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INSTITUTE OF MANAGEMENT TECHNOLOGY,NAGPUR
BHARTIAIRTEL
BAVFS
8/25/2010
SECTIONABC1
POORNIMAY.K.2009149
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Contents
Strategy Analysis
Financial Analysis
Prospective Analysis
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STRATEGYANALYSIS
Bharti irtel Ltd.is one of siasleading integratedtelecom services providers with
operations in 9 countries across sia and frica. he company is structured into
fourstrategic business units - Mobile, elemedia, Enterpriseand Digital V.
he mobile business offersservicesi n ndia, Sri Lanka, Bangladeshand frica. he
elemedia business provides broadband, P V andtelephoneservicesin 89 ndian
cities. he Digital V business provides Direct-to-Home V services across ndia.
he Enterprise business provides end-to-end telecom solutions to corporate
customers and national and international long distance services to telecom
companies. irtels minute factory was producing nearly 2 bn minutesaday, lastyear.
SBU evenues ( s Mn) SubscriberBase (Mn)
Mobile (excluding frica) 3257 7 31.61
elemedia 34194 3.07
Enterprise Services 84386
Digital V 2.5
Bha
ti Ai
tel
Mobile Se
vices
Revenues - 32571.7 c
Subsc
ibe
base-
13.16 c
Telemedia
Revenues - 3419.4 c
Subsc
ibe
base - .307
c
Ente
p
ise Se
vices
Revenues - 8438.6c
Di
ital TV
Subsc
ibe
base - .25c
Formatted: Font: (Default) +Headings, 12 pFont color: Black, Expanded by 0.25 pt, Kern
14 pt
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y Postpaid
y Int rnationa Ca ing
y Devicesand Mobi e Internetconnection
y Wireless Internet
Airtelis presentin 2 circlesin India andin 16 co ntriesin A rica
Airtel o ns 0 o Warid Telecom in Bang lades t ro gh a jointventure. Bharti
Airtel Limited illtake managementcontrol o thecompan andits board , and ill
relaunch thecompan 'sservicesunderits o n Airtel brand.
I DI :
Degree of actual and potential competition:
Thetele-densityin India has gro n to 56 rom a negligible 4 adecadeago. The
Indian mobile industry s annual revenue is around US $ 2 billion ith the
subscriber base o 630 million. The customer base is increasing at 15-20 million
every month.
The price that consumers are illing to pay or basic call and text service is
decreasing rapidly and regularly, hence price orms a major dimension o
compe
tition in the
industry
Rivalry among existing firms:
There is intense competition among the existing irms or expanding subscriber
base, especially in circles (especia lly Metros) here the ARPU (Average Revenue
Per Minute) andthe MOU (Minutes o Usage) are high.
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Price ars happen every ew months and as a result o this, India has the lowest
tariffs and ARPUs. Serviceinnovationsareprimari lyin AS ( alueadded Services)
andpriceledandarecompetitivelysold.itis priceelasticin nature.
Concentration and balance of competitors:
The competition has been intense in the last 2 quarters with a number of new
entrantsin the marketandtheseentrants have been aggressivelycapturing the new
customers at the bottom of the APRU pyramidwho want the basicvoice and SMS
servicesat lowrates.
Subscriber basefor majorcompetitorsacross India:
30%
24%15%
15%
9%
3%
1%
1%1% 1% 0%
0%
Total Subscriber Figures - July '10
Bharti
irtel
Vodafone Essar
IDE
BSNL
ircel
* eliance
eleco
NL
Loop obile
Uninor
Videocon
Stel
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Sl.No.
Name ofCompany
Total SubFigures- July'10
MarketShare -July '10
Total SubFigures - July'0
MarketShare -July '0
increase
insubscribersover lastyear
increase inmarket shareoverlastyear
1 Bharti Airtel 13, 2,20, 2 29.74 10,51,77,635.00 32.25% 32.37 -7.78
2odafone
Essar11,14,65,260 23.81% 7,86,80,291.00 24.12% 41.67 -1.30
3 IDEA 7,07,48,936 15.11% 4,85,16,824.00 14.88% 39.54 1.60
4 BSNL 6,80,65,817 14.54% 5,07,00,367.00 15.55% 40.29 -6.46
5 Aircel 4,32,96,659 9.25% 2,31,01,900.00 7.08% 87.42 30.58
6*RelianceTelecom
1,63,11,206 3.48% 1,32,81,225.00 4.07% 22.81 -14.43
8 MTNL 49,47,938 1.06% 43,32,631.00 1.33% 110.50 -20.43
9 Loop Mobile 29,47,228 0.63% 23,50,537.00 0.72% -99.10 -12.64
7 Uninor 68,73,798 1.47%NewEntrant
10 ideocon 27,77,396 0.59%NewEntrant
11 Stel 14,23,043 0.30%New
Entrant12 Etisalat 30,023 0.01%
NewEntrant
All India 46,81,08,186 32,61,41,410.00 43.53
!
7.78 " 1.3
1.6
"
6.46
30.58
!
14.43
"
20.43
!
12.64
"
30
! 20
"
10
0
10
20
30
40
% increase in market share over lastyear
% increase in mar#
et share over
last year
Forma$ $
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Airtel Subscriber base byregion:
City/Circle May'2010 Jun'2010 Jul'2010 % Sharein July '10
Delhi 6204025 64,91,381 6802779 35
Mumbai 3109236 31,63,526 3185027 17.66
Chennai 2704067 27,96,432 2856044 30
Kolkata 2844709 28,74,419 2897038 23.47
Maharashtra 6701424 67,90,940 7117832 22.97
Gujarat 5760204 57,90,032 5794875 21.65
A.P. 13547616 1,38,45,579 14089766 41.23
Karnataka 13209270 1,34,06,397 13418999 48.61
T.N. 8423702 85,74,807 8642745 23.1
The Price wars:
Telecom revenueswere increasing at 30 to 40% per year for the mobile operator.
The growth ofthevoiceanddata numbersfell to only 3.6%. Thisisadramaticfall in
revenuesfor the mobile operator. The reason forthisis increasedcompetition, call
rates at 1paisa per second. So thevoice segment is completely commoditized. The
average RPU has decreased dra matically. The new operators are offering calls per
minute at relatively very low prices. This has changed the game and has brought
down revenuesdramatically.
The price war among operators was sparked when one of the country s largest
mobile
carrie
rs, Rel
iance
, cut pre-
paid rate
s by up to 60%
, re
ducing the
cost of aone-minute national call from INR2.49 to INR0.99. It was further fuelled by Tata
Docomos one paisa persecond proposition.As Airtelstrivedto match thesewith a
decreasein ARPU, itfacedless ARPUsandsaw,which inevitablyleadtoadeclinein
its profitability . The pricewars might be furtherexacerbated by the MNP (Mobile
Number Portability) which isscheduledto roll outfrom October 31 st.
Not justthevoicecalls, but SMS servicesand Internet ratesalso sawadeclinewith
south major Aircel being thefirstto offer GPRS at Rs.5aday andthiswasfollowed
by Airtel. Airtel , being a major player has neverinitiated pricecuts, buthasfollowed
the strategy of matching price cuts initiated by newentrants in markets to protect
its share. Yet, it has lost a little in terms of the emerging highly price sensitive
customers (mainly from semi-urban and rural markets) to the price based new
entrantcompetitors.
However, the 3G spectrum auction and the acquisition of Wireless broadband
licenses have seen operators including Airtel , shell out huge sum. This has led to a
lull in the price drops and a tariff rationalisation might be on the cards. However,
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though the 3G tariffwould be high forearlyadopters, a5% orso penetration would
not help operators recover their investments and so another price war might
emergewith a rationalisation of 3G tariffs. There has been some speculation thatthe countrys smaller players may not be able to survive a pricewar aswell as the
larger operators.
Degree of differentiation & switching costs:
In the earlier business model of the mobile industry, the SIM costs and the initial
costscreatedswitching costs. Also, withoutnumber portability , thelarger operators
who signedup asubstantialsubscriber baseearliercouldsustain a price premium.
But the price wars and number portability approval by the Government have
eroded this advantage. With SIMm card costs coming to zero and number
portability in the offing, operators have no option but to match the price cuts ofcompetitors low price being the key attempt at differentiation by the new
entrants. The bestway forward in differentiating their service for large operators
such as Airtel is through AS ( alue Added Services) and this is an area (coupled
with 3G) that Airtelisapparentlyfocusing on.
VAS Value Added Services & 3G :
Mobile value-added services (m-VAS) is the ability offor cellular operators and
service providers to charge a premium price for the services (beyond voice
conversation) they offer to their subscribers (mobile users). Airtel has been at the
forefrontof mVAS contentand offers.
mVAS industrysize-5000 crores.
Theyear on year growth o f mobileVAS is25% andthisyear, the growth isexpected
to be not less than 20%. MobileVAS revenue isexpected to touch Rs 14,500 crore
byDecember2010, a hefty22 .3% jump from the Rs 11,860 crorerevenueestimated
attheend of June2010. Indian MobileVAS revenueistoday valuedat .4 billion and
it is projected to touch $ 4 billion in the next5years . As of now, 70% ofVAS users
belong to urban India while the balance 30% come from rural India. There are
Oover 375 million mobile subscribers in India , out of which 8-10% of the total
mobile subscribers are expected to be GPRS (General Packet Radio Services)
subscribersaswell.
As per TRAI predictions, mobile VAS revenue growth contributing to
telecommunication industryis expectedto grow to 30% in next5-7years , which is
way beyondthecurrentcontribution of 10-12%. Mob ileVAS in India is projectedto
be 1 billion USD marketby2010.
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Revenuefrom VAS Valued Added Services, which includesVoice Mail Service, Call
Management, Airtel Talkies and othervalue added services like Hello Tunes, Music
on Demand and Airtel Live contributed to approximately 11 .6% of the totalrevenues.
The non-voice business madea greatercontribution to Airtelsrevenuewhich bo des
well for future prospects. In India Operators retain 60% of the VAS revenue,
whereastheaggregator gets25% and 15% goesto thecontentownerandthistrend
is goodfor Airtelasitlooksto expanding its VAS portfolio.
The high and mid customer segment as per SEC grid contribute to only 40% of the
total mobile customer base in India . Balance 60% low end segment are using the
lowcosthandsetswhich do notsupporttheVAS . Even in the midsegment, itis only
theyouth segmentwhich drivestheVAS marketgrowth in India .
For Airtel, this youth, which is its target and the bulk of its subscriber base, is thekey driver of subscriber growth andwith music and games orientedVAS, Airtel is
likelyto geta greatershare oftheVAS revenues.
Another advantagefor Airtelisthattherevenue marketsharedivided bycustomer
market share is highest for Airtel . Thus, theearly adopters of 3G andVAS services
are a part of the Airtel subscriber base and they can be expected to driver the
growth.
Company Average Revenue Average Subscibers Revenue/Customers
Aircel 259.6707667 2,82,58,084 91.89%
Loop 40.4885 25,72,409 157.40%
Idea 860.6938778 5,42,48,044 158.66%
Vodafone 1366.538789 8,71,24,003 156.85%
91.89%
157.40% 158.66% 156.85%
177.32%
92.19%
Aircel Loop Idea Vodafone Airtel Reliance
Reve ue/Customers
Revenue/(
ustomers
Forma) )
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Airtel 2033.59695 11,46,87,724 177.32%
Reliance 135.8888889 1,47,40,535 92.19%
One of the major leap Bharti Airtel took thisyear in theVAS fieldwas launching of
the App Store. Thelaunch ofthisservice hasextendedthereach ofapp storesto all
the basic phone users from the current smart phone users. It supports over 550
devices across all major operating systems making it a totally device agnostic
platform. It has seen over 2.5 mn downloads within just first month of its launch
with bulk of these customers coming from tier II cities. Airtel also launched m-
bazaar, a utilitarian & livel ihoo d enhancing service, it brid ges the information
divide, enabling the mobileuserto getclassified on the go.Be it jobs, matrimonial,
realestate or buying & sell ing goods. Overall 4 mn consumersareusing this service.
The 3G services which are expected to drive the growth in VAS are slated to be
launched by September by Airtel. Sanjay Kapoor, President-Mobile Services, Bharti
Airtel, informed that the core network is already 3G ready while content,
application and IT is getting p reparedfortherolloutin September.
Airtel haswon 3G spectrum in 13 circlesforatotalconsideration ofRs 12,295.46 cr
andthisis comparativelya huge 3G footprintin India .
Mobile Network Quality:
Anotherkeyarea ofdifferentiation is Mobile Networkquality . With theinception of
high quality voice, data and video services through 3G the strain on the existing
mobile infrastructure will increase considerably. Even with the currentpredominantly voice service, In an independent survey on the GSM and CDMA
mobile services in India , the Mobile Network Quality emerged as the most
important consideration for India s GSM and CDMA Mobile service users when it
comesto selecting a Service Provider.
The Telecom sectorin India hasascarcity ofspectrum andthe hypercompetition in
the sector has resulted in networks whose performance has not kept up with
demand.Nielsens Mobile Consumer Insights survey, which indicates that network
satisfaction, is driving overall satisfaction with services, offered by the Service
Providers.
Airtel scores here with its core strategy of passive infrastructure setup and its
strategy of outsourcing all such installations. The number of towers is a key to
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better networkquality . Thesametelecom towercan beused by multiplecompanies
for distributing the signals. Companies have already started to share their
infrastructure to bear with the tower investment pains. Indus Towers, a joint
venture ofVodafone (42%), Bharti Airtel (42%) and IDEA (16%) isfastgrowing and
already has morethan 1,00,000 Towersup andrunning andclaiming itselfto bethe
Worlds largest Tower company by installation units. This ensures that Airtels
network quality , especially in view of 3G services is on parwith any player in the
mobile industry and yet keeps its tower installation costs low (each tower costs
aboutRs.2crores).
Rural markets:
A key growth area for Airtel in India is the rural market. In rural India , the
teledensity is just about 15-20% and has huge growth potential. Rural India which
probably accounts for more than 60% of the new customers is still under 20%
penetrated. Airtel currently has ~22% market share in rural India . Airtels youth
focusisa greatassetto itastheyouth arethe primary driversfor mobileservicesin
therural market.
The mobile owning youth population in rural India in 2010 is 94.6 million and the
revenuefrom them isabout$2060 millions (projected) .
Some Airteltacticsin rural India
Airtel tied up with Iffco to reach out to farmerswhile Idea has an agreementwith
Reuters Market Light to provide information to farmers. Airtel gets access to Iffco
membersandsendsthem updates on agriculture, weatherandrelatedinformation .
About99% ofAirtelscommunication to ruralcustomersisin their nativela nguage.
CanopyDeployment: An Airtel initiative , it allows every rural distributor to have
one canopy. This is a service centre and shop that can be dismantled and set up at
every basetransceiverstation . Thiscatersto customerswho are on the periphery of
thesiteandarefarawayfrom the main town.
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AFRICA:
The African ain acquisition is aimed at making Airtel the most loved brand in
Africa by 2015. Bharti Airtel Africa has 36 MN customerswith an ARPU of $7.4 /
Month [Rs 333].Bhartiand ain Africatogetherwould haverevenues of US$ 13 bn,
EBITDA of US$ 5 bn. It is among the top three operators in terms of geographical
coverageandwill beamong thetop 5 operatorsin terms ofsubscriber base
ain Africa presented a significant opportunity for Airtel to deploy surplus cash.
Bhartiwill start generating free cash flow (FCF) from FY12E (high capex in FY11E
on accountof3G outgo) .
~500 mn population, ~35% teledensity, strong GDP growth and low competitive
intensity made ain Africa a preferred target. On an average, three-five operators
are present in African countries where ain is operating, far less than the 14 in
India faced by Airtel.
ain Africas tariff stood at US$ 0.07 per minute, which is roughly 6.5times that of
Bharti Airtel in India . The managementseems confident of replicating its minute
factory model. Bhartiintendsto replicateits outsourcing and passive-infrastructure
sharing model in the African continent and it expects to rationalise the opex and
capexsignificantly. This has been successfullyimplementedin India .
The management is confident that African marketwill show usageelasticity . MOU
for ain Africa is in downwards of 100 minutes per subscriber per month, against
Bhartis figure of 446 minutes (3QFY10). The management cited example of Sri
Lankan market, where Bharti has rolled out green-field operations and has
witnessedelasticityimpact.
The integration of ain Africawith Bhartiwill happen within six months of closing
thetransaction. Regulatoryapprovalsareexpectedto come on time.
Airtel has five 3G licenses in the 15 countries it operates in Africa. Airtel offers its services in 16 African countries now- Burkina Faso, Chad, Democratic Republic of
the Congo, Republic ofthe Congo, Gabon, Ghana, Kenya, Madagascar, Malawi, Niger,
Nigeria , Seychelles, Sierra Leone, Tanzania, U gandaand ambia .
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Airtel in Burkina Faso is the dominant player with 1,433,000 customers representing
50% market share. A pioneer in the Chadian telecom industry, Airtel in Chad is the no. 1
operator with 69% market share. The rapidly growing mobile sector in Gabon grew by
16.5 percent from 2007 to 2008 according to statistics from the Bank of Central African
States. Airtel in Gabon has 829,000 customers and its market share stood at 61%.
Airtel in Ghana has over 1 million customers. Airtel Kenya customers stand at 2,418,000
million with 17% market share. Airtel holds second place in the mobile telecom market
in Madagascar, has a 39% market share and over 1.4 million customers. Airtel in Malawi
is the market leader with a market share of 72%. Airtel in Niger is the market leader with
a 68% market share.
Airtel in Congo is the market leader with a 55% market share.
Airtel is the leading comprehensive telecommunications services providers with over
55% market share of mobile market in Seychelles.
Airtel in Tanzania is the market leader with a 38% market share. Airtel in Uganda stands
as the no. 2 operator with a market share of 38%.
The teledensity of Africa is about 30% and the market is rapidly growing. With its
position as no.1 or 2 in most African markets, Airtel is poised to make the most of the
0%
10%
20%
30%
40%
50%
60%
70%
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Market s are i terms of# subscribers
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African mobile boom. Also, the ARPUs in Africa are higher than India and consequently
the market is more profitable.
WIRELESS, TELEMEDIA & DI ITAL TV
SERVICES:
The Telemedia business provides broadband, IPTV and telephone services in 89
Indian cities. The Telemedia business provides services in 89 Indian cities and
consists of tw
o brands.
Airtel
Broadband prov
ide
s broadband and IPTV
se
rv
ice
s.
Airtel provides both capped as well as unlimited download plans. The maximum
speed available for home users is 16Mbps. Airtel Fixed Linewhich provides fixed
line services. Airtel has about 3.15 million wireline customers, ofwhich 42.6% are
broadband/internet subscribers as of August 2010. Until September 18, 2004,
Bharti provided fixed-line telephony and broadband services under the Touchtel
brand. Bharti now providesall telecom services including fixed-lineservicesunder
acommon brand "Airtel".
TheDigital TV business provides Direct-to-Home (DTH) TV services across India
under the brand name AirtelDigital TV. It started services on 9 October 2008 and
hasabout32.44 million customersas ofAugust2010 .
Broadband penetration in India is one ofthelowest- 0.63% (7.40 mn)
Keystatsfor Airtel
Wireless Customer marketshareleadership at23.5%.
Total minutes on networkcarriedin Q2 164 billion.
Largestprivate operator having presencein thevoice , broadband , IPTVanddata.
Voice (wire-line) andData (DSL) Presencein 95top cities ofIndia .
TargetSegment: Retailand Small and Medium Enterprises.
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Customer base: 2.9 million
Broadband (DSL with speeds>256 kbps) penetration at41% ofcustomer base.
Average ARPU $ 20.6 per month.
Segmentcontributing to 9% ofoverallrevenues ofthecompany.
EBITDA margin ofover 42.9%.
Digital TVindustryexpand by9 mn customers, almostequalto the numbersit grew
by in the preceding five years. AirtelDigital TV today caters to customers in over
5,000 townsandthousands ofvillages. Ithasacustomershare ofover25% amongst
newcustomersadded, in a highlycompetitive marketwith as manyassix paid DTHplayers. In ashortspan o f20 months of operations, it has gained marketleadership
in acquiring newcustomersin eleven outofnineteen stateclusters.
SUMMARISI :KEY PROFIT DRIVERS:
The key growth and profit driver for Airtel are the mobile services in India
and Africa.
In India , the high-end customers and the rural youth are the key target
audience. The high-end customers are expected to be the early adopters of
3G enabled mVAS services, thus driving up APRUs. The rural youth are
expected to identifywith the youth, music andentertainment positioning of
Airtel and drive the MOUs (minutes of usage) and the subscriber base the
most important success and chased metric in the industry currently. The
market in India has a teledensity of 45% and only about 15-20% in rural
India . Theyarealso high growth markets.
Thevoicerevenues howeveraredriven verylowdueto thecommoditisation
of voice calls through a number of new entrants who use price as a
differentiation factor to grab subscriber base (highly pricesensitive market)
and due to excess capacity in the urban markets. The licensing and
regulations such as 3G spectrum auctions and MNP (mobile number
portability) are key to the profits in this industry and Airtel is favourably
poisedto facethese.
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The network quality , afunction oftheinfrastructureisafavourable recipient
of the Airtel strategy of passive infrastructure deployment. The African
market is poised to a similar growth trajectory and the market is less
competitive.
Thereisadistinctmatch between thecompanysvision
By2010 Airtelwill bethe mostadmired brandin India: Loved by morecustomers
It is one of the largest brands and itsvision of leading the African market by 2015
seemsto have begusverywell.
The intense competitiveness of the Indian telecom markets would be
important. If Airtel continues to deal with this successfully (and it has in
place the requisite resources - infrastructure and the 3Gg & broadband
licenses), it couldwell achieve its growth visi on profitably and sustainably.
The allied services of telemedia , enterprise and DTH might seem to
cannibalise, butin thelong run could onlyadd to the Airtel profitsasthecore
industriesare growing andany one of them could beafuture profitdriver
leaving Airtelwith very opportunityto capita lise on this.
On the whole Airtel s operational strategy, its competitive positioning and
the M&A and passive infrastructure strategy coupledwith its resources are
profitdriversandwould help thecompanyachieve high sustainable profits.
Keystatsfor Airtel
Wireless Customer marketshareleadership at23.5%.
Total minutes on networkcarriedin Q2 164 billion.
Largestprivate operator having presencein thevoice , broadband , IPTVanddata.
Voice (wire-line) andData (DSL) Presencein 95top cities ofIndia .
TargetSegment: Retailand Smalland Medium Enterprises.
Customer base: 2.9 million
Broadband (DSL with speeds>256 kbps) penetration at41% ofcustomer base.
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Average ARPU $ 20.6 per month.
Segmentcontributing to 9% ofoverallrevenues ofthecompany.
EBITDA margin ofover 42.9%.