Bharti Airtel, India's top mobile carrier, is seeing stiff competition in the Indian market

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easing and feels consolidation in the 15-player market is imminent, Chairman Sunil Mittal said in the company's annual report.

"Hyper competition in the market...is clearly abating. Some semblance of sanity is being restored and consolidation is imminent," he said in a message to the company's shareholders.

Mittal also said telecoms tariffs had stabilised although "a fair amount of regulatory uncertainty still pervades the air".

New Delhi-based Bharti operates in 16 countries across Asia and Africa and is the world's fifth-largest mobile carrier by subscribers. India is the company's largest market.