$\"\"$ KOLKATA: Bharti Airtel<\/a>, India’s top carrier, will be the most vulnerable to currency fluctuations among large-cap telecom companies, given its higher exposure to unhedged forex<\/a> loans as well as exposure to volatile African currencies, say analysts.
\n
Bank of America Merrill Lynch<\/a> has downgraded India’s No 1 mobile carrier to ‘underperform’, estimating that a further dip in the rupee<\/a> versus the US dollar<\/a> could impact Bharti Airtel’s profit before tax (PBT) in the current fiscal. Noting that only 50% of Bharti’s principal repayment for the next 12 months is hedged on a rolling basis, the US brokerage estimated that “a 5% (rupee) depreciation would impact Bharti’s PBT by 9-to-11% in FY16”, especially since a 5% change in the US dollar exchange rate had impacted Bharti Airtel’s PBT by 10% in FY15”.
\n
\nCredit Suisse, in a recent note, had also noted Bharti Airtel’s sensitivity to US dollar movements which “had increased” and estimated that a 5% appreciation in the dollar could trigger a 10.7% hit on the mobile phone operator’s PBT in the year ending March 31, 2016.
\n
\nThe US brokerage, in turn, said Bharti Airtel is more prone to material forex fluctuations than No 3 carrier, Idea Cellular. “Idea Cellular also has foreign debt, (but) its exposure is relatively low (compared to Bharti), at 15% of total debt with most of it being hedged, thus limiting any material forex fluctuations.”
\n
\nIt said that Idea, unlike Bharti, had over a period of time reduced its dependency on foreign debt, especially “when the rupee started depreciating”.
\n
\n“Out of Idea’s total Rs 20,200 crore debt, only 15% (less than $500 million) is in foreign currency, while 60% of Bharti Airtel’s loans are in US dollars, of which 60% is floating,” said the US brokerage.
\n
Small wonder, analysts at another foreign brokerage said Bharti’s borrowing costs could further increase, in the event of a potential interest rate hike by the US Federal Reserve<\/a>, especially since a majority of the mobile carrier’s US loans are floating. In its latest annual report, Bharti said the group transacts business in local currency and in foreign currency, primarily US dollars. The Group, it said, “has obtained foreign currency loans and has foreign currency trade payables and receivables, and is therefore, exposed to foreign exchange risk”.
\n
\nBharti Airtel’s consolidated net debt as on March 31, 2015 increased by $606 million to $10.67 billion from $10.07 billion in the previous fiscal, mainly due to spectrum payout obligations. Net debt as on June 30 was $10.69 billion. Subsequently, the company’s Africa net loss for the fiscal first quarter to June 2015 widened to $154 million (Rs 985 crore) from $137 million (Rs 876.2 crore), largely weighed down by currency depreciation.
\n
Earlier this month, reporting first quarter results for the current fiscal, the company had said the revenue-weighted currency depreciation versus the US dollar across its 17 African markets over the past 12 months had been as much as 21.6%, mainly caused by depreciation in key African currencies, including the Madagaskar Malagasy Ariary, the Ghana<\/a> Cedi, the Nigerian Naira, the Ugandan Shilling, the Tanzanian Shilling and the Zambian Kwacha.
\n
\nIn this context, Bank of America Merrill Lynch said calculating “the mark-to-market forex impact for Bharti Airtel on an accurate basis becomes difficult, given the massive volatility amongst its various African currencies”.\n\n<\/body>","next_sibling":[{"msid":48515329,"title":"RCom likely to see relief rally, says P Phani Sekhar","entity_type":"ARTICLE","link":"\/news\/industry\/rcom-likely-to-see-relief-rally-says-p-phani-sekhar\/48515329","category_name":null,"category_name_seo":"industry"}],"related_content":[],"msid":48522120,"entity_type":"ARTICLE","title":"Bharti Airtel will be most vulnerable telco to currency fluctuations","synopsis":"It said that Idea, unlike Bharti, had over a period of time reduced its dependency on foreign debt, especially \u201cwhen the rupee started depreciating\u201d.","titleseo":"industry\/bharti-airtel-will-be-most-vulnerable-telco-to-currency-fluctuations","status":"ACTIVE","authors":[{"author_name":"Kalyan Parbat","author_link":"\/author\/4437\/kalyan-parbat","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/4437.cms?width=100&height=100&hostid=268","author_additional":{"thumbsize":true,"msid":4437,"author_name":"Kalyan Parbat","author_seo_name":"kalyan-parbat","designation":"Assistant Telecom Editor at the Level of Senior Assistant Editor","agency":false}}],"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2015-08-18 08:11:00","lastupd":"2015-08-18 10:26:38","breadcrumbTags":["industry","South Africa","Rupee","Airtel","united states","forex","Federal Reserve","Merrill Lynch","US dollar","Ghana","US Federal reserve","Bharti Airtel India"],"secinfo":{"seolocation":"industry\/bharti-airtel-will-be-most-vulnerable-telco-to-currency-fluctuations"}}" data-authors="[" kalyan parbat"]" data-category-name="Industry" data-category_id="18" data-date="2015-08-18" data-index="article_1">

行业

Bharti Airtel将最脆弱的电信汇率波动

这说的想法,与Bharti不同,在一段时间内减少其依赖外债,尤其是“当卢比贬值”。

Kalyan尔巴特,
等局

更新2015年8月18日,26点坚持

加尔各答:Bharti附近的旅馆,印度最大的运营商,将最容易受到汇率波动在大型电信公司,鉴于其更高的风险进行对冲外汇贷款以及非洲货币波动的影响,分析师说。

美国银行(Bank of America)美林(Merrill Lynch)下调印度最大的移动运营商“表现不佳”,估计进一步下降卢比兑美元可能会影响Bharti Airtel的税前利润(PBT)在当前的财政。指出,只有50%的Bharti对未来12个月的本金偿还对冲在滚动的基础上,美国经纪公司估计,“5%(卢比)折旧影响Bharti的PBT FY16 9 - 11%”,尤其是5%美元汇率的变化影响Bharti Airtel的PBT 10% FY15”。

瑞士信贷(Credit Suisse)最近在一份报告中,还提到Bharti Airtel美元波动的敏感性“增加”,估计,人民币升值5%,美元可能引发10.7%移动电话运营商的PBT今年截至3月31日,2016年。

反过来,美国经纪说Bharti Airtel材料更容易比3号航母外汇波动,知道细胞。“想法细胞也有外债,(但)风险相对较低(Bharti相比),债务总额的15%,其中大部分被对冲,从而限制任何材料外汇波动。”

这说的想法,与Bharti不同,在一段时间内减少其依赖外债,尤其是“当卢比贬值”。

”想法总20200卢比的债务,只有15%(不到5亿美元)在外汇,而60%的Bharti Airtel的美元贷款,其中60%是浮动的,”表示,美国经纪公司。

难怪,另一个外国券商分析师表示Bharti的借贷成本可能会进一步增加,在发生可能加息美国联邦储备理事会(美联储,fed)移动运营商,尤其是绝大多数的美国贷款是浮动的。在其最新的年度报告中,Bharti表示,该集团在本币和外币进行交易,主要是美元。集团,它说:“取得外汇贷款和外汇贸易应付款项和应收账款,因此,暴露于外汇风险”。

Bharti Airtel的合并净债务为3月31日,2015年从100.7亿美元增加了6.06亿到106.7亿美元在前面的财政,主要是由于频谱支付义务。在6月30日净债务是106.9亿美元。随后,该公司的非洲第一财政季度净亏损,2015年6月扩大至1.54亿美元(985卢比)从1.37亿美元(876.2卢比),主要由货币贬值的拖累。

本月早些时候,报告第一季度的财政结果,该公司已表示,revenue-weighted货币贬值与美元在其17个非洲市场在过去的12个月里已经高达21.6%,主要由关键非洲货币贬值引起的,包括马达加斯加马达加斯加Ariary,加纳尼日利亚奈拉塞地,乌干达先令,坦桑尼亚先令和赞比亚克瓦查。

在这种背景下,美国银行-美林说计算”的按市值计价的外汇影响Bharti Airtel在准确的基础上变得困难,考虑到巨大的波动在它的各种非洲货币”。

发布于2015年8月18日08:11点坚持

$\"\"$ KOLKATA: Bharti Airtel<\/a>, India’s top carrier, will be the most vulnerable to currency fluctuations among large-cap telecom companies, given its higher exposure to unhedged forex<\/a> loans as well as exposure to volatile African currencies, say analysts.
\n
Bank of America Merrill Lynch<\/a> has downgraded India’s No 1 mobile carrier to ‘underperform’, estimating that a further dip in the rupee<\/a> versus the US dollar<\/a> could impact Bharti Airtel’s profit before tax (PBT) in the current fiscal. Noting that only 50% of Bharti’s principal repayment for the next 12 months is hedged on a rolling basis, the US brokerage estimated that “a 5% (rupee) depreciation would impact Bharti’s PBT by 9-to-11% in FY16”, especially since a 5% change in the US dollar exchange rate had impacted Bharti Airtel’s PBT by 10% in FY15”.
\n
\nCredit Suisse, in a recent note, had also noted Bharti Airtel’s sensitivity to US dollar movements which “had increased” and estimated that a 5% appreciation in the dollar could trigger a 10.7% hit on the mobile phone operator’s PBT in the year ending March 31, 2016.
\n
\nThe US brokerage, in turn, said Bharti Airtel is more prone to material forex fluctuations than No 3 carrier, Idea Cellular. “Idea Cellular also has foreign debt, (but) its exposure is relatively low (compared to Bharti), at 15% of total debt with most of it being hedged, thus limiting any material forex fluctuations.”
\n
\nIt said that Idea, unlike Bharti, had over a period of time reduced its dependency on foreign debt, especially “when the rupee started depreciating”.
\n
\n“Out of Idea’s total Rs 20,200 crore debt, only 15% (less than $500 million) is in foreign currency, while 60% of Bharti Airtel’s loans are in US dollars, of which 60% is floating,” said the US brokerage.
\n
Small wonder, analysts at another foreign brokerage said Bharti’s borrowing costs could further increase, in the event of a potential interest rate hike by the US Federal Reserve<\/a>, especially since a majority of the mobile carrier’s US loans are floating. In its latest annual report, Bharti said the group transacts business in local currency and in foreign currency, primarily US dollars. The Group, it said, “has obtained foreign currency loans and has foreign currency trade payables and receivables, and is therefore, exposed to foreign exchange risk”.
\n
\nBharti Airtel’s consolidated net debt as on March 31, 2015 increased by $606 million to $10.67 billion from $10.07 billion in the previous fiscal, mainly due to spectrum payout obligations. Net debt as on June 30 was $10.69 billion. Subsequently, the company’s Africa net loss for the fiscal first quarter to June 2015 widened to $154 million (Rs 985 crore) from $137 million (Rs 876.2 crore), largely weighed down by currency depreciation.
\n
Earlier this month, reporting first quarter results for the current fiscal, the company had said the revenue-weighted currency depreciation versus the US dollar across its 17 African markets over the past 12 months had been as much as 21.6%, mainly caused by depreciation in key African currencies, including the Madagaskar Malagasy Ariary, the Ghana<\/a> Cedi, the Nigerian Naira, the Ugandan Shilling, the Tanzanian Shilling and the Zambian Kwacha.
\n
\nIn this context, Bank of America Merrill Lynch said calculating “the mark-to-market forex impact for Bharti Airtel on an accurate basis becomes difficult, given the massive volatility amongst its various African currencies”.\n\n<\/body>","next_sibling":[{"msid":48515329,"title":"RCom likely to see relief rally, says P Phani Sekhar","entity_type":"ARTICLE","link":"\/news\/industry\/rcom-likely-to-see-relief-rally-says-p-phani-sekhar\/48515329","category_name":null,"category_name_seo":"industry"}],"related_content":[],"msid":48522120,"entity_type":"ARTICLE","title":"Bharti Airtel will be most vulnerable telco to currency fluctuations","synopsis":"It said that Idea, unlike Bharti, had over a period of time reduced its dependency on foreign debt, especially \u201cwhen the rupee started depreciating\u201d.","titleseo":"industry\/bharti-airtel-will-be-most-vulnerable-telco-to-currency-fluctuations","status":"ACTIVE","authors":[{"author_name":"Kalyan Parbat","author_link":"\/author\/4437\/kalyan-parbat","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/4437.cms?width=100&height=100&hostid=268","author_additional":{"thumbsize":true,"msid":4437,"author_name":"Kalyan Parbat","author_seo_name":"kalyan-parbat","designation":"Assistant Telecom Editor at the Level of Senior Assistant Editor","agency":false}}],"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2015-08-18 08:11:00","lastupd":"2015-08-18 10:26:38","breadcrumbTags":["industry","South Africa","Rupee","Airtel","united states","forex","Federal Reserve","Merrill Lynch","US dollar","Ghana","US Federal reserve","Bharti Airtel India"],"secinfo":{"seolocation":"industry\/bharti-airtel-will-be-most-vulnerable-telco-to-currency-fluctuations"}}" data-news_link="//www.iser-br.com/news/industry/bharti-airtel-will-be-most-vulnerable-telco-to-currency-fluctuations/48522120">

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Bharti Airtel将最脆弱的电信汇率波动

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