one is supply. On supply, we are matched. There is no issue on supply whether it is home passes and it is the towns that we rolled out FWA. The second is on delivery of value; again we are very competitive in the market place on a combination of both the price we offer, as well as the content that we bundle with it, and the third is the access, which is - 6 - the access to leads, access to customers using all our channels. Here, I think, our focus has been on largely the direct to customer channel, which is the place that we have got all our growth, and also the digital channels. I think one of the things that we have done and we have done experiments in four or five circles. We have fired up the mass retail channel and in these circles, which were serious

circles like northeast, circles like Odisha; we have seen substantial gains, so much so that we are now neck-to- neck. So, I would say that we are now rolling this out all over the country. So, it gives me great confidence that I think we are on the right trajectory, but at the same time makes us all very restless that we are not still where we need to be in terms of competitive performance. So, that is really what we are focused on. Mr. Manish Adukia – Goldman Sachs Thank you Gopal. I will sneak one last quick follow on question. You spent a disproportionate amount of time, or at least reasonable amount of time of your opening remarks talking about Airtel Finance, and given you have a lot of free cash flow in the business, is any kind of inorganic expansion in that segment likely at all or is this likely to be an organic build out for you? The Airtel Finance business in particular? That is my last question. Thank you. Gopal Vittal – Vice Chairman & Managing Director - Bharti Airtel Limited I think, it is a bit early to answer that it is not that we are close to any option. We have a lot of strengths in the quality of the intelligence and the data infrastructure that we have. We have enormous strengths in the distribution that we bring, the muscle that we have through the relationships that we have with customers and the fact that we are omnichannel and have a digital orchestration layer to be omnichannel. So, we are not close to it but at the same time if you ask me is there something on the anvil just now? No. Mr. Manish Adukia – Goldman Sachs Thank you. All the best. Vaidehi Sharma – Moderator The next question comes from Mr. Piyush Choudhary. Mr. Choudhary, you may please unmute your side, introduce yourself and ask your question now. Mr. Piyush Choudhary – HSBC

firstly, in mobile segment, barring tariff hikes which you talked about, how much of ARPU improvement is probable using subscriber mix improvement and the other organic levers which you have talked about and, if I may ask the second question also, can you tell us like what is the network coverage in FWA using 5G SA and what is the rollout plan over there and in FWA, what is the ARPU of such subscribers and average data usage of subscribers? Thank you. Gopal Vittal – Vice Chairman & Managing Director - Bharti Airtel Limited Your question was how much of ARPU will come outside of tariff, that was your question, I suspect, Piyush. The answer to that question, I think, is to look at the trajectory that we have seen in the past. Whenever we have seen ARPU growth without any tariff increase, you can trend it and see what it is. I see no reason for that change because the underlying drivers which I mentioned earlier remain intact; whether it is feature phones to smart phones, prepaid to postpaid, International roaming or data monetization. On network coverage of SA, on fixed wireless access, firstly, it is a myth to say that SA gives you more coverage than NSA on fixed wireless access, so, that, that is just not true. I think, what SA does is, as the networks of 5G starts to congest, which is very far from where we are today, but as it starts to congest, you could have some challenges on the uplink speeds, and that is where SA comes in, where the uplink speeds can be better, but today, with an empty network, we have not reached that point, so as we speak, we have already tested fully the SA solution for FWA, we have proven it, and given the empty network, we are not seeing any uplink differentiation. Secondly, we are fully ready to launch FWA, like if it can be done tomorrow morning, we can do it tomorrow morning if we want to and so, we will do it at the point that we need to, that is really how we approach it. This is not about the technology for the sake of technology. It is really to deliver true outcomes, whether it is in terms of experience or cost. So, I think, that is the way that we approach it so, we are fully ready. There are many thousand customers already being tested on this for the last three to four months and we know we can flick it on. By the way, our core network is fully ready on a converged basis. So, all the enablers are there. It is just about now flicking it on because it is software, and for software, there is a small fee that you need to pay. - 7 - Mr. Piyush Choudhary – HSBC Sorry, just to clarify, so you are saying your FWA customers are also on NSA primarily at the moment and you can flip it on the SA network whenever you want, basically based on capacity? Gopal Vittal – Vice Chairman & Managing Director - Bharti Airtel Limited Yes. Mr. Piyush Choudhary – HSBC And any colour on the usage behavior, like what is the data consumption of a FWA customer? Gopal Vittal – Vice Chairman & Managing Director - Bharti Airtel Limited We do not see much difference right now in the way we are selling it. We also want to keep the selling motions quite simple. So, the

it is Wi-Fi everywhere, we offer plans from 40 Mbps up to 100 Mbps. We do not offer anything more than 100 Mbps on FWA. But, the customer does not know whether it is FWA or fiber. The customer just sees it as Wi-Fi. Our sales system just sees it as Wi-Fi. Depending on where we have fiber, we prioritize fiber in our installation and where we have FWA, we install FWA. So, that is the way we look at it. The consumption therefore, because the plans are similar, the usage is similar then, very similar to fixed broadband. Mr. Piyush Choudhary – HSBC May I know, like, what is the fixed broadband usage per month? Gopal Vittal – Vice Chairman & Managing Director - Bharti Airtel Limited We do not report it out, but we can offline, Piyush, I do not have it readily available. Mr. Piyush Choudhary – HSBC Thanks a lot. Vaidehi Sharma – Moderator The next question comes from Mr. Sachin Salgaonkar. Mr. Salgaonkar, you may please unmute your side, introduce yourself and ask your question now. Mr. Sachin Salgaonkar – Bank of America This is Sachin from Bank of America. Congrats on a good set of numbers. My first question, Gopal, is on the incremental EBITDA margin what we ended up seeing on cellular business, it is pretty high at 90%. Two questions out here: is there something in the quarter which specifically led to the margin moving out there, or this is a new normal going ahead? Gopal Vittal – Vice Chairman & Managing Director - Bharti Airtel Limited Soumen, I don’t know, you can answer this question, but, I can just tell you that this business is a fixed cost business, so when tariff goes up, that flows directly to the EBITDA margin. Is this the expected margin on an incremental basis when there is no tariff repair? No, absolutely not. It will be still in line with improved leverage because our effort will be to continuously get operating leverage. But when you get a tariff jump up- just like if you have a tariff reduction- you will see the flow through immediately onto the bottomline. It is exactly the same because of the fixed cost nature of the business. Soumen, do you have any more colour to add on this? - 8 - Soumen Ray – Chief Financial Officer - India & South Asia – Bharti Airtel Limited & Director, Bharti Hexacom Limited No, that was the point Gopal. Mr. Sachin Salgaonkar – Bank of America Thank you. Second question again, wanted to understand your approach towards FWA and any colour you could give from a margin perspective? The way you said it is, customer sees it at Wi-Fi and I presume your fiber deployment is more into urban area. So directly, this is as an FWA offered more in non-urban areas or is it offered across the board in urban and non-urban areas? Gopal Vittal – Vice Chairman & Managing Director - Bharti Airtel Limited Currently, Sachin, we are offering it wherever we do not have fiber, but where I think you are going with the question is an important point. If you have a high-rise building which is over four stories high, then it makes a lot of sense to have fiber there because there is the payback period that you get. The payback for the investment that you put on fiber will be much better than what it will be on FWA. But, on the other hand, and the reason for that is because you are putting a CPE in every home. If you have a multiport CPE, the cost of that FWA unit economics will drop, so if it is a single port CPE, then the economics will work better than fiber in a high-rise area. but the moment you start going out into flatbed geographies, for two reasons: one is that you do not have as much congestion in there on the 5G networks, or not that you do not have, you are unlikely to have in the future as much congestion, the economics of FWA tend to be quite competitive to fiber, because fiber then needs to pull a longer amount of last mile to connect that home that said we also have an LCO model beyond the 100 cities as you are aware, which economically works really well for us, so we are quite relaxed right now of where the demand is coming from. I think, for us, at a high level, rollout fiber everywhere as far as possible, especially in places which have four floors and above and even otherwise, try and rollout as much of fiber, focus on sweating that fiber within three months, six months, nine months and wherever fiber is not there, get that customer on FWA, because it is a land grab phase, as far as broadband is concerned. Mr. Sachin Salgaonkar – Bank of America Thank you, Gopal. When you say the economics are very similar to that of fiber, is it fair then to say the EBITDA margins of the FWA business is similar to that of home services? Gopal Vittal – Vice Chairman & Managing Director - Bharti Airtel Limited Yeah, It will be in that same ballpark. Mr. Sachin Salgaonkar – Bank of America

where are the users of FWA and capex of FWA are being counted into? Is it a part of home services? Soumen Ray – Chief Financial Officer - India & South Asia – Bharti Airtel Limited & Director, Bharti Hexacom Limited Yes, it is a part of homes. Mr. Sachin Salgaonkar – Bank of America So the incremental capex what we are seeing an increase in homes, is largely an FWA led investment right? Along with the fiber investment? Gopal Vittal – Vice Chairman & Managing Director - Bharti Airtel Limited Fiber, it goes for routers. We put capex even on the routers. Soumen go ahead. Soumen Ray – Chief Financial Officer - India & South Asia – Bharti Airtel Limited & Director, Bharti Hexacom Limited As Gopal said, it is routers. We are not slowing down our fiber rollout, so that capex continues. On top of that, we have FWA rollout which is why you are seeing a bit of elevation in the capex in the home segment. - 9 - Gopal Vittal – Vice Chairman & Managing Director - Bharti Airtel Limited Let me just qualify that. This is not the radios of 5G. This is only the connection that we provide on FWA in the home, which is what sits in the home services capex. Mr. Sachin Salgaonkar – Bank of America Thank you Gopal for your clarification and my last question is a follow up on your free cash flow, you did mention focus on deleveraging, stepping up dividend, selecting prudent M&A, any general thoughts on data center as an investment, given what we are seeing on AI, should that pick up going ahead as well? Gopal Vittal – Vice Chairman & Managing Director - Bharti Airtel Limited No, we are looking at it closely, and if we have something that is meaningful, we will certainly get in there. I think we are watching that space. We mentioned that the GPU as a service, we have currently decided to park that because things are changing very fast in that space, the quality of the chips and the efficiency of the chips, also the money that you make on GPU as a service, a lot of it is dependent on sophisticated work around how you manage those workloads, so we have done multiple workshops to really understand the space well and we have decided that we will not be an early mover in the GPU as a service. But, AI data centers, the data center business continues to remain a focus for us. We are trying to see how we can expand it and so, while conversations are on, there is nothing to report right now. Mr. Sachin Salgaonkar – Bank of America Got it. Thank you. Vaidehi Sharma – Moderator The next question comes from Mr. Sanjesh Jain. Mr. Jain, you may please unmute your side, introduce yourself and ask your question now. Mr. Sanjesh Jain – ICICI Securities Hi, good afternoon all. I am Sanjesh from ICICI Securities. Gopal, first question on the 5G customers: how has been your observation on the 5G customer? We have now taken them to at least 2 GB per day plan. Can you help us understand, are they using much more than that, are the new customers coming in upgrading more than 2GB per day? That was the earlier anticipation and expectation, that, that is how the 5G will get monetized. Is that getting brewed on the ground today? Gopal Vittal – Vice Chairman & Managing Director - Bharti Airtel Limited The answer to that is yes. I think this is one of the primary drivers. Data monetization when we talk about, there are two parts to it: one is higher end plans which offer 5G as part of unlimited data, and the second is lower end plans where the data allowance runs out and contextually, you are able to sell an additional pack for those few hours where the allowances run out. So, both those are in play. We have seen this as one of the drivers for upgradation onto the 2GB plus data packs. Mr. Sanjesh Jain – ICICI Securities The want of 2 GB is what? They are upgrading or just because 5G is not available below that; hence, they are pushed to buy more 2 GB plus plans? Gopal Vittal – Vice Chairman & Managing Director - Bharti Airtel Limited No, 2 GB with unlimited data is the draw. - 10 - Mr. Sanjesh Jain – ICICI Securities But we have not seen material increase in the customers beyond 2 GB plan in the 5G as well. Will that be a fair assumption? Gopal Vittal – Vice Chairman & Managing Director - Bharti Airtel Limited There is no reason for them to take anything more than that, because it is 2 GB plus unlimited data. Mr. Sanjesh Jain – ICICI Securities But once we align it with the 4G, can that be one of the levers for us to grow the ARPU? Gopal Vittal – Vice Chairman & Managing Director - Bharti Airtel Limited Of course, because, then you will have more data monetization. Mr. Sanjesh Jain – ICICI Securities Got it, that is clear. Gopal, second on the capex side, now that we are touching close to 350,000 sites, will it be fair to assume that from here on, we will again go back to that earlier growth rate of adding another 7000- 8000 annually? Will that be the rate which we will normalize? For this year we guided 25,000 towers to be added. Gopal Vittal – Vice Chairman & Managing Director - Bharti Airtel Limited I think it will come down meaningfully Sanjesh. I think, on the rollout because by and large our rollout is complete, with the exception of a few places like Gujarat and MP and all that, where we have not yet gone as deep. The fact is that there is a lot of headroom there, but it is going to be substantially lower than last year. Mr. Sanjesh Jain – ICICI Securities

will the FWA drive faster rollout of the fiber or strengthening the backhaul, because the data consumption per site will go up materially with FWA catching up. Will that push us to add more backhaul capacity faster than what we earlier thought? Gopal Vittal – Vice Chairman & Managing Director - Bharti Airtel Limited Sanjesh, we have a transport blueprint and you see, the challenge with fiber is that you cannot turn it on and off every month, it has got long gestation because you have to plan it, you have to get right of way, then you have to trench it, then you have to sort of put it there, then you have to repair the places where you have trenched it, so, this is a long duration period, takes six months, seven months to really get something going and so about two years back, we created a five year transport blueprint and all we are doing is trying to accelerate that blueprint. For the last two years the only effort has been to say do more, do more, do more so that that blueprint is actually met. We are not yet in line with exactly where that blueprint is, but every month in the last eight quarters, every quarter we have made progress and we are now more or less caught up with where we need to be, so we will continue to do that. Mr. Sanjesh Jain – ICICI Securities Because the difference between our fiber on the ground today to the number one player or the peer is almost 2x. So, on the fiber side probably, we may need to do more, will that be a right assumption? Gopal Vittal – Vice Chairman & Managing Director - Bharti Airtel Limited No, we are we are doing as much as we can so just let me say that. There are three types of solutions we look at: one is fiber nodes, second is FTTH, which is basically 1 Gbps type of fiber which is like home fiber but that also makes the tower a Gbps ready and the third is E-band spectrum using the microwave backhaul, so all three are being looked at. E-band is a temporary reprieve. In case there is an event where a particular site needs fiber before the fiber is actually coming, so, we can then put an E-band there, but the moment fiber comes, we take that E-band and put it somewhere else, so, I think it is a moving thing. Suffice it to say, as far as backbone and transport is concerned, there is no reason for us to be uncompetitive, but there is a blueprint on fiber is what I would like to say. - 11 - Vaidehi Sharma – Moderator The next question comes from Mr. Vivekanand Subbaraman. Mr. Subbaraman, you may please introduce yourself, unmute your side, and ask your question now. Mr. Vivekanand Subbaraman – Ambit Hello, thank you for the opportunity, I am Vivekanand from Ambit. My first question is on the enterprise revenue and EBITDA trajectory. Now Gopal, appreciate your point on the commodity voice business taking up a lot of bandwidths. But is this decision not also likely to impact your Airtel IQ, CPaaS business, because that is one observation that came to my mind. Please clarify on this, and secondly, you alluded to no EBITDA impact on account of such a decision, but that does not seem to be playing out in your numbers at least for the first nine months of fiscal 2025. That is question one on the enterprise side. I have one more, do you want to address this before I move to the next one? Gopal Vittal – Vice Chairman & Managing Director - Bharti Airtel Limited This is a simple answer. I think there is no impact on CPaaS and IQ and the second thing is that you do not see this reflected in the numbers yet. This will only trigger in the month of February. Mr. Vivekanand Subbaraman – Ambit So then what is the key reason for the B2B EBITDA decline in the first nine months? Gopal Vittal – Vice Chairman & Managing Director - Bharti Airtel Limited I think the primary reason for the EBITDA decline, maybe, Soumen you can answer this it is the hardware sales, there is one off, take this up. Soumen Ray – Chief Financial Officer - India & South Asia – Bharti Airtel Limited & Director, Bharti Hexacom Limited So the reduction that you tell is because we have moved to selling converged solutions: where there is connectivity, there is services and there is also hardware bundled into it. For example let us take security: When we do a security deal, there is security services as well as security license, so, unlike connectivity, which is entirely our product some of these products has resell component built into it. So, that is why you see some dilution in EBITDA margin over these last nine months. You understand that connectivity is of course growing, but these kinds of products are growing much faster and hence their weightage will keep increasing so, to that extent, there will be an impact. Gopal Vittal – Vice Chairman & Managing Director - Bharti Airtel Limited But I must also tell you Vivekanand that if you take the commodity businesses out, which have negligible margins obviously, EBITDA margins will go up right, but the question is the growth side of the portfolio, which is adjacencies, have a lower margin than connectivity, so, if you look at long-term basis, the question that we will have to address ourselves is: can we grow this business faster and can we grow absolute EBITDA, because this is not capex, these adjacencies do not have heavy capex, they are very light on capex. Mr. Vivekanand Subbaraman – Ambit Got it. So the next question is on the digital revenue streams that you have and also your recent partnership on Airtel Finance. So, your competitor Jio, they spoke about their non-connectivity digital revenue annualizing 150 billion, almost half of yours, so, just wanted to understand, is competition so elevated or what is the challenge? You are not able to grow at perhaps the same pace as they are showcasing, they say 60% growth, so what is really working for them, which is perhaps not firing for you and a related question is on

where if you could elaborate on the Bajaj Finance partnership on how you monetize through this? That will be great - 12 - Gopal Vittal – Vice Chairman & Managing Director - Bharti Airtel Limited I think the performance of our competitors, that question is best directed at them, rather than us. I think we report what we are doing which is, we think that there is a big opportunity for us to scale our digital services. The reason that we spend so much time on actually getting the model of Airtel Finance right is only for this. Some of the partnerships that we have had is with smaller NBFCs. With Bajaj this is a really big scale partnership and the idea here is to create value together. Obviously, we bring a lot to the table where there are almost 200 million customers who have probably never taken a Bajaj product or Bajaj does not have much information on. They get access to that user base, they get access to all our channels, to our distribution, and we are putting the full might of the Airtel system, to really ensure that this works for this partnership. On the other hand, what we get out of it is the deep underwriting expertise of Bajaj, their AI capabilities, their understanding of this whole business and their insights around it and this has the sponsorship of their senior team and therefore collectively, we are both committed to making this work, so I think that is the way that we see this partnership. Obviously, it should create value for both entities and give more and more people access to credit. Mr. Vivekanand Subbaraman – Ambit Fair enough. Just one follow up on this partnership, will it get accounted for the revenue streams get accounted for in Airtel payments bank or in the enterprise side? Gopal Vittal – Vice Chairman & Managing Director - Bharti Airtel Limited Not in payments bank because payments bank is not allowed to do this by its license. By the way, Airtel Payments Bank is the second part of our financial services portfolio but sits in a separate entity and that also has done very well. We are now averaging about $46 billion of GMV. That is growing handsomely. We have 87 million monthly transacting users. We have an enormous amount. There is still head room to grow so that is a business that now is actually getting its momentum on its own and we will continue to focus there. Of course, as you know, the margins there are very thin which is why you need the scale to actually drive the value there but this will not sit there. This sits as part of the Xtelify unit wherever it gets consolidated. Soumen Ray – Chief Financial Officer - India & South Asia – Bharti Airtel Limited & Director, Bharti Hexacom Limited It gets consolidated as a part of Bharti Airtel. Mr. Vivekanand Subbaraman – Ambit Great, thank you and all the very best. Vaidehi Sharma – Moderator The next question comes from Mr. Aditya Suresh. Mr. Suresh you may please unmute your side, introduce yourself and ask your question now. Mr. Aditya Suresh – Macquarie Hi, good afternoon, this is Aditya Suresh from Macquarie. Gopal, firstly, congratulations on strong execution on a really clearly articulated strategy, so you have kind of addressed quite a few of the issues. I had two questions: first on postpaid, you mentioned this as a kind of significant opportunity and I wanted to understand a bit more about the comment in itself, so is that comment more from the dimension of the count of the opportunity, number of subscribers or it being on the pricing structure? I guess the reference there is that I look back in time, postpaid has been like say four or five times higher than where prepaid tariffs were at, today we are much, much lower than this right, so just your thoughts on this opportunity? Gopal Vittal – Vice Chairman & Managing Director - Bharti Airtel Limited When I was commenting on the opportunity, our user base is a small fraction of the overall 80 million base that potentially, is credit worthy based on the data models that we have, so the ability to actually convert more and more onto postpaid I think, is really what I was commenting on. There is no reason why we should not get upwards of 50 million over the next few years on postpaid, because there is an 80 million base that is ready to actually get onto postpaid. That said, I think your observation is also right, which is the overall compression of the price table has meant that postpaid pricing is now not very different from prepaid of course, it is at 2x premium, but it used to be much higher and if the price architecture changes in India where prepaid starts moving up like the way it is in Indonesia, which goes from 100 to 200 to 400, then, clearly there is a headroom for growing postpaid pricing, because a lot of value gets delivered through postpaid in the form of bucket allowances, rollovers of data, content being bundled and so on and so forth. - 13 - Mr. Aditya Suresh – Macquarie Are you able to articulate any updated priorities here for that specific entity: that entity or the passive infrastructure kind of business which rolls up under par? Gopal Vittal – Vice Chairman & Managing Director - Bharti Airtel Limited [Technical issue with Audio] Vaidehi Sharma – Moderator The next question comes from Varatharajan Sivasankaran. He's online and ready to ask you a question. Mr. Sivasankaran, you may please unmute your side, introduce yourself and ask your question now. Alright, thank you everyone. I would like to remind all the participants to stay connected on the call for the next session on Bharti Hexacom, but before that Gopal, I would like to pass over to you for your closing remarks. Gopal Vittal – Vice Chairman & Managing Director - Bharti Airtel Limited Thank you very much. I think, thank you for all your questions, as usual they were very perceptive and thank you for all of that and I hand over back to Vaidehi for follow up on the next concall, so hope to see you soon in the next quarter. Vaidehi Sharma – Moderator Thank you very much Gopal. With this, I would now like to hand over to Mr. Soumen Ray for his opening remarks on Bharti Hexacom’s performance. Soumen Ray – Chief Financial Officer - India & South Asia – Bharti Airtel Limited & Director, Bharti Hexacom Limited Good afternoon everyone. Welcome to the Bharti Hexacom Q3 FY2025 earnings call. I will start with a brief on the proposed passive infrastructure transaction and will then move on to the financial performance. We are planning to transfer approximately about 3400 telecom towers to Indus. We believe that this transaction will lead to better operational and financial efficiency. From operational point of view, not only will it free up management bandwidth but also lead to better expansion of returns. Lastly, we believe that Indus will be able to run these towers more efficiently and create long-term value. Moving onto financial performance, we delivered a revenue of 2251 Crores growing sequentially by 7.3%, smartphone customer additions was at 4.5 lakh compared to 1.43 lakh in the last quarter, of course, being impacted by the tariff repair. Net customer addition saw a rebound of 4.94 lakh, which is a churn improved to 1.9% compared to 3.2% in the last quarter. The company delivered another quarter of industry leading ARPU growth of 5.7% to reach 241. EBITDA stood at Rs.1194 Crores with EBITDA margin of 53% improving by almost 300 bps. EBITDAaL, which is the new terminology that we have introduced, and the right one to monitor the organization’s performance, for the quarter was 1042 Crores with a margin of 46.3%. Net income for the quarter stood at 261 Crores and cash generation for the quarter was robust with operating free cash flow with an EBITDAaL minus capex of about 758 Crores. Net debt to EBITDAaL improved to 1.03. With that, I hand you over to Vaidehi to open the floor for questions. Vaidehi Sharma – Moderator Thank you Soumen. We will now begin the interactive Q&A session. Due to time constraints, we would request if you could limit questions to two per participant to enable more participation. Interested participants may click on “Raise hand option” on your Zoom application and join the queue. With that, the first question comes from Mr. Sanjesh Jain. Mr. Jain you may please unmute your side, introduce yourself and ask your question now. Requesting everyone to kindly raise your hand to be in the Q&A interactive session. Interested participants may click on “Raise hand option” on the Zoom application to join the Q&A queue. The next question comes from Mr. Vivekanand Subbaraman. Mr. Subbaraman, you may please unmute your side, introduce yourself and ask your question now. - 14 - Mr. Vivekanand Subbaraman – Ambit Thanks Vaidehi for the opportunity. I am Vivekanand from Ambit. My first question, Soumen, is that now that the transfer of 3400 towers will happen to Indus Towers, that is almost 13% of your tower footprint so how will that change your P&L from a cost structure standpoint? That is question one. I will ask my next question after this. Soumen Ray – Chief Financial Officer - India & South Asia – Bharti Airtel Limited & Director, Bharti Hexacom Limited Well, if you look at net income level, there would not be much of a difference, because of course we will be receiving some consideration, which has an opportunity cost, so, at a net income level we do not expect much of a difference between what it is now and what it should be later, but of course, once the deal is consummated, we will know but should not be very material to the overall P&L. Mr. Vivekanand Subbaraman – Ambit I was more concerned about how we should model the reported EBITDA margin from a modeling standpoint as an analyst, I have to ask you this question? Soumen Ray – Chief Financial Officer - India & South Asia – Bharti Airtel Limited & Director, Bharti Hexacom Limited Of course, from EBITDA point of view there will be some dilution in the EBITDA. Consequent to the incremental IP fee, you see the energy will remain the same there is no difference; the O&M will remain the same. There will be some IP fees because there will be some return which will be taken by Indus on the investment; to that extent EBITDA will get very marginally diluted, but that will be very small and what I am trying to say is whatever is there has an impact will get unwound, because this money will help us in either investing or pairing down our debt on spectrum or otherwise, so at a net income level we would not be materially different from what we are seeing. Mr. Vivekanand Subbaraman – Ambit Got it. Unlike your parent, which has almost two times net debt ex leases to EBITDAaL in your case it is only one time and with the cash inflow from this transaction, you will be looking at only debt of very negligible amounts, so, how do we think about the capital structure now here on and the use of cash for Bharti Hexacom? Soumen Ray – Chief Financial Officer - India & South Asia – Bharti Airtel Limited & Director, Bharti Hexacom Limited There is angle of dividend payout. We must also remember that this FWA rollout will create a need for capex in Hexacom, because this FWA CPE is significantly more expensive than the broadband CPE, so, there will be some need of additional investments, but yes, the net debt to EBITDA looks very promising at just above one and as you rightly said that if we get this money, it will further come down. Dividend payout is something which will be certainly looked at with a positive angle. Mr. Vivekanand Subbaraman – Ambit Is there any capex guidance that you would like to provide in light of the FWA scale up that you are planning, should it significantly accelerate for you in the next fiscal or the coming? Soumen Ray – Chief Financial Officer - India & South Asia – Bharti Airtel Limited & Director, Bharti Hexacom Limited So, directionally same could be marginal increase, it all depends on FWA rollout. As you know, that in terms of a footprint of the radio capex we had done and hence, there could be some increase because of the FWA capex but directionally, not very different. Mr. Vivekanand Subbaraman – Ambit Understood, thank you and all the very best. - 15 - Vaidehi Sharma – Moderator Interested participants may click on “Raise hand option” on your Zoom application to join the Q&A queue. Upon announcement of names, participants to kindly click on “unmute myself” in the popup screen and start asking the question post introduction. With this, the next question comes from Piyush Choudhary. Mr. Choudhary, you may please unmute your side, introduce yourself and ask your question now. Mr. Piyush Choudhary – HSBC Thanks for the opportunity. This is Piyush from HSBC. On home broadband segment, could you tell us what is the FTH home pass coverage for Hexacom and FWA kind of coverage at this moment, and what could be the TAM in the geographies where Hexacom is, like Mr. Gopal Vittal mentioned that 45 million can go to 90 million for pan India, like, how do we break it down to regions in which Hexacom is there? Soumen Ray – Chief Financial Officer - India & South Asia – Bharti Airtel Limited & Director, Bharti Hexacom Limited In terms of addressable market, I would say this would be about 3 to 4 million. We are present in close to about 200 cities in Hexacom. Mr. Piyush Choudhary – HSBC 200 cities for FWA? Soumen Ray – Chief Financial Officer - India & South Asia – Bharti Airtel Limited & Director, Bharti Hexacom Limited Total, between FWA and fiber. Mr. Piyush Choudhary – HSBC And, FTH home pass? Akhil Garg – Financial Controller – Bharti Airtel Limited & Chief Financial Officer, Bharti Hexacom Limited About 2 million home passes we have, currently at Bharti Hexacom Mr. Piyush Choudhary – HSBC Got it. Thank you very much. Vaidehi Sharma – Moderator Thank you. The next question comes from Mr. Mohit Motwani. Mr. Motwani, you may please unmute your side, introduce yourself and ask your question now. Mr. Motwani, you may please unmute your side, introduce yourself and ask your question now. The next question comes from Mr. Vivekanand Subbaraman. Mr. Subbaraman, you may please unmute your side, introduce yourself and ask your question now. Mr. Vivekanand Subbaraman – Ambit Thanks, this is Vivekanand again from Ambit. I just have one follow up. Could you help us understand the exceptional charge of 1.4 billion that was taken during the current quarter and what was the way forward here, in terms of this charge, is there any legal discourse that you have to perhaps get some relief here? Thank you. - 16 - Soumen Ray – Chief Financial Officer - India & South Asia – Bharti Airtel Limited & Director, Bharti Hexacom Limited Well as any other organization, there is a periodic review of the carrying value of various assets and liabilities, so in that review, it was felt that there is a provision which has to be taken. There were also some reversals on account of the recent court judgement on passive infrastructure, it is a combination of this. There is no cash payout or anything of that sort. Time-to-time, when you review, basis that, there is a provision, which has been taken towards regulatory dues, and as far as trend is concerned, absolutely not, by nature, it is an extraordinary item, so there is absolutely no trend of this, it is a onetime decision. Mr. Vivekanand Subbaraman – Ambit Soumen, if you could give some colour on what this pertains to, was it any new development during the current quarter or is this part of some contingent liability that you have decided to provide for during the current quarter. Soumen Ray – Chief Financial Officer - India & South Asia – Bharti Airtel Limited & Director, Bharti Hexacom Limited Yes, you will see mostly a corresponding reduction in the contingent liability. Mr. Vivekanand Subbaraman – Ambit Thank you very much. Vaidehi Sharma – Moderator Thank you everyone. Now, I would like Soumen to give his closing remarks for Bharti Hexacom. Soumen Ray – Chief Financial Officer - India & South Asia – Bharti Airtel Limited & Director, Bharti Hexacom Limited Thanks a lot for joining in for the call. We look forward to connecting with you in May after our Q4 results. Thank you. Vaidehi Sharma – Moderator Thank you Soumen. Thank you everyone for joining today. Recording of this webinar will be available on our company website. Thank you once again and have a great day ahead.