Interim report
Page 1
bharti November 03, 2025 National Stock Exchange of India Limited Exchange Plaza, C-1 Block G Sandra Kurla Complex, Sandra (E) Mumbai - 400051, India Symbol: BHARTIARTU AIRTELPP BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Mumbai - 400001, India Scrip Code: 532454/ 890157 Sub: Financial results for the second quarter (Q2) and six months ended September 30, 2025 Dear Sir/ Madam, In compliance with Regulations 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('SEBI Listing Regulations'), we are enclosing herewith the following for the second quarter (02) and six months ended September 30, 2025: ► Audited consolidated financial results as per Ind AS ► Audited standalone financial results as per Ind AS ► Auditor's reports on the aforesaid financial results The above financial results have been reviewed by the Audit Committee in its meeting held on Monday, November 03, 2025, and based on its recommendation, approved by the Board of Directors in its meeting being held on Monday, November 03, 2025. The Board meeting commenced at 1ST 1430 Hrs. and is still in progress. Kindly take the same on record. Thanking you, Sincerely yours, Bharti Airtel Limited (a Bharti Enterprise) Regd. Office: Airtel Center, Plot No. 16, Udyog Vihar, Phase-IV, Gurugram -122015, India Corporate Office: Bharti Crescent, 1, Nelson Mandela Road, Vasant Kunj, Phase II, New Delhi• 110070, India T.: +91-124-4222222, F.: +91-124-4248063, Email: compliance.officer@bharti.in, Website: www.airtel.in CIN: l74899HR1995PLC095967
Page 2
I airtel Bharti Airtel Limited CIN: L74899HR1995PLC095 967 Registered Office: Airtel Center, Plot no. 16, Udyog Vihar, Phase IV, Gurugram - 122015, India T.: +91-124-4222222 , F.: +91-124-4248063 , Email id: compliance.officer@bharti.in Statem ent of Audit ed Cons olid ated Financ ial Results for the quarter and six months ended September 30, 2025 (Rs. in Milaons; empt per share data Quarter ended Six months ended Previous year ended Particulars September June September September September March 30, 2025 30, 2025 30, 2024 30, 2025 30, 2024 31, 2025 Aud"lted Audited Aud"ited Audited Aulflted Aud",ted Income RP1enue from operabons 521,454 494,626 414,733 1,016,080 799,797 1,n.9,852 Other income 1,m 5,088 2,547 12,365 6,182 15,737 528,731 499,714 417,280 1,028,445 805,979 1,745,58'1 Expenses r IEtwork operating eicpenses 101,178 95,456 80,115 196,634 157,721 335,043 Access charges 13,215 12,571 18,211 25,786 37,295 71,713 License fee f Spectrum diarges 38,249 37,200 34,658 75,449 66,222 138,290 Emplcr;ee benefits eJ<!lense 18,571 17,380 14,966 35,951 28,69-1 63,089 Sales and markebng e,qienses 31,824 29,659 28,824 61,483 55,981 114,601 Other eJ<pEnses 22,S03 23,973 19,497 46,m 38,346 75,524 225,840 216,239 196,271 442,079 384,259 798,260 Profit before deyreciatiln, amortisaoon, finance costs, share of profit/ (loss) of 302,891 283,475 221,009 586,366 421,720 947,329 associates and joint ventures, exceyti>nal items and tax DEpredabon and amortisabon expenses 131,821 124,651 110,000 256,472 215,401 455,703 Rnance costs 48,657 54,608 54,237 103,265 105,761 217,539 Share of profit of associates and joint ventures (net) (BIO (828) (10,739) (1,638] (19,856 (37,030 Proft before exceptional items and tax 123,223 105,044 67,511 228,267 120,414 311,117 Exceptional items (nEl) 8,537 1,187 (72,868 Profit before tax 123,223 105,044 58,974 228,267 119;227 383,985 Tax expense / ( cn!dit} Current tax 18,514 18,657 8,491 37,171 16,374 41,12.1 Deferred tax 18,201 12,169 8,949 30,370 14,144 (31,949 36,715 30,826 17,440 67,541 30,518 9,ln Profit for the period /year 86,508 74,218 41,534 160,726 88,709 374,813 Other comprehensive income ('OCI') ftElllS to be redassified to profit or loss : - Net gain/ Qoss) due to foreign currency translal!cn differences 17,869 3,158 (2n) 21,027 200 26,626 • Jiet gain/ Ooss) on net investment hedge 357 (820) 357 (1,405} {2,946) - Tax (diarge) / credit on above (105) 277 (105) 468 832 ttems not to be redassfied to profit or loss : - Gain/ Poss) on ,n...,estment at fa.r va!ue through OCI 2,354 1,256 (118) 3,610 (118) 1,338 - Re-measurement ga:n / (loss) on defined benefit plans 253 (385) (57) (132) (342) (167) - Tax (charge) / credit on above (390) (297) 9 (687) 82 36 - Share of other comp¥ehen= income/ (loss) of assooates and 10:nt ventures (net) 49 I 32 50 37 (25) Other comprehensive income / (loss) for the period / year 20,135 3,985 (954] 24,120 (1,078 25,694 Total coraprehensive income for the period / year 106,643 78,203 40,580 184,8'16 87,631 400,507 Profit for the period / year attributable to : 86,508 74,218 41,534 160,726 88,709 374,813 Owners of the Parent 67,917 59,479 35,932 127,396 77,531 335,561 Uon·controfog ,nter~ 18,591 14,739 5,602 33,330 11,178 39,252 Other comprehensive income / (loss) for the period / year attributable to : 20,135 3,985 (954 ) 24,120 (1,078) 25,694 owners of the Parent 10,020 2,758 (843} 12,m (1,222} 8,913 tlon-contro!ling interests 10,115 1,227 (111} 11,342 144 16,781 Total comprehensive income for the period / year attributable to : 106,643 78,203 40,580 184,846 87,631 400,507 (}Nners of the Parent 77,937 62,237 35,089 140,174 76,309 344,474 llon·contro!J,ng Interests 28,706 15,966 5,491 44,672 11,322 56,033 Earnings per shareA (Face value: Rs. 5 each) Basic 11.72 10.26 6.21 21.98 13.41 58.00 Diluted 11.30 9.90 6.00 21.20 12.98 56.04 Paid-up equity share capital (Face value : Rs. 5 each) - 29,001 29,001 28,956 29,001 28,956 29,001 Other equity /1/"'-l<in-~ 1,148,959 1,168,235 842,018 1,148,959 842,018 1,107,718 - ~ffi - cf.~ -~• ~\ ~'t9e ( _hare are not annualised for the periods. <Z> 1/ (fl -8" ~ 3 I !: Ch* red I~ j 1 ~1) •0 Ace ta s ;j "'(>') ~ pl tP ai:el ~ 0 -i'1- b' ~ - :,/
Page 3
Aud ited Conso lidated Balance Sheet as of Septembe r 30, 2025 Particulars Assets Hon-current assets Property, plant and equipment Capital work-in-progress Right-of-use assets Goodwill Other intangible assets Intangib le assets under development Investment in joi nt ventures and associates rmancial assets - Investments - Trade receivables - Loans - Other financial assets Income tax assets (net) Deferred tax assets ( net) Other non-current assets Current assets Inventories rmancial assets - Investme nts - Derivative instruments - Trade receivables - Loans - Cash and cash equivalents - Other bank balances - Other financial assets Other current assets Assets held for sale Total assets Equity and riabi6ties Equity Equit>/ share capital Other equity Equity attributable to owners of the parent Non-controll ing interests Hon-OJrrent riabirlties rmancial riabi6ties - Borrov,ings - Lease liabilities - Other financial liabilities Deferred revenue Provisions Deferred tax liabilities (net) Other non-current liabilities Current raabifities Financial riabi6ties - Borrowing s - Lease liabilities - Derivative instruments - Trade payables - Other financial liabilities Deferred revenue Provisions Current tax liabilities (net) Other current liabilities Tota l raabifities Tota l equity and raabi6ties Asof Se tember 30, 2025 Audited 1,484,396 102,192 628,893 538,980 1,295,653 2,681 37,332 9,511 2,373 39,018 22,921 221,361 114,096 4,499 ,407 4,296 47,749 1,796 89,089 897 62,982 126,857 282,225 122,584 747 739,222 5, 238,629 29,001 1,148,959 1, 1n, 960 425,580 1,603, 540 1,062,669 595,781 27,156 32,935 32,595 94,953 1,133 1,847,222 336,810 84,837 1,541 452,326 339,973 109,815 375,632 24,453 62,480 1,787,867 3, 635,089 5, 238,629 Rs. in M1ll1ons March 31, 2025 Audited 1,432,724 105,962 602,415 516,974 1,332,569 4,027 36,416 5,435 2,131 865 37,471 24,978 249,111 116,638 4,467,716 4,517 16,532 813 74,557 61,056 106,143 267,662 144,608 675,888 5143,604 29,001 1,107,718 1,136,719 397,958 1,534, 677 1,048,638 556,701 38,642 35,185 30,396 93,549 1,414 1,804,525 434,485 96,597 1,921 381,537 333,024 97,729 361,552 20,035 77,522 1,804,402 3,608,927 5,143,604
Page 4
Aud ited Consolidated Segment -w ise Revenue, Resu lts, Assets and Liabilit ies as of and for the quarter and six months ended September 30, 2025 Rs. in Millions) Previous Quarter ended / As of Six months ended / As of year ended/ Particulars Asof September June September September September March 30,2025 30,2025 30, 2024 30, 2025 30, 2024 31, 2025 Audited Audited Audited Aucfited Audited Au<fited 1. Segment Revenue - Mobile Services India 281,167 273,966 248,371 555,133 473,645 1,002,500 - Mobile Services Africa• 136,795 120,834 101,631 257,629 198,000 418,795 - Mobile Services South Asia~ 941 941 - Airtel Business 52,760 50,571 56,555 103,331 111,320 220,935 - PasS1Ve Infrastructure Serlice? 82,222 80,913 163,135 112,920 - Homes Services 18,646 17,179 14,321 35,825 27,991 59,044 - Digital TV Services 7,532 7,628 7,586 15,160 15,357 30,608 - Others 934 1,078 898 2,012 1,714 3,478 Total segme nt revenue 580,056 552,169 429,362 1,132,225 828,968 1,849,221 Less: Inter-seoment eliminations 58,602 57,543 14,629 116,145 29,171 119,369 Total revenue 521,454 494,626 414,733 1,016,080 799,797 1,729,852 2. Segment Results A Profit / (loss) before finance costs (net), chant'( and donabon, excepbonal items (net) and tax - Mobile Services India 88,150 84,254 61,892 172,404 110,305 264,000 - Mobile Ser/ices Africa• 44,892 38,261 31,113 83,153 s9,on 124,733 - Mobile Services South Asia~ - - (503} (503) - Airtel Business 15,667 15,567 14,392 31,234 29,129 59,611 - Passive Infrastructure Serlice? 28,944 27,630 10,304 56,574 18,883 74,6n - Homes Services 3,014 2,957 3,383 5,971 6,866 13,378 - Digital TV Services (606} 23 12 (583) 845 1,156 - Others 657 662 516 1,319 811 2,039 Total 180,718 169,354 121,612 350,072 225,413 539,086 - Unallocated (632} (512) (494) (1,144) (993} (2,128) - Inter-segment eliminations (11,908) (10,997) (170) (22,905) (316) (13,139) Total segment results 168,178 157,845 120,948 326,023 224,104 523,819 Less: (1) Rnance costs (net)" 44,279 51,991 53,189 96,270 102,952 210,187 (ti) Charity and donation 676 810 248 1,486 738 2,515 ltii) Exceptional items fnct) - 8,537 - 1,187 (72,868' Profit before tax 123,223 105,044 58,974 228,267 119,227 383,985 3. Segment Assets " - Mobile Services India 2,764,876 2,798,122 2,857,693 2,764,876 2,857,693 2,856,265 - Mobile Services Africa• 1,103,858 1,020,810 836,499 1,103,858 836,499 975,878 - Airtel Business 295,064 285,276 281,019 295,064 281,019 282,039 - Passive rnfrastructure Service? 1,009,844 991,775 303,299 1,009,844 303,299 981,809 • Homes Services 142,524 123,852 88,815 142,524 88,815 108,653 - Digital TV Services 62,164 57,939 54,441 62,164 54,441 55,198 - Others 33,630 31,942 45,491 33,630 45,491 34,943 Total segment assets 5,411,960 5,309,716 4,467,257 5,411,960 4,467,257 5,294,785 • Unallocated 267,943 282,765 204,235 267,943 204,235 285,674 - Inter-seament eliminations (441,274 (442,114' (61,671 (441,274 161.671 1436,855 Tota l assets 5,238,629 5,150,367 4,609,821 5,238,629 4,609,821 5,143,604 4. Segment Liabiities - Mobile Services India 1,365,401 1,371,379 1,238,070 1,365,401 1,238,070 1,359,574 - Mobile Services Africa• 642,559 592,212 502,624 642,559 502,624 569,004 - Airtel Business 152,417 146,421 145,654 152,417 145,654 142,900 - PaSS1Ve rnfrastructure Servtce? 288,000 283,206 288,000 278,690 - Homes Services 83,414 79,646 68,145 83,414 68,145 76,103 - Digital TV Services 71,418 70,185 66,618 71,418 66,618 66,522 • Others 5,849 5,262 2,820 5,849 2,820 4,740 Total segmen t riabifities 2,609,058 2,548,311 2,023,931 2,609,058 2,023,931 2,497,533 - Unallocated% 1,532,572 1,500,248 1,549,521 1,532,572 1,549,521 1,611,875 - Inter-segment eliminations (506,541 (505,674 (66,661 /506,541 (66,661 (500,481 Total riabifities 3,635,089 3,542,885 3,506,791 3,635,089 3,506,791 3,608,927 • Including Mobile Money Services. Cl Mobile Services South Asia segment has been disposed, effective June 26, 2024. s Passive Infrastructure Services represents operations of Indus Towers Limited. It became a subsidiary of the Group w.e.f. November 18, 2024, prior to which it was a joint venture. • Includes share of results I net assets of associates and joint ventures. 'This is net of dividend.income. interest income, income on FVTPL investments and gain/ loss (net) on derivative financial instruments. "' Mainly includes borrowings • . rred payment liabilities) ~\\' I ( . .¢ If/) /-;:. ~ ",J 1 ~)' IP Q. -
Page 5
Audited Consolidated Statement of Cash Flows for the six months ended September 30, 2025 Pa rticulars cash flows from operating a ctivit ies Profit before tax Adjustm ents for : Depreciation and amort isation expenses Finance costs DMdend Income Net gain on fair value through profit or loss instruments Interest Income Net loss on denvatrve financial instrumen ts Share of profit of associa tes and joint ventures (net} Exceptional items (net) Employee sha re based pa•1ment expense Profit on sale of property, plant and equipment Provision for doubtful debts / bad debts written off Other non-cash items Operating cash flow s befor e cha nges in assets and liabi&ties Chang es in assets and riabilities Trade receivables Trade payables Inventorie s Provisions Other financial and non-financia l liabilities Other financial and non-financial assets !le t cash generated from opera tions before tax Income tax paid (net) lfet cash generat ed from operating activit;es (a) cash flo ws from investing activities Purchase of property, plant and equipme nt and capital work-In-progress Proceed s from sale of propert'f, plant and equipment Purchase of Intangible assets and intang ible assets under development Payment tow ards spectrum (lnduding deferred payment t,abilltyr (Purchase of) / proceeds from current Investmen ts (net) Purchase of non-current Investments Proceeds from sale of non-current investments Cash disposed off on sate of subsidiaries Investment in joint venture and associate DMdend received Interest received rtet cash used in investing activit.ies (b) cas h flow 5 from finan cing a ctivit ies Proceeds from borrowmgs Repayment of borrowings Paymen t of lease liabll ibes Proceeds from short-term borrow ings (net) Purchase of treasury shares Interest and other finance charges paid• Proceeds from exercise of share options Dividend paid Net proc eeds from issuance of equity shares to Non-controlling interests Purchase of shares from non-controlling Interests Payment on maturity of denvatives (net) Proceeds from sale of shares of subsidiary to non-controlling interests lle t cash u5ed in financing activities ( c) (Rs. In M111ions} Six month s e nded Se ptember 30, 2025 Septembe r 30, 2024 Audited Audited 228,267 119,227 256,472 215,401 101,680 104,496 (272 ) ( 1,231 ) (n9) (5,492 ) (2,030 } 1,489 1, 126 (1,638) (19,856 ) 1,187 1,664 829 (1,217 ) (9) 1,520 4,595 (281 ) 434 580, 961 4 24,621 ( 15,2.10) (13,791 ) 54,361 36,006 216 (1,078) 7,950 9,564 1,574 31,039 10,693 (2,457 ) 640,.545 483,904 (31,633 ) (16,563 ) 608, 912 467,341 (223 ,325) (194,79 5) 3,675 482 (6,554) (10,761 ) ( 1,073) (116,604} (31,579 ) 34,790 (536) (276 ) 72 9 (69) (8,788) 1,813 1,085 1,673 2,656 ( 255,834) (292,271) 83,6 19 81,110 (2.34,634) (113,367 ) (32,917 ) (38,138 ) 31,080 63,882 (1,260 ) (2,240 } (59,292 ) (105,324 ) 15 3 (103,797 ) (59,111 } 75 {14,219 ) (6,7 61) (2,674 ) (9,723 ) 149 (334,004) (189,520) !let increa5e / (decrea5e) in the ca5h and ca sh equivalents during the pe riod (a+ b+c) 19,074 (14, 450) Effect of exchange rate on the cash and cash equivalents Cash and cash equivalents as at beginning of the peri od cash and cash equivalents as at end of the period spectrum acquisrtion are paid to Department of T ards payment of deferred liabilities pertaining to 10,298 106,53 1 135,903 front I deferred I prepaid payments. of year 2012, 2015, 2016 and 2022. 1,253 90,521 77,324
Page 6
For the purpose of Audited Consolidated Statement of Cash Flows, cash and cash equivalents comprise of following: (Rs. in Millions) Asof Particulars September 30, 2025 September 30, 2024 Audited Audited Cash and cash equivalents as per Audited Consolidated Balance Sheet 62,982 47,380 Add : Balance held under mobile money trust" 102,508 69,445 Less : Bank overdraft (29,587) (39,501) Cash and cash equivalents as per Audited Consorldated Statement of Cash Flows 135,903 77,324 •it represents cash received from subscribers of mobile commerce services relating to its subsidiaries in Africa and the same is not available for general use by the Group. Notes to the Audited Consolidated Financial Results 1. The Audited Consolidated Financial Results for the quarter and six months ended September 30, 2025 have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on November 3, 2025 . 2. These Audited Consolidated Financial Results are compiled from the Audited Interim Condensed Consol idated Financial Statements for the quarter and six months ended September 30, 2025, the Audited Interim Condensed Consolidated Financial Statements for the quarter ended June 30, 2025 and the Audited Consolidated Financial Statements for the year ended March 31, 2025. The Audited Interim Condensed Consolidated Financial Statements for the quarter and six months ended Septembe r 30, 2025 have been prepared in accordance with Indian Accounting Standard ('Ind AS') 34, 'Interim Financial Reporting' as prescribed under Section 133 of the Compan ies Act, 2013 read together with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time) and other accounting principles generally accepted in India. The said Audited Consolidated Financial Results represent results of the Group , and its share in the results of associa tes and joint ventures. 3. Indus Towers Limited, a Subsidiary Company, in its audited conso lidated financial results for the quarter and six months ended September 30, 2025 reported financ ial status relating to one of its large customers ('customer'). The said customer accounts for significant part of subsidiary's revenue from operations for the quarter and six months ended September 30, 2025 and constitutes a significant part of subsidiary's trade receivables outstanding and unbilled revenue as at September 30, 2025. The statutory audito rs of the said customer have reported material uncertainty related to going concern in its report to the latest published unaudited results for the quarter ended June 30, 2025. The said customer stated that its ability to settle its liabilities is dependen t on support from the Department of Telecommun ications (DoT) regarding the AGR matter, fund raise through equity and debt, and generation of cash flow from operations . Further, it stated that, based on current efforts, it believes that it would be able to get DoT support, successfully arrange funding and gene rate cash flow from operations . Accordingly , the said customer prepared its financial statements on a going concern basis . The Group has receivables , certain property, plant & equipment and intangible assets with respect to the said customer , recoverability of which is dependent on the said customer's ability to continue as a going concern and the Subsidiary Company's ability to attract new customers. The Group will conti nue to monitor the financial condition of the customer. 4. During the quarter ended September 30, 2025, Airtel Africa pie ('Airtel Africa '), a subsidiary of the Group in continuation to its existing second share buy-back programm e for USO 100 mill ion, further bought back USO 18 million worth of shares. This resulted in an increase in the Group's effective shareholding from 62.47% to 62.60%. {This space has been intentionally left blank)
Page 7
5. The disclosure required as per the provisions of Regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is given below: Quarter ended Six months ended Year ended September June September September September Mardi S.flo. Particulars• 30, 2025 30, 2025 30, 2024 30, 2025 30, 2024 31, 2025 Audited Aucfited Audited Audited Audited Audited (1) Debt· equity ratio· [no. of times) 0.82 0.30 1.28 0.82 1.28 0.91 (n) net worth • [Rs. M1lhon) 1,159,733 1,179,009 852,747 1,159,733 852,747 1,118,492 (m) current ratio· [no. of bmes) 0.41 0.42 0.36 0.41 0.36 0.37 (IV) Long term debt to v1orking capital· [no. of times)" (1.01) (1.11) (1.18) (1.01) (1.18} (0.93) (v) Current hab1hty ratio· [no. of !imesj 0.49 0.47 0.44 0.49 0.44 0.50 (V1) Tatel debts to total assets· [no. of times) 0.40 0.39 0.49 0.40 0.49 0.42 (v11) Debtors turnover· [no. of days] 15 JS 12 15 12 13 (V111) Debt service coverage ratio ('DSC"R') • [no. of limes) 3.52 1.75 2.54 2.36 1.89 2.43 (ix) Interest selvice coverage ratio ('ISCR') • [no. of times) 6.69 6.35 4.93 6.52 4.84 5.38 (x) Bad debts to acco1Jnl rece1Vable ratio (%) 0.1% 0.3% 0.1% 0.4% 0.4% 4.0% (xi) Operating margin (%) 31.4% 31.lo/c 26.2% 31.3% 25.0% 27.5% (xii) Net prof rt margin (%) 16.6% 15.0% 10.0% 15.8% 11.1% 21.7% (Xiii) Debenture redemption reserve· [Rs. M1lhon) tl.A. Ii.A. tl.A. 11.A. II.A. IJ.A. (xiv) Caprtal redemption reserve· [Rs. Milhon) N.A. II.A. ILA. II.A. ti.A. N.A. (xv) Outstanding redeemable preference shares· [Rs. M1lhon] II.A. II.A. ILA. N.A. ti.A. H.A. * As the principal activities of the Group are in the nature of services, hence inventory turnover ratio is not relevant. A Net working capital is negative The basis of computat ion of above parameters is provided in the table below : (i) Debt• equity ratio# (Non-cur rent borrowings (+) current borrowings (-) cash and cash equivalents (-) term deposits with bank)/ equity • excludina lease liabilities (ii) Net worth Basis Section 2(57) of the Companies Act, 2013 and does not include capital reseNe, debenture redemption reseNe and non-controlling interests . (iii) Current ratio Current assets / current liabilities (iv) Long term debt to working Non-current borrowings/ (current assets (-) current liabilities) capital (v) Current liability ratio Current liabilities / total liabilities (vi) Total debts to total assets (Non-current borrowings(+) current borrowings(+) lease liabilities)/ total assets (vii) Debtors turnover Average trade receivables/ (revenue from operat ions/ no. of days for the periods) (viii) DSCR Profit before depreciation, amortisation, finance costs, share of profit / (loss) of associates and joint ventures , exceptional items and tax / (interest expenses (+) principa l repayments of long-term debt (excluding pre-payment of deferred payment liabilities)(+) payment of lease liabilities) (ix) ISCR Profit before depreciatio n, amortisation , finance costs, share of profit / (loss) of associates and joint ventures , exceptional items and tax / interest exoenses (x) Bad debts to account Bad debts written off / average trade receivable (gross of allowances for doubtful receivable receivables) (xi) Operating margin (Profit before depreciation , amortisation, finance costs, share of profit / (loss) of assoc iates and joint ventures , exceptiona l items and tax (-) depreciation and amortisation expenses(-) other income) I revenue from operations (xii) Net profit margin Profit after tax / revenue from operations
Page 8
6. All the amounts included in the Audited Consolidated Financial Results are rounded off to the nearest million, except per share data and unless stated otherwise. For Bharti Airtel Limited Gopal Vittal Vice Chairman & Managing Director DIN: 02291778 November 3, 2025 Notes: a) 'Bharti Airtel' or 'Company' stands for Bharti Airtel Limited b) 'Group' or 'Consolidated ' stands for Bharti Airtel Limited together with its subsidiar ies c) For more details on the Audited Consolidated Financial Results, please visit our website 'www.airtel.in'
Page 9
~ airtel Bharti Airtel Limited CIN: L74899HR1995PLC095967 Registered Office: Airtel Center , Plot no. 16, Udyog Vihar, Phase IV, Gurugram - 122015, India T.: +91-124-4222222 , F .: +91-124-4248063, Email id compliance.officer@bharti.in Statement of Audited Standalone Financial Results for the quarter and six months ended September 30, 2025 (Rs. in Millions; except per share data} Quarter ended Six months ended Previous year ended Particulars September June September September September March 30, 2025 30, 2025 30, 2024 30, 2025 30, 2024 31, 2025 Audited Audited Audited Audited Audited Audited Income Revenue from operations 300,923 292,492. 269,845 593,415 519,016 1,089,439 Other income 10,791 3,319 4,080 14,110 7,031 13,647 311,714 295,811 273,925 607,525 526,047 1,103,086 Expenses lletwork operating expenses 59,105 57,046 54,933 116,151 107,496 219,387 Access charges 9,134 8,994 10,876 18,128 22,251 44,488 license fee/ Spectrum charges 28,363 27,629 26,015 55,992 49,275 103,102 Emplo'{ee benefits expense 5,742 5,230 5,543 10,972 11,422 23,937 Sales and marketing expenses 12,500 12,293 13,548 24,793 26,053 52,504 Other expenses 11,324 12,853 9,402 24,177 18,734 38,432 126,168 124,045 120,317 250,213 235,231 481,850 Profit before depreciation, amortisation, finance costs, 185,546 171,766 153,608 357,312 290,816 621,236 exceptional items and tax Depreciation and amortisation expenses 86,232 92,787 81,366 169,019 160,646 325,111 Rnance costs 38,538 38,349 38,723 76,887 75,398 152,396 Profit before exceptional items and tax 6o,n6 50,630 33,519 111,406 54,n2 143,729 Exceptional items (net} (8,771 (34,915 Profit before tax 60,776 50,630 33,519 111,406 63,543 178,644 Tax expense current tax - - - Deferred tax 15,328 12,985 8,343 28,313 13,675 (56,374 15,328 12,985 8,343 28,313 13,675 (56,374) Profit for the period / year 45,448 37,645 25,176 83,093 49,868 235,018 Other comprehensive income (OCI} Items not to be redassified to profit or loss : - Gain / (loss} on investment at fair value through 00 2,354 1,256 (118} 3,610 (118} 1,338 - Re-measurement gain/ (loss) on defined benefit plans 69 (208} (12} (139) (250) (ln] -Tax (charge} / credit (353 (319 3 (672 63 44 Other comprehensive income/ (loss} for the period/ year 2,070 729 (127 2,799 (305 1,205 Total romprehensive income for the period / year 47,518 38,374 25,049 85,892 49,563 236,223 Earnings per shareA (Face value : Rs. s each} Basic 7.84 6.49 4.35 14.33 8.62 40.60 Diluted 7.56 6.26 4.21 13.82 8.36 39.26 Paid-up equity share capital (Face value : Rs. 5 each} 29,001 29,001 28,956 29,001 28,956 29,001 other equity 1,364,642 1,410,999 1,005,887 1,364,642 1,005,887 1,372,310 ' Earnings per share are not annualised for the periods.
Page 10
Audited Standalone Balance Sheet as of September 30, 2025 Particulars Assets lion-current assets Property, plant and equipment Capital work-in-progress Right-of-use assets Goodv:ill Other intangible assets Intangible assets under development Investments in subsidiaries, associates and joint ventures Financial assets - Investments - other financial assets Income tax assets (net) Deferred tax assets ( net) other non-current assets Current assets Financial assets - Investments - Derivative instruments - Trade receivables - Cash and cash equivalents - Other bank balances - Loans - Other financial assets other current assets Total assets Equity and liabilities Equity Equity share capital other equity !Ion-current riabmties Financial riabilities - Borrowings - Lease hab1hties - Other financial habiht1es Deferred revenue Provisions Current liabilities Financial riabilities - Borrowings - Lease liabilities - Derivative instruments - Trade payables - Total outstanding dues of micro enterprises and small enterprises - Total outstanding dues of creditors other than micro enterprises and small enterprises - other financial liabilities Deferred revenue Provisions Current tax liabilities (net) Other current liabilities (Rs. in Millions Asof Se tember 30, 2025 March 31, 2025 Audited Audited 843,467 827,599 51,497 50,946 435,546 448,142 1,083 1,083 1,027,137 1,066,057 587 1,629 889,242 878,287 9,219 5,235 18,586 18,199 5,068 5,731 161,259 190,412 65,178 64,044 3,507,869 3,557,364 6,454 0 1,662 736 37,131 31,715 1,394 6,628 249 403 75,442 410 246,307 234,993 70,579 92,539 439,218 367,424 3,947, 087 3,924,788 29,001 29,001 1,364,642 1,372,310 1,393,643 1,401,311 910,956 902,801 417,623 427,261 5,969 19,551 16,892 17,005 2,679 2,703 1,354, 119 1,369, 321 200,111 205,595 81,520 78,917 50 999 464 822 374,583 322,655 119,263 127,926 78,973 70,152 313,104 300,699 4,941 4,737 26,316 41,654 1,199,325 1,154,156 2,553,444 2,523,477 3,947,08 7 3,924,788 :Y
Page 11
Audited Standa lone Statement of Cash Flows for the six months ended September 30, 2025 Particulars Cash flows from operating activities Profit before tax Adjustments for: Depreciation and amortisation expenses Finance costs Interest income Dividend income Net (gain)/ loss on derivative financial instruments Net gain on fair value through profit or loss investments Exceptional items (net) Loss on sale of property, plant and equipment Employee share based payment expense Provision for doubtful debts / bad debts written off other non - cash items Operating cash flows before changes in assets and liabir.ties chang es in assets and riabir.ties Trade receivables Trade payables Provisions Other financial and non-financial liabilities other financial and non-financial assets !let cash generated from operations before tax Income tax refund (net) flet cash generated from opera ting activi ties (a) Cash flows from investing activities Purchase of property, plant and equipment and capital-work-in-progress Proceeds from sale of property, plant and equipment Purchase of intangible assets and intangible assets under development Proceeds from sale of intangible assets Payment towards spectrum (including deferred payment liability)" (Purchase of)/ proceeds from sale of current investments (net) Purchase of non-current investments Proceeds from sale of non-current investments Investment m subsidiary Investment in joint venture and associate Loan given to subs1d1anes Loan repayment by subsidiaries Dividend received Interest received Het cash used in investing activities (b) Cash flows from financing activities Proceeds from borrowings Repayment of borrowings Payment of lease liabilities Proceeds from short-term borrowings (net) Interest and other finance charges paid= Proceeds from exercise of share options Dividend paid !let cash used in financing activitie s ( c) Uet decrease in cash and cash equivalen ts during the period (a + b+c) d cash equivalents as at the beginning of the period :(f) equiv alents as at the end of the period "3 s towards payment of deferred liabilities pertaining to spe Rs. in Millions Six months ended September 30, 2025 September 30, 2024 Audited Audit e d 111,406 63, 543 169,019 160,646 76,811 75,28 3 (4,499 ) (1,929) (3,772) (1,400) (1,521) 105 (556) (645) {8,771) 311 1 1,008 518 3,703 2,750 (717) (164) 351,193 289,9 37 (9,070) (10,363) 40,017 30,325 8,229 7,857 (7,394) 18,642 10,960 (10,280) 393,935 326,118 1,223 5,447 395,158 331,5 65 (135, 446} (137,544) 450 2,965 (3,142) (2,394) 3,598 (115,143) (5,912) 9,126 (432) (20) 72 9 {10,955) (20,0 43) (8,788) (74,503} (17,044) 2,247 46,100 3,772 1,400 90 2,484 (223 ,759) ( 235,294) 37,700 11,186 (104,043) (16,102) (28, 141) (24,447) 35,682 52,265 (25,040) (75,133) 8 3 92,799 46,324 176,6 33 98,552 (5,234) (2,281) 6,628 5,344 1,394 3,063 eferred I prepaid payments fyear 2012, 2015 and 2016
Page 12
For the purpose of Aud ited Standalone Statement of Cash Flows, cas h and cash equivalents comprise of the following: {Rs. in Millions) As of Particulars September 30, 2025 September 30, 2024 Audited Audited cash and cash equivalents as per Audited Standalone Balance Sheet 1,394 3,063 Less : Bank overdraft - 0 cash and cash equivalents as per Audited Standalone Statement of cash Flows 1,394 3,063 Notes to the Audited Standalone Financial Results 1. The Audited Standalone Financial Results for the quarter and six months ended September 30, 2025 have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on November 3, 2025. 2. These Audited Standalone Financial Results are compiled from the Audited Interim Condensed Standalone Financial Statements for the quarter and six months ended September 30, 2025, the Audited Interim Condensed Standalone Financial Statements for the quarter ended June 30, 2025 and the Audited Standalone Financial Statements for the year ended March 31, 2025. The Audited Interim Condensed Standalone Financial Statements for the quarter and six months ended September 30, 2025 have been prepared in accordance with Indian Accounting Standard ('Ind AS') 34, 'Interim Financial Reporting' as prescribed under Section 133 of the Companies Act, 2013 read together with Rule 3 of the Companies (Indian Accounting Standards} Rules, 2015 (as amended from time to time) and other accounting principles generally accepted in India. 3. The Company publishes these Audited Standalone Financial Results along with the Audited Consolidated Financial Results. In accordance with Ind AS 108, 'Operating Segments', the Company has disclosed the segment information in the Audited Consolidated Financial Results. 4. The disclosure required as per the provisions of Regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is given below: Quarter ended Six months ended S.llo. Particulars'· September June September September September 30, 2025 30, 2025 30, 2024 30, 2025 30, 2024 Audited Audited Audited Audited Audited (t) 0€bt • equity rat,o • [no. of times] 0.80 0.74 1.17 0.80 1.17 (11) IIEI worth· [Rs. M,11,cn] 1,110,029 1,156,366 924,965 1,110,029 924,965 (111) Current rabo • [no. of times] 0.37 0.38 0.33 0.37 0.33 (iv) Long term debt to working C3p1tal • [no. of t,mes]A (1.20) (1.27) (1.44) (1.20) {1.44) (v) Current h.ib,h~/ r.ibo • [no. of bmes) 0.47 0.46 0.42 0.47 0.42 (11) Total debts to total assets· [no. of times) 0.41 0.40 0.47 0.41 0.47 (w) Debtors turnover · [no. of days] 11 10 11 11 10 (1111) Debt servtee coverage ratio ('DSCR') · [no.cf times] 2.99 1.33 2.86 1.87 2.96 (1x) Interest se1V1ce coverage ratio ('!SCR') • [no. of t,mes] 6.27 5.S9 4.84 6.08 4.71 (x) Bad cebts to Account recetvable rct10 (%) O.!'i', O.!S, 0.0% 0.2¼ 0.3% (Xi) OpEraMg margin (¼) 29.4½ 29,3:,, 25.3',o 29.4°n 23.~, (Xlt) lie\ profit margin (%) 15.1½ 12.91', 9.3% 14.0'.o 9.64 (rm) Debenture redemption re,erve • [Rs. Mtl'ion] II.A. II.'\. IV .. II.A. ll.A. (xr✓) Capital redemption reserve • [Rs. Mtlhon] N.A. fl.A. ti.A. U.A. H.A. (,v) Outstanding redeemable preference shares· [Rs. Mtlhon] II.A. II.A. fl.P- fLA .. 11.;. • As the principal activities of the Company are in the nature of services, hence inventory turnover ratio is not relevant. A Net working capital is negative The basis of computation of above parameters is provided in the table below: Previous year ended Mardi 31, 2025 Audited 0.79 1,117,529 0.32 (1.15} 0.46 0.41 10 3.10 5.20 S.fo 25.9½ 21.6% llA II.A. IIA (i) Debt • equity ratio# (Non-current borrowings(+) current borrowings (-) cash and cash equivalents (-) term deposits with bank)/ equity • excludin !ease liabilities (ii) Net worth Basis Section 2(57) of the Companies Act, 2013 and does not include capital reserve and common control reserve. Current assets/ current liabilities debt to worki ng Non-current borrowings/ (current assets(-) current liabilities)
Page 13
(v) Current liability ratio Current liabilities / total liabilities (vi) Total debts to total assets (Non-current borrowings(+) current borrowings(+) lease liabilities)/ total assets (vii) Debtors turnover Average trade receivables / (revenue from operations/ no. of days for the periods) (viii) DSCR Profit before depreciation, amortisation, finance costs, exceptional items and tax / (interest expenses (+) principal repayments of long-term debt (excluding pre- pavment of deferred pavment liabilities)(+) pavment of lease liabilities) (ix) ISCR Profit before depreciation, amortisation, finance costs, exceptional items and tax / interest expenses (x) Bad debts to account Bad debts written off I average trade receivable (gross of allowances for doubtful receivable receivables) (xi) Operating margin (Profit before depreciation, amortisation, finance costs, exceptional items and tax (-) depreciation and amortisation expenses (-) other income) I revenue from operations (xii) Net profit margin Profit after tax / revenue from operations 5. All the amounts included in the Audited Standalone Financial Results are rounded off to the nearest million, except per share data and unless stated otherwise. Further, due to rounding off, certain amounts are appearing as 'O'. For Bharti Airtel Limited Gopal Vittal Vice Chairman & Managing Director DIN:02291778 November 3, 2025 Notes: a) 'Bharti Airtel' or 'Company' stands for Bharti Airtel Limited b) For more details on the Audited Standalone Financial Results, please visit our website 'www.airtel.in'
Page 14
Deloitte Haskins & Sells LLP Chartered Accountants 7th Floor Building 10 Tower B DLF Cyber City Comp lex DLF City Phase 11 Gurugram-122 002 Haryana. India Tel: +91 124 679 2000 Fax: +91 124 679 2012 INDEPENDENT AUDITOR'S REPORT ON AUDIT OF INTERIM CONSOLIDATED FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF BHARTI AIRTEL LIMITED Opinion We have audited the accompanying Statement of Audited Consolidated Financial Results for the quarter and six months ended September 30, 2025 of BHARTI AIRTEL LIMITED ("the Parent/Company") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), and its sha re of the net profit afte r tax and other comprehens ive income of its joint ventures and assoc iates for the quarter and six months ended September 30, 2025, ("the Consolid ated Financial Results"), being submitted by the Parent pursuant to the requirements of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the LODR Regulations"). In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of the audit reports of the other auditors on interim consolidated and standalone financial information of a subsidiary and an associate, respectively, referred to in Other Matter section below, the Consolidated Financial Results: (i) include the financial results of the entities as given in Annexure to this report; (ii) are presented in accordance with the requirements of the LODR Regulations; and (iii) give a true and fair view in conformity with the recognition and measurement principles laid down in the Ind ian Accounting Standard 34 "Inter im Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 ("Act"), read with relevant rules issued thereunder and other accounting principles generally accepted in India of the consolidated net profit and consolidated other comprehensive income and other financial information of the Group, its associates and joint ventures for the quarter and six months ended September 30, 2025. Basis for Opinion We cond ucted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Act. Our responsibil ities under those Standards are further described in Auditor's Responsibil ities for audit of the Consolidated Financial Results section below. We are independent of the Group, its associates and joint ventures in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (''ICAI") together with the eth ical requirements that are relevant to our audit of the Consolidated Financial Results under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obta ined by us and the audit evidence obta ined by the other auditors in terms of their reports referred to in Other Matter section below, is sufficient and appropriate to provide a basis for our audi t opinion. Regd. Office: One International Center, Towe r 3, 31st floor, Senapati Ba pat Marg, Elphinstone Road (West), M~u ~rt:::zrc~ Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: AAB-8737 Page 1 of 7
Page 15
Deloitte Haskins & Sells LLP Emphasis of Matte r Mater ia l uncertainty at one of the largest customers of Indus Towers limited, a Subsidiary Company and its consequential impact on the Group's receivable, property, plant and equipment and intangible assets in relation to such customer We draw attention to note 3 of the Consolidated Financial Results, which describes the potent ial impact on certain receivab les, property, plant and equipment and intang ible assets, arising from the financial condition of one of the largest customers of the Subs idiary Company and the uncertainty re lating to that customer's abil ity to continue as a going concern. Our opinion is not modified in respect of the above matter. Responsibilities of Manageme nt and Those Charged With Governance for the Consolidated Financ ial Results This Conso lidat ed Financ ial Results are the responsibility of the Company's management and have been approved by the Board of Directors for issuance. The Consolidated Financia l Results have been compiled from the Audited Interim Condensed Consolidated Financia l Statements for the quarter and six months ended September 30, 2025, the Audited Inte rim Condensed Consolidated Financial Statements for the quarter ended June 30, 2025 and the Audited Consolidated Financial Stat ements for the year ended March 31, 2025. This responsibility includes the preparation and presentation of the Consol idated Financia l Results that give a true and fair view of the conso lid ated net profit/(loss) and consolidated other comprehensive income/( loss) and other financial information of the Group includ ing its associates and joint ventures in accorda nce with the recognition and measurement principles laid down in Ind AS 34 prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accoun ting principles genera lly accepted in India and in compliance with the LODR Regulat ions. The respective Board of Directors of the companies included in the Group and of its associates and joint ventures are respons ible for maintenance of adequate accounting records in accordance with the prov isions of the Act for safeguarding th e assets of the Group and its associates and joint ventures and for preventing and detecting frauds and other irregularities; selection and application of appropriate account ing polic ies; making judgments and est imates that are reasonable and prudent; and the design, implementat ion and maintenance of adequate internal financial controls, that were operating effective ly for ensur ing the accuracy and comp leteness of the accounting records, relevant to the preparation and presentation of the respect ive financial results that give a true and fair view and are free from materia l misstatement, whether due to fraud or error, which have been used for the purpose of preparation of this Conso lidated Financial Results by the Directors of the Parent, as aforesaid . In preparing the Consolidated Financ ial Results, the respective management and the Board of Directors/Those Charged With Governance of the entities included in the Group and of its associates and joint ventures are respons ibl e for assessing the ability of the respective entities to continue as a goi ng concern, disclosing, as app licable, matters related to going concern and using the going concern basis of account ing unless the respective Board of Directo rs/Those Charged With Governance either intends to liquidate the ir respect ive entities or to cease operat ions, or has no realistic alternative but to do so. The respect ive Board of Directors/Those Charged With Governance of the ent itie s included in the Group and of its associates and joint ventu res are responsible for ove rseeing the financial reporting process of the Group and of its associates and joint ventures . Auditor's Responsibilities for the audit of the Consolidated Financial Results Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results as a whole are free from material misstatement, whether due to fraud or error, and to issue an aud itor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a materia l misstatement when it exists. Misstatements can arise from fraud or error e cons idered material if, ind ividua lly or in the agg regate, they could reasonably be exp k!fn ence the economic decisions of users taken on the basis of this Consolidated Financ i ( of 7
Page 16
Deloitte Haskins & Sells LLP As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the Consolidated Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion . The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal financial controls . • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the management and approved by the Board of Directors. • Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under the LODR Regulations . • Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its associates and joint ventures to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Consolidated Financial Results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and its associates and joint ventures to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the Consolidated Financial Results, including the disclosures, and whether the Consolidated Financial Results represent the underlying transactions and events in a manner that achieves fair presentation. • Perform procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the LODR Regulations to the extent applicable. • Obtain sufficient appropriate audit evidence regarding the standalone financial results, entities within the Group and its associates and joint ventures to express an opinion on the Consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Consolidated Financial Results of which we are the independent auditors. For the other entities included in the Consolidated Financial Results, which have been audited by the other auditors, such other auditors remain responsible for the direction, supervis ion and performance of the audit carried out by them. We remain solely responsible for our audit opinion. Materiality is the magn itude of misstatements in the Consolidated Financial Results that, individually or in aggregate, makes it probab le that the economic decisions of a reasonably knowledgeable user of the Consolidated Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Consolidated Financial Results. We communicate with those charged with governance of the Parent and such other entities included in the Consolidated Financial Results of which we are the independent auditors regarding, among other matters, the planned scope and tim ing of the audit and significant audit findings, including any significant deficiencies in internal financial controls that we identify during our audit. ~ ge 3 of 7
Page 17
Deloitte Haskins & Sells LLP We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the LODR Regulations, as amended, to the extent applicable. Other Matter We did not audit the interim consolidated financial information of a subsidiary included in the Consolidated Financial Results, whose interim consolidated financial information reflects total assets of Rs 6,440 million as at September 30, 2025, and revenue of Rs. 4,874 million and Rs 8,611 mill ion, net profit after tax of Rs. 291 million and Rs 481 million and other comprehensive income of Rs. 4 million and Rs. 3 million, for the quarter and six months ended September 30, 2025, respectively, and net cash outflows of Rs 50 million for the six months ended September 30, 2025 as considered in the Consolidated Financial Results. The Consolidated Financial Results also include the Group's share of net profit after tax of Rs. 99 million and Rs 195 million and other comprehensive (loss)/income of Rs. 31 million and Rs. 5 million for the quarter and six months ended September 30, 2025, respectively, as considered in the Consolidated Financial Results, in respect of an associate whose interim financial information has not been audited by us. These interim financial information have been audited by other auditors and our opinion on the Consolidated Financial Results, in so far as it relates to the amounts and disclosures included in respect of such subsidiary and associate, is based solely on the reports of the other auditors. Our report on the Consolidated Financial Results is not modified in respect of the above matter with respect to our reliance on the work done and the reports of the other auditors. Place: New Delhi Date: November 03, 2025 For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No.117366W/W-100018) Vijay Agarwal Partner (Membership No. 094468) UDIN:2.S0~~'fn,gmmJc82t,3, Page 4 of 7
Page 18
Deloitte Haskins & Sells LLP Annex ure to Auditor's Report List of entities: 1 Bharti Airtel Limited Subsidiaries 2 Bharti Airtel Services Limited 37 3 Bharti Hexacom Limited 38 4 Bhart i Telemedia Limited 39 5 Airtel Limit ed 40 6 Nxtra Data Limit ed 41 7 Xtelify Limited 42 8 Indo Teleports Lim ited 43 9 Bharti Airtel (France) SAS 44 10 Bharti Airtel (Hong Kong) Limi ted 45 11 Bharti Airte l (UK) Lim ited 46 12 Bhart i Airtel (USA) Limited 47 13 Bharti Airtel International (Nethe rlands) 48 B.V. 14 Bhart i Int ernat ional (Singapore) Pte. Ltd. 49 15 Network i2i Limited 50 16 Airtel (Seyche lles) Limited 51 17 Airtel Congo S.A. 52 18 Airte l Gabon S.A. 53 19 Airtel Madagascar S.A. 54 20 Airtel Malawi Public Limi ted Company 55 21 Airte l Mobile Commerce B.V. 56 22 Airte l Mobi le Commerce Holdings B.V. 57 23 Bhart i Airte l Malawi Holdings B.V. 58 24 Bhart i Airtel Mali Holdings B.V. 59 25 Bharti Airte l Niger Holdings B.V. 60 26 Bhart i Airte l Nigeria B.V. 61 27 Bhart i Airtel RDC Hold ings B.V. 62 28 Airtel Mobile Commerce (Kenya) Limited 63 29 Airtel Mobile Commerce Limited 64 30 Airte l Mobile Commerce Madagascar S.A. 65 31 Airtel Mobi le Commerce Rwanda Ltd 66 32 Airtel Mobile Commerce (Seychelles) 67 Limited 33 Airtel Mobi le Commerce (Tanzan ia) Limited 68 34 Airtel Mobile Commerce Tchad S.A. 69 35 Bharti Airtel Rwanda Hold inas Limited 70 36 Airtel Money Transfer Limited 71 Airtel Money Tanzania Limited Airte l Mobile Commerce Niger ia Limited Airtel Mobile Commerce (Seychel les) B.V. Airtel Mobile Commerce Conqo B.V. Airte l Mobile Commerce Kenya B.V. Airtel Mobile Commerce Uganda Limited Airtel Mobile Commerce Zamb ia Limited Airtel Money RDC S.A. Airtel Money Niger S.A. Airtel Money S.A. Airtel Networks Kenya Limited Airtel Networks Limit ed Airtel Networks Zambia pie Airtel Rwanda Limited Airtel Tanzan ia Public Limited Company Airtel Tchad S.A. Airtel Uganda Limited Bharti Airtel Africa B.V. Bharti Airtel Chad Holdings B.V. Bharti Airtel Congo Holdings B.V. Bharti Airtel Developers Forum Lim ited Bharti Airte l Gabon Holdings B.V. Bhart i Airt el Kenya B.V. Bharti Airtel Madagascar Hold ings B.V. Airt el Africa Mauritius Limited Bhart i Airtel Holding (Maurit ius) Limited Bharti Airtel Overseas (Maur itius) Limited Airtel Africa pie Airtel Mobile Commerce Nigeria B.V. Bharti Airte l Emp loyees Welfare Trust Bhart i Airtel Services B.V. Bhart i Airte l Tanzania B.V. Bharti Airtel Uganda Holdings B.V. Bharti Airtel Zambia Holdinas B.V . Celte l (MaLJ.l;ft1'i,1g,Jj l,IQfi;tioqs Limi ted /Iv;-~ - c;>_~ '/ © iv <.P I .._ C te d Ci) I ~ Ac o nt ts ~ 0 0 -....___.«{e2 Page 5 of 7 :.~ o. ~
Page 19
Deloitte Haskins & Sells LLP 72 Airte l Congo RDC S.A. 73 Celtel Niger S.A. 74 Channel Sea Management Company (Mau rit ius) Limited# 75 Congo RDC Towers S.A. 76 Gabon Towers S.A.* 77 India n Ocean Telecom Lim ited 78 Mobile Commerce Congo S.A. 79 Montana Interna tional# 80 Partne rship I nvestments Sarlu 81 The Registered Trus tees of Airte l Money Trust Fund 82 Airtel Africa Services (UK) Limited 83 Airte l Mobi le Commerce Serv ices Limited 84 SmartCas h Payment Serv ice Bank Limited 85 Airte l (M) Te lesonic Holdinos (UK) Limited 86 Airte l Africa Telesonic Holdings Limited 87 Airte l Africa Telesonic Limited 88 Airte l Money Trust Fund 89 Airte l Mobi le Comme rce Madagasca r B.V. 90 Airte l Mobile Commerce Malawi B.V. 91 Airte l Mobi le Commerce Rwanda B.V. 92 Airte l Mobi le Commerce Tchad B.V. 93 Airte l Mobi le Commerce Uganda B.V. 94 Airtel Mobi le Commerce Zambia B.V. 95 Airtel Internationa l LLP 96 Airte l Mobile Commerce DRC B.V. 97 Airte l Mobile Commerce Gabon B.V. 98 Airte l Mobile Commerce Niger B.V. 99 Airte l Money Kenya Lim ited 100 Network i2 i (UK) Lim ited 101 The Airtel Africa Employee Benefit Trus t 102 Airtel Congo Telesonic Hold ings (UK) Limited 103 Airtel DRC Telesonic Holdi ngs (UK) Limited 104 Airtel Gabon Teleson ic Hold ings (UK) Limited 105 Airtel Kenya Teleson ic Hold ings (UK) Limited 106 Airtel Madagascar Telesonic Holdings (UK) Limited 107 Airte l Niger Telesonic Holdings (UK) Lim ited 108 Airte l Nigeria Teleson ic Holdings (UK) Limited 109 Airte l Rwanda Telesonic Hold ings (UK) Lim ited 110 Airte l Seychel les Telesonic Holdings (UK) Lim ited 111 Airtel Tanzania Telesonic Holdings (UK) Lim ited 112 Airte l Uganda Teleson ic Holdings (UK) Limited 113 Airte l Zambia Telesonic Hold ings (UK) Limited 114 Airtel Tchad Telesonic Holdings (UK) Limi ted 115 Airte l (M) Teleson ic Limited 116 Airte l Kenva Telesonic Limited 117 Airte l Nigeria Telesonic Limited 118 Airte l Rwanda Telesonic Limited 119 Airte l Telesonic Uoanda Limited 120 Airtel Zambia Telesonic Limited 121 Airtel (Sevchelles) Telesonic Limited 122 Nxtra Africa Data Holdi ngs Limited 123 Nxtra Congo Data Hold ings (UK) Limited 124 Nxtra DRC Data Holdinqs (UK) Limited 125 Nxtra Gabon Data Holdings (UK) Limited 126 Nxtra Kenya Data Holdings (UK) Limited 127 Airte l Mobi le Commerce Tanzania B.V. 128 Nxtra Nigeria Data Holdings (UK) Limited 129 Airtel Congo RDC Teleson ic S.A.U . 130 Nxtra Africa Data (Nigeria) Limited 131 Airtel Gabon Telesonic S.A. 132 Nxtra Africa Data (Kenya) Limited 133 Nxtra Africa Data (Nigeria) FZE 134 Beete l Teletech Lim ited 135 Beete l Teletech Singapore Private Limited 136 Nxtra Africa Data (Kenya) SEZ Limited 137 Indus Towers Limited 138 SmarTx Services Limited 139 Indus Towers Employees Welfare Trust 140 Nxtra Afr ica Data RDC S.A. 141 Airte l Mobile Management Services FZ-LLC 142 Airte l Money Limi ted" Page 6 of 7
Page 20
Deloitte Haskins & Sells LLP Joint Ventures & Associates (Includin g their subsid iaries) 143 Airtel Payments Bank Lim ited 144 Bridqe Mobi le Pte Limited 145 RedDot Diqital Limited 146 Bharti Airtel Ghana Holdings B.V. 147 Millicom Ghana Company Limited$ 148 Hughes Communications India Private Limited 149 Seyche lles Cable Systems Company Lim ited 150 Robi Axiata PLC 151 Lave lle Networks Private Limited # In process of remova l from register of companie s * Under dissolut ion $ Under liquidation " Incorporated during the six month s ended September 30, 2025 152 MAWEZI RDC S.A. 153 HCIL Netcom India Private Limited 154 HCIL COMTEL PRIVATE LIMITED 155 Dixon Electro Appliances Private Limited 156 Rventures PLC 157 SmartPay Limited 158 AxEnTec PLC 159 Oneweb I ndia Comm unications Private Lim ited Page 7 of 7
Page 21
Deloitte Haskins & Sells LLP Chartered Accountants 7th Floor Building 10 Tower B DLF Cyber City Complex DLF City Phase II Gurugram-122 002 Haryana, India Tel: +91 124 679 2000 Fax: +91 124 679 2012 INDEPENDENT AUDITOR'S REPORT ON AUDIT OF INTERIM STANDALONE FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF BHARTI AIRTEL LIMITED Opinion We have audited the accompanying Statement of Audited Standalone Financial Results for the quarter and six months ended September 30, 2025 of BHARTI AIRTEL LIMITED ("the Company "), ("the Standalone Financial Results"), being submitted by the Company pursuant to the requirements of Regulation 33 and Regulation 52 of the SEBI (Listing Oblig ations and Disclosure Requirements) Regulations, 2015, as amended ("the LODR Regulations"). In our opinion and to the best of our information and accordi ng to the explanation s given to us, the Standalone Financial Results: (i) are presented in accordance with the requirements of the LODR Regulations; and (ii) give a true and fair view in conformity with the recognition and measurement principles laid down in the Ind ian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed und er Sect ion 133 of the Companies Act, 2013 ("Act"), read with relevant ru les issued thereunder and other accounting principles generally accepted in India of the net profit and other comprehe nsive income and other financial info rmation of th e Company for the quart er and six months ended September 30, 2025. Basis for Opinion We conducted our aud it in accordance with the Standards on Auditing (''SAs") specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in Auditor's Responsib iliti es for Audit of the Standalone Finan cial Results sect ion of our report below . We are independent of the Company in accordanc e with the Code of Ethics issued by the Institute of Charte red Accountants of India ("ICAI") tog eth er with the ethica l requirements that are releva nt to our audit of the Standa lone Financial Results under th e provision s of the Act and the Rules made thereunder, and we have fulfi lled our other ethical respo nsibilitie s in accordance with these requirement s and the ICAI's Code of Ethi cs. We believe that the audit evidence obtained by us is suffi cient and appro priate to provide a basis for our audit opinion. Responsibilities of Management and Those Charged with Governance for the Standalone Financial Results This Standa lone Financial Results are the responsibi lity of the Company's management and have been approv ed by the Board of Directors for issuance . The Standalone Financial Results have been compiled from the Audited Interim Condensed Standalone Financia l Statements for the quarter and six months ended September 30, 2025, t he Audited Interim Condensed Standa lone Financia l Statements for the quarter ended June 30, 2025 and the Audit ed Standa lone Financia l Statements for the year ended March 31, 2025. This respon sibility includes th e preparation and presentation of th e Standalon e Financia l Results that give a true and fair view of the net profit/(loss) and oth er comprehensive income/(loss) and other financial info rm ation in accordance with the recog nition and measurement princip les laid dow n in Ind AS 34 prescri bed unde r Section 133 of the Act read wit h relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with the LODR Regulations . Regd. Office: One Interna tional Center, Tower 3, 31st floor, Senapati Ba pat Marg, Elphinstone Roa Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identificat ion No: AAB-87 Page 1 of 3 , Maharashtra, India.
Page 22
Deloitte Haskins & Sells LLP The responsibility of Board of Directors includ es maintena nce of adequate account ing reco rds in accordance with the provisions of the Act for safegua rding the assets of the Compa ny and for prevent ing and detecting frauds and other irregu larities; selection and application of appropriate accounting policies; making judgment s and estimates that are reasonable and prudent; and the design, impl emen t ation and maintenance of adequate interna l finan cial controls that were operating effectively for ensu rin g the accuracy and completeness of the accoun tin g records, relevant to the preparation and presentation of the Standalone Financ ial Results that give a t rue and fair view and are free from mate rial misstatement, whether due to fraud or error . In preparing the Standalone Financia l Results, the management and the Boar d of Directors are responsible for assessing the Company's ability, to continu e as a going conce rn, disclosing, as app licable, matters related to goi ng concern and using the going concern basis of accounti ng unless th e Board of Directors eithe r intends to liquid ate the Company or to cease operations, or has no realistic alternative but to do so. Th e Board of Directors is also responsible for oversee ing the financial reporting process of the Company. Auditor's Responsibilities for the audit of the Standalone Financial Results Our object ives are to obta in reasonable assurance about whet her the Standa lone Financial Results as a whole are free from mate rial misstatement, whether due to fraud or error, and to issue an aud ito r's report th at include s our opinion. Reasonable assurance is a high leve l of assurance, but is not a guara ntee that an aud it conducted in accordance with SAs wi ll always detect a material misstate ment when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the eco nomi c decisions of users taken on the basis of thi s Standalone Financial Resu lts. As part of an audit in accordance with SAs, we exerc ise professio nal judgment and maintain profess ional skepticism thro ughout the audit. We also: • Iden t ify and assess the risks of material misstatement of the Standalone Financial Results, whet her due to fraud or error, design and perfo rm aud it procedures responsive to those risks, and obtain audit evide nce that is suffic ient and app ropriate to provide a basis for our opinion. The risk of not detecting a materia l misstate ment resul tin g from fraud is higher than for one resulting from error, as fraud may involv e collusion, forgery, intentional omissions, misrepresentat ions, or the over rid e of internal control. • Obtain an understanding of internal financial contro ls releva nt to the audit in order to design audit procedures that are appropr iate in the circums tan ces, but not for the purpose of expressing an opinion on the effect iveness of the Company's int erna l fin ancia l controls. • Evaluate the appropriateness of accounting policies used and th e reasonable ness of account ing estimat es made by the management and approved by the Board of Directors. • Evaluate th e appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under the LODR Regulations. • Conclude on the appropria teness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditio ns that may cast significant doubt on the abil ity of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our aud itor's report to the related disclosures in the Standalone Financial Results or, if such disclosures are inadequate, to modify our opinio n . Our conclusions are based on the audit evidence obtained up to the date of our audito r's re port . However, fu ture events or conditions may cause the Company to cease to continue as a going concern . • Evaluat e the overall presentation, structure and cont ent of the Standalone Financia l Results, includin g the disclosures, and whether the Standalone Fi 19::!:!=J:::::.~l repr esen t the under lyin g transactions and eve nts in a manner that achie n. Page 2 of 3
Page 23
Deloitte Haskins & Sells LLP Materiality is th e magnitude of misstatements in t he Standalone Financia l Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeab le user of the Standalone Financial Results may be influenced. We consider quantitativ e materiality and qualitative factors in (i) planning the scope of our audit work and in eval uating the resu lts of ou r work; and (ii) to evaluate the effect of any identified misstatements in the Standalone Financial Results. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and signif icant audit finding s, including any significant deficiencies in internal financia l contro ls that we identify during our audit. We also provide those charged with governance with a statement that we have comp lied wit h relevant eth ical requirements regarding independence, and to communicat e with them all relationships and othe r matters that may reasonably be thought to bear on our indepe ndence, and where applicable, related safeguards. Place: New Delhi Date : November 03, 2025 For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm' s Registration No.117366W/W - 100018) Vijay Agarwal Partne r (Membership No. 094468) UDIN: l.CS0~'l'l&'l>BrYltv\'J"8Z.2. \f 2.. "f Page 3 of 3