Rating Rationale
September 25, 2020 | Mumbai
Bharti Airtel Limited
Ratings Reaffirmed
 
Rating Action
Total Bank Loan Facilities Rated Rs.20000 Crore
Long Term Rating CRISIL AA/Stable (Reaffirmed)
 
Rs.1500 Crore Non Convertible Debentures CRISIL AA/Stable (Reaffirmed)
Rs.3500 Crore Non Convertible Debentures CRISIL AA/Stable (Reaffirmed)
Rs.1500 Crore Non Convertible Debentures CRISIL AA/Stable (Withdrawn)
Rs.272.5 Crore Non Convertible Debentures CRISIL AA/Stable (Withdrawn)
Rs.15000 Crore Commercial Paper CRISIL A1+ (Reaffirmed)
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
Detailed Rationale

CRISIL has reaffirmed its ratings on the long-term bank facility and debt programmes of Bharti Airtel Limited (BAL) at 'CRISIL AA/Stable/CRISIL A1+'. CRISIL has also withdrawn its rating on Rs 1,500 crore non-convertible debentures (NCDs) of BAL, as they have been fully repaid. CRISIL has received confirmation of no dues against these NCDs from the debenture trustee. Furthermore, CRISIL has withdrawn Rs 272.5 crore NCDs, which was not yet placed by the company.  The withdrawal is in line with CRISIL's policy on withdrawal of NCDs.
 
The reaffirmation factors in expectation of sustenance of the credit risk profile over the medium term because of improving operating metrics, though the adjusted gross revenue (AGR)-related liability will weigh on the balance sheet in the short term.
 
As per the Supreme Court directive dated September 1, 2020, telcos are allowed a 10-year period from April 1, 2021, to March 31, 2031, over which AGR-related payments could be made (payable by 31st March of every succeeding financial year) along with upfront payment of 10% of the total dues by March 31, 2021.
 
BAL's provision towards the AGR liability now stands at around Rs 47,000 crore against Rs 34,260 crore as on September 30, 2019. CRISIL understands from the company that no further material AGR liabilities are likely on BAL pertaining to its transactions with Tata Teleservices Ltd, Tata Teleservices (Maharashtra) Ltd, Telenor (India) Communications Pvt Ltd, Videocon Telecommunications Ltd and Aircel Ltd. Of the total liability, the company has already paid around Rs 18,000 crore.
 
Despite the increase in AGR liability, BAL should continue its prudent approach and maintain net debt to earnings before interest, tax, depreciation and amortisation (EBITDA)1 ratio of below 3 times over the medium term. Any sustained material deviation in leverage will be a key rating sensitivity factor.
 
Furthermore, on August 31, 2020, the board of Bharti Infratel approved the long-pending proposed merger of Bharti Infratel and Indus Towers subject to other procedural requirements for completion of the merger. Following the merger, BAL's shareholding in Bharti Infratel would be diluted to 36.7% from 53.5%. The completion of this transaction will continue to be monitored.
 
CRISIL also takes note of the improving trend in operating metrics with consistently increasing EBITDA. Consolidated EBITDA (including impact of Ind-AS 116 and excluding other income) was Rs 10,639 crore in the first quarter of fiscal 2021 against Rs 8,492 crore in the corresponding quarter of the previous fiscal.
 
The ratings continue to reflect BAL's strong market position in the domestic mobile and non-mobile segment, diversification across businesses, healthy operations in Africa and high financial flexibility. These strengths are partially offset by the low, though improving, cash accrual for the mobility business in India, modest debt protection metrics and exposure to regulatory and technological changes.
 
CRISIL has not factored in any material outgo towards the 5G spectrum auction; any significant payout towards this remains a monitorable.

Analytical Approach

For arriving at its ratings, CRISIL has combined the business and financial risk profiles of BAL's India, South Asia and Africa operations with those of Bharti Infratel. This is because all these entities are under a common management, with strong business and financial linkages.

Please refer to Annexure - List of entities consolidated, for details of the entities considered and their analytical treatment for consolidation.

Key Rating Drivers & Detailed Description
Strengths
* Strong market position in the domestic mobile telephone segment
BAL has a healthy subscriber base and revenue market share, with a pan-India network. As per Telecom Regulatory Authority of India (TRAI), the wireless subscriber base was 31.7 crore as of May 2020 (market share of 27.7%). Also, the company's 4G subscriber addition remained healthy. As on June 30, 2020, BAL's 4G subscribers stood at 13.8 crore, indicating year-on-year growth of 45.3%. Revenue market share (excluding national and international long distance) was healthy at about 33% for the quarter ended March 31, 2020.
 
Furthermore, large spectrum spread across 900 megahertz (MHz), 1,800 MHz, 2,100 MHz and 2,300 MHz bands fortifies the market position and enables the company to offer 2G, 3G and 4G data services across India. Robust brand equity and quick response to changing conditions have helped the company maintain a strong market position despite intense price competition.
 
* Healthy and diversified operations in Africa and non-mobile businesses in India
There has been consistent improvement in BAL's Africa operations, as demonstrated by increase in the EBITDA margin to around 44% over the quarter ended June 30, 2020, from around 39% in the corresponding period of the previous fiscal. Operating performance of other businesses'digital television, broadband, fixed line and Airtel business services'has also remained strong, with a healthy EBITDA margin. Strong performance in these businesses along with improvement in the mobile business in India should help BAL maintain strong cash accrual.
 
* Healthy financial flexibility
Investments in businesses, including telecom towers (Bharti Infratel) and the Africa mobility business (housed under Airtel Africa PLC), and the extensive experience of the promoters enhance overall financial flexibility. The company in past has contained debt through initiatives such as equity fundraising and monetisation of stake in the African subsidiary, Bharti Infratel and Bharti Telemedia. The company also has wide access to financial markets, as demonstrated by its track record of raising significant funds at competitive rates across domestic and international markets. It has also adhered to its deleveraging plans. Furthermore, the shareholders'Mr Sunil Mittal, his family members and SingTel'have a strong reputation.
 
Weaknesses
* Low, though improving, cash accrual for the mobility business in India
Price competition in the domestic mobile services segment had intensified with the entry of Reliance Jio in September 2016. This led to a decline in average revenue per user (ARPU) over the past few years. However, measures such as introduction of minimum recharge packs and tariff hikes taken in December 2019 have helped BAL increase the ARPU to Rs 157 for the quarter ended June 2020 from Rs 129 in the corresponding period of the previous fiscal. Furthermore, the company also continues to steadily increase its 4G customer base which are high ARPU accretive. Overall, these steps have also improved the cash accrual.
 
While competitive intensity has moderated over the past few quarters, CRISIL will continue to monitor ARPU growth and, thereby, improvement in operating revenue and profit in the mobility business in India.
 
* Modest debt protection metrics
Constrained profitability and significant capital expenditure (capex) for enhancing network capabilities had increased debt (including deferred spectrum payments) and led to subdued debt protection metrics in the past few years.
 
The company has, however, undertaken deleveraging measures over the past few years through a rights issue of Rs 25,000 crore in May 2019 and through proceeds of USD 680 million from the listing of its Africa business in July 2019. In October 2019, an issuance of perpetual securities of USD 750 million further reduced leverage. In addition, the company has raised USD 2 billion through Qualified Institutional placement, USD 1 billion through foreign currency convertible bond and USD 250 million through perpetual bond. Thus, net debt to EBITDA reduced to 2.8 times in fiscal 2020 from 4.5 times in fiscal 2019.
 
This fiscal, while leverage will get impacted by AGR liabilities, it should improve gradually with better profitability. Furthermore, initiatives to deleverage and increase operating profit will continue to be monitored closely. Any sustained weakening of leverage from current levels will remain a key rating sensitivity factor over the medium term.
 
* Exposure to regulatory changes and technological risks
The telecom industry remains susceptible to regulatory and technological changes. New technology could necessitate fresh investments or overhaul of the current networks.
 
Presence in multiple geographies exposes the company to international regulatory risks. In Africa alone, operations are spread across 14 markets, with the top five countries accounting for about 60% of the total revenue. Each market has its own regulatory environment and distinct consumer behaviour patterns.
Liquidity Strong

Cash and equivalents of over Rs 28,000 crore as on August 30, 2020, were mostly unencumbered. Improving cash accrual should sufficiently cover maturing debt of Rs 13,900 crore in fiscal 2021. CRISIL expects capex to be moderate at Rs 20,000-22,000 crore per fiscal over the medium term. Furthermore, relief towards payment timelines on AGR dues would help maintain liquidity at current levels. Besides, the company has strong access to capital markets.

Outlook: Stable

CRISIL believes the business risk profile will remain supported by BAL's presence in diversified businesses and a healthy market position in the mobility business in India, while the financial risk profile will benefit from the recent fundraising and the expected increase in cash accrual through the tariff hikes.

Rating Sensitivity Factors
Upward factors
* Sustenance of net leverage at below 2.5 times, led by increase in cash accrual and timely execution of funding and deleveraging plans
* Improvement in operating profit for the mobile segment in India amid steady performance in other businesses

Downward factors
* Decline in operating profit leading to leverage remaining above 3.5 times
* Larger-than-expected capex because of technological changes or debt-funded spectrum acquisition constraining the financial risk profile.

About the Company

BAL is an integrated telecom service operator that offers mobile, broadband, fixed-line telephone, direct-to-home (DTH) and enterprise services. Mobile telephone services are offered in all 22 telecom circles in India. The company had 30.56 crore subscribers in India as on June 30, 2020, across mobile, DTH and enterprise services. It had another 10.7 crore subscribers in Africa and is, therefore, the third-largest telecom operator in the world by number of subscribers.
 
The company acquired Zain Africa BV in March 2010, through which it operates in 15 countries in Africa; it later set up operations in Rwanda. In fiscal 2017, the company sold its operations in two African countries Burkina Faso and Sierra Leone to Orange SA. BAL also operates in Sri Lanka. In fiscal 2017, it merged its Bangladesh operations with Robi Axiata Ltd, a unit of Axiata Group Berhad; it holds a 25% stake in the merged entity.
 
Net loss was Rs 15,191 crore on revenue of Rs 24,419 crore over the quarter ended June 30, 2020, against net loss of Rs 2,392 crore on revenue of Rs 21,034 crore in the corresponding period of the previous fiscal. The losses were largely because of provisions for the AGR liability.

1EBITDA excluding adjustment on account of Ind-AS 116 for lease expenses for the last 12 months. Net debt is calculated on the basis of gross debt excluding lease obligations minus cash and equivalents.

Key Financial Indicators
As on/for the period ended March 31 Unit 2020 2019
Operating revenue Rs.Crore 87,539 81,071
Adjusted profit after tax (PAT) Rs.Crore -30,664 1,688
Adjusted PAT margin % -35.0 2.1
Adjusted debt/adjusted networth Times 1.21 1.55
Interest coverage Times 2.80 2.43
Note: These numbers are adjusted for CRISIL's analytical treatment and may not represent the numbers reported by the company. PAT losses in fiscal 2020 were because of AGR dues provision made by the company. Furthermore, the company adopted Ind AS-116 with effect from April 1, 2019; therefore, fiscal 2020 financials may not be comparable with fiscal 2019.

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL complexity levels are assigned to various types of financial instruments and are included (where applicable) in the Annexure -- Details of Instrument in this Rating Rationale. For more details on the CRISIL complexity levels, please visit www.crisil.com/complexity-levels.
Annexure - Details of Instrument(s)
ISIN Name of instrument Date of allotment Coupon rate (%) Maturity date Issue size
(Rs.Crore)
Complexity level Rating assigned with outlook
NA Non-Convertible Debenture* NA NA NA 3500 NA CRISIL AA/Stable
INE397D08037 Non-Convertible Debenture 13-Mar-18 8.35% 20-Apr-21 1500 Simple CRISIL AA/Stable
NA Commercial Paper NA NA 7-365 days 15000 Simple CRISIL A1+
NA Proposed Long-Term
Bank Loan Facility^
NA NA NA 20000 NA CRISIL AA/Stable
*Yet to be placed
^Interchangeable with fund-based and non-fund based limits
 
Annexure - Details of Rating Withdrawn
ISIN Name of instrument Date of allotment Coupon rate (%) Maturity date Issue size
(Rs.Crore)
Complexity level
NA Non-Convertible Debenture* NA NA NA 272.5 Simple
INE397D08029 Non-Convertible Debenture 13-Mar-18 8.25% 20-Apr-20 1500 Simple
*Yet to be placed
 
Annexure - List of Entities Consolidated
Names of Entities Consolidated Extent of Consolidation Rationale for Consolidation
Airtel Payments Bank Ltd Fully consolidated Strong financial and business linkages
Bharti Airtel (France) SAS Fully consolidated Strong financial and business linkages
Bharti Airtel (Hong Kong) Ltd Fully consolidated Strong financial and business linkages
Bharti Airtel (Japan) Pvt Ltd Fully consolidated Strong financial and business linkages
Bharti Airtel Services Ltd Fully consolidated Strong financial and business linkages
Bharti Airtel (UK) Ltd Fully consolidated Strong financial and business linkages
Bharti Airtel (USA) Ltd Fully consolidated Strong financial and business linkages
Bharti International (Singapore) Pte Ltd Fully consolidated Strong financial and business linkages
Bharti Airtel International (Mauritius) Ltd Fully consolidated Strong financial and business linkages
Bharti Airtel Lanka (Pvt) Ltd Fully consolidated Strong financial and business linkages
Bharti Hexacom Ltd Fully consolidated Strong financial and business linkages
Indo Teleports Ltd Fully consolidated Strong financial and business linkages
Bharti Infratel Ltd Fully consolidated Strong financial and business linkages
Smatrx Services Ltd Fully consolidated Strong financial and business linkages
Bharti Telemedia Ltd Fully consolidated Strong financial and business linkages
Network i2i Ltd Fully consolidated Strong financial and business linkages
Telesonic Networks Ltd Fully consolidated Strong financial and business linkages
Nxtra Data Ltd Fully consolidated Strong financial and business linkages
Wynk Ltd Fully consolidated Strong financial and business linkages
Nettle Infrastructure Investments Ltd Fully consolidated Strong financial and business linkages
Bharti Airtel International (Mauritius) Investments Ltd Fully consolidated Strong financial and business linkages
Bharti Digital Networks Pvt Ltd Fully consolidated Strong financial and business linkages
Bharti Airtel International (Netherlands) BV Fully consolidated Strong financial and business linkages
Bharti Airtel Africa BV Fully consolidated Strong financial and business linkages
Bharti Airtel Burkina Faso Holdings BV Fully consolidated Strong financial and business linkages
Bharti Airtel Chad Holdings BV Fully consolidated Strong financial and business linkages
Airtel Tchad SA Fully consolidated Strong financial and business linkages
Bharti Airtel Gabon Holdings BV Fully consolidated Strong financial and business linkages
Airtel Gabon SA Fully consolidated Strong financial and business linkages
Bharti Airtel Congo Holdings BV Fully consolidated Strong financial and business linkages
Airtel Congo SA Fully consolidated Strong financial and business linkages
Bharti Airtel RDC Holdings BV Fully consolidated Strong financial and business linkages
Airtel Congo (RDC) SA Fully consolidated Strong financial and business linkages
Bharti Airtel Mali Holdings BV Fully consolidated Strong financial and business linkages
Bharti Airtel Kenya Holdings BV Fully consolidated Strong financial and business linkages
Bharti Airtel Kenya BV Fully consolidated Strong financial and business linkages
Airtel Networks Kenya Ltd Fully consolidated Strong financial and business linkages
Bharti Airtel Malawi Holdings BV Fully consolidated Strong financial and business linkages
Airtel Malawi Ltd Fully consolidated Strong financial and business linkages
Bharti Airtel Niger Holdings BV Fully consolidated Strong financial and business linkages
Celtel Niger SA Fully consolidated Strong financial and business linkages
Airtel Networks Zambia Plc Fully consolidated Strong financial and business linkages
Bharti Airtel Uganda Holdings BV Fully consolidated Strong financial and business linkages
Airtel Uganda Ltd Fully consolidated Strong financial and business linkages
Bharti Airtel Tanzania BV Fully consolidated Strong financial and business linkages
Airtel Tanzania Public Company Ltd Fully consolidated Strong financial and business linkages
Bharti Airtel Madagascar Holdings BV Fully consolidated Strong financial and business linkages
Channel Sea Management Company (Mauritius) Ltd Fully consolidated Strong financial and business linkages
Bharti Airtel Rwanda Holdings Ltd Fully consolidated Strong financial and business linkages
Montana International Fully consolidated Strong financial and business linkages
Airtel Madagascar SA Fully consolidated Strong financial and business linkages
Bharti Airtel Nigeria Holdings II BV Fully consolidated Strong financial and business linkages
Bharti Airtel Nigeria BV Fully consolidated Strong financial and business linkages
Bharti Airtel Services BV Fully consolidated Strong financial and business linkages
Airtel Networks Ltd Fully consolidated Strong financial and business linkages
Bharti Airtel Zambia Holdings BV Fully consolidated Strong financial and business linkages
Airtel Mobile Commerce Ltd Fully consolidated Strong financial and business linkages
Airtel Mobile Commerce (Kenya) Ltd Fully consolidated Strong financial and business linkages
Celtel (Mauritius) Holdings Ltd Fully consolidated Strong financial and business linkages
Airtel Mobile Commerce Zambia Ltd Fully consolidated Strong financial and business linkages
Airtel Mobile Commerce Tchad SARL Fully consolidated Strong financial and business linkages
Airtel Mobile Commerce BV Fully consolidated Strong financial and business linkages
Airtel Money SA (Gabon) Fully consolidated Strong financial and business linkages
Malawi Towers Ltd Fully consolidated Strong financial and business linkages
Airtel Money Niger SA Fully consolidated Strong financial and business linkages
Societe Malgache de Telephone Cellulaire SA Fully consolidated Strong financial and business linkages
Airtel Mobile Commerce Holdings BV Fully consolidated Strong financial and business linkages
Indian Ocean Telecom Ltd Fully consolidated Strong financial and business linkages
Airtel (Seychelles) Ltd Fully consolidated Strong financial and business linkages
Airtel Mobile Commerce (Tanzania) Ltd Fully consolidated Strong financial and business linkages
Airtel Mobile Commerce Uganda Ltd Fully consolidated Strong financial and business linkages
Africa Towers NV Fully consolidated Strong financial and business linkages
Madagascar Towers SA Fully consolidated Strong financial and business linkages
Mobile Commerce Congo SA Fully consolidated Strong financial and business linkages
Tanzania Towers Ltd Fully consolidated Strong financial and business linkages
Airtel Money (RDC) SA Fully consolidated Strong financial and business linkages
Congo RDC Towers SA Fully consolidated Strong financial and business linkages
Gabon Towers SA Fully consolidated Strong financial and business linkages
Airtel Mobile Commerce Madagascar SA Fully consolidated Strong financial and business linkages
Airtel Rwanda Ltd Fully consolidated Strong financial and business linkages
Africa Towers Services Ltd Fully consolidated Strong financial and business linkages
Airtel Mobile Commerce Rwanda Ltd Fully consolidated Strong financial and business linkages
Airtel Mobile Commerce (Seychelles) Ltd Fully consolidated Strong financial and business linkages
Airtel Money Tanzania Ltd Fully consolidated Strong financial and business linkages
Tigo Rwanda Ltd Fully consolidated Strong financial and business linkages
Airtel Mobile Commerce Nigeria Ltd Fully consolidated Strong financial and business linkages
Juggernaut Books Pvt Ltd Fully consolidated Strong financial and business linkages
Mobile Financial Services Ltd Fully consolidated Strong financial and business linkages
Miliicom Ghana Company Ltd Fully consolidated Strong financial and business linkages
Robi Axiata Ltd Equity method Proportionate consolidation
Seynse Technologies Pvt Ltd Equity method Proportionate consolidation
Seychelles Cable Systems Company Ltd Equity method Proportionate consolidation
Bridge Mobile Pte Ltd Equity method Proportionate consolidation
Indus Towers Ltd Equity method Proportionate consolidation
FireFly Networks Ltd Equity method Proportionate consolidation
Bharti Airtel Ghana Holdings BV Equity method Proportionate consolidation
Airtel Mobile Commerce (Ghana) Ltd Equity method Proportionate consolidation
Airtel Ghana Ltd Equity method Proportionate consolidation
Annexure - Rating History for last 3 Years
  Current 2020 (History) 2019  2018  2017  Start of 2017
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Commercial Paper  ST  15000.00  CRISIL A1+  24-02-20  CRISIL A1+  22-11-19  CRISIL A1+  22-11-18  CRISIL A1+  25-10-17  CRISIL A1+  CRISIL A1+ 
        13-01-20  CRISIL A1+  01-11-19  CRISIL A1+  15-11-18  CRISIL A1+       
            05-03-19  CRISIL A1+  22-05-18  CRISIL A1+       
                09-03-18  CRISIL A1+       
                08-01-18  CRISIL A1+       
Non Convertible Debentures  LT  5000.00
25-09-20 
CRISIL AA/Stable  24-02-20  CRISIL AA/Stable  22-11-19  CRISIL AA/Watch Negative  22-11-18  CRISIL AA/Stable  25-10-17  CRISIL AA+/Stable  CRISIL AA+/Stable 
        13-01-20  CRISIL AA/Stable  01-11-19  CRISIL AA/Watch Negative  15-11-18  CRISIL AA/Stable       
            05-03-19  CRISIL AA/Stable  22-05-18  CRISIL AA+/Negative       
                09-03-18  CRISIL AA+/Stable       
                08-01-18  CRISIL AA+/Stable       
Fund-based Bank Facilities  LT/ST  20000.00  CRISIL AA/Stable  24-02-20  CRISIL AA/Stable  22-11-19  CRISIL AA/Watch Negative  22-11-18  CRISIL AA/Stable  25-10-17  CRISIL AA+/Stable/ CRISIL A1+  CRISIL AA+/Stable/ CRISIL A1+ 
        13-01-20  CRISIL AA/Stable  01-11-19  CRISIL AA/Watch Negative  15-11-18  CRISIL AA/Stable       
            05-03-19  CRISIL AA/Stable  22-05-18  CRISIL AA+/Negative       
                09-03-18  CRISIL AA+/Stable       
                08-01-18  CRISIL AA+/Stable       
Non Fund-based Bank Facilities  LT/ST    --    --    --    --  25-10-17  CRISIL AA+/Stable/ CRISIL A1+  CRISIL AA+/Stable/ CRISIL A1+ 
All amounts are in Rs.Cr.
Annexure - Details of various bank facilities
Current facilities Previous facilities
Facility Amount (Rs.Crore) Rating Facility Amount (Rs.Crore) Rating
Proposed Long Term Bank Loan Facility^ 20000 CRISIL AA/Stable Proposed Long Term Bank Loan Facility 20000 CRISIL AA/Stable
Total 20000 -- Total 20000 --
^Interchangeable with fund-based and non-fund-based limits
Links to related criteria
CRISILs Approach to Financial Ratios
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating criteria for manufaturing and service sector companies
Rating Criteria for Mobile Telephony Services
CRISILs Criteria for Consolidation
CRISILs Criteria for rating short term debt

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