Bharti

Bharti Airtel Limited Q1FY08 – Flying start to a year of enhanced leadership

Highlights for First Quarter ended June 30, 2007

• ● Market leader with a market share of all India mobile subscribers at 23.5%.
• ● Highest ever-net addition of 57 lakh customers in a single quarter.
• ● Total Revenues of Rs. 5,905 crore (up 53% Y-o-Y).
• ● EBITDA of Rs. 2,447 crore (up 63% Y-o-Y).
• ● Cash Profit of Rs. 2,622 crore (up 97% Y-o-Y).
• ● Net Income of Rs.1,512 crore (up 100% Y-o-Y).

New Delhi, India, July 26, 2007: Bharti Airtel Limited (“Bharti Airtel” or “the company”) today announced its audited US GAAP results for its first quarter ended June 30, 2007. It has once again maintained its strong growth momentum.

The consolidated total revenues for the quarter ended June 30, 2007 of Rs. 5,905 crore grew by 53% and EBITDA of Rs. 2,447 crore grew by 63% on a year on year basis. The cash profit from operations of Rs. 2,622 crore grew by 97% over last year. The net profit for the quarter ended June 30, 2007 was Rs. 1,512 crore, a growth of 100% over last year.

Bharti had 4.5 crore customers, as on June 30, 2007, an increase in the total customer base of 82%, over the corresponding period last year and maintained its leadership position through an improved market share of all India wireless subscribers at 23.5% as on June 30, 2007, up from 21.1% corresponding to the same period of last year.

Commenting on the results and performance, Mr. Sunil Bharti Mittal, Chairman & Managing Director, Bharti Airtel Limited, said, “Bharti Airtel has maintained the growth momentum and further consolidated its market leadership in the wireless segment. We believe that the Indian telecom sector is entering the next phase of growth. We will continue to expand our network aggressively to enhance penetration in the rural markets and be at the forefront of this growth.”

Bharti Airtel Limited - Summary of Consolidated Financial Statements - represents Consolidated Statement of Income as per United States Generally Accepted Accounting Principles (US GAAP)

(Amount in Rs. Crores, except ratios)

Particulars	Quarter Ended		Y-o-Y Growth
	June 2007	June 2006
	Audited	Un-audited
Total revenues	5,905	3,856	53%
EBITDA	2,447	1,502	63%
Cash profit from operations	2,622	1,333	97%
Income before income taxes	1,890	860	120%
Net income	1,512	755	100%

Operating Highlights (Figures in nos., except ratios)

Parameters	Unit	June 30, 2007	March 31, 2007	Q-on-Q Growth	June 30, 2006	Y-on-Y Growth
Customers on our Network Mobile Services Broadband & Telephone Services	000's 000's	42,704 1,972	37,141 1,871	15% 5%	23,073 1,505	85% 31%
Total	000's	44,676	39,013	15%	24,577	82%

About Bharti Airtel Limited

Bharti Airtel Limited is one of India’s leading private sector providers of telecommunications services with an aggregate of 45 million customers as of end of June’07, consisting of 42.7 million mobile customers. Bharti Airtel has been rated among 10 best performing companies in the world in the BusinessWeek IT 100 list.

Bharti Airtel is structured into three strategic business units - Mobile services, Broadband & Telephone (B&T) services and Enterprise services. The mobile business provides mobile & fixed wireless services using GSM technology across 23 telecom circles. The B&T business provides broadband & telephone services in 94 cities. The Enterprise services provide end-to-end telecom solutions to corporate customers and national & international long distance services to carriers. All these services are provided under the Airtel brand. Airtel’s high-speed optic fibre network currently spans over 43,500 route kms covering all the major cities in the country. The company operates two international landing stations in Chennai that connect two submarine cable systems - i2i to Singapore and SEA-ME-WE-4 to Europe. For more information, visit http://www.bhartiairtel.in/

Disclaimer:

[This communication does not constitute an offer of securities for sale in the United States. Securities may not be sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Any public offering of securities to be made in the United States will be made by means of a prospectus and will contain detailed information about the Company and its management, as well as financial statements.]