Over FY07–17, Bharti’s standalone business (which largely includes its Indian telecom revenues) had higher ‘cash outflows from investing’ (i.e. capital investments) than its operating cash flows. Despite these investments and exponential growth in its subscriber base, the firm delivered only 13 per cent revenue CAGR for its Indian telecom business, with its earnings declining from Rs 40 billion in FY07 to a loss of Rs 99 billion in FY17. As
