Bharti

Bharti Airtel Limited Q2FY08 – Airtel accelerates coverage- crosses 2,90,000 towns and villages

Highlights for Second Quarter and Half Year ended September 30, 2007

• ● Market leader with a market share of all India mobile subscribers at 23.4%.
• ● Highest ever-net addition of 63 lakh customers in a single quarter.
• ● Total Revenues of Rs. 6,337 crore (up 45% Y-o-Y).
• ● EBITDA of Rs. 2,710 crore (up 59% Y-o-Y).
• ● Cash Profit of Rs. 2,597 crore (up 58% Y-o-Y).
• ● Net Income of Rs.1, 614 crore (up 73% Y-o-Y).

New Delhi, India, October 31, 2007: Bharti Airtel Limited (“Bharti Airtel” or “the company”) today announced its audited US GAAP results for its second quarter and half year ended September 30, 2007. It has once again maintained its strong growth momentum.

The consolidated total revenues for the quarter ended September 30, 2007 of Rs. 6,337 crore grew by 45% and EBITDA of Rs. 2,710 crore grew by 59% on a year on year basis. The cash profit from operations of Rs. 2,597 crore grew by 58% over last year. The net profit for the quarter ended September 30, 2007 was Rs. 1,614 crore, a growth of 73% over last year.

The revenues and net profit for the first half year ended September 30, 2007 was Rs. 12,242 crore and Rs. 3,126 crore, a growth of 49% and 85% over the same period last year respectively.

Bharti had 5.1 crore customers, as on September 30, 2007, an increase in the total customer base of 78%, over the corresponding period last year and maintained its leadership position through an improved market share of all India wireless subscribers at 23.4% as on September 30, 2007, up from 21.4% 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, “The quarter has seen telecom growth accelerate further, clearly demonstrating that the Indian telecom market still has a long way to go to achieve its full potential. Bharti Airtel also crossed the 50 million customer mark to enter the league of the world’s top telecom companies. Going forward, we see strong demand for telecom services across all segments and we are well placed to take advantage of these growth opportunities.”

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	Half Year Ended		Y-o-Y Growth
	Sep 2007	Sep 2006		Sep 2007	Sep 2006
	Audited	Un-audited		Audited	Un-audited
Total revenues	6,337	4,357	45%	12,242	8,214	49%
EBITDA	2,710	1,702	59%	5,156	3,205	61%
Cash profit from operations	2,597	1,644	58%	5,219	2,977	75%
Income before income taxes	1,747	1,078	62%	3,637	1,938	88%
Net income	1,614	934	73%	3,126	1,689	85%

Operating Highlights

(Figures in nos., except ratios)

Parameters	Unit	Sep 30, 2007	Jun 30, 2007	Q-on-Q Growth	Sep 30, 2006	Y-on-Y Growth
Customers on our Network Mobile Services Broadband & Telephone Services	000's 000's	48,876 2,075	42,704 1,972	14% 5%	27,061 1,631	81% 27 %
Total	000's	50,951	44,676	14%	28,693	78%

About Bharti Airtel Limited

Bharti Airtel Limited, a group company of Bharti Enterprises, is India’s leading integrated telecom services provider with an aggregate of 50.95 million customers as of end of September 2007, consisting of 48.88 million mobile customers. Bharti Airtel has been rated among the best performing companies in the world in the Business Week IT 100 list 2007.

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 55,574 kms covering all the major cities in the country. The company has two international landing stations in Chennai that connects two submarine cable systems - i2i to Singapore and SEA-ME-WE-4 to Europe. For more information, visit 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.]