Bharti Airtel Limited yesterday announced its audited consolidated IFRS results for the fourth quarter and year ended March 31, 2012.

Revenue growth in the fourth quarter was fuelled by increased customer subscription and strong minutes growth in India. Despite a national strike for 9 days in Nigeria, Africa revenues continued its growth trend. Consolidated EBITDA margin was sustained at a level of 33.3% benefitting from scale and cost efficiencies.

 The Consolidated Net Income of US$ 200 million, down from US$ 309 million in 2011,  was impacted by higher costs on account of 3G license fee amortization which stood at US$ 21 million, 3G interest costs which were US$ 17 million, forex fluctuation losses which were US$ 25 million and tax provisions which were US$ 28 million.

Bharti Airtel saw revenue growth of 11.6% for the full year in India & South Asia, mainly contributed by stability in pricing accompanied by robust growth in customer numbers. Revenue in Africa grew by 18.8% in $ terms, on the back of network expansion and a growing customer base. Consolidated EBITDA margins for the full year dropped to 33.2% from 33.7% in 2011, but Africa improved to 26.5% from 21.9% in 2011.

The Consolidated Net Income for the year was at US$ 890 million, US$ 1,325 million in 2011, impacted by higher costs on account of 3G license fee amortization which was US $135 million, 3G interest costs which was US$ 95 million, forex fluctuation losses were US$ 87 million and tax provisions which was US$ 82 million. The Net Debt – Equity ratio is at 1.29 up from 1.23 in 2011 and Net Debt - EBITDA ratio improved to 2.56 from 2.95 in 2011.

Highlights for the fourth quarter ended March 31, 2012

• Overall customer base stands at 252 million, across 20 countries.
• Total revenues at US$ 3,723 Mn, up by 15% Y-o-Y.
• India & South Asia revenues at US$ 2,652 Mn, up by 10.5% Y-o-Y.
• Africa revenues at US$1,071 million, up by 15.9% Y-o-Y. In Rupee terms, Africa revenue growth is at 28.8%.
• Consolidated EBITDA of US $ 1,239 Mn, up by 13.7% Y-o-Y. EBITDA margin at 33.3%.

Highlights for the year ended March 31, 2012

• Total revenues at US$ 14,937 Mn, up by 20.0% Y-o-Y.
• India & South Asia revenues at US$ 10,799 Mn, up by 11.6% Y-o-Y.
• Africa revenues at US$4,137 million, up by 43.7% Y-o-Y. In Rupee terms,Africa revenue growth is 51.5%.⁽¹⁾
• Consolidated EBITDA of US$ 4,957 Mn, up by 18.1% Y-o-Y. Full year EBITDA margin at 33.2%.