Bharti will use all the proceeds from the notes issue to refinance its existing debt which at the end of September 30, 2013 stood at Rs 60,877 crore. "We expect Bharti's financial year 2014 operating EBITDA margin to remain resilient at 31 per cent as the competitive landscape for its Indian operations improves and the company gains market share in its African operations," Fitch said.' Airtel financial results for third quarter ending December 31, 2013 are due on January 29. The rating agency said that it expects Airtel's Indian operations profitability to improve as industry over-capacity falls following the exit or contraction by smaller operators.