BHARTIARTL · Telecommunication
Bharti Airtel Ltd. reported revenue of ₹47,876 cr for January to March 2025, +27.3% on the year and +6.1% on the quarter. It is the highest quarterly revenue in the last 8 quarters on record. Over the last four quarters revenue comes to ₹1.73 lakh cr, +15.3% on the four before.
Operating profit (EBITDA) was ₹27,009 cr, a margin of 56.4%, +491 bps on the year and +191 bps on the quarter. It is the widest margin of the last 8 quarters (range 51.2% to 56.4%). Operating costs grew +14.4% against revenue growth of +27.3%, so more of each rupee of sales reached operating profit.
Net profit was ₹12,476 cr, +503.3% on the year and −22.7% on the quarter, with earnings per share of ₹19.33. Profit before other income, one-offs and tax grew 124.7%, so 379 points of the headline growth came from outside the core business. The tax rate was −30% against an average of 25% over the previous 7 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹37,482 cr, +338.0% on the four before.
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 ₹58.90 over the last four quarters, the stock at ₹1,899.80 trades at 32.3 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, 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 +503.3% on the year; profit before other income, exceptional items and tax +124.7%.
Source: Quarterly statements
A tax credit added to profit this quarter. Deferred tax recognised, or a reversal?
Profit before tax ₹9,584 cr; tax −₹2,875 cr, a credit.
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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| 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 ₹47,876 cr (+27.3% on the year) and net profit of ₹12,476 cr (+503.3% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved +124.7% on the year, against +503.3% for reported profit.
2 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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