BHARTIARTL · Telecommunication
Bharti Airtel Ltd. reported revenue of ₹45,129 cr for October to December 2024, +19.1% on the year and +8.8% on the quarter. It is the highest quarterly revenue in the last 7 quarters on record.
Operating profit (EBITDA) was ₹24,597 cr, a margin of 54.5%, +222 bps on the year and +183 bps on the quarter. It is the widest margin of the last 7 quarters (range 51.2% to 54.5%). Operating costs grew +13.5% against revenue growth of +19.1%, so more of each rupee of sales reached operating profit.
Net profit was ₹16,135 cr, +461.0% on the year and +288.5% on the quarter, with earnings per share of ₹25.95. Profit before other income, one-offs and tax grew 133.2%, so 328 points of the headline growth came from outside the core business. The tax rate was 4% against an average of 29% over the previous 6 quarters, which lifted profit this quarter.
Telecom is capital-heavy: depreciation and interest take a large share of operating profit, so the operating line matters more than net profit in any one quarter. The quarterly statements do not carry revenue per user, subscribers and capital spending; those come with the filing read.
On earnings per share of ₹43.23 over the last four quarters, the stock at ₹1,899.80 trades at 43.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Reported profit +461.0% on the year; profit before other income, exceptional items and tax +133.2%.
Source: Quarterly statements
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Other income was 57% of profit before tax, against 25% a year earlier.
Source: Quarterly statements
A lower tax rate lifted profit. Is the lower rate going to last?
Effective tax rate 4.0% against 27.0% over the previous quarters, worth about ₹3,885 cr of profit.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹37,044 cr | ₹37,900 cr | ₹37,599 cr | ₹38,506 cr | ₹41,473 cr | ₹45,129 cr | ₹47,876 cr | ₹49,463 cr | ₹52,145 cr | ₹53,982 cr | ₹55,383 cr | ₹58,539 cr |
| YoY | — | — | — | +3% | +12% | +19% | +27% | +28% | +26% | +20% | +16% | +18% |
| EBITDA margin | 52.7% | 52.3% | 51.5% | 51.2% | 52.7% | 54.5% | 56.4% | 56.3% | 56.7% | 57.0% | 56.9% | 56.9% |
| Other income, % of PBT | −17% | 25% | −47% | 33% | 8% | 57% | 4% | 6% | 7% | 5% | −22% | 5% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 47% | 30% | 26% | 22% | 30% | 4% | −30% | 29% | 30% | 31% | 8% | 27% |
| Net profit | ₹2,093 cr | ₹2,876 cr | ₹2,068 cr | ₹4,718 cr | ₹4,153 cr | ₹16,135 cr | ₹12,476 cr | ₹7,422 cr | ₹8,651 cr | ₹8,503 cr | ₹9,247 cr | ₹10,012 cr |
| YoY | — | — | — | +210% | +98% | +461% | +503% | +57% | +108% | −47% | −26% | +35% |
| Core profit YoY | — | — | — | −7% | +18% | +133% | +125% | +147% | +112% | +63% | +33% | +32% |
| EPS | ₹2.39 | ₹4.34 | ₹3.66 | ₹7.31 | ₹6.31 | ₹25.95 | ₹19.33 | ₹10.43 | ₹11.91 | ₹11.63 | ₹12.02 | ₹13.09 |
| Flags | · | · | · | 2 | 1 | 3 | 2 | ✓ | ✓ | ✓ | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Bharti Airtel Ltd. reported revenue of ₹45,129 cr (+19.1% on the year) and net profit of ₹16,135 cr (+461.0% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved +133.2% on the year, against +461.0% for reported profit.
3 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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