Bharti Airtel Ltd Share Price Today | Live Stock Price and Analysis

Company Name	BSE Code	NSE Symbol
Bharti Airtel Ltd Partly Paidup	890157	AIRTELPP
Digital Fibre Infrastructure Trust	543859
GTL Ltd	500160	GTL
Mahanagar Telephone Nigam Ltd	500108	MTNL
Nettlinx Ltd	511658
OnMobile Global Ltd	532944	ONMOBILE
Quadrant Televentures Ltd	511116
Railtel Corporation of India Ltd	543265	RAILTEL
Rajasthan Telephone Industries Ltd	517103
Reliance Communications Ltd	532712	RCOM
Spice Communications Ltd(merged)	532863	SPICETELE
Tata Communications Ltd	500483	TATACOMM
Tata Teleservices (Maharashtra) Ltd	532371	TTML
Tejas Networks Ltd	540595	TEJASNET
Tulip Telecom Ltd	532691	TULIP
Uniinfo Telecom Services Ltd	535055	UNIINFO
Vital Communications Ltd	532325	VITALCOMM
Vodafone Idea Ltd	532822	IDEA
We Internet Ltd	517534	NIVINFRA

Share Holding

Category	No. of shares	Percentage
Total Foreign	1321253806	22.14
Total Institutions	1189568615	19.94
Total Govt Holding	2001	0.00
Total Non Promoter Corporate Holding	43479797	0.73
Total Promoters	3283475106	55.02
Total Public & others	129642987	2.18
Total	5967422312	100

Total Foreign
Total Institutions
Total Govt Holding
Total Non Promoter Corporate Holding
Total Promoters
Total Public & others

About Bharti Airtel Ltd

Bharti Airtel Limited is a leading global telecommunications company with operations in 18 countries across Asia and Africa. Headquartered in New Delhi, India, Bharti Airtel ranks amongst the top 3 mobile service providers globally in terms of subscribers. The company offers an integrated suite of telecom solutions to its enterprise customers, in addition to providing long distance connectivity both nationally and internationally. The Company also offers Digital TV and IPTV Services. All these services are rendered under a unified brand 'airtel' either directly or through subsidiary companies. The company operates in four strategic business units, namely Mobile, Telemedia, Enterprise and Digital TV. The mobile business offers services in India, Sri Lanka and Bangladesh. The Telemedia business provides broadband, IPTV and telephone services in 95 Indian cities. The Digital TV business provides Direct-to-Home TV services across India. The Enterprise business provides end-to-end telecom solutions to corporate customers and national and international long distance services to telcos. The company also deploys, owns and manages passive infrastructure pertaining to telecom operations under their subsidiary Bharti Infratel Ltd. Bharti Infratel Ltd own 42% of Indus Towers Ltd. Bharti Infratel Ltd and Indus Towers Ltd are the largest passive infrastructure service providers for telecom services in India. Bharti Airtel Ltd was incorporated in the year 1995 with the name Bharti Tele-Ventures Ltd. The company was promoted by Bharti Telecom Ltd, a company incorporated under the laws of India. The name of the company was changed from Bharti Tele-Ventures to Bharti Airtel Ltd with effect from April 24, 2006 in order to reflect their brand essence, objective and the nature of their business activities. During the year 1995-96, the company launched mobile services under the brand name 'Airtel' for the first time in Delhi and Himachal Pradesh. During the year 1997-98, the company became the first private telecom operator to obtain a license to provide basic telephone services in the state of Madhya Pradesh. They incorporated Bharti BT VSAT Ltd and Bharti BT Internet Ltd during the year. During the year 1999-2000, the company acquired JT Mobiles for providing cellular services operator in Punjab, Karnataka and Andhra Pradesh. Also, they acquired Skycell, Chennai and thus, they expanded their South Indian footprint. During the year 2001-02, they launched IndiaOne, India's first private sector national and international long distance service. They acquired licenses for eight new circles across India. In July 2001, the company acquired 100% equity interest in Bharti Mobitel Ltd (erstwhile Spice Cell Ltd), which provided mobile services in the Kolkata circle. During the year 2002-03, the company launched cellular mobile services in the circle of Mumbai, Maharashtra, Tamil Nadu, Kerala, Madhya Pradesh, Uttar Pradesh (West), Haryana and Gujarat, fixed line services in the circles of Tamil Nadu and Karnataka and International Long Distance Services. They also commenced commercial operations for their submarine cable landing station. During the year 2003-04, the company obtained the new licenses for providing the Unified Access Services, which include telecom circles of West Bengal (including Andaman & Nicobar and Sikkim), Bihar (including Jharkhand), Orissa, Jammu & Kashmir and UP (East). They also acquired interest in the telecom circles of Rajasthan and North Eastern States, through the acquisition of 67.5% equity stake in Bharti Hexacom Ltd. During the year 2004-05, Bharti Cellular Ltd and Bharti Infotel Ltd, subsidiaries of the company, merged with the company with effect from April 1, 2004. Prior to merger of Bharti Cellular Ltd with the company, Bharti Mobile Ltd operated in circles of Karnataka, Andhra Pradesh and Punjab merged with Bharti Cellular Ltd. The company acquired an additional stake of 1% from Fouad M T Al Ghanim Trading & Cont Co Kuwait one of the shareholder of Bharti Hexacom Ltd. During the year, the company and Videsh Sanchar Nigam Ltd entered into an agreement to share the company's national long distance network for a period of 15 years for a consideration of Rs 5,000 million. They entered into a regional mobile services agreement with six other leading mobile operators, namely Globe Telecom, Philippines; Maxis, Malaysia; Optus, Australia; SingTel, Singapore; Taiwan Cellular Corporations, Taiwan and Talkomsel, Indonesia and formed a regional alliance, namely Bridge Alliance. In April 2005, the company through their erstwhile 100% subsidiary Bharti Infotel Ltd, which was merged with the company acquired 100% equity stake in Bharti Broadband Ltd (formerly known as Comsat Max Ltd) by acquiring their holding company Satcom Broadband Equipment Ltd (formerly known as CMax Infocom Ltd). Also, Satcom Broadband Equipment Ltd and Bharti Broadband Ltd were amalgamated with the company with effect from October 1, 2005. During the year 2005-06, the company signed a managed capacity expansion contract with Ericsson for providing managed services and expands their GSM /GPRS network into rural India in 15 circles. Also, they entered into an agreement with Nokia to expand their managed GSM/ GPRS/ EDGE networks in eight circles. The company and IBM launched Managed Services under their joint go-to-market program. During the year, Vodafone acquired 10% economic interest in the company by way of subscription of convertible debentures in Bharti Enterprises Ltd. Also, the company entered into strategic partnership outsourcing agreements for their customer care call center operations with four international BPOs - Hinduja TMT (HTMT), IBM Daksh, Mphasis and TeleTech Services. During the year 2006-07, the company incorporated seven wholly owned subsidiaries namely Bharti Airtel (USA) Ltd, Bharti Airtel (UK) Ltd, Bharti Airtel (Hong Kong) Ltd and Bharti Airtel (Canada) Ltd, Bharti Infratel Ltd, Bharti Telemedia Ltd and Bharti Airtel Lanka (Pvt) Ltd. They received letter of offer from Telecommunications Regulatory Commission of Sri Lanka for providing 2G and 3G mobile services in Sri Lanka. During the year, the company entered into agreement with Microsoft to offer software and services for the Small and Medium Business (SMB) market in India and to offer Microsoft's latest Windows Mobile 5.0 technology to its customer. They entered into agreement with Google to offer search services on Airtel Mobile. Also, they entered agreement with Adani Group to connect Mundra Port and Special Economic Zone and with IBM to deliver India's first 'Service Delivery Platform'. In July 2006, the company launched 'Airtel Mega' Fixed Wireless Phone (FWP) services. In September 14, 2006, they acquired 43,750 thousand shares of Bharti Hexacom Ltd for an aggregate consideration of Rs 875,000 thousand thereby increasing their stake from 68.5% to 68.89%. In December 2006 the company announced their foray into USA with the launch of Airtel CallHome service for Non-Resident Indians. In March 2007, they introduced BlackBerry 8800TM business phone. In April 3, 2007, Bharti Airtel (Singapore) Pvt Ltd, Singapore, was incorporated for providing Voice Interconnection, Prepaid International Calling Services, International Private Leased Circuits and VSAT Trading. During the year 2007-08, Bharti Airtel Services Ltd (erstwhile Bharti Comtel Ltd), the wholly owned subsidiary of the company, sold their entire shareholding in Bharti Telemedia Ltd to the company and Bharti Enterprise Ltd in the ratio of 40% and 60%, respectively. The company acquired 2% stake in a subsidiary of IFFCO Ltd called IFFCO Kissan Sanchar Ltd at a consideration of Rs 50,125 thousand. Also, they invested USD 1,200 thousand towards 1,200 thousand shares, of Bridge Mobile Pte Ltd, Singapore (Bridge Mobile). During the year, the company entered into a joint venture agreement with Vodafone Essar Ltd and Idea Cellular Ltd and formed an independent tower company namely, Indus Towers Ltd for providing passive infrastructure services in 16 circles of India. In September 7, 2007, the company acquired 49% of the equity in Bharti Aquanet Ltd, India, at a consideration of Rs 159,549 thousand making Bharti Aquanet Ltd a 100% subsidiary of the company. In September 28, 2007, they acquired 100% of the equity in Network i2i Ltd, Mauritius, at a consideration of USD 133,400 thousand. In October 1, 2007, the company incorporated a new company namely, Bharti Airtel Holding (Singapore) Pte Ltd in Singapore as an investment holding company of the company. In January 2008, the company transferred the passive telecom infrastructure business of the company to Bharti Infratel Ltd. During the year 2008-09, the company made their foray into media and television by redefining home entertainment with Airtel digital TV. They launched their virtual calling card service 'Airtel CallHome' in UK, Singapore and Canada. The service is targeted at the huge Indian Diaspora, Non-Resident Indians (NRIs) and Indian students in these markets. The company launched their mobile services in Sri Lanka under the Airtel brand. They expanded their footprint by launching their Mobile Services in Lakshadweep. They also launched VeriSign Identity Protection (VIP) Services for their enterprise customers in India in partnership with VeriSign. In February 19, 2009, the company increased their stake in Bharti Hexacom Ltd by 1.11% through acquisition of 2,780,306 equity shares for an aggregate consideration of Rs 166,818 thousand. In March 4, 2009, the company subscribed 1,470,000 equity shares (49% stake) in Bharti Teleports Ltd for an aggregate consideration of Rs. 14,700 thousand. In October 2009, the company launched live mobile comic service on their mobile entertainment portal, Airtel Live. In October 23, 2009, they acquired an additional 55% equity stake in their subsidiary, Bharti Telemedia Ltd for a consideration of Rs 7.38 crore. Consequently, the total equity interest of the company in Bharti TelemediaLtd increased to 95%. In January 12, 2010, the company agreed to acquire 70% stake in Warid Telecom, Bangladesh, a wholly owned subsidiary of the Dhabi Group. Warid Telecom is offering mobile services across all the 64 districts of Bangladesh. As of January 2010, the company had an aggregate of over 131 million customers in South Asia, including 121.7 million mobile customers in India. In March 11, 2010, the company made their debut into Media & Entertainment with the launch of the Airtel Digital Media Business. With this, the company is able to offer Content Delivery Solutions for media and entertainment sector. In June 2010, the company acquired Zain Group's mobile operations in 15 countries across Africa for an enterprise valuation of USD 10.7 billion. With this, the company has become the first Indian brand to go truly global with a footprint that covers over 1.8 billion people. Also, the company has become a major Indian MNC with operations in 18 countries across Asia and Africa with a customer base of over 180 million. During the year 2010-11, the company introduced a completely new, fresh and vibrant brand logo and identity.Apart from India and Sri Lanka, the brand also started to offer its services to consumers in Bangladesh making the Company a powerhouse across South Asia. Across the seas, the Company established a strong presence in the 16 countries across the African continent. During the year, Airtel won the 'Most Preferred Cellular Service Provider Brand' award in the CNBC Awaaz Consumer Awards 2010 for the 6th year in a row. The CNBC Awaaz Consumer Awards were based on an extensive consumer survey done by Nielsen, wherein the customers rated brands across different categories which delivered true value for money. During the year, the company launched 3G Services in 9 of 13 circles with 3G spectrum, empowering all 3G customers to manage their data usage and avoid 'bill shock' with proactive, personalised and timely data usage alerts coupled with introduction of easy-to-understand intuitive tariffs with personalised data usage limits. They launched various new and innovative products and services, such as airtel money, airtel call manager, airtel voice blog, airtel world SIM, Live Aarti, LearnNext, IPTV, airtel broadband TV, Unified Service Management Centre (uSMC), Global Data Services, airtel digital TV recorder, MAMO (My Airtel My Offer) and i-Care directly and through its subsidiaries, which enabled it to strengthen their leadership in an intensely competitive market. During the year, the company launched their New Vision for India and South Asia 'By 2015, airtel will be the most loved brand, enriching the lives of millions' inspiring and directing all stakeholders for the next stage of growth. Also, they launched their vision for Africa 'By 2015 airtel will be the most loved brand in the daily lives of African people'. In August 27, 2010, they acquired the 100% interest in Telecom Seychelles Ltd, a telecom operator of Seychelles, for an enterprise value of USD62 million. In September 2011, the company choose Ericsson India, Nokia Siemens Networks and Huawei Technologies as network partners to launch 3G Services in India. These partners will plan, design, deploy and maintain a 3G HSPA Network in Bharti Airtel 3G license circles. In January 2011, the company and State Bank of India (SBI) entered into a Joint Venture (JV) agreement to make available banking services to India's unbanked millions. The newly formed entity, will harness the power of State Bank's strengths and airtel's mobile telephony to add value to the banking and financial services sector and empower millions of financially excluded in the country to enhance their livelihood and quality of life. The Joint Venture will become the Business Correspondent of SBI and offer banking products and services at affordable cost to the citizens in unbanked and other areas. On 23 April 2013, Bharti Airtel announced that it had entered into a definitive agreement with the Warid Group (Warid) to fully acquire Warid Telecom Uganda. On 2 May 2013, Bharti Airtel Holdings (Singapore) Pte. Limited (Bharti), a wholly owned subsidiary of Bharti Airtel, and Warid Group reached an agreement, wherein Bharti decided to acquire the entire remaining 30% equity stake of Warid in Airtel Bangladesh Limited. Earlier, Bharti had acquired 70% stake in Warid Telecom, Bangladesh in January 2010. On 17 June 2013, Bharti Airtel announced that it had completed the allotment of 19.98 crore equity shares, representing 5% equity stake in the company, to private equity firm Qatar Foundation Endowment (QFE). On 3 May 2013, Bharti and QFE had announced a binding agreement for preferential allotment of Bharti Airtel shares to QFE. On 4 July 2013, Bharti Airtel announced that it has subscribed to an additional 2% equity share capital in all the four India BWA entities of Qualcomm AP that hold BWA licenses in Delhi, Mumbai, Haryana and Kerala. Post the transaction, all the four India BWA entities became subsidiaries of Bharti Airtel. On 24 May 2012, Bharti Airtel and Qualcomm announced an agreement under which Bharti acquired 49% interest in Qualcomm AP's India entities that hold BWA licenses in Delhi, Mumbai, Haryana and Kerala. On 5 November 2013, Bharti Airtel announced that it had entered into a definitive agreement with Warid Group to fully acquire Warid's Brazzaville operations. On 10 December 2013, Bharti Airtel and Reliance Jio Infocomm Limited announced a comprehensive telecom infrastructure sharing arrangement to utilise each other's infrastructure i.e. optic fibre, submarine cable networks, towers and internet broadband services. On 13 February 2014, Bharti Airtel announced that it had acquired 115.0 MHz spectrum for a total consideration of Rs 18530 crore in a spectrum auction conducted by the Government of India. On 19 February 2014, Bharti Airtel announced that it had crossed the 200 million mobile subscribers mark in India. On 2 April 2014, Bharti Airtel announced that it had selected IBM to manage the IT infrastructure and applications for its operations in India for five years. On 9 July 2014, Bharti Airtel announced an agreement with Helios Towers Africa (HTA), the leading independent telecoms towers company in Africa, for the divestment of over 3,100 telecoms towers in four countries across Airtel's African operation to HTA. On 7 August 2014, Bharti Airtel announced the successful completion of the Offer For Sale (OFS) of 85 million shares of its subsidiary Bharti Infratel Limited for a total consideration of over Rs 2100 crore. Post the transaction, Bharti Airtel's equity holding in Bharti Infratel came down to 74.86%. On 1 September 2014, Bharti Airtel announced the signing of a definitive agreement with Essar Telecommunications Kenya Limited, which operates under the brand name yuMobile', to acquire over 2.7 million subscribers of yuMobile. On 24 November 2014, American Tower Corporation and Bharti Airtel Limited announced that they have entered into a definitive agreement for the sale of over 4,800 of Airtel's communications towers in Nigeria. Airtel will be the anchor tenant on the portfolio under a lease with a ten-year initial term. On 15 December 2014, Bharti Airtel inked an agreement with IHS Holding Limited for sell and lease back of over 1100 towers from IHS in Zambia and Rwanda under a 10-year renewable contract. On 26 February 2015, Bharti Airtel offloaded 55 million shares of its subsidiary Bharti Infratel through a secondary share sale in the stock market for a total consideration of Rs 1925 crore. Post the transaction, Bharti Airtel's equity holding in Bharti Infratel was reduced to 71.9%. On 3 March 2015, Bharti Airtel announced a strategic collaboration with China Mobile to share network and product best practices and technical learnings and work together for standards and products to accelerate commercialisation of LTE and evolving 4.5G/5G technologies. The two companies also decided to work towards shaping up a joint strategy for procurement of devices that include Mifi, smart phones, data cards, LTE CPEs and USIM. On 26 March 2015, Bharti Airtel announced that it had acquired 111.6 MHz of prime spectrum across 900 MHz, 1800 MHz and 2100 MHz bands for a total consideration of Rs 29130 crore in a spectrum auction conducted by the Government of India. On 16 May 2015, Bharti Airtel announced that it had received financing commitments of up to USD 2.5 Billion from China Development Bank and Industrial and Commercial Bank of China at about nine-years in average maturity. On 26 August 2015, Bharti Airtel announced that it has signed a definitive agreement to acquire 100% equity stake in Augere Wireless Broadband India Pvt. Ltd., which holds 20 MHz of BWA Spectrum in the telecom circle of Madhya Pradesh and Chhattisgarh. On 30 November 2015, Bharti Airtel announced that it would invest Rs 60,000 crore over 3 years on a comprehensive network transformation program named Project Leap. On 13 January 2016, Orange, one of the world's leading telecommunications operators, signed an agreement with Bharti Airtel International (Netherlands) BV, a subsidiary of Bharti Airtel, to acquire Airtel's operations in Burkina Faso and Sierra Leone. On 28 January 2016, Axiata Group Berhad (Axiata) and Bharti Airtel signed a Definitive Agreement to merge their respective telecommunication subsidiaries in Bangladesh; namely, Robi Axiata Limited (Robi) and Airtel Bangladesh Limited (Airtel). On 23 February 2016, Bharti Airtel, Kotak Mahindra Bank Limited (KMBL) and Airtel M Commerce Services Limited (AMSL) signed the Share Subscription and Shareholders Agreement, wherein, KMBL agreed to acquire 9,83,82,022 equity shares aggregating to Rs 98.38 crores in cash, representing 19.90% of the paid-up capital of AMSL. On 16 March 2016, Bharti Airtel entered into a definitive agreement with Videocon Telecommunications Limited (VTL) to acquire rights to use 2 x 5 MHz spectrum in the 1800 MHz Band 2013 for six circles, namely, Bihar, Haryana, Madhya Pradesh, UP (East), UP (West) and Gujarat from VTL for an aggregate consideration of Rs 4428 crore. On 8 April 2016, Bharti Airtel and its subsidiary, Bharti Hexacom Limited entered into definitive agreements with Aircel Limited and its subsidiaries Dishnet Wireless Limited and Aircel Cellular Limited (together Aircel) to acquire rights to use 20 megahertz (MHz) 2300 Band 4G TD spectrum for eight circles namely, Tamil Nadu (including Chennai), Bihar, Jammu & Kashmir, West Bengal, Assam, North East, Andhra Pradesh and Orissa at an aggregate consideration of Rs 3500 crore. Reserve Bank of India on 11 April 2016 granted payments bank license to Airtel M Commerce Services Limited (AMSL), a subsidiary of Bharti Airtel. On 5 May 2016, Bharti Airtel International (Netherlands) BV, a subsidiary of Bharti Airtel, and Helios Towers Africa (HTA), an independent telecoms towers company in Africa, announced an agreement for the divestment of approximately 950 telecoms towers in the Democratic Republic of Congo (DRC) from Airtel to HTA. On 14 June 2016, Singapore Telecommunications and Bharti Airtel announced a strategic alliance to provide seamless high speed data connectivity to global enterprises under one network. On 6 October 2016, Bharti Airtel announced that it had acquired 173.8 Mhz spectrum across 1800/2100/2300 MHz bands for a total consideration of Rs 14244 crore in a spectrum auction conducted by the Department of Telecom, Government of India. On 20 December 2016, Bharti Airtel announced that its subsidiary Network i2i Ltd. has entered into a definitive agreement with Orascom Telecom Media and Technology Holding S.A.E (Orascom) to acquire Orascom's entire equity stake in Middle East North Africa Company Submarine Cable Systems S.A.E (MENA-SCS). MENA - SCS owns and operates a submarine cable network between India and Europe covering Middle East, with options to extend the network to Africa. On 12 January 2017, Airtel Payments Bank, a subsidiary of Bharti Airtel, announced the commencement of national operations with services in all 29 states of India. On 22 February 2017, Bharti Airtel announced that it has, through its subsidiary Bharti Airtel Services, acquired a strategic equity stake in Seynse Technologies Pvt. Ltd., a Financial Technology (FinTech) company. On 23 March 2017, Bharti Airtel announced that it has entered into a definitive agreement with Tikona Digital Networks (Tikona) to acquire Tikona's 4G Business including the Broadband Wireless Access ('BWA') spectrum and 350 sites, in five telecom circles. On 28 March 2017, Bharti Airtel pared its stake in its subsidiary Bharti Infratel by selling over 190 million shares Bharti Infratel representing 10.3% stake to a consortium of funds advised by KKR and Canada Pension Plan Investment Board (CPPIB) for a total consideration of over Rs 6193.90 crore. The deal was executed at Rs 325 per Bharti Infratel share. Following the closure of this transaction, Bharti Airtel's equity holding in Bharti Infratel was reduced to 61.7%. On 10 July 2017, Bharti announced plans to invest up to Rs 2000 crore over 3 years under Project Next - its digital innovation program aimed at transforming customer experience across all of its services and touch points. Project Next complements Airtel's massive investments towards building a future ready network under Project Leap. On 12th October 2017, Bharti Airtel and Tata Group entered into an agreement to merge Consumer Mobile Businesses (CMB) of Tata Teleservices Limited (TTSL) and Tata Teleservices Maharashtra Limited (TTML) with Bharti Airtel. As part of the Agreement, Bharti Airtel will absorb Tata CMB's operations across the country in nineteen circles (17 under TTSL and 2 under TTML). On 16 November 2017, Bharti Airtel announced the launch of two new Android powered 4G smartphones at the price of a feature phone in partnership with Karbonn Mobiles. The launch is part of Airtel's Mera Pehla Smartphone' initiative, which is aimed at enabling every Indian to buy a 4G smartphone and get on to the digital superhighway. On 12 December 2017, Bharti Airtel and Warburg Pincus, a global private equity firm focused on growth investing, announced that an affiliate of Warburg Pincus will acquire up to 20% equity stake in Bharti Telemedia, the DTH arm of Bharti Airtel, for approximately $350 million. Of this, 15% stake will be sold by Bharti Airtel and the balance by another Bharti entity which holds 5% stake. Upon closing of the transaction, Bharti Airtel will own an 80% equity stake in Bharti Telemedia. During FY2019, the company has approved the issuance of upto 1,133,591,075 Equity Shares of face value of Rs 5/- each by way of rights issue at a price of Rs 220 per rights equity share (including a premium of Rs 215 per rights equity share) aggregating up to Rs 249,390.04 million on a rights basis to the eligible equity shareholders in the ratio of 19 rights equity shares for every 67 equity shares held by the eligible equity shareholders on the record date, that is, 24 April 2019. The issue was opened on 03 May 2019. As on 31 March 2019, your Company has 101 subsidiaries, 7 associate companies and 8 joint ventures. During FY 2018-19, Bharti Airtel Holding (Mauritius) Limited, Airtel Africa Mauritius Limited, Bharti Airtel Overseas (Mauritius) Limited, Airtel Africa Limited, Airtel Mobile Commerce Nigeria B.V., Airtel Mobile Commerce Congo B.V., Airtel Mobile Commerce (Seychelles) B.V., Airtel Mobile Commerce Madagascar B.V., Airtel Mobile Commerce Kenya B.V., Airtel Mobile Commerce Rwanda B.V., Airtel Mobile Commerce Malawi B.V., Airtel Mobile Commerce Uganda B.V., Airtel Mobile Commerce Tchad B.V, Airtel Mobile Commerce Zambia B.V. became Subsidiaries of the company. During FY 2018-19, Bharti Airtel Burkina Faso Holdings B.V., Africa Towers Services Limited, Tigo Rwanda Limited ceased to be subsidiaries of the company. During the FY 2019-20, the company has 1,133,591,075 equity shares of face value of Rs 5/- each on 24 May 2019 pursuant to Rights Issue aggregating to Rs 5,667,955,375. The company also allotted 9,70,668 equity shares of face value of Rs 5/- each on 26 July 2019, pursuant to scheme of arrangement between Tata Teleservices (Maharashtra) Limited (TTML') and the Company and their respective shareholders and creditors, aggregating to Rs 4,853,340/- to the equity shareholders of TTML. The company also allotted 10, 10% fully paid-up redeemable, non-participating, noncumulative preference Shares of face value of Rs 100/- each on 26 July 2019, pursuant to scheme of arrangement between Tata Teleservices (Maharashtra) Limited (TTML') aggregating to Rs 1000/- to the Preference shareholders of TTML. The company also allotted 487, 10% fully paid-up redeemable, non-participating, non-cumulative preference shares of face value of Rs 100/- each on 26 July 2019, pursuant to composite scheme of arrangement among Tata Teleservices Limited (TTSL'), Bharti Hexacom Limited and the Company and their respective shareholders and creditors, aggregating to Rs 48,700 to equity share holders, CCPS holders and OCPS holder of TTSL. Further in the FY2020,the company also allotted 323,595,505 equity shares of face value of Rs 5/- each on 15 January 2020 pursuant to Qualified Institutions Placement aggregating to Rs 1,617,977,525. During the year 2020, the scheme of amalgamation between Bharti Digital, a wholly-owned subsidiary company and the Company became effective on May 29, 2019 pursuant to which Bharti Digital has been amalgamated with the Company. During the year 2020, the Company acquired consumer mobile business of TTML and TTSL under the TTML Scheme and TTSL Scheme, was made effective from July 01, 2019. The scheme of arrangement between the Company and Telesonic, a subsidiary company and their respective shareholders and creditors for the transfer of optical fibre cable business of the Company to Telesonic, has become effective on August 03, 2019. The Hon'ble National Company Law Tribunal, Chandigarh Bench, vide its order dated May 31, 2019 had sanctioned the Scheme of Amalgamation of Bharti Infratel Limited into and with Indus Towers Limited, which got filed with Registrar of Companies on November 19, 2020 i.e. the effective date of merger. Consequently, the Company's 53.51% shareholding in Bharti Infratel Limited was reduced to 36.73% in Indus Towers Limited (merged entity). On December 2, 2020 and December 28, 2020, the Company acquired an additional stake of 4.93% and 0.06%, respectively, in the Indus Towers Limited, merged entity, increasing its equity stake from 36.73% to 41.73%. Accordingly, the Company owns 41.73% stake in Indus Towers Limited as on March 31, 2021. As on March 31, 2021, Company had 108 subsidiaries, 7 associates and 6 joint ventures. During FY 2020-21, Airtel Limited, Airtel Mobile Commerce DRC B.V., Airtel Mobile Commerce Gabon B.V., Airtel Mobile Commerce Niger B.V., Airtel Money Kenya Limited, Network i2i (UK) Limited, The Airtel Africa Employee Benefit Trust, Airtel Digital Services Holdings B.V., Airtel Africa Services (UK) Limited became subsidiaries of the Company and Indus Towers Limited (formerly known as Bharti Infratel Limited) and SmarTx Services Limited became Joint Ventures of the Company. During FY 2020-21, Africa Towers N.V., Indus Towers Limited (formerly known as Bharti Infratel Limited) and SmarTx Services Limited ceased to be subsidiaries and Seynse Technologies Private Limited ceased to be associate of the Company. Upon approval of Hon'ble National Company Law Tribunal and the Department of Telecommunications, the Composite scheme of arrangement between Bharti Airtel Limited, Bharti Airtel Services Limited, Hughes and HCIL Comtel Private Limited and their respective shareholders and creditors has become effective on January 04, 2022 and VSAT Undertaking of the Company and Bharti Airtel Services Limited stands transferred and vested into Hughes and HCIL Comtel Private Limited, respectively (on a going concern basis) by way of a slump sale with effect from January 04, 2022. The Company announced a new corporate structure on April 14, 2021 to sharpen its focus on driving the rapidly unfolding digital opportunity in India while enabling it to unlock value. The Board of Directors on April 14, 2021, had approved the composite scheme of arrangement between the Company, Nettle Infrastructure Investments Limited, Airtel Digital Limited (ADL), Telesonic Networks Limited and Airtel Limited and their respective shareholders and creditors for amalgamation of Nettle Infrastructure Investments Limited, Airtel Digital Limited and Telesonic Networks Limited, wholly-owned subsidiaries with and into Bharti Airtel Limited and demerger of Telecom Business Undertaking of Bharti Airtel Limited and vesting of the same with Airtel Limited, its wholly-owned subsidiary on a going concern basis. As on March 31, 2022, Company had 108 subsidiaries, 7 associates and 6 joint ventures. During year 2021-22 Bharti Airtel Ghana Holdings B.V. Limited, Airtel Ghana Limited, Airtel Mobile Commerce (Ghana) Limited ceased to be Joint Venture Companies and Tanzania Towers Limited, Madagascar Towers S.A., Malawi Towers Limited ceased to be subsidiaries of the Company. During the financial year 2021-22, the Company acquired 33.33% stake in Hughes Communications India Private Limited. Further, it acquired 25% equity shares of Lavelle Networks Private Limited and accordingly, Hughes and Lavelle became associate companies of the Company during the financial year.

Bharti Airtel Ltd Chairman Speech

Dear Shareholders,

Amidst new COVID-19 variants, geo-political crises, soaring commodity prices and high inflation, this financial year saw India emerge as a bright spot in the global economy. This is testament to our government's steadfast focus on making India an economy that is prepared to not just participate but lead in the technology value chain and the fourth industrial revolution. With the active involvement of the private sector, prodigious efforts were made to increase industrial competitiveness, make internal markets more efficient and incentivise investments in sectors of the future. We must all prepare to take a big step forward and have the courage to do things in a new way with renewed confidence.

For the Indian telecom industry, the year FY21-22 began on this very note. The government ended years of dissonance within the sector and announced pivotal reforms that addressed the financial stress on the industry along with a softer regulatory regime with reduced procedural formalities. These reforms have emboldened the investment cycle within the industry for upgrading and extending India's digital highways.

Digitisation has proved to be a bulwark for the economy during the pandemic and will continue to be the most powerful force of socio-economic change in the country. It is important that investments towards digitisation flow unabated at all levels, but especially towards creating hard digital assets and networks.

It is my strong belief that Airtel must continue its role in India's digitisation journey. Keeping this in mind, Airtel raised nearly $3.5 Bn in equity to add to our capacity to execute faster across our national footprint. Operationally, Airtel pressed the pedal harder to accelerate growth in each business segment - whether mobile services, non-mobile or digital.

Mobile Services

Newly acquired spectrum was fired up during the year, bolstering high speed data capacity and network reach across circles. With a stated objective of ARPU expansion, your company focused on attracting high quality and discerning customers in both the prepaid and the postpaid segments.

Airtel outperformed competitors in expanding revenue market share through incremental 4G net-adds, adding 21.5 Mn in the year to cross the 200 Mn 4G smartphone customer threshold.

A brilliant experience built over a 5G ready network played an integral part in delivering a robust performance. Airtel took the lead in 5G by testing the network ahead of the competition and became the first operator in India to demonstrate a 5G cloud gaming experience and conduct a successful 700 Mhz band trial for rural connectivity. We can proudly say that Airtel will be at the forefront of bringing 5G connectivity to India with a powerful network that will support India's digital-first economy.

Non-mobile

Our solid execution machine encompassed all other segments - Home Broadband, Digital TV and Airtel Business. On Home Broadband, Airtel expanded its on-ground presence significantly through an innovative asset-light local cable operator partnership model, leading to a customer base increase of almost 50% YoY to ~4.5 Mn. Equally, your company continues to leverage its integrated connectivity presence through Airtel Black, a perfect example of convergence play. Enterprise business accelerated to YoY double digit growth on the back of a strong focus on connectivity solutions as well as emerging businesses including cloud services, cyber security, data centers and IoT.

Tapping another robust growth opportunity emerging out of surging demand for reliable data center solutions, rising digital usage, cloud consumption and the upcoming 5G rollout, Airtel announced Rs 50 Bn of investment in data centers business Nxtra with a target to triple the installed capacity.

Digital

As millions of Indians enter the digital economy, Airtel's core telecom business is the foundation on which a future-proof business will be built to sustain a vital period of transformation. The silent but steady evolution of services and offerings at Airtel has resulted in incremental value creation from our digital assets including Wynk Music, Thanks, Xstream, Ads and IQ. Equally important to note is the rise of Airtel Payments Bank which has been growing by leaps & bounds and now has a customer base of over 129 Mn. The early successes in our digital endeavors makes us even more confident that in the next few years, digital services will add several billion dollars to the company's revenue while maintaining an asset light approach.

Partnerships

With a customer obsessed approach, we continue to drive deep partnerships with industry leading players like Amazon, CISCO, Ericsson, Google, IBM, Intel, Meta, Microsoft, Netflix, Nokia, Oracle, Qualcomm and many more.

Africa

On the back of a consistent and fundamentally strong business strategy, our African operations continue to demonstrate a sustainable and profitable growth trajectory, creating value for all stakeholders. We continued to hold leadership position as the largest or second-largest operator by customer market share in 13 out of 14 markets in Africa. Airtel Africa plc achieved a landmark by joining the FTSE 100 after just two and half years of being listed. The company also secured the final approval for its mobile money license in Nigeria.

Network Infrastructure

On the towers front, given the stabilising industry structure and emerging opportunities related to future 5G rollouts, we expanded our shareholding to ~47.95% in Indus Towers. The company continues to exemplify the benefits of shared networks and will be a formidable player in future rollouts.

Strong Balance Sheet

Continuing on our belief of a strong balance sheet providing firepower to the on-ground teams, the company proactively raised funds in the form of partly paid rights issue and strategic equity sale to Google. With a focus to optimise cost of financing and achieve a stronger balance sheet, the company strategically pre-paid substantial amount of high cost spectrum debt, financing it through the rights issue and debt raised at a significantly lower cost. Simultaneously, the company's operational excellence is translating into healthy cash flow generation and in turn helping us deleverage at an accelerated pace.

CSR

Bharti Foundation wasn't behind the pack in leveraging digital for its philanthropic work in the area of education. Whether it was video call lessons for students impacted by school closures, online self-paced teacher training modules or using ed-tech enabled platforms like digital classrooms and robotic labs - the Foundation continued on the path of digitisation and delivering long-term value to society.

Sustainability & Governance

As a company, we are committed to greening our network by reducing carbon emissions, incorporating renewable energy, sustainable waste management and developing a robust climate change compact plan. In addition to these initiatives and constitution of an ESG committee of directors, the company continued to maintain the highest standards of governance backed by full transparency and disclosures. As a result, the company was again rated the highest GVC Level 1 by CRISIL for corporate governance practices and value creation.

My sincere gratitude to our valued customers, resilient employees, management, leadership team, investors, partners, suppliers, entire distribution network and our shareholders for their unflinching trust and support.

A special thanks to the Board of Directors for their contributions and for guiding the company through various challenges. I thank Mr. Manish Kejriwal and Mr. Shishir Priyadarshi for their contribution and service to the company as Board members. I'd also like to welcome Mr. Pradeep Kumar Sinha and Mr. Shyamal Mukherjee to the Board.

Bharti Airtel Ltd Company History

Bharti Airtel Ltd Directors Reports

Dear Members,

Your Directors are pleased to present the 27^th Board's Report of the Company's business and operations, together with audited financial statements for the financial year ended March 31, 2022.

Company Overview

Bharti Airtel is one of the world's leading providers of telecommunication services with operations in 17 countries across Asia and Africa. The Company's diversified service range includes mobile, voice and data solutions, using 2G, 3G and 4G technologies. It provides telecom services under wireless and fixed line technology, national and international long-distance connectivity, broadband services, Digital TV and complete integrated telecom solutions to its enterprise customers. All these services are rendered under a unified brand ‘Airtel' either directly or through subsidiary companies. Airtel Money (known as ‘Airtel Payments Bank' in India) extends the Company's product portfolio to further its financial inclusion agenda and offers convenience of payments and money transfers on mobile phones over secure and stable platforms in India, and across all 14 countries in Africa. The Company also has investments in Tower Infrastructure pertaining to telecom operations through its joint venture entity viz. Indus Towers Limited (‘Indus'). During FY 2021-22, the Company acquired an additional stake of 4.76% and accordingly, its shareholding in Indus stood at 46.49% as on March 31, 2022.

Financial Results

In compliance with the provisions of the Companies Act, 2013 (‘Act'), and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations'), the Company has prepared its standalone and consolidated financial statements as per Indian Accounting Standards (‘Ind AS') for FY 2021-22. The standalone and consolidated financial highlights of the Company's operations for FY 2021-22 are as follows:

Standalone Financial Highlights

Particulars	FY 2021-22		FY 2020-21
	Rs Mn	USD Mn*	Rs Mn	USD Mn**
Gross revenue	706,419	9,500	643,259	8,655
EBITDA before exceptional items	355,984	4,787	286,502	3,855
Cash profit from operations	231,421	3,112	183,387	2,467
Profit / (Loss) before tax	(42,342)	(569)	(184,652)	(2,484)
Net income/(loss)	(36,250)	(487)	(251,976)	(3,390)

(*1 USD = Rs 74.36 Exchange Rate for financial year ended March 31, 2022) (**1 USD = Rs 74.32 Exchange Rate for financial year ended March 31, 2021).

Consolidated Financial Highlights

Particulars	FY 2021-22		FY 2020-21
	Rs Mn	USD Mn*	Rs Mn	USD Mn**
Gross revenue	1,165,469	15,673	1,006,158	13,538
EBITDA before exceptional items	581,103	7,815	461,387	6,208

Particulars	FY 2021-22		FY 2020-21
	Rs Mn	USD Mn*	Rs Mn	USD Mn**
Cash profit from operations	423,645	5,697	315,852	4,250
Profit / (Loss) before tax	124,831	1,679	(144,882)	(1,949)
Net Income/ (Loss)^#	42,549	572	(150,835)	(2,029)

# This includes Net Income/(loss) for continuing and discontinuing operations.

(*1 USD = Rs 74.36 Exchange Rate for financial year ended March 31, 2022) (**1 USD = Rs 74.32 Exchange Rate for financial year ended March 31, 2021).

The financial results and the results of operations, including major developments, have been further discussed in detail in the Management Discussion and Analysis Report.

Change in the Nature of Business

There was no change in nature of the business of the Company during the financial year ended on March 31, 2022.

Update on impact of COVID-19

The COVID-19 pandemic, continued to be a global challenge, creating disruption across the world. In the first three months of FY 2022, the second wave of the pandemic overwhelmed India in all aspects. The Company has taken several steps to manage this crisis, which have been detailed in the Management Discussion and Analysis Report forming part of the Annual Report. This situation continues to evolve and is being closely monitored to identify key risks and take immediate actions to minimise any potential disruption from the pandemic to business. At the same time, the Company recognises its critical role as a telecom operator in keeping its customers and nation connected in such times.

The Company has constantly engaged with its people - with compassion, resilience and focus to ensure that morale is high. Further, the Company has abided by every safety and physical distancing norm and has been consistently communicating the same to both its employees and customers. The Company has encouraged people to work from home to ensure their safety and well-being. The Company stands in solidarity with the Government of India and all citizens of India. The Company's efforts towards the betterment of one and all will continue unabated.

Share Capital

During FY 2021-22, there was no change in the authorised share capital of the Company and it stood at Rs 147,780,000,000 divided into 29,555,980,000 equity shares of face value of Rs 5/- each and 1,000 preference shares of Rs 100/- each.

During FY 2021-22, the Company has alloted 392,287,662 partly paid-up equity shares of face value of Rs 5/- each (Rs 1.25 per share paid on application) at a premium of Rs 530/- per share (Rs 132.50 per share paid on application) on October 27, 2021, pursuant to Rights Issue.

Consequent to the aforesaid allotment, the paid-up share capital of the Company has increased to Rs 27,950,495,917.50 divided into 5,492,027,268 equity shares of face value of Rs 5/- each fully paid- up and 392,287,662 partly paid-up equity shares of face value of Rs 5/- each (Rs 1.25 per share paid on application).

During the year under review, the Company has neither issued any shares with differential voting rights nor issued any sweat equity shares.

Reserves

During the year, the Company has not transferred any amount to General Reserve.

Dividend

Your Directors have recommended a final dividend of Rs 3/- per fully paid-up equity share of face value of Rs 5/- each and a pro-rata final dividend of '0.75/- per partly paid-up equity share of face value of Rs 5/- each with paid-up value of Rs 1.25/- each i.e. 60.00% of the paid-up value for FY 2021-22. The proposed final dividend payout will amount to appox. Rs 16,770 Mn. The payment of final dividend is subject to the approval of shareholders at the ensuing Annual General Meeting (AGM).

The record date for the purpose of payment of final dividend for the FY 2021-22, will be Tuesday, August 02, 2022.

In view of the changes made under the Income Tax Act, 1961, by the Finance Act, 2020, dividends paid or distributed by the Company shall be taxable in the hands of the shareholders. Your Company shall, accordingly make the payment of the final dividend after deduction of tax at source.

Dividend Distribution Policy

As per Regulation 43A of the Listing Regulations, top 1,000 listed companies are required to formulate a dividend distribution policy. Accordingly, the Company had adopted the dividend distribution policy, which sets out the parameters and circumstances to be considered by the Board in determining the distribution of dividend to its shareholders and/or retaining profits earned by the Company. The Dividend Distribution Policy is available on the Company's website at https://assets.airtel.in/teams/simplycms/ web/docs/Dividend-Distribution-Policy-18052022.pdf.

Transfer of Amount to Investor Education and Protection Fund

Pursuant to the provisions of Section 124 of the Act read with the relevant rules made thereunder, during FY 2021-22, the Company has transferred the unpaid/unclaimed dividend amount of Rs 2.31 Mn, pertaining to final dividend for FY 2013-14 and interim dividend for FY 2014-15, to the Investor Education and Protection Fund ("IEPF") established by the Central Government. The details of unpaid and unclaimed dividend amounts lying with the Company as on August 31, 2021 (date of last Annual General Meeting) are available on the Company's website viz. https:// www.airtel.com.

Pursuant to the provisions of the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, as amended, the shares on which dividend remains unpaid/ unclaimed for seven consecutive years or more shall be transferred to the IEPF after giving due notices to the concerned shareholders. Accordingly, the Company has also transferred 19,146 equity shares to the IEPF during FY 2021-22. The relevant details of equity shares transferred to IEPF are also available on the Company's website https://www.airtel.com.

The shareholders whose unpaid dividend and/or shares have been transferred to IEPF may reach out to the Company/ Registrar and Transfer Agent, to lodge their claim for refund of the unpaid dividend/shares (as applicable) out of the IEPF. The process for claiming the unpaid dividend/shares out of the IEPF, is also available on the Company's website at https://www.airtel. in/about-bharti/equity/shares.

Deposits

The Company has not accepted any deposits and, as such, no amount of principal or interest was outstanding as on the balance sheet closure date.

Debentures

During the year under review, the Company has redeemed 15,000 Series-II, 8.35% Listed, Unsecured, Rated, Redeemable, Non-Convertible Debentures having a face value of Rs 1 Mn per debenture on April 20,2021. Accordingly, the Company does not have any outstanding debenture as on March 31, 2022. Further, the Company has not issued any debentures during the financial year 2021-22.

Significant Developments

Effectiveness of Composite Scheme of arrangement between the Bharti Airtel Limited, Bharti Airtel Services Limited, Hughes Communications India Private Limited (‘Hughes') and HCIL Comtel Private Limited and their respective shareholders and creditors

Upon approval of Hon'ble National Company Law Tribunal and the Department of Telecommunications, the Composite scheme of arrangement between Bharti Airtel Limited, Bharti Airtel Services Limited, Hughes and HCIL Comtel Private Limited and their respective shareholders and creditors under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013, has become effective on January 04, 2022 and VSAT Undertaking (as defined under the Scheme) of the Company and Bharti Airtel Services Limited stands transferred and vested into Hughes and HCIL Comtel Private Limited, respectively (on a going concern basis) by way of a slump sale with effect from January 04, 2022.

Withdrawal of Composite Scheme of Arrangement between Bharti Airtel Limited, Nettle Infrastructure Investments Limited (‘Nettle'), Airtel Digital Limited (‘ADL'), Telesonic Networks Limited (‘Telesonic') and Airtel Limited and their respective shareholders and creditors and Approval of Composite Scheme of Arrangement between Bharti Airtel Limited, Nettle and Telesonic and their respective shareholders and creditors

The Board of Directors at its meeting held on April 14, 2021, had approved the composite scheme of arrangement between the Company, Nettle Infrastructure Investments Limited (‘Nettle'), Airtel Digital Limited (‘ADL'), Telesonic Networks Limited (‘Telesonic') and Airtel Limited and their respective shareholders and creditors under sections 230 to 232 and other applicable provisions of the Act (‘Scheme'). Keeping in view the seminal telecom sector reforms package announced by the Government of India and consequent simplification of licensing framework, the Board of Directors, at its meeting held on January 4, 2022, decided to withdraw the earlier Scheme and approve a modified one to leverage emerging opportunities offered by Indian digital economy, unlock value and simplify the group structure.

Under the revised scheme, Nettle and Telesonic, wholly-owned subsidiaries, will amalgamate with and into Bharti Airtel Limited.

As on the date of this report, the Scheme is subject to requisite regulatory/statutory approvals and other closing conditions as specified in the draft scheme.

Shifting of Registered Office

Pursuant to the Order of the Regional Director, New Delhi dated March 18, 2021, the Company shifted its registered office from NCT of Delhi to the State of Haryana w.e.f. April 1, 2021.

Rights Issue

During the financial year, the Company had issued and allotted 392,287,662 partly paid-up equity shares of the Company on rights basis, in the ratio of 1 equity share for every 14 equity shares held, to eligible equity shareholders of the Company at an issue price of Rs 535/- per fully paid-up equity share (including a premium of Rs 530/- per equity share). An amount equivalent to 25% of the issue price viz. Rs 133.75 per equity share was received on application.

The funds raised by the Company through Rights Issue, have been utilised for the objects stated in the Letter of Offer dated September 22, 2021.

Investment by Google International LLC

Airtel entered into a long-term, multi-year agreement with google to accelerate the growth of India's digital ecosystem. Together, they will work to bring best-in-class end-to-end products to serve customer needs, provide quality customer experience, and bring their expertise to solve problems of affordability, access, and digital inclusion. As part of this partnership, Google intends to invest up to USD 1 Bn, as part of its Google for India Digitization Fund, which includes equity investment as well as a corpus for potential commercial agreements, to be identified and agreed on mutually agreeable terms over the course of the next five years. This deal is subject to necessary regulatory approvals. The intimation dated January 28, 2022 submitted with the stock exchanges in this regard is available on the Company's website at https://assets.airtel.in/teams/simplvcms/web/docs/Outcome- Jan28BMfinal.pdf.

Capital Market Ratings

As on March 31, 2022, the Company was rated by two domestic rating agencies namely CRISIL and India Ratings & Research Private Limited, and three international rating agencies, namely Fitch Ratings, Moody's and S&P.

During the year ended March 31, 2022:

a) CRISIL upgraded its long term ratings of the Company from CRISIL AA (Stable) to CRISIL AA+(Stable);

b) Short-term ratings were maintained at the highest end of the rating scale at CRISIL A1+/ IND A1+; and

c) S&P and Moody's revised their outlook to BBB- (Stable) and to Ba1 (Positive), respectively.

d) Fitch Ratings maintained the rating at BBB- (Negative).

Employee Stock Option Plan

As on March 31, 2022, the Company has two Employee Stock Options (‘ESOP') schemes namely ‘Employee Stock Option Scheme - 2001' and ‘Employee Stock Option Scheme - 2005'. Besides attracting talent, the ESOP schemes also helps retain talent and experience to optimise the long-term interest for the organisation. The HR and Nomination Committee administers and monitors the Company's ESOP schemes.

Both the ESOP schemes are currently administered through Bharti Airtel Employees Welfare Trust (ESOP Trust), whereby shares held by the ESOP Trust are transferred to the employee, upon exercise of stock options as per the terms of the Scheme.

Pursuant to the provisions of SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 (‘ESOP Regulations'), a disclosure with respect to ESOP Schemes of the Company as on March 31, 2022 is available on the Company's website at https://www.airtel.in/about-bharti/eauity/results.

The Board in its meeting held on May 17, 2022, has approved the revision in the ESOP Scheme 2005 inter-alia including increase in ESOP Pool by 27,460,136 options (i.e. upto 0.50% of the paid-up capital of the Company as on March 31, 2022), subject to the approval of the shareholders in the AGM. The detailed explanatory statement in this regard is annexed to the Notice of the ensuing AGM.

During the previous year, there were no material changes in the aforesaid ESOP Schemes of the Company and the ESOP Schemes are in compliance with ESOP Regulations. The certificate from Chandrasekaran Associates, Company Secretaries, certifying that the schemes are implemented in accordance with the ESOP Regulations and the resolutions passed by the members, is available for inspection by the members in electronic mode.

Material changes and commitments affecting the financial position between the end of financial year and date of report after the balance sheet date

There were no material changes and commitments affecting the financial position of the Company between the end of financial year and the date of this report.

Directors and Key Managerial Personnel Inductions, Re-appointments, Retirements and Resignations

Pursuant to the provisions of the Companies Act, 2013, Ms. Chua Sock Koong, Director of the Company, will retire by rotation at the ensuing AGM and being eligible, offers herself for re-appointment. The Board recommends her re-appointment at the ensuing AGM.

Mr. Gopal Vittal, the Managing Director & CEO of the Company, will be completing his present term on January 31, 2023. The Board at its meeting held on May 17, 2022, based on the recommendation of the HR and Nomination Committee and subject to the approval of shareholders, has re-appointed Mr. Gopal Vittal as Managing Director designated as Managing Director & CEO of the Company for a further term of five years w.e.f. February 01, 2023.

Pursuant to the provisions of Sections 149, 161 and other applicable provisions of the Act and applicable provisions of Listing Regulations, the Board at its meeting held on May 17, 2022, based on recommendation of the HR and Nomination Committee and subject to the approval of the shareholders, has appointed Mr. Pradeep Kumar Sinha (DIN: 00145126) and Mr. Shyamal Mukherjee (DIN: 03024803) as Independent Directors w.e.f. May 18, 2022 to hold office for a term of five consecutive years i.e. upto May 17, 2027. The Board recommends their appointment at the ensuing AGM. In the opinion of the Board they possess requisite qualifications, experience, expertise, proficiency and hold high standards of integrity.

The Company has received requisite notice(s) from a member under Section 160 of the Companies Act, 2013 proposing their appointment as Independent Directors.

Mr. Sunil Bharti Mittal, Chairman was reappointed for a further period of five years w.e.f October 01, 2021, upon approval of the members at their 26^th AGM held on August 31, 2021.

During the financial year 2021-22, Ms. Nisaba Godrej (DIN: 00591503) was appointed as an Independent Director on the Board with effect from August 4, 2021 to hold office for a term of five consecutive years i.e. upto August 3, 2026. Her appointment has been approved by the shareholders in the 26^th Annual General Meeting of the Company held on August 31, 2021. In the opinion of the Board she possesses requisite qualifications, experience, expertise, proficiency and holds high standards of integrity.

Brief resume, nature of expertise, disclosure of relationship between directors inter-se, details of directorships and committee membership held in other companies of the Directors proposed to be appointed/re-appointed, along with their shareholding in the Company, as stipulated under Secretarial Standard 2 and Regulation 36 of the Listing Regulations, is appended as an Annexure to the Notice of the ensuing AGM.

The details of Directors, Key Managerial Personnel (KMPs) resigned/retired during the financial year 2021-22 are as under:

a) Mr. Craig Edward Ehrlich, Independent Director resigned w.e.f. the close of business hours on August 03, 2021; and

b) Mr. Badal Bagri, Chief Financial Officer (India and South Asia) resigned w.e.f. October 08, 2021.

In addition to the above, Mr. Shishir Priyadarshi tendered his resignation as Independent Director w.e.f. October 31, 2022 (close of business hours) and Mr. Manish Kejriwal will retire on September 25, 2022 (close of business hours), upon completion of his second term as Independent Director of the Company. The Board places on record its sincere appreciation for the valuable contribution made by the outgoing/retiring Directors.

Based on the recommendation of Audit Committee and HR & Nomination Committee, the Board has appointed Mr. Soumen Ray as Chief Financial Officer (India and South Asia) (Key Managerial Personnel under the Act) of the Company w.e.f. December 21, 2021.

Save and except the above, there was no change in the Directors or KMPs of the Company during the year under review.

Declaration by Independent Directors

The Company has received declarations from all Independent Directors of the Company confirming that they continue to meet the criteria of independence, as prescribed under Section 149 of the Act, rules made thereunder and Regulations 16 & 25 of the Listing Regulations. The Independent Directors have also confirmed that they have complied with the Company's Code of Conduct.

Board Diversity and Policy on Director's Appointment and Remuneration

The Board of Directors values the significance of diversity and firmly believes that diversity of background gender, geographical region, expertise, knowledge and perspectives, leads to sharper and balanced decision-making and sustainable development. The Company has an eminent, high-performing and diverse board - comprising 27% Woman Directors. In terms of the requirement of Section 178 of the Act and Listing Regulations, the Board of Directors has adopted a ‘Policy on Nomination, Remuneration and Board Diversity' on appointment and remuneration of Directors, Key Managerial Personnel & Senior Management. The Policy includes, inter-alia, criteria for appointment of Directors, KMPs, Senior Management Personnel and other covered employees, their remuneration structure and disclosures in relation thereto.

Based on the recommendations of the of HR and Nomination Committee, the Board of Directors, at its meeting held on May 17, 2022 reviewed and updated the aforesaid Policy. The policy is aligned with global best practices & international standards and includes the following features:

a) total Rewards Package for Managing Director & CEO and relevant members of Senior Management is linked with sustainability targets and long term performance of the Company.

b) deferred/variable remuneration (including Long Term incentive) of Directors, KMPs and members of Senior Management is subject to malus/clawback arrangements in the manner as specified in the Policy.

The revised policy is available on the Company's website at https://assets.airtel.in/teams/simplycms/web/docs/BAL-policy- on-nomination-remuneration-and-board-diversity.pdf.

Annual Board Evaluation and Familiarisation Programme for Board Members

The HR and Nomination Committee has put in place a robust framework for evaluation of the Board, Board Committees and individual Directors, including Chairman. During the reporting year, customised questionnaires were circulated, responses were analysed and the results were subsequently discussed by the Board. Recommendations arising from this entire process were deliberated upon by the Board for these to be used constructively in order to enhance its overall effectiveness. A detailed disclosure on the framework of Board evaluation including outcome and action plan has been provided in the Report on Corporate Governance, which forms a part of the Integrated Annual Report.

A note on the familiarisation programme adopted by the Company for orientation and training of the Directors and the Board evaluation process undertaken in compliance with the provisions of the Act and the Listing Regulations is provided in the Report on Corporate Governance, which forms a part of the Integrated Annual Report.

Board Committees and Meetings of the Board and Board-Committees

In compliance with the statutory requirements, the Company has mandatory Committees viz. Audit Committee, HR and Nomination Committee, Corporate Social Responsibility Committee, Risk Management Committee, and Stakeholders' Relationship Committee. The Company has also established Operating Committees viz. Committee of Directors and Airtel Corporate Council.

To sharpen Company's focus on Environmental, Social and Governance agenda and long term stakeholder value creation, the Company constituted Environmental, Social and Governance (ESG) Committee during the financial year.

In addition to the above, there are other Committees constituted for special purposes/transactions in the areas of fund raising and restructuring like Special Committee of Directors for Debt Fund Raising, Special Committee of Directors for evaluation of stake in Indus Towers Limited, Special Committee of Directors to evaluate re-organization of Business and Shareholding Structure etc.

All the recommendations made by the Committees of the Board, including the Audit Committee, were accepted by the Board.

The Board of Directors met 11 times during the previous year. A detailed update on the Board, its composition, governance of committees including detailed charter, terms and reference of various Board Committees, number of Board and Committee meetings held during FY 2021-22 and attendance of the Directors thereat, is provided in the Report on Corporate Governance, which forms part of the Integrated Annual Report.

Subsidiary, Associate and Joint Venture Companies

As on March 31, 2022, your Company has 108 subsidiaries, 7 associates and 6 joint ventures.

During the year under review Bharti Airtel Ghana Holdings B.V. Limited, Airtel Ghana Limited, Airtel Mobile Commerce (Ghana) Limited ceased to be Joint Venture Companies and Tanzania Towers Limited, Madagascar Towers S.A., Malawi Towers Limited ceased to be subsidiaries of the Company.

During the financial year 2021-22, the Company acquired 33.33% stake in Hughes Communications India Private Limited (‘Hughes'). Further, the Company has acquired 25% equity shares of Lavelle Networks Private Limited (‘Lavelle') pursuant to the Investment Agreement entered into between the Company and Lavelle. Accordingly, Hughes and Lavelle became associate companies during the financial year.

Pursuant to Section 129(3) of the Companies Act, 2013, read with Rule 5 of Companies (Accounts) Rules, 2014, a statement containing salient features of financial statements of subsidiary, associate and joint venture companies in prescribed form AOC-1, is annexed to the Consolidated Financial Statements of the Company which forms part of the Annual Report. The said statement also provides the details of performance and financial position of each subsidiary, associate and joint venture and their contribution to the overall performance of the Company.

The audited financial statements of each subsidiary, associate and joint venture companies are available for inspection at the Company's registered office and at registered offices of the respective companies. The financial statements of each of the subsidiary companies are also available on the Company's website at https://www.airtel.com. A copy of the same will also be available electronically for inspection by the members during the AGM.

The physical copies of annual financial statements of the subsidiary, associate and joint venture companies will also be made available to the investors of the Company and those of the respective companies upon request.

Auditors and Auditors' Report Statutory Auditors

In terms of the provisions of Section 139 of the Companies Act, 2013, Deloitte Haskins & Sells LLP were appointed as the Company's Statutory Auditors by the shareholders in the AGM held on July 24, 2017, for a period of five years i.e. till the conclusion of 27^th AGM.

On the recommendation of the Audit Committee, the Board, in its meeting held on May 17, 2022, subject to the approval of the shareholders, has recommended the re-appointment of Deloitte Haskins & Sells LLP, Chartered Accountants, (firm registration number 117366W-W100018) (‘Deloitte') as the Statutory Auditors of the Company to hold office for a term of further five consecutive years i.e. from the conclusion of ensuing 27^th AGM till the conclusion of 32^nd AGM. Accordingly, the re-appointment of Deloitte as the Company's Statutory Auditors, is placed for approval of the members at the ensuing AGM. The Company has received a certificate from Deloitte to the effect that their reappointment, if made, shall be in accordance with the provisions of Section 141 of the Act.

The Board has duly examined the Statutory Auditors' Report to the financial statements, which is self-explanatory. Clarifications, wherever necessary, have been included in the Notes to financial statements section of the Integrated Report.

As regards the comments under para i(a) of the Annexure B to the Independent Auditors' Report regarding updation of quantitative and situation details relating to certain fixed assets, the Company as per the program of physical verification of fixed assets to cover all the items over a period of three years, conducted physical verification of fixed assets during the quarter ended March 31, 2022. The Company is in the process of updating quantitative and situation details relating to certain fixed assets which were identified during the physical verification exercise. This same is expected to be completed by December 2022.

As regards the comments under para i(c) of the Annexure B to the Independent Auditors' Report regarding no physical verification of customer premises equipment, bandwidth and certain assets due to their nature or location; the customer premises equipment are located at subscriber's premises and physical check of the equipment is generally not possible. As regards the comments under para i(d) of the Annexure B to the Independent Auditors' Report regarding transfer of title deed in the name of the Company, the ownership of these properties is transferred and vested in the name of the Company through merger scheme. The Company is in the process of getting the title deeds transferred in name of the Company. As regards to the comments under para ix(d) of the Annexure B to the Independent Auditors' Report regarding fund raised on short term basis used for long term purpose, the Company has used such funds as bridge financing and is able to generate sufficient funds from long term sources to meet the working capital requirement.

Further, the auditors have not reported any fraud u/s 143(12) of the Act.

Internal Auditors and Internal Assurance Partners

The Company has in place a robust Internal Assurance Group (IAG), which is led by the Chief Internal Auditor and ably supported by reputed independent firms i.e. Ernst & Young LLP, Chartered Accountants and ANB & Co., Chartered Accountants as the Internal Assurance Partners. The audit conducted by the Chief Internal Auditor and Internal Assurance Partners is based on an internal audit plan, which is reviewed each year by the Audit Committee in consultation with the IAG. These audits are based on risk based methodology and, inter-alia, involve the review of internal controls and governance processes, adherence to management policies and review of statutory compliances. The Internal Assurance Partners share their findings on an ongoing basis for corrective action.

The work of Internal Assurance Partners is coordinated by the internal team lead by Chief Internal Auditor. This combination of our internal team and expertise of reputed independent professional firms (Internal Assurance Partners) ensures independence as well as effective value addition and protection

The Board, on the recommendation of the Audit Committee, has re-appointed Ernst & Young LLP, Chartered Accountants and ANB & Co. Chartered Accountants as the Internal Assurance Partners for FY 2022-23.

Cost Auditors

The Board, on the recommendation of the Audit Committee had approved the appointment of Sanjay Gupta & Associates, Cost Accountants, as Cost Auditors, for the financial year ending March 31, 2022. The Cost Auditors will submit their report for FY 202122 within the timeframe prescribed under the Companies Act, 2013 and rules made thereunder.

The Board, on the recommendation of Audit Committee, has re-appointed Sanjay Gupta & Associates, Cost Accountants, as Cost Auditors of the Company for FY 2022-23.

Cost Audit report for the FY 2020-21 did not contain any qualification, reservation, disclaimer or adverse remark.

In accordance with the provisions of Section 148 of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014, since the remuneration payable to the Cost Auditors has to be ratified by the shareholders, the Board recommends the same for approval by shareholders at the ensuing AGM.

Cost Records

Maintenance of cost records has been specified by the Central Government under section 148(1) of the Companies Act, 2013 and the prescribed cost records have been made and maintained by the Company.

Secretarial Auditors

Pursuant to the provisions of Section 204 of the Act and rules made thereunder, the Board of Directors had appointed Chandrasekaran Associates, Company Secretaries, as Secretarial Auditors for the financial year ended March 31, 2022. The Secretarial Auditor has submitted their report, confirming, inter-alia, compliance by the Company of all the provisions of applicable corporate laws and does not contain any qualification, reservation, disclaimer or adverse remark.

The Secretarial Audit Report is annexed as Annexure A to the Board's Report.

The Board, on the recommendation of Audit Committee, has re-appointed Chandrasekaran Associates, Company Secretaries, New Delhi, as Secretarial Auditors of the Company for FY 2022-23.

Sustainability Journey

During the year, ESG Committee was formed to sharpen focus towards Environmental, Sustainability and Governance (ESG) agenda. The ESG Committee will provide strategic guidance and oversight to the Company's progress on ESG targets, initiatives and best practices. This will also include initiatives to respond to challenges posed by climate change through sustainable business practices.

The Company firmly believes that the Information and Communication Technology (ICT) plays an important role in helping the world move towards low carbon economy, sustainability growth and community development. The Company's services leverage the power of ICT by providing the people quality connectivity required to function in an advancing world. The Company's business model is consistently growing and thereby contributing to create an inclusive and empowered society. To continue to achieve this objective, the Company is adopting best practices to include and integrate sustainable practices in its strategies and operations. Keeping this in mind the Integrated Annual Report presents both material financial and non-financial aspects our performance.

The awareness of ESG priorities has become a necessity. At Airtel, climate change is considered as one of the most critical growing ESG risk. The Company is committed to reach net zero emissions by 2050, which is in line with Science-Based Target Initiatives (SBTi) recommendations. The Company had undertaken the materiality assessment exercise during last reporting year, to understand the environmental, social and governance (ESG) issues that might impact our business.

The Company strives to provide long-term sustainable value to all its stakeholders including customers, investors, employees, suppliers, network partners, channel partners, government & regulatory bodies, communities and NGOs. Apart from this, we stay customer-obsessed and innovation driven in this digital world.

The Company's sustainability initiatives towards topics that are material to its stakeholders and to the Company, have also been reported on its website at https://www.airtel.in/sustainability.

Corporate Social Responsibility

At Airtel, business success is notjust about profits and shareholder returns. As a good corporate citizen, Airtel is committed to nation building through impactful interventions. We have been actively undertaking community development initiatives towards realization of a prosperous society by collaborating with diverse stakeholders. Giving back to the very community that helps our business thrive and sustain has been our priority since inception. Airtel has been an early adopter of CSR initiatives and it established, Bharti Foundation the philanthropic arm of Bharti Enterprises back in 2000, with the objective of transforming the lives of children and youth by proactively implementing and supporting programs in primary, secondary and higher education as well as sanitation. Airtel and its subsidiaries have been working relentlessly with Bharti Foundation and other NGOs since last two decades to pursue wider socio-economic and cultural objectives and have always endeavoured to not just meet, but try and exceed the expectations of the communities in which we operate.

Our subsidiaries in Africa are also committed in making a distinctive and positive impact in the Continent with focus on education, health and wellbeing, and disaster relief by partnering with governments and non-governmental organizations (NGOs) and also by reaching out directly to individuals and communities to address their socio-economic and environmental challenges.

While, in terms of applicable provisions of Section 135 of the Companies Act, 2013, the Company was not obligated to contribute towards Corporate Social Responsibility (‘CSR') activities during financial year 2021-22, the Company has made voluntary CSR contribution of Rs 16.43 Mn during the financial year 2021-22 and also contributed Rs 14.68 Mn to various other charitable institutions.

The direct subsidiaries of the Company have contributed Rs 324.38 Mn and associates / joint venture entities have contributed Rs 356.29 Mn towards various CSR activities, which is in addition to the voluntary CSR contribution of the Company under Section 135 of Companies Act, 2013. In line with its commitment to address socio-economic and environmental challenges, our subsidiaries in Africa spent approx. USD 2.2 Mn in the previous financial year.

The above voluntary and other contribution reflects the Company's commitment to pursue socio economic and cultural objectives for benefit of society at large. The Company is committed to build its CSR capabilities on a sustainable basis and undertake CSR activities as and when the opportunity arises.

As a good corporate citizen, Airtel is committed to nation building through impactful interventions. Bharti Foundation, the philanthropic arm of Airtel, is a strong and well governed institution, which undertakes programs towards uplifting communities by supporting holistic education programs at multiple level. The funding to Bharti Foundation is based on assessment of its requirements.

A detailed update on the CSR initiatives of the Company is provided in the Corporate Social Responsibility Report, which forms part of this Integrated Report.

The CSR Committee of the Directors is in place in terms of Section 135 of the Companies Act, 2013. The details of CSR Committee including composition, terms of reference etc. are provided in the Report on Corporate Governance, which forms part of this Integrated Annual Report. The CSR Committee has formulated and recommended to the Board, a CSR Policy outlining, inter-alia, CSR philosophy of the Company. The said policy is available on the Company's website at https://assets. airtel.in/teams/simplycms/web/docs/Bharti Airtel-Updated CSR Policy June2021.pdf.

The annual report on Corporate Social Responsibility u/s 135 of the Companies Act, 2013 is annexed as Annexure B to the Board's Report.

Integrated Reporting

The Securities and Exchange Board of India ("SEBI") vide circular no: SEBI/HO/CFD/CMD/CIR/P/2017/10 dated February 06, 2017, had recommended voluntary adoption of ‘Integrated Reporting' (IR) from 2017-18 by the top 500 listed companies in India. Airtel continues with its integrated reporting journey in the current fiscal, aligning with its philosophy of being a highly transparent and responsible corporate citizen. This is the Company's fifth Integrated Report, wherein it is guided by the principles of International Integrated Reporting Framework developed by the International Integrated Reporting Council ("IIRC"). The Board acknowledges its responsibility for the integrity of the report and the information contained therein. The report encompasses both financial and non-financial information to enable the Members to take well informed decisions and have a better understanding of the Company's long term perspective and value creation for all the stakeholders.

Business Responsibility & Sustainability Report

In accordance with the amended Regulation 34(2)(f) of Listing Regulations read with SEBI Circular no. SEBI/HO/CFD/CMD-2/P/ CIR/2021/562 dated May 10, 2021, the Company has voluntary adopted Business Responsibility & Sustainability Reporting (BRSR) for the FY 2021-22, describing the initiatives taken by the Company from environmental, social and governance perspective. In addition, the Company has also prepared the Business Responsibility Report (BRR) for the FY 2021-22, which is available on the website of the Company at www.airtel.com.

Management Discussion and Analysis Report

Pursuant to Regulation 34 of the Listing Regulations, the Management Discussion and Analysis Report for the year under review, is presented in a separate section forming part of this Integrated Annual Report.

Corporate Governance Report

A detailed report on Corporate Governance, pursuant to the requirements of Regulation 34 of the Listing Regulations, forms part of this Integrated Report.

A certificate from Deloitte Haskins & Sells LLP, Chartered Accountants, the Statutory Auditors of the Company, confirming compliance of conditions of Corporate Governance during FY 2021-22, as stipulated under the Listing Regulations, is annexed as Annexure C to the Board's Report.

Statement containing additional information as required under Schedule V of the Act

A statement containing additional information, as required under Clause IV of Section II of Part II of Schedule V of the Companies Act, 2013, is provided in the Report on Corporate Governance, which forms part of this Integrated Annual Report.

Risk Management

Risk management is embedded in Bharti Airtel's operating framework. The Company believes that risk resilience is key to achieving long term sustainable growth. To this effect, there is a process in place to identify key risks across the group and prioritise relevant action plans to mitigate these risks.

To have sharper focus, the Company had constituted a Risk Management Committee to focus on risk management including determination of company's risk appetite, risk tolerance and regular risk assessments (risk identification, risk quantification and risk evaluation) etc.

The Risk Management Framework is reviewed periodically by the Risk Management Committee, which includes discussing the Management submissions on risks, prioritising key risks and approving action plans to mitigate such risks.

The Company has duly approved Risk Management Policy. The objective of this policy is to have a well-defined approach to risk. The policy lays down broad guidelines for timely identification, assessment, and prioritisation of risks affecting the Company in the short term and in the foreseeable future. The policy suggests framing an appropriate response action for the key risks identified, so as to make sure that the risks are adequately addressed or mitigated.

The Chief Risk Officer is responsible for assisting the Risk Management Committee on an independent basis with a complete review of the risk assessments and associated management action plans.

Operationally, risk is being managed at the top level by the Management Boards in India and South Asia and at the operating level by Executive Committees of circles in India and operating companies in the international operations.

Detailed discussion on risk management forms part of the Management Discussion and Analysis under the section ‘Risks and Concerns', which forms part of this Integrated Annual Report. At present, in the opinion of the Board of Directors, there are no risks which may threaten the existence of the Company.

Internal Financial Controls and their Adequacy

The Company has established a robust framework for internal financial controls. It has in place adequate controls, procedures and policies, ensuring orderly and efficient conduct of its business, including adherence to the Company's policies, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of accounting records and timely preparation of reliable financial information. During the year, such controls were assessed and no reportable material weaknesses in the design or operation were observed.

Your Board reviews the internal processes, systems and the internal financial controls and accordingly, the Directors' Responsibility Statement contains a confirmation as regards adequacy of the internal financial controls. Assurances on the effectiveness of Internal Financial Controls is obtained through management reviews, self-assessment, continuous monitoring by functional heads as well as testing of the internal financial control systems during the course of audits. We believe that these systems provide reasonable assurance that our internal financial controls are designed effectively and are operating as intended.

Compliance Management

The Company has in place a robust automated Compliance Framework based on the global inventory of all applicable laws and compliance obligations, which are regularly monitored and updated basis the changing requirements of law. Proactive automated alerts are sent to compliance owners to ensure compliance within stipulated timelines. The compliance owners certify the compliance status which is reviewed by compliance approvers and a consolidated dashboard is presented to the respective Business Leaders and the Managing Director & CEO. A certificate of compliance of all applicable laws and regulations along with exceptions report and mitigation plan, if any, is placed before the Audit Committee and Board of Directors on a quarterly basis. Additionally, the Company has centralised automated tool in place viz. Notice Management System to regularly monitor and update the legal notices and court cases.

Other Statutory Disclosures

Vigil Mechanism

Bharti Airtel has adopted a Vigil Mechanism/Whistle Blower Policy which forms part of Code of Conduct of the Company. It outlines the method and process for stakeholders to voice genuine concerns about unethical conduct that may be in actual or threatened breach with the Company's Code of Conduct. The Policy is available on the Company's website at https://assets. airtel.in/teams/simplycms/web/docs/Code-of-Conduct-2022. pdf.

A brief note on the highlights of the Whistle Blower Policy and compliance with Code of Conduct including the changes to map it with global best practices is also provided in the Report on Corporate Governance, which forms part of the Integrated Annual Report.

Annual Return

In terms of Section 92(3) read with Section 134(3(a) of the Act and rules thereto, the Annual Return of the Company in Form MGT - 7 for the financial year ended on as on March 31, 2022 in accordance with Section 92(3) of the Act read with the Companies (Management and Administration) Rules, 2014, is available on the Company's website at https://www. airtel.in/about-bharti/equity/results. The Annual Return will be electronically submitted to the Registrar of Companies within the timelines prescribed under the Act.

Prevention of Sexual Harassment at Workplace

In compliance with Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, the Company has an Internal Complaints Committee for providing a redressal mechanism pertaining to sexual harassment of employees at workplace and any such incident can be reported to the Internal Complaints Committee. Details regarding the policy, including the details of the complaints received and disposed off, are provided in the Report on Corporate Governance and Business Responsibility & Sustainability Reporting, which form part of this Integrated Annual Report.

Significant and Material Orders

During the financial year 2021-22, there are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and the Company's operations in the future.

Particulars of Loans, Guarantees and Investments

In compliance with the provisions of the Act and Listing Regulations, the Company extends financial assistance in the form of investment, loan, guarantee etc. to its subsidiaries, from time to time in order to meet their business requirements. Further, the Company or any of its subsidiary has not extended any financial assistance to promoter or promoter group entities which has been written off during last 3 years.

Particulars of loans, guarantees and investments form part of Note no. 9, 22 and 7 respectively to the standalone financial statements provided in this Integrated Annual Report.

The Company is in the business of providing telecom services (wireless telecommunications activities) and accordingly is covered under the definition of ‘infrastructure facilities' in terms of Section 186 read with Schedule VI of the Act.

Related Party Transactions

A detailed note on the procedure adopted by the Company in dealing with contracts and arrangements with related parties is provided in the Report on Corporate Governance, which forms part of the Integrated Annual Report.

During the financial year 2021-22, the Company has entered into material related party transaction with Indus Towers Limited (Joint venture entity) as per the amended Listing Regulations, pursuant to the shareholder's approval at the Extra-ordinary General Meeting held on February 26, 2022. Necessary disclosure in form AOC-2 with respect to the aforesaid transactions, is given in Annexure D of the Board's Report. Save and except the above, the Company has not entered into any other arrangement/ transaction with related parties which could be considered material in accordance with the Company's Policy on Related Party Transactions, read with the Listing Regulations, during the year under review. Further, all arrangements/transactions entered into by the Company with its related parties during the year under review, were in the ordinary course of business and on an arm's length compliant terms.

In compliance with the requirement of Listing Regulations, names of related parties and details of transactions with them have been included in Note no. 33 to the financial statements provided in this Integrated Annual Report.

To align the Policy on the Related Party Transactions of the Company with recent amendments in Listing Regulations, the Board at its meeting held on February 8, 2022, on the recommendations of Audit Committee, approved amendments in the said Policy w.e.f. April 1, 2022. The updated Policy on the Related Party Transactions is available on the Company's website at https://assets.airtel.in/teams/simplycms/web/docs/ RPT Policy.pdf.

Energy Conservation, Technology Absorption and Foreign Exchange Earnings and Outgo

The details of energy conservation, technology absorption and foreign exchange earnings and outgo as required under Section 134(3) of the Companies Act, 2013, read with the Rule 8 of Companies (Accounts of Companies) Rules, 2014 is annexed as Annexure E to the Board's report.

Particulars of Employees

Disclosures relating to remuneration of Directors u/s 197(12) of the Act read with Rule 5(1) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed as Annexure F to the Board's Report.

Particulars of employee remuneration, as required under Section 197(12) of the Act and read with Rule 5(2) and Rule 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 forms part of this Integrated Annual Report. In terms of the provisions of the first proviso to Section 136(1) of the Act, the Integrated Annual Report is being sent to the shareholders, excluding the aforementioned information. The information will be available on the Company's website at https://www.airtel.in/about-bharti/eauity/results and will also be available for inspection at the registered office of the Company on all working days (Monday to Friday) between 11.00 a.m. and 1.00 p.m. upto the date of AGM and a copy of the same will also be available electronically for inspection by the members during the AGM. Any member interested in obtaining such information may write to the Company Secretary at the Registered Office of the Company.

Further, none of the Executive Directors of the Company received any commission from the Company, hence, disclosure under Section 197(14) of the Companies Act, 2013 is not applicable for FY 2021-22.

Directors' Responsibility Statement

Pursuant to Section 134 of the Companies Act, 2013, the Directors, to the best of their knowledge and belief, confirm that:

a) i n preparation of the annual accounts, the applicable accounting standards had been followed, along with proper explanation relating to material departures;

b) the Directors had selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit and loss of the Company for that period;

c) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) the Directors had prepared the annual accounts on a going concern basis;

e) the Directors, had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively;

f) the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

Key initiatives with respect to stakeholder relationship, customer relationship, environment, sustainability, health, safety and welfare of employees

The key initiatives taken by the Company with respect to stakeholder relationship, customer relationship, environment, sustainability, health and safety are provided separately under various Capitals in this Integrated Annual Report.

The Environment, Health and Safety Policy and Human Rights Policy are available on the website of the Company at https:// www.airtel.in/sustainability-file/embedding-sustainability.

Compliance of Secretarial Standards

Pursuant to the provisions of Section 118 of the Act, during FY 2021-22 the Company has complied with the applicable provisions of the Secretarial Standards (SS-1 and SS-2) relating to ‘Meetings of the Board of Directors' and ‘General Meetings' issued by the Institute of Company Secretaries of India and notified by Ministry of Corporate Affairs.

Acknowledgements

The Board wishes to place on record their appreciation to the Department of Telecommunications (‘DoT'), the Central Government, and State Governments in India, Government of Bangladesh, Government of Sri Lanka and Governments in the 14 countries in Africa, Company's bankers and business associates, for the assistance, co-operation and encouragement extended to the Company.

The Directors regret the loss of lives due to COVID-19 pandemic and extend their deep appreciation to the employees for their continuing support and unstinting efforts in ensuring an excellent all-round operational performance, despite the unprecedented challenges posed by the pandemic. The Directors would like to thank Bharti Telecom Limited, Singapore Telecommunications Ltd. and other shareholders for their support and contribution. We look forward to their continued support in future.

Bharti Airtel Ltd Company Background

Sunil B MittalGopal Vittal

Incorporation Year	1995
Registered Office	Airtel center Plot No 16,Udyog Vihar Phase IV Gurgaon,Haryana-122015
Telephone	91-124-4222222,Managing Director
Fax	91-124-4248063
Company Secretary	Pankaj Tewari
Auditor	Deloitte Haskins & Sells LLP
Face Value	5
Market Lot	1
Listing	BSE,MSEI ,NSE,
Registrar	KFin Techologies Ltd Karvy Selenium Tow-B,31&32 Financial Dist,Nanakramguda ,Hyderabad-500032

Bharti Airtel Ltd Company Management

Director Name	Director Designation	Year
Sunil B Mittal	Chairman & Executive Director	2022
Chua Sock Koong	Non-Exec & Non-Independent Dir	2022
Manish Kejriwal	Non-Exec. & Independent Dir.	2022
Gopal Vittal	Managing Director & CEO	2022
V K Viswanathan	Non-Exec. & Independent Dir.	2022
Dinesh Kumar Mittal	Non-Exec. & Independent Dir.	2022
Shishir Priyadarshi	Non-Exec. & Independent Dir.	2022
Rakesh Bharti Mittal	Non-Exec & Non-Independent Dir	2022
Pankaj Tewari	Company Secretary	2022
Kimsuka Narasimhan	Non-Exec. & Independent Dir.	2022
Tao Yih Arthur Lang	Non-Exec & Non-Independent Dir	2022
NISABA ADI GODREJ	Non-Exec. & Independent Dir.	2022
Pradeep Kumar Sinha	Addtnl Independent Director	2022
Shyamal Mukherjee	Addtnl Independent Director	2022

Bharti Airtel Ltd Listing Information

Listing Information
BSE_SENSEX
NIFTY
BSE_500
BSE_100
BSE_200
BSEDOLLEX
BSE_TECK
CNX500
CNX100
CNXINFRAST
CNXSERVICE
CNXCONSUMP
CNX200
BSECARBONE
NFT100LQ15
NFT100EQWT
BSEALLCAP
BSELARGECA
BSETELECOM
SENSEX50
ESG100
LMI250
BSEDSI
BSELVI
NFT50EQWT
BSE100LTMC
NFTYLM250
NFTYALV30
NFTY200M30
NF500M5025

Bharti Airtel Ltd Finished Product

Product Name	Unit	Sales Value
Mobile Services	NA	57911.5
Airtel Business	NA	9828.7
Home Services	NA	2901.7
Service Revenue	NA	0
Broadband Interac.Terminal	No	0
Sale of Products	NA	0
Rebates & Discounts	NA	0
Adjustment	NA	0
Handset	No	0
Assembly Sets	No	0
Modems	No	0
Sim Cards-Traded	No	0

MARKET CAP (RS CR)	475035.36
P/E	162.96
BOOK VALUE (RS)	141.6582812
DIV (%)	60
MARKET LOT	1

EPS (TTM)	5.04
PRICE/BOOK	5.79775494268809
DIV YIELD.(%)	0.48
FACE VALUE (RS)	5
DELIVERABLES (%)	47.17

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High Price	No. Of Contracts Traded	Open Interest Change
Low Price	Turnover (`. In Lakhs)	Open Interest Change(%)	%
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