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90 Annual Report 2015-16
Financial Review
Consolidated Figures
Particulars
FY 2015-16 FY 2014-15
`
Millions
USD
Millions*
`
Millions
USD
Millions*
Gross revenue 965,321 14,742 920,394 15,064
EBITDA before
exceptional items
341,902 5,222 314,517 5,148
Interest, Depreciation
& Others before
exceptional items
235,702 3,600 198,855 3,255
3URǟWEHIRUH
exceptional items
and Tax
106,200 1,622 115,662 1,893
3URǟWEHIRUHWD[ 120,705 1,843 107,130 1,753
Tax expense 59,368 907 54,047 885
3URǟWIRUWKH\HDU 54,842 838 51,835 848
Earnings per share
(In ` / USD)
13.72 0.21 12.97 0.21
* 1 USD = `([FKDQJH5DWHIRUnjQDQFLDO\HDUHQGHG0DUFK
(1 USD = `([FKDQJH5DWHIRUnjQDQFLDO\HDUHQGHG0DUFK
Standalone Figures
Particulars
FY 2015-16 FY 2014-15
`
Millions
USD
Millions*
`
Millions
USD
Millions*
Gross revenue 603,002 9,209 554,964 9,083
EBITDA before
exceptional items
238,218 3,638 246,241 4,030
Interest, Depreciation
& Others
131,021 2,001 89,688 1,468
3URǟWEHIRUH
exceptional items
and Tax
107,197 1,637 156,553 2,562
3URǟWEHIRUHWD[ 100,398 1,533 156,553 2,562
Tax expense 24,933 381 24,548 402
3URǟWIRUWKH\HDU 75,465 1,153 132,005 2,160
Earnings per share
(In ` / USD)
18.88 0.29 33.02 0.54
* 1 USD = `([FKDQJH5DWHIRUnjQDQFLDO\HDUHQGHG0DUFK
(1 USD = `([FKDQJH5DWHIRUnjQDQFLDO\HDUHQGHG0DUFK
The Company’s consolidated revenues grew by 4.9% to
` 965,321 Mn for the year ended March 31, 2016 (growth of
6.9% after normalising for impact of IUC in India and impact
of divestment of tower assets in Africa). The revenues for
India and South Asia (` 723,881 Mn for the year ended
March 31, 2016) represented a growth of 9.6% compared to
that of previous year (growth of 12.2% after normalising for
impact of IUC in India). The revenues for Africa, in constant
currency terms, grew by 3.1% (growth of 4.2% adjusting for
the impact of divestment of tower assets).
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access charges, cost of goods sold, license fees and CSR
costs) of ` 413,886 Mn representing an increase of 2.9%
over the previous year. Consolidated EBITDA at ` 341,902
Mn grew by 8.7% over the previous year. The Company’s
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controls (after adjusting for the impact in reduction of
termination rates, EBITDA margin for the previous year was
34.6%). Depreciation and amortisation costs for the year
were higher by 12.4% to ` 174,498 Mn primarily on account
of spectrum related amortisation cost in India. Consequently,
EBIT at ` 166,434 Mn increased by 5.0%, resulting in a
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`0QYLV¢YLV` 285,280 Mn in the previous year.
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by ` 20,403 Mn, compared to that of previous year, primarily
on account of higher interest on borrowings due to spectrum
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losses were lower at ` 18,108 Mn (PY: ` 21,530 Mn).
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H[FHSWLRQDO LWHPV DW ` 106,200 Mn has declined by 8.2%
over the previous year.
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ZDV DOPRVW ǍDW DW ` 53,180 Mn, compared to ` 52,928
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WKH IXOO \HDU FDPH LQ DW H[FOXGLQJ GLYLGHQG
GLVWULEXWLRQWD[FRPSDUHGWRH[FOXGLQJWKH
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UDWHLQ,QGLDLVSULPDULO\RQDFFRXQWRIH[SLU\UHGXFWLRQRI
WD[KROLGD\EHQHnjWVLQVHOHFWXQLWV7KHWD[FKDUJHLQ$IULFD
for the full year at USD 189 Mn (PY: USD 203 Mn) has been
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of ` 7,097 Mn. These included impact of gains / losses
on divestment of telecom towers, settlement of various
disputes, few restructuring and integration activities and
revisiting certain accounting positions. After accounting for
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for the year ended March 31, 2016 touched ` 54,842 Mn,
a 5.8% escalation over the previous year. Net income before
H[FHSWLRQDOLWHPVIRUWKH IXOO\HDUWRXFKHG` 47,745 Mn, a
21.5% decline over the previous year.
7KHFDSLWDOH[SHQGLWXUHIRUWKHIXOO\HDUZDV` 205,919 Mn
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\HDU &RQVROLGDWHG RSHUDWLQJ IUHH FDVK ǍRZ IRU WKH \HDU
UHǍHFWHGDQLQFUHDVHRIWR` 135,982 Mn.
During the year, the Group has designated the USD
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the sale and lease back of telecom tower assets in Africa,
as a hedge against the net investments in subsidiaries with
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H[FKDQJHPRYHPHQWVRQWKHKHGJLQJLQVWUXPHQWKDVEHHQ
UHFRJQLVHGLQRWKHUFRPSUHKHQVLYHLQFRPHVRDVWRRNjVHW
WKH IRUHLJQ H[FKDQJH PRYHPHQW RQ WKH QHW LQYHVWPHQWV
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loss of ` 0Q QHW RIWD[DQGQRQFRQWUROOLQJLQWHUHVWV
has been recognised in other comprehensive income.
Liquidity and Funding
During the year, the Company undertook several initiatives
to meet and manage its long term funding. Primarily in Q1,
the Company raised USD 1,000 Mn through the issuance
of 4.375%, Guaranteed Senior Notes due 2025 at an issue
price of 99.304%.
As on March 31, 2016, the Company was rated ‘Investment
Grade’ with a ‘Stable’ outlook by all three international
credit rating agencies namely Fitch, Moody’s and S&P. It
had cash and cash equivalents of ` 37,087 Mn and short-