Reliance Communications Investor Presentation February 2009
Forward looking statements – Important Note This presentation and the discussion that follows may contain “forward looking statements” by Reliance Communications Ltd (“RCOM”) that are not historical in nature. These forward looking statements, which may include statements relating to future results of operation, financial condition, business prospects, plans and objectives, are based on the current beliefs, assumptions, expectations, estimates, and projections of the directors and management of RCOM about the business, industry and markets in which RCOM operates. These statements are not guarantees of future performance, and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond RCOM’s control and difficult to predict, that could cause actual results, performance or achievements to differ materially from those in the forward looking statements. Such statements are not, and should not be construed, as a representation as to future performance or achievements of RCOM. In particular, such statements should not be regarded as a projection of future performance of RCOM. It should be noted that the actual performance or achievements of RCOM may vary significantly from such statements. Wireless | Infratel | Globalcom | Enterprise | Home
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Contents
Reliance Communications – an integrated telco
Wireless
Enterprise
Infratel
Home
Globalcom
Key takeaways
Wireless | Infratel | Globalcom | Enterprise | Home
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Reliance Communications India’s leading fully integrated & Converged service provider… Wireless • • • • •
Enterprise
Mobile (CDMA & GSM) VAS (Mobile World) Wireless Data Fixed Wireless Public Access Business
• • • • • •
Home
Tower (Infratel) • • • •
Internet Data Center Broadband Leased Line Office Centrex MPLS & VPN WiMax
• DTH (Big TV) • IPTV (Digital Home)
Multi tenancy towers (4x) Pan- India coverage Backhaul Support systems
Other businesses Tech Services • Leveraging Internal IT
Development Capabilities
Globalcom • • • • • •
BPO
Submarine cable (FLAG) Ethernet Data services Long Distance (NLD/ILD) Reliance Global Call Vanco Yipes
• Expertise in Telecom
BFSI, Utilities & Media
Retail • Reliance World • Reliance Mobile Store
…Integrated play covering the entire value chain Wireless | Infratel | Globalcom | Enterprise | Home
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Reliance Communications
Reliance Communications: Leadership position
7th largest wireless operator in the world, 2nd largest in India
Largest submarine cable network in the world with presence in 60 countries representing 90% of the world’s GDP
Largest wireless data operator in India with >50% market share
Largest PCO operator in India with 2 mn call offices
Largest Data center (IDC) service provider in India with over 60% market share
Note: Wireless operators ranking by customers in a single country Wireless | Infratel | Globalcom | Enterprise | Home
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Reliance Communications
Unprecedented scale of infrastructure deployment & fast track execution FY FY 2009 2009 Wireless •Nationwide GSM + CDMA
FY FY 2007 2007 & & 2008 2008
Enterprise •IDC expansion •Launch of WiMax
FY FY 2006 2006
Wireless •National CDMA + GSM in 8 circles Globalcom •FLAG in global data market
Wireless •World’s largest n/w rollout cover 1 billion • Launched “Classic” – became #2 handset brand Enterprise •Leadership: >50% market share Globalcom • Falcon network to access Emerging Mrkts •Strategic acquisitions – e.g. Yipes, Vanco
Globalcom •NGN expansion •Presence in 60 countries (>90% of World GDP) Home •National DTH service launched Exploit internal capabilities •BPO expansion •Widest multi-format retail (1,100 cities; >2.5 mn sq. ft.)
Rapid expansion and growth Wireless | Infratel | Globalcom | Enterprise | Home
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Reliance Communications
Building leadership position across all screens
4 screen strategy Wireless | Infratel | Globalcom | Enterprise | Home
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Reliance Communications
Recent performance Financial Performance
Balance Sheet Strength
3Q FY09
Q-o-Q
Y-o-Y
Revenue (Rs. Mn)
58,502
3.6%
20.0%
EBITDA (Rs. Mn)
23,525
2.2%
11.7%
Net Profit (Rs. Mn)
14,102
-7.9%
2.7%
EBITDA Margin
40.2%
-0.6ppt
-3.0ppt
Net Profit Margin
24.1%
-3.0ppt
-4.0ppt
Return on Networth
33.3%
(Rs. Mn) Assets
880,000
Networth
290,000
Gross Debt
267,000
Net Debt
186,000
Net Debt to Equity (x)
Maintaining the strong growth momentum Wireless | Infratel | Globalcom | Enterprise | Home
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0.64
Reliance Communications
Financial Highlights Key Financial Parameters (Rs. Mn) Revenue 3% +3
EBITDA
Net Profit 81,989
190,678
54,005
2% 8 + 57,208
144,683
107,664
0% 5 +2 31,637
24,762 4,438
FY06
FY07
FY08
FY06
FY07
FY08
FY06
FY07
Consistent & Substantial increase in profitability Wireless | Infratel | Globalcom | Enterprise | Home
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FY08
Reliance Communications
Key Performance Indicators EBITDA Margin
Net Profit Margin
45%
30%
Bharti
40%
RCOM
25%
RCOM
Bharti
20%
35%
15%
30%
10%
Idea
25% 3Q FY08
4Q FY08
1Q FY09
2Q FY09
Idea
5%
3Q FY09
3Q FY08
4Q FY08
EBITDA Margin – Global Benchmarks 60% 50%
53%
50% 40% 40% 32% 30%
26%
32%
34% 35%
41%
42%
36%
27%
20% 10%
Source: Company Reports, Thomson Reuters
Among the best in Industry Wireless | Infratel | Globalcom | Enterprise | Home
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1Q FY09
2Q FY09
3Q FY09
Contents
Reliance Communications – an integrated telco
Wireless
Enterprise
Infratel
Home
Globalcom
Key takeaways
Wireless | Infratel | Globalcom | Enterprise | Home
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Wireless Business
Targets the largest untapped population in the world Low wireless penetration… 140%
…Leading to strong revenue growth 122%
120%
40%
100%
84%
80%
87%
30%
20%
46%
13%
25%
10%
20%
0%
0% India China Brazil Japan
35%
90%
71%
60% 40%
50%
US
France
UK
4%
5%
6%
UK
US
15%
0% Japan France
China Brazil
India
Source: Merrill Lynch Global Wireless Matrix, June 2008
Low penetration + High Revenue growth = Huge opportunity Wireless | Infratel | Globalcom | Enterprise | Home
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Wireless Business
Mobile subscribers in India to cross 500 mn in 2 years… 600
50% Mobile Subscribers (mn)
44%
Penetration
500
38%
400
GR A C
300
% 35 22%
30%
370 Subscriber additions (mn)
40%
350
14% 9%
100
Jan
Jan
10.2 30%
330
10.4 9.9
310
348
9.0 9.2
20% 200
357
10.7
530 444
15.3
290
256 10%
161
8.9 273
270
96 0
0% 2006
2007
2008
2009E
2010E
2011E
250 May
Jun
Jul
Aug
Sept
Oct
Nov
Dec
Year end March 31 Source: Industry estimates
…even then there will be 700 mn unserved people in India Wireless | Infratel | Globalcom | Enterprise | Home
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Wireless Business RCOM: One of the fastest growing wireless companies globally
Among India’s top 2 operators with over 66 mn wireless subscribers -
Prepaid subscriber additions drive growth - 92% of total subscribers
Key Performance Indicators -
EBITDA margins among the highest in the industry - 38%...
-
… despite among the lowest tariffs in the world…
-
… backed by the highest Minutes Of Usage – 780 million minutes per day
Wireless | Infratel | Globalcom | Enterprise | Home
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Wireless Mobility Over 66 million Happy Wireless Data
Fixed Wireless
*
Market in all segments
PCO
*CDMA
… shall replicate success with nationwide GSM service Wireless | Infratel | Globalcom | Enterprise | Home
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Reliance Communications 24,000 Towns 600,000 Villages 1 Billion Indians
CDMA
GSM
Seamless coverage wherever you go Wireless | Infratel | Globalcom | Enterprise | Home
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Wireless India’s billion people can now expect an unbeatable choice and value proposition across…. 1.
Coverage
2.
Quality
3.
Customer Choice
4.
Handset Range
5.
Service Breadth
6.
Int’l Roaming
7.
Value Added Services
Reliance GSM – Set to redefine mobility landscape in India Wireless | Infratel | Globalcom | Enterprise | Home
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Wireless
Device choice to include both GSM and CDMA
Over 250 handset models across various brands Wireless | Infratel | Globalcom | Enterprise | Home
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Wireless Business
Cape x
for n ew e ntran t:~ US$ 10 b n
GSM network exploits huge capex and opex synergies Radio Electronic
< 15% investment
Retail Network Sales & Distributio
Leveraged for Multiple businesses incl. CDMA +GSM
BPO + Call Center
3G Ready
IT Systems Billing + CRM + SAP
Infrastructure 85% of capex is Technology Agnostic
Transport Backhaul + Passive
Nationwide GSM service at marginal incremental cost Wireless | Infratel | Globalcom | Enterprise | Home
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Wireless Business
Dual network offers additional market share levers Existing growth momentum
Industry monthly net adds of 7 - 8 mn GSM subscribers Impetus from network expansion in semi-urban/ rural areas Broad Market Segmentation Retail/Family Similar CUG family plans
Corporate Requirement Cross technology On-net plans: Service offering
Senior executives GSM
-
Smart phones International travel
Field force RCOM CDMA
-
Large on-net talktime Remote email access
RCOM will bring both segments on-net, driving customer value & stickiness
Mobile Number Portability (MNP)
Customer churn
CDMA Incumbent GSM Æ RCOM
Probability Low
Customer has invested in Handset
High
Customer neither loses number nor investment in Handset
Unique advantage: Competition can’t replicate Wireless | Infratel | Globalcom | Enterprise | Home
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Reliance Communications
Wireless Business: Market segmentation Light pockets
Low handset prices, Primarily incoming
GSM & CDMA
Enterprise
E-mail, Browsers, Office tools, Roaming
GSM
Lifestyle
Multimedia, Design (look & feel)
GSM
Anchored
Fixed wireless, Data speeds
CDMA
Data Users
Data speeds
CDMA
Value Seekers
Value seeker of Handset and Minutes
CDMA & GSM
Best positioned to serve all customer segments Wireless | Infratel | Globalcom | Enterprise | Home
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Wireless Business
Currently national CDMA + Regional GSM player RCOM will replicate its dual service success nationwide CDMA + GSM services (1/3 of India)
RCOM Nationwide
Market share 18%+
Dual circle Market share ~30%
Dual circles
#1 position in dual technology (CDMA & GSM) service areas Wireless | Infratel | Globalcom | Enterprise | Home
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Wireless Business
Drivers for additional revenue market share International in-roaming revenue
Participation in rapidly growing ~US$ 1 bn international in-roaming market
Currently enjoyed by few GSM incumbents
Extremely profitable segment
GSM non-voice revenue contribution ~10% with SMS contributing ~5% vs ~1.2% in CDMA
Attract high SMS/VAS usage groups who also look for trendy & sleek multimedia handsets
Mid to High-end range handset users contribute higher ARPU (incl. international roamers)
VAS revenue
Thru GSM Handsets Ecosystem
Significant revenue upside from GSM launch Wireless | Infratel | Globalcom | Enterprise | Home
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Wireless Business
Multi-channel customer delivery system World-class design , fit out & ambience
at 2,000 exclusive retail showrooms on High streets/Malls High Quality Reach & National footprint
through 3,000 distributors & 600,000 retailers 5,000+ Direct & indirect outbound sales
force to cater to customers at their premises Dimensioned to handle 25-30 mn sales
transactions annually
By far the largest retail distribution network in the industry Wireless | Infratel | Globalcom | Enterprise | Home
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Wireless Business
Service Innovations: First to reach the market Yahoo on Reliance
Mobile TV
Unlimited local & STD calls
Micro-billing Internet on the move
Wireless | Infratel | Globalcom | Enterprise | Home
MBanking
MBlog
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MPay
Wireless Business
Financial Performance Revenue (Rs.
EBITDA (Rs.
46,000 43,356
44,000 41,608
42,000 40,000
17,000
44,119
41,187
16,000
16,763
16,623
16,859
16,616
4Q FY08
1Q FY09
2Q FY09
3Q FY09
15,819
39,567 15,000
38,000 36,000
14,000
34,000 3Q FY08
4Q FY08
1Q FY09
2Q FY09
3Q FY08
3Q FY09
EBITDA Margin 80% 60% 40.0%
40%
40.3%
40.4%
38.9%
37.7%
20% 0% 3Q FY08
4Q FY08
1Q FY09
2Q FY09
3Q FY09
Maintained growth momentum with stable margins Wireless | Infratel | Globalcom | Enterprise | Home
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Contents
Reliance Communications – an integrated telco
Wireless
Enterprise
Infratel
Home
Globalcom
Key takeaways
Wireless | Infratel | Globalcom | Enterprise | Home
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Reliance Infratel
Infrastructure Tenancy Slots – Market
RITL Ground based tower
2G, 3G &
700,000
400,000
RITL Roof top tower 200,000
2008A
2009E
2010E
Source: Industry Estimates Wireless | Infratel | Globalcom | Enterprise | Home
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Reliance Infratel
Infrastructure overview Operational in all 22 circles ~31,000 multi-tenancy towers as on March 31, 2008. Aiming to have
~55,000 multi-tenancy towers by mid-2009 Anchor customer (Reliance Communications) driven strategy Current captive tenancy of 1.3, shall increase to 1.7 after GSM launch;
will further increase by 3rd party (external) tenant Financial performance (FY2008) -
Revenue: Rs. 14,566 mn
-
EBITDA: Rs. 6,746 mn; Margins: 46.3%
-
Total Assets: Rs. 117,205 mn
Aim to be a preferred infrastructure provider for new operators Wireless | Infratel | Globalcom | Enterprise | Home
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Reliance Infratel
population Spectrum scarcity vs.
coverage Speed of deployment
Reduced cost of
service Increase penetration
Growth
Regulation
Key drivers of infrastructure sharing Financial & business impact
Social responsibility
Operator imperatives
Rural roll out
Government imperatives
Access large rural
Pressure on site
Growth drivers
GSM and 3G roll outs
Operator imperatives
Infrastructure sharing has taken off
sharing Active sharing
allowed USO scheme for
sharing infrastructure
Capex burden Profitability amid
falling ARPUs Network quality Focus on core
business
Infrastructure sharing – All drivers are in place Wireless | Infratel | Globalcom | Enterprise | Home
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Contents
Reliance Communications – an integrated telco
Wireless
Enterprise
Infratel
Home
Globalcom
Key takeaways
Wireless | Infratel | Globalcom | Enterprise | Home
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Globalcom Business
Business structure
Completed restructuring of our services under four core business segments of Data, Voice, WiMax and NLD
Data
Voice
WiMAX
NLD
Accelerate growth into $290 Billion communications market by providing comprehensive voice, video & data network services Wireless | Infratel | Globalcom | Enterprise | Home
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Globalcom Business
Market potential Past scope of services
Business Unit
2008F Global Market Demand ($bn)
$2.2 bn $1.5 bn
WiMAX $185 bn
Typical margins 35%–55% 15%-25%
NLD 20%–40%
Data $100 bn 15%–35% Voice
Sources: Telegeography, Ovum, Gartner Research
Addressable market revenue is ~US$ 290 bn with EBITDA in range of 15% to 55% based on service and geography Wireless | Infratel | Globalcom | Enterprise | Home
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Globalcom Business
Voice Business Global Reach
Innovative Product Suite
Retail services in U.S.,
Reliance Global Call
Canada, U.K., Australia, New Zealand, Hong Kong and Malaysia.
- International Calling Service - Web based service delivery,
fulfillment
Reliance Global Call offers
Reliance Passport
Calling services for 200 countries across the globe.
- Single SIM for 110
countries with free incoming calls in 57 countries
Netherland Spain Russia Austria France Netherland Japan Germany Belgium Switzerland Germany d Belgium Austria Saudi Arabia Italy Switzerland France China Italy Bahrain Japan UAE Spain Qatar Pakistan South Korea Pakistan Qatar Hong Kong Oman Bahrain India Bangladesh Oman Taiwan Malaysia Hong Kong Saudi Arabia UAE Sudan NigeriaSudan Malaysia Taiwan Sri Lanka New Zealand South Korea Nigeria
UK London Canada USA
South Africa South Africa
Leadership Position Market share of 30% for
ILD wholesale inbound traffic
Over 2 million customers
for Reliance Global Call service.
Usage of Reliance Global
Call accounts for 40% of total retail market calls from the United States to India.
Australia New Zealand
Market leader in International Long Distance Wireless | Infratel | Globalcom | Enterprise | Home
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Globalcom Business
Voice Business - Plan to drive profitable growth Value adds to drive retention and usage
Continued Product Innovation
-
Loyalty and reward program
-
Money transfer services
-
Entertainment and content features
Launch new products like: -
Expand Customer Base
Web based Audio and Video Conferencing
Expand retail reach to new territories like Bahrain Aggressively target Enterprise customers through cross
sell and up sell through Reliance Vanco sales team
Maintain low cost leadership while aggressively growing business Wireless | Infratel | Globalcom | Enterprise | Home
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Globalcom Business
Data Business Unmatched Capabilities
Blue Chip Customers
Global presence in over 60
Diverse base of over 200
Leadership in Global
Over 1,200 Blue Chip
countries. World’s largest IP optical network
Ethernet (Yipes) and MPLS VPN (Vanco).
carriers, ISPs and content providers.
Leadership Position Ranked amongst top 5 in
Global Network Service Providers by Gartner.
enterprise customers.
Among top 3 IDC suppliers
Coverage
Among Top 5 Managed Network Services providers Wireless | Infratel | Globalcom | Enterprise | Home
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Globalcom Business
Data Business - Plan to drive profitable growth Enhance revenue contribution from higher margin
Vertical Expansion
value added services
“Sell to, sell through, sell with” channel partners to
extend the customer franchise
Expand Geographical Coverage:
Horizontal Expansion
-
Reach of cable network
-
VPoPs
-
Product suite
Low risk investment strategy based on securing pre-
build commitments
Maintain low cost leadership while aggressively growing business Wireless | Infratel | Globalcom | Enterprise | Home
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Globalcom Business
WiMAX Business Way Forward
Building a Spectrum Bank Focused on acquiring licenses and spectrum in
emerging markets; market size of WiMAX estimated to be US$ 10 bn by 2010
Operationalise WiMAX
business in select geographies
Leverage the low cost
and scalable delivery center in Mumbai
Deliver affordable broadband access across emerging markets Wireless | Infratel | Globalcom | Enterprise | Home
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Globalcom Business
Financial Performance Revenue (Rs. 18,000 14,000
15,257
15,260
EBITDA (Rs. 16,915
5,000
16,783
4,000
13,299
4,315
4,089 3,428
3,222
3,608
3,000 10,000 2,000 6,000
1,000
2,000
0 3Q FY08
4Q FY08
1Q FY09
2Q FY09
3Q FY08
3Q FY09
4Q FY08
1Q FY09
2Q FY09
EBITDA Margin 50% 40% 30% 20%
25.8%
21.3%
26.8%
25.7%
21.1%
10% 0% 3Q FY08
4Q FY08
1Q FY09
2Q FY09
3Q FY09
Short term margin impact due to VANCO acquisition Wireless | Infratel | Globalcom | Enterprise | Home
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3Q FY09
Contents
Reliance Communications – an integrated telco
Wireless
Enterprise
Infratel
Home
Globalcom
Key takeaways
Wireless | Infratel | Globalcom | Enterprise | Home
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Enterprise Business
Underserved market: Provides strong growth opportunity Broadband market segment revenue (US$ bn) US$ 13 bn
US$ 5.5 bn
+
US
$
8
bn
FY2007 Household
FY2011 SMB + SME
Enterprise
Source : Industry Report
Indian Market to grow by US$ 8 bn in the next 3 years Wireless | Infratel | Globalcom | Enterprise | Home
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Enterprise Business
RCOM: Best positioned to drive growth >50% market share in highest growth data
Atlantic
products like IDC, Centrex solutions, VPN, etc ~900,000 buildings connected across top 44
Fiber Ring
Meshed Core
cities to our fiber network, to cross 1.5 mn by next year end Have built the largest capability in India to
serve > 7.5 mn Voice & Data customers
Who do we Serve
Servicing over 900 of top 1000 top Enterprises
250 MNCs and 50,000 SMB businesses
Over 1.3 mn access subscribers
India’s leading provider of enterprise services Wireless | Infratel | Globalcom | Enterprise | Home
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Pacific
Enterprise Business - SMEs
WiMax is our access technology: Fastest subscriber take-up Launched services in top 10 cities in India - Services available in Mumbai, Delhi, Bangalore,
Kolkata, Chennai, Hyderabad, Pune, Ahmedabad, Baroda & Surat
Service offering - Business internet for SMEs/SMBs - Telecommute packages for work-from-home
professionals
- Basic internet package for high-end residential
users
WiMax complementary with enterprise services operating on metro ethernet Wireless | Infratel | Globalcom | Enterprise | Home
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Enterprise Business - IDC
IDC: Largest in India with >60% market share Six data centres with level 3 + accreditation
– more than 304,000 sq ft of facilities space
Hosting > 20,000 systems and > 1400
terabyte of information
Geographic redundancy Wide & complex application hosted -
Core Banking, ATM/ Internet Banking Complex ERP/ SAP Applications Complex Intranet/ Customized Apps. Large Messaging Applications
Expanding capacity 4 times to cater to fast growing demand Wireless | Infratel | Globalcom | Enterprise | Home
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Enterprise Business
Financial Performance Revenue (Rs. 7,000
5,000
4,564
5,603
5,100
EBITDA (Rs. 6,023
6,542
3,000
2,714
2,941
2,760
2Q FY09
3Q FY09
2,492 2,222 2,000
3,000
1,000
1,000 3Q FY08
4Q FY08
1Q FY09
2Q FY09
3Q FY09
3Q FY08
4Q FY08
1Q FY09
EBITDA Margin 80% 60%
48.7%
48.9%
48.4%
48.8%
40%
42.2%
20% 0% 3Q FY08
4Q FY08
1Q FY09
2Q FY09
3Q FY09
Consistent growth with strong margins Wireless | Infratel | Globalcom | Enterprise | Home
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Contents
Reliance Communications – an integrated telco
Wireless
Enterprise
Infratel
Home
Globalcom
Key takeaways
Wireless | Infratel | Globalcom | Enterprise | Home
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Home Business Target one of the largest + fastest growing pay TV market globally
>30% total HHs are served on C&S in India, mostly Analog
400 350
TV HHs (mn)
300
DTH HHs 10%
250 200 150 100
Analog Cable HHs 88%
50
Ja pa In n do ne s Th ia ai la nd Ko re a Vi et na Pa m k Ph ista n ill ip pi n Au es st ra lia
U S
a
In di
Ch in a
0
Digital cable HHs 2%
2nd
India’s TV viewership is largest in the world at 120 mn HH Total TV Penetration of 54% in India is among the lowest
Addressability driving shift from analog to digital Industry expects DTH HHs share of total C&S HHs to reach 40% vs 36% for analog cable, in FY15
Potential to become one of the largest Pay TV markets in the world Wireless | Infratel | Globalcom | Enterprise | Home
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Home Business
Big TV (DTH) - Commercially launched Key service differentiators -
More channel choice Pure Digital viewing 32 Cinema channels Easy program guide Quick channel select Interactive applications (iNews, iGames, iCricket, etc) Superior Mpeg 4 technology
Pioneering HD Experience in India Pioneering DVR – “Watch when you want”
Digital viewing experience will create revolution in TV entertainment platforms Wireless | Infratel | Globalcom | Enterprise | Home
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Home Business
BIG TV Services: Complete suite of services BroadcastTV and Radio
EPG / Mini EPG
Information
Entertainment
Services
Advertisments
Messaging
Portal
News
Game
Stock
VoD / MoD / PVR
Karaoke / Photo Album
Interactive Promotion
Dedicated Advertiser Location
SMS / MMS
Mail
Commerce
Polling / Voting
Shopping / Banking
Public Service
Wireless | Infratel | Globalcom | Enterprise | Home
Mosaic
T - Government / T - Learning
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Contents
Reliance Communications – an integrated telco
Wireless
Enterprise
Infratel
Home
Globalcom
Key takeaways
Wireless | Infratel | Globalcom | Enterprise | Home
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Looking ahead
Key Takeaways Drivers for
Impact
RCOM launched nationwide GSM service with presence in 14,000 towns in January 2009
RCOM GSM expanding coverage to 24K towns to cover 1 billion people by mid CY2009
Huge growth opportunity in Business segments like Infratel, DTH & expansion of Enterprise/IDC Time -to- Market advantage for launching new & unique products & services
Increases the Revenue generating ability High EBITDA margin Businesses improves the overall profitability Robust pipeline of business to support growth
Integration of Telecom, Media, IT will be levers of tremendous future growth Wireless | Infratel | Globalcom | Enterprise | Home
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Thank you
