How has been the historical performance of Bharti Airtel?

Revenue Growth and Operating Performance

Bharti Airtel's consolidated net sales have shown consistent growth from ₹80,780 crore in March 2019 to ₹1,72,985 crore in March 2025, more than doubling over six years. This steady increase underscores the company's expanding market presence and service adoption. Operating profit margins have also improved markedly, rising from 31.7% in 2019 to 53.9% in 2025, indicating enhanced operational efficiency and cost management. The operating profit (PBDIT) excluding other income surged from ₹25,574 crore in 2019 to ₹93,159 crore in 2025, reflecting strong core business profitability.

Profitability and Earnings Trends

Profit after tax (PAT) has experienced significant volatility, with losses recorded in fiscal years ending 2020 and 2021 due to exceptional and extraordinary items. However, the company returned to profitability in subsequent years, posting a consolidated net profit of ₹33,556 crore in March 2025, a substantial recovery from a loss of ₹15,083 crore in 2021. Earnings per share (EPS) followed a similar pattern, improving from a negative ₹26.96 in 2021 to a positive ₹57.85 in 2025. The PAT margin improved to 21.7% in 2025, up from negative margins during the loss-making years, signalling a strong turnaround in bottom-line performance.

Balance Sheet and Financial Position

The company's total assets have expanded from ₹3,25,941 crore in 2021 to ₹4,89,449 crore in 2025, reflecting ongoing investments in infrastructure and network expansion. Net block, representing fixed assets after depreciation, increased from ₹1,94,668 crore in 2021 to ₹3,28,227 crore in 2025, highlighting capital expenditure growth. Shareholders' funds rose from ₹58,953 crore in 2021 to ₹1,13,672 crore in 2025, supported by accumulated reserves and retained earnings. Despite this, total debt remains substantial at ₹1,27,572 crore in 2025, though it has decreased from a peak of ₹1,56,973 crore in 2023, indicating efforts to deleverage. The book value per share improved from ₹105 in 2021 to ₹195 in 2025, signalling enhanced net asset value per share.

Cash Flow and Liquidity

Bharti Airtel's cash flow from operating activities has strengthened significantly, rising from ₹48,205 crore in 2021 to ₹98,332 crore in 2025. This improvement reflects better earnings quality and working capital management. Investing activities consistently show cash outflows due to capital expenditure, with ₹60,198 crore spent in 2025. Financing activities have seen net outflows, indicating repayments and dividend payments. The net cash inflow in 2025 was ₹1,601 crore, with closing cash and cash equivalents at ₹10,653 crore, providing a comfortable liquidity buffer.

Summary of Historical Performance

Over the past six years, Bharti Airtel has transformed its financial profile from a period of losses and margin pressures to a phase of robust revenue growth, improved profitability, and stronger balance sheet metrics. The company’s operating profit margin has nearly doubled, and net profit margins have swung from negative to healthy positive territory. Capital investments have expanded the asset base, while cash flow generation has improved substantially, supporting ongoing business growth and debt reduction efforts. These trends position Bharti Airtel as a resilient player in the competitive telecom sector, with a solid foundation for future growth.

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