Consolidated statement of changes in equity

Equity attributable to owners of the company

Non-

controlling

interests

(NCI)

$m

Total

equity

$m

Share capital

Reserves and surplus

Equity

attributable

to owners

of the

company

$m

Number of shares

Amount

$m

Retained

earnings

$m

Transactions

with NCI

reserve

$m

Other

components

of equity (refer to

note 29)

$m

Total

$m

As of 1 April 2024

3,750,761,649

1,875

5,056

(838)

(3,933)

285

2,160

140

2,300

Profit for the year

–

–

220

–

–

220

220

108

328

Other comprehensive income

–

–

1

–

178

179

179

42

221

Total comprehensive income

–

–

221

–

178

399

399

150

549

Opening reserve adjustment for hyperinflation1

–

–

–

–

246

246

246

62

308

Transactions with owners of equity

Employee share-based payment reserve

–

–

(4)

–

(1)

(5)

(5)

–

(5)

(Purchase)/issue of treasury shares (net)

–

–

–

–

8

8

8

–

8

Ordinary shares buy-back programme

(80,231,773)

(40)

(120)

–

60

(60)

(100)

–

(100)

Transactions with NCI2

–

–

–

7

–

7

7

(1)

6

Dividend to owners of the company

–

–

(229)

–

–

(229)

(229)

–

(229)

Dividend (including tax) to NCI3

–

–

–

–

–

–

–

(62)

(62)

As of 31 March 2025

3,670,529,876

1,835

4,924

(831)

(3,442)

651

2,486

289

2,775

Profit for the year

–

–

679

–

–

679

679

134

813

Other comprehensive income

–

–

0

–

237

237

237

15

252

Total comprehensive income

–

–

679

–

237

916

916

149

1,065

Transactions with owners of equity

Employee share-based payment reserve

–

–

1

–

2

3

3

–

3

(Purchase)/issue of treasury shares (net)

–

–

–

–

12

12

12

–

12

Ordinary shares buy-back programme (refer to note 5(b))

(15,648,848)

(8)

(44)

–

(1)

(45)

(53)

–

(53)

Transactions with NCI2

–

–

–

30

–

30

30

1

31

Dividend to owners of the company (refer to note 5(a))

–

–

(246)

–

–

(246)

(246)

–

(246)

Dividend (including tax) to NCI3

–

–

–

–

–

–

–

(99)

(99)

As of 31 March 2026

3,654,881,028

1,827

5,314

(801)

(3,192)

1,321

3,148

340

3,488

1 Opening hyperinflationary adjustment as at 1 April 2024 relates to Malawi operations (refer to note 11.)

2 This primarily relates to:

Reversal of put option liability by $27m (31 March 2025: $15m) for dividend distribution to put option non-controlling interest holders (Any dividend paid to the put option non-controlling interest holders is adjustable against the put option liability based on the put option arrangement).

$6m (31 March 2025: Nil) pertains to remeasurement of put option liability due to deferment of exercisable date of put options by 12 months. Refer to note 5(c).

During the year ended 31 March 2025, it includes excess of consideration over proportionate net assets, on sale of shares of Airtel Zambia to minority shareholders under free float of Airtel Zambia amounting to $9m and adjusted by $17m pertaining to the settlement of dispute with non-controlling interest holders in one of the subsidiaries of the Group.

3 Dividend to non-controlling interests includes tax of $4m (31 March 2025: $4m).