e 'ere the (irst !%erat!r t! la$n#h . in (!$r #ities hel%in $s learn and $nderstand this emerin te#hn!l!&) 8e la$n#hed the Airtel 7!ne& S$%er A##!$nt in %artnershi% 'ith Ais Ban that all!'s #$st!mers t! sa/e and earn interest as 'ell as tae #ash !$t as %er their needs) T!da&, !$r ser/i#es ha/e the %!'er t! trans(!rm li/es) 8hether it is hel%in the $r"an h!memaer sta& in t!$#h 'ith her (amil& and (riends, the mirant la"!$r en!& the little d!se !( entertainment and ($n a(ter a hard da&:s '!r !r indeed "$sinesses that #an dramati#all& im%r!/e their %r!d$#ti/it&, tele#!m has an in#reasinl& trans(!rmati/e im%a#t) This is made e/en m!re e#itin d$e t! ra%id #hanes in #$st!mer "eha/i!$r) O/er the last (e' m!nths, I ha/e met se/eral !( these #$st!mers) Tae the #ase !( three 2D-&ear-!lds in a /illae near Allaha"ad, 'h! t!! "arel& D min$tes t! $nderstand h!' airtel m!ne& '!rs and sined $%) Or, a /illaer near H&dera"ad 'h! did n!t n!' Enlish "$t had ta$ht himsel( en!$h t! d!'nl!ad !/er 200 s!ns !nt! his %h!ne) These are the #$st!mers !( t!da& and t!m!rr!') The !nl& internet the& n!' is the m!"ile internet) The !nl& diital %a&ment the& n!' is thr!$h the m!"ile)
The last (inan#ial &ear sa' s!(tenin !( the m!"ile maret, es%e#iall& the /!i#e re/en$es amid in#reased #!m%etiti/e intensit& in A(ri#a) H!'e/er, 'e re#!rded n!ta"le s$##esses
in !$r !%erati!ns and #!ntin$ed t! s$##ess($ll& la$n#h e& initiati/es, s$#h as airtel m!ne&, 3 net'!r and the m!st inn!/ati/e &!$th($l #am%ains a#r!ss man& marets) This &ear, the %!liti#al and re$lat!r& en/ir!nment 'as #hallenin a#r!ss s!me !( !$r marets in A(ri#a) On the %!liti#al (r!nt, 'e e%erien#ed s!me inse#$rit& and /i!len#e in t'! !( !$r larest marets !( Nieria and +R, res$ltin in the l!ss !( %r!%ert& and disr$%ti!n !( "$siness !%erati!ns) On the re$lat!r& (r!nt, the re$lat!rs are in#reasinl& "e#!min strinent !n the *$alit& !( ser/i#e in a n$m"er !( #!$ntries) 8e als! sa' in#reased demands !n additi!nal taes and le/ies (r!m re$lat!rs as the tele#!m se#t!r is n!' in#reasinl& "ein %er#ei/ed as the 9#ash #!': se#t!r in these e#!n!mies) 8e sa' an in#rease in #!m%etiti/e intensit& a#r!ss the marets, (!r eam%le in Nieria< 'here the maret leader dr!%%ed tari((s "& ar!$nd 30C) H!'e/er, des%ite these #hallenes 'e ha/e still #!nsistentl& !$t%a#ed maret r!'th and steadil& re' !$r re/en$e maret share e/er& *$arter) On net'!r trans(!rmati!n, 'e #!ntin$ed t! dri/e the de%l!&ment !( 3 =n!' la$n#hed in 1. #!$ntries? and als! (!#$s !n 2 net'!r *$alit&) 8e are als! aressi/el& dri/in de/i#e %enetrati!n, in#l$din ta"lets, smart%h!nes and d!nles t! ens$re that !$r #$st!mers ha/e a##ess t! !$r 3 data ser/i#es) In !rder t! ens$re the deli/er& !( hih *$alit& de/i#es t! !$r #$st!mers, 'e als! #!n#l$ded tie-$%s 'ith all the ma!r de/i#e man$(a#t$rers) The $n"aned %!%$lati!n !( A(ri#a remains hih =in m!st #!$ntries !/er 60C? and 'e are le/erain this !%%!rt$nit& thr!$h airtel m!ne&) This %r!d$#t ena"les !$r #$st!mers e/en in the r$ral areas t! "e #!nne#ted t! the (inan#ial '!rld) 8e ha/e n!' s$##ess($ll& la$n#hed airtel m!ne& a#r!ss 15 marets and !$r !"e#ti/e is t! "e#!me A(ri#a:s larest m!"ile "an)
NE9 PRO#UCTS: INITIATIVES +$rin the &ear, the !m%an& la$n#hed /ari!$s ne' and inn!/ati/e %r!d$#ts and ser/i#es, dire#tl& and thr!$h its s$"sidiaries, 'hi#h ena"led it t! strenthen its leadershi% in an intensel& #!m%etiti/e maret) S!me !( the e& la$n#hes !( the &ear in#l$ded>
3/ S!';ic!s in 6 !( 13 #ir#les 'ith 3 s%e#tr$m, em%!'erin all 3
#$st!mers t! manae their data $sae and a/!id 9"ill sh!#: 'ith %r!a#ti/e, %ers!nalised and timel& data $sae alerts #!$%led
'ith
intr!d$#ti!n !( eas&-t!-$nderstand int$iti/e tari((s 'ith %ers!nalised
data $sae limits)
ai'!l ,%n!7 - India:s ;rst m!"ile 'allet ser/i#e "& a tele#!m !%erat!r)
It !((ers #$st!mers
an e(;#ient alternati/e
t! #ash transa#ti!ns,
%r!/idin Airtel #$st!mers a#r!ss the #!$ntr& 'ith a #!n/enient and se#$re 'a& !( main %a&ments thr!$h the $"i*$it!$s m!"ile %lat(!rm an&time, an&'here
ai'!l call ,ana6!', a ser/i#e that ena"les a #$st!mer t! ee% hisher
#allers in(!rmed ='hen he is in a meetin !r dri/in and is n!t a"le t! tae #alls? "& #h!!sin the meetin !r the dri/in %r!;les)
ai'!l ;%ic! &l%6, '!rld:s ;rst /!i#e "l!in ser/i#e, ena"lin
#$st!mers t! share re#!rded /!i#e $%dates 'ith their (!ll!'ers (ans, (riends !r (amil&)
ai'!l
w%'l(
!$t"!$nd
SI
(!r
internati!nal
tra/ellers
ena"lin
tra/ellers t! retain their l!#al n$m"er 'hile r!amin
internati!nall& at a (ra#ti!n !( the #!st, all!'in #$st!mers t! sa/e $%t! D %er#ent !n internati!nal #alls)
Li;! Aa'i !n m!"ile, India:s ;rst ser/i#e !n m!"ile !((erin dail&
li/e P$as and Aartis dire#tl& (r!m the shrines in#l$din Tir$%ati Balai, Siddhi/ina&a, Shri Sai Ba"a (r!m Shirdi and Banla Sahi")
L!a'nN!< an e-Learnin 'e"site (!r the !m%an&:s "r!ad"and $sers) It
is a #!m%lete #!m%$ter "ased intera#ti/e ABSE st$d& m!d$le, (!r st$dents st$d&in in lass I t! )
IPTV ser/i#es in Banal!re, the 2nd #it& a(ter +elhi NR t! et airtel
IPT ser/i#es)
ai'!l &'%a(&an( TV, all!'s the "r!ad"and #$st!mers t! 'at#h li/e T
!n their #!m%$ters !r la%t!%s 'ith!$t ha/in t! "$& an etra T set !r #a"le #!nne#ti!nNset t!% "! !r an air antenna "& sim%l& s$"s#ri"in t! airtel "r!ad"and T)
Uni5i!(
S!';ic!
ana6!,!n C!n'! =$S7?,
t!
enhan#e the
*$alit& !( #$st!mer e%erien#e and %r!/ide "est in #lass ser/i#es t! the #$st!mers)
/l%&al #aa S!';ic!s in Thailand and 7ala&sia in ass!#iati!n 'ith
TRUE Internati!nal ate'a& !) and Tele#!m 7ala&sia res%e#ti/el& t! ser/e the r!'in
"and'idth
demands
!( #$st!mers in the
rei!n)
ai'!l (i6ial TV '!c%'(!', an enhan#ed Set T!% B! =STB? 'ith
#a%a"ilit& t! re#!rd li/e tele/isi!n, an&time, an&'here $sin m!"ile
%h!ne)
A(ter
%i!neerin
%r!rammes thr!$h
the
initiati/e
!(
re#!rdin tele/isi!n
m!"ile, the '!c%'(in6 5acili7 was !<!n(!(
h'%6h in!'n! (!r airtel diital T re#!rder #$st!mers) 1A1O +7 Ai'!l 7 O55!' is A(ri#as (irst maretin t!!l !((erin
semented and %ers!nalised !((ers t! "!th a#ti/e and ina#ti/e #$st!mers) A sinle n$m"er,
1.1 is "ein ad/ertised in/itin
#$st!mers t! listen t! their #$st!mised !((ers 'ith the !%ti!n
!(
($l(illment) The !((ers rane (r!m /!i#e =l!#al and internati!nal?, S7S,
AS and data de%endin !n #$st!mers $sae and a#ti/it& i-Ca'! 'as de%l!&ed a#r!ss all #!$ntries !( !%erati!n the !"e#ti/e
!( the
%r!rammes
is t! "rin a"!$t
a
#$lt$ral
trans(!rmati!n a#r!ss the A!m%an& "& %$ttin the #$st!mer as the ;rst %ri!rit& and tain %ers!nal !'nershi%
t! res$me #$st!mer
iss$es)
CORPORATE SOCIAL RESPONSIBILITY
Bharti Airtel %artners !ranisati!ns a#r!ss #!$ntries !( its !%erati!n t! (!ster in#l$si/e r!'th) The !m%an& is a#ti/el& %$rs$in its s!#i!-e#!n!mi# %ri!rities a#r!ss m$lti%le %lat(!rms) Its indi/id$al "$siness $nits, s%read a#r!ss di((erent e!ra%hies, ha/e #!nsistentl& tried t! %r!m!te s!#ial in#l$si!n in an en/ir!nmentall& s$staina"le manner)
1" Bha'i %n(ai%n) T%wa'(s (!li;!'in6 =ali7 !(cai%n Bharti @!$ndati!n 'as esta"lished in 2000 'ith a /isi!n 9t! hel% $nder%ri/ileed
#hildren and &!$n %e!%le !( the #!$ntr& realise their %!tential:) Its (lashi% initiati/e, the Sat&a Bharti S#h!!l Pr!ramme, 'as la$n#hed in 2005)
@lash"a# 2012-13> •
Initiated a ne' %r!ramme t! %r!/ide "ride #!$rses t! 9!$t !( s#h!!l #hildren: t! ind$#t them int! mainstream !/ernment s#h!!ls =Sat&a Bharti Learnin
•
entres? La$n#hed a h!listi# %il!t %r!ramme t! im%r!/e the *$alit& !( ed$#ati!n im%arted in !/ernment s#h!!ls =K$alit& S$%%!rt Pr!ramme?
O"e#ti/es !( Sat&a Bharti S#h!!l Pr!ramme •
Pr!/ide (ree and *$alit& ed$#ati!n t! r$ral, $nder%ri/ileed #hildren, 'ith
•
s%e#ial (!#$s !n irls Hel% st$dents emere as ed$#ated, #!n(ident, res%!nsi"le and sel(-reliant
•
em%l!&a"le #itiens, 'h! are dee%l& #!mmitted t! s!#iet& En#!$rae a#ti/e in/!l/ement 'ith the #!mm$nit&, %arents and lie-minded !ranisati!ns
•
7ae a lastin and s$staina"le im%a#t !n the #!mm$nit&, 'here s#h!!ls are
•
%resent @ind inn!/ati/e s!l$ti!ns thr!$h its %rimar&, elementar& and seni!r se#!ndar& s#h!!ls t! #reate re%li#a"le and s#ala"le #!m%!nents in the %r!ramme t! im%art *$alit& ed$#ati!n
A"
Enhancin6 h! >ali7 %5 T!ach!'s
E/er& tea#her at the Sat&a Bharti S#h!!l ets am%le !%%!rt$nities t! learn and r!' thr!$h #lassr!!m-"ased
trainins, !n-the- !"
#!a#hin,
and sel(-learnin
!%%!rt$nities thr!$h tea#her res!$r#e material and #$rri#$l$m $ides) The& als!
re#ei/e s$"stantial e%!s$re t! "est %ra#ti#es thr!$h %eer-learnin and r!$%dis#$ssi!ns)
Re(resher trainins 'ere %lanned last &ear t! tea#hers
B"
H%lisic #!;!l%*,!n %5 Chil('!n
Sat&a Bharti S#h!!ls (!ll!' an instit$ti!nal and h!listi# #hild de/el!%ment m!del) A detailed (rame'!r has "een desined t! $ide tea#hers in (!#$ssin !n #riti#al areas in the %ers!nal, #!niti/e, s!#ial, em!ti!nal and %h&si#al d!mains !( st$dent de/el!%ment)
C"
C%,,ni7 En6a6!,!n
!mm$nit&
#!n#erns and needs are interated int! the %r!ramme at a /er&
earl& stae) The s#h!!l:s a#ti/ities and #alendar in#l$de en!$h !%%!rt$nit& (!r the #!mm$nit& t! $nderstand the %r!ramme and its rami;#ati!ns and enae 'ith it) Se/eral #!nta#t %!ints are arraned (!r tea#hers and ;eld sta(( t! dis#$ss s#h!!l a#ti/ities and st$dents: %er(!rman#e 'ith the #!mm$nit& mem"ers)
#"
1!as2'!,!n T%%ls ? Sch%%l I,*'%;!,!n P'%6'a,,!
The S#h!!l Im%r!/ement Pr!ramme 'as a s%e#ial initiati/e la$n#hed last &ear t! address the %r!"lem !( st$dent transiti!n and hih dr!%-!$t rates) O/er time it e/!l/ed int! a larer and m!re #!m%rehensi/e initiati/e !( identi(&in and addressin s#h!!lrelated iss$es thr!$h detailed r!$nd-le/el strate&
2" C%,,ni7 S!';ic! an( S**%' Se/eral initiati/es in the areas !( health, en/ir!nment
and disaster manaement
s$%%!rt are als! ad!%ted "& !$r l!#al !(;#es in India t! im%r!/e the li/in standards !( their res%e#ti/e #!mm$nities)
Last &ear, ill$%$ram and $dal!!r distri#ts in the #entral !ne !( Tamil Nad$
'ere "adl& a((e#ted, ha/in re#ei/ed rain(all 0C a"!/e the a/erae le/el) Bharti Airtel em%l!&ees t!ether 'ith the s$%%!rt !( l!#al /illae heads #!lle#ted !ld and ne' "lanets, made arranements
(!r (!!d
%a#ets, t!r#hes
and
!ther
"asi#
essentials and !t them distri"$ted t! 300 a((e#ted (amilies) Hel%line #entres 'ere installed 'ith POs (!r #!nne#ti/it&)
Similar t! %re/i!$s
&ears, !$r
#ir#le !(;#es !ranied
#hild
sa(et& a'areness
#am%ains, tra(;# a'areness #am%ains, e&e d!nati!n and "l!!d d!nati!n #am%s re$larl& (!r the em%l!&ees and eneral %$"li#)
8e harnessed !$r %r!d$#ts and ser/i#es (!r /ari!$s #!mm$nit& "ased a#ti/ities) S!me !( these in#l$de a /irt$al "l!!d "an< "l!!d d!nati!n alerts thr!$h S7S< POs (!r the /is$all& im%aired and di((erentl&-a"led< a/aila"ilit& !n
"$s
r!$te
in(!rmati!n
m!"ile %h!nes< the la$n#h !( a an#er Hel%line 'ith s!me
NOs and the la$n#h !( an e&e d!nati!n hel%line in #!lla"!rati!n 'ith the O%hthalm!l!& +e%artment !( a 7edi#al !llee)
3" a',!'s an( ish!',!n I@@O isan San#har Limited =ISL?, the !int /ent$re 'ith the Indian @armers @ertiliser !!%erati/e Limited =I@@O?, ($n#ti!ned al!n 'ith Ari#$lt$ral Te#hn!l!& 7anaement Aen#& =AT7A? in di((erent states t! %r!/ide te#hni#al in(!rmati!n related t! ed$#ati!n, !/ernment s#hemes, health, l!ans (r!m "ans and s! !n)
In Odisha, ISL teamed $% 'ith The Nati!nal @ederati!n !( @ishermen:s !!%erati/es Ltd) =@ISHOP@E+? and the state !/ernment t! %r!/ide #$st!mised #!ntent t! (ishermen) The ser/i#es in#l$ded in(!rmati!n !n P!tential @ishin F!ne =P@F?, ad/an#e 'eather (!re#astin, tidal 'a/elenth, (ishin re$lat!ries, "asi# h&iene !n (ishin, health, (ishin ti%s and !/ernment s#hemes)
@" C7&!' S!c'i7 The !m%an& re$larl& s$%%!rts !/ernment aen#ies lie ERT)in, IB, NTRO and
NATRI+ t! %r!/ide ser/i#es, in#l$din threat mitiati!n lie "!tnet threat, st$net %r!%aati!n and !thers< %r!a#ti/el& mitiate threats t! nati!nal #riti#al ser/i#es =atta# sim$lati!n eer#ises?) The !m%an& als! '!rs #l!sel& 'ith +SI t! e/!l/e the %ri/a#& (rame'!r)
" /'!!n Iniiai;!s Airtel #!nstantl& e%l!re 'a&s and means t! red$#e !$r #ar"!n (!!t%rint) 8e ha/e "een !%erati!ns
r$nnin
%!'er sa/in %r!rammes
in !$r !(;#es and net'!r
(!r !/er si &ears n!') These %r!rammes ha/e hel%ed #!nser/e
ener&, red$#e reen h!$se as emissi!n, and red$#e #!sts) A" /'!!n Sh!l!' 5%' BTSs 8e ha/e %i!neered the reen Shelter #!n#e%t (!r BTS) This $ni*$e shelter #!mes
'ith !%timal #!!lin, %!'er and thermal manaement minimiin the r$nnin
!( "a#
%$s!l$ti!n red$#es the !%erati!nal
s&stems,
there"&
s&stems lie diesel enerat!r sets) The
#!st "& as m$#h as .0C as #!m%ared t!
#!n/enti!nal shelters and a/!ids #!ntri"$tin t! l!"al 'armin "& minimiin reenh!$se as emissi!ns) B" P'%6'a,,! /OO# +/! % %5 #i!s!lT! red$#e diesel #!ns$m%ti!n at !$r sites 'e %$rs$ed %r!ramme 91OO+:
d$rin the &ear) Under this %r!ramme,
D00 sites in Bihar ha/e "een taen $% (!r S!lar P te#hn!l!& im%lementati!n des%ite a N!n-@a/!$ra"le @inan#ial 7!del) Similarl&, !ther te#hn!l!i#al inter/enti!ns
lie
+ O%timisati!n, IP7S =Interated P!'er 7anaement
S!l$ti!n?, and ++ 'ere im%lemented t! red$#e the diesel (!!t%rint at !$r net'!r sites) IP7S and /aria"le s%eed + enerat!rs =++? has led t! an ann$al red$#ti!n !( 1)2 7n litres in +iesel A!ns$m%ti!n a#r!ss 600 sites) C" /'!!n En!'67 A 100 '% s!lar %!'er %lant 'as #!mmissi!ned at !ne !( the 7ain S'it#hin entres
=7Ss? !( the !m%an& in India) This is the larest r!!(t!% installati!n in India:s entire tele#!m se#t!r, eneratin 1)D Lah $nits !( reen ener& ann$all&< m!re!/er, %lannin
t! re%li#ate this in its !ther 7S l!#ati!ns 'ith 300 '% s!lar %!'er %lants) #" /'!!n N!w%'s !n/ersi!n !( Ind!!r Sites int! O$td!!r Ones This &ear, Bharti Airtel #!n/erted a"!$t
1,50 "ase stati!ns (r!m ind!!r t! !$td!!r sites, eliminatin the $se !( air #!nditi!ner at these l!#ati!ns) This is !/er and a"!/e its initiati/e t! de%l!& 1C ne' sites as !$td!!rs Net'!r +e%l!&ment 'ith L!' P!'er !ns$min BTS The !m%an& endea/!$rs t! "$ild the net'!r 'ith %!'er-e((i#ient ele#tr!ni#s) The ne' (amil& !( BTS #!ns$mes 0)-1)0 8 %!'er) Its dilient e((!rts in the last (i/e &ears hel%ed t! red$#e %!'er #!ns$m%ti!n %er BTS "& 50C E" !- Annal R!*%' Bharti Airtel has started distri"$tin ann$al re%!rts thr!$h email, th$s hel%in red$#e
%a%er #!ns$m%ti!n) The !m%an& has sent the ele#tr!ni# /ersi!n !( the Ann$al Re%!rt t! m!re than 2 Lahs shareh!lders, sa/in !/er 2 r) %aes)
" !-Bills
The !m%an& 'as s$##ess($l in its endea/!$r t! la$n#h e-"ills (!r its %!st-%aid and (ied-line #$st!mers) T!da&, !/er D0 7n !( its #$st!mers $se e-"ills) This !-reen dri/e ena"led the !m%an& t! sa/e 21,.00 trees ann$all&) 7!re!/er, the %r!#ess !( address /eri(i#ati!n !( %!st- %aid a#*$isiti!ns als! 'ent diital) e8ai/ers, intr!d$#ed nati!nall& (!r ettin 'ai/ers a%%r!/ed, is an!ther e& initiati/e aimed at $sherin in %a%erless %r!#esses
BIBLIO/RAPHY
A? RE@RENE BOOS+OU7ENTS ANNUAL REPORT O@ AIRTEL @OR @)Y 2012-13 BOOS PUBLISHE+ BY AIRTEL) 7AFINES BY AIRTEL) BUSINESS 7AFINES
