Dear Shareholders,
 
 Last June, we turned a new chapter in the history of our Company, when
 we set foot in Africa, widely referred to as the ''last frontier of
 growth''.  In one sweeping move, we extended our mobile network across
 15 new countries in the continent. The move truly heralded the arrival
 of Bharti Airtel on the global telecom map. Although we already had a
 multi-country presence in South Asia, entry into Africa introduced a
 paradigm shift in how we looked at the world and how the world looked
 at us.
 
 Our entry into Africa is perfectly aligned with the emerging global
 reality, where future growth is increasingly going to be rooted in
 emerging and developing economies. In fact, Africa and India are
 predicted to be the fastest growing regions in the global economy with
 average annual real GDP growth estimated at 7 percent and 8 percent,
 respectively, between 2010 and 2050.
 
 Entry into Africa has changed our lives enormously. Our global
 expansion is anchored in our strategy of transplanting our successful
 business model and blending it with local needs. The challenge of
 operating in multiple socio-cultural, political and regulatory
 environments is obviously there. The bigger challenge for the Company,
 however, is in building a unifed global character embodying the highest
 standards of corporate governance that Airtel is so proud of. In the
 last ten months, we have initiated synchronised action on multiple
 fronts – people leadership, brand presence and the business eco-system.
 
 People continue to be a strategic driver of our business; more so after
 our extended global presence. It has always been our endeavour to
 promote local talent in overseas markets. We also try to complement
 them with selective induction of expat talent as part of our larger
 global talent management plan. As part of our cross-pollination
 strategy, a talent exchange programme is already underway between India
 and Africa.
 
 In November, we launched our new brand identity the ''Wave'' – across 19
 markets. After one of the fastest global brand rollouts, the new
 youthful identity is today reaching out to a quarter of the world''s
 population – capturing the imagination of different markets, cultures
 and customer preferences.
 
 We have been fairly successful in replicating structures and processes
 and recreating our partner ecosystems across the 16 African markets
 despite the challenges of the new environment.  We have entered into
 outsourcing deals with world-class partners, many of whom happen to be
 our partners in India and South Asia as well. Through our philosophy of
 symbiotic partnerships, we hope to bring to Africa new technology, new
 practices and new opportunities for growth. We truly believe that real
 prosperity is shared prosperity.
 
 India will continue to be the leading market in our portfolio.  Its
 inherent growth and our continued leadership will keep contributing
 substantially to our global stature in the years to come.  Hyper
 competition in the market with 12-13 players, many of whom happened to
 be new entrants, is clearly abating. Some semblance of sanity is being
 restored and consolidation is imminent. Tariffs have stabilised
 ensuring return of reasonable growth for us. Although a fair amount of
 regulatory uncertainty still pervades the air with regard to allocation
 and pricing of 2G spectrum, the principal stakeholders appear to be
 heading towards some sort of a consensus on key issues.  It is our
 profound hope that the next round of policy making will ensure a
 sustainable growth path and a fair regulatory regime.
 
 Introduction of 3G was a big event for Indian telecom during the year.
 Life for the Indian consumer is set to change substantially as the data
 revolution takes root. We intend to have a pan-India 3G footprint, in
 strategic collaboration with other operators, creating enriching
 customer experience.
 
 We have also introduced some path-breaking initiatives in the area of
 mobile banking and commerce. Our partnership with State Bank of India
 has enormous potential both in terms of revenue and social inclusion.
 
 Being a responsible corporate citizen is something very dear to Airtel.
 Our fagship initiative, the Bharti Foundation''s school education
 programme, grew from strength to strength during the year. The
 programme followed Airtel into Africa, where we adopted 19 schools in
 the 16 countries that we are present in. In India, the programme saw a
 year of consolidation. Over and above increasing the number of Satya
 Bharti schools to 242, reaching out to over 30,000 students, Bharti
 Foundation initiated upgradation of 50 primary schools to
 middle/elementary level during the coming years. Importantly, the
 Foundation''s fagship programme found traction amongst benefactors, with
 organisations and eminent individuals coming forth to support this
 ambitious, yet much-needed, endeavour.
 
 Preserving our planet for our future generation is something that
 Airtel is deeply committed to. This was the genesis of our pioneering
 and game-changing introduction of shared passive services almost a
 decade ago. More recently, our group tower company, Bharti Infratel,
 pioneered a comprehensive energy management programme, the ''P7 Green
 Towers project''. In recognition of the leadership we continue to
 provide to our peers globally, Bharti Infratel received the ''Green
 Mobile Award'' at the 2011 GSMA Annual Global Mobile Awards for the Best
 Green Product/Service or Performance category for this pioneering
 project.
 
 The Board of directors is the cornerstone of Airtel. After a very
 successful association, Arun Bharat Ram and Lim Chuan Poh have retired
 from the Bharti Airtel Board. I extend my sincere thanks to both of
 them for their valuable counsel and guidance during their tenure. I
 also welcome on Board four new members - Hui Weng Cheong, Lord Evan
 Mervyn Davies, Dr. Salim Ahmed Salim and Tsun-yan Hsieh.
 Congratulations to both Manoj and Sanjay for their stellar
 contributions towards driving our growth agenda in Africa and South
 Asia, respectively. I am sure that they will continue to scale new
 heights in the days to come.
 
 Overall, 2010-11 has been a year of consolidation for us in the new
 geographies. Back home in India, it has meant a reiteration of our
 market leadership. I have every reason to believe that the best is yet
 to come.
 
 Sunil Bharti Mittal
 
 Chairman & Managing Director