BHARTIHEXA · Telecommunication
Bharti Hexacom Ltd. reported revenue of ₹2,098 cr for July to September 2024, +20.7% on the year and +9.8% on the quarter. It is the highest quarterly revenue in the last 6 quarters on record.
Operating profit (EBITDA) was ₹1,002 cr, a margin of 47.8%, +23 bps on the year and +192 bps on the quarter. Over the last 6 quarters the margin has ranged from 45.8% to 49.3%, averaging 47.2%. Operating costs grew +20.2%, broadly with revenue, so operating profit kept pace with sales.
The company swung to a net profit of ₹253 cr from a loss of ₹184 cr a year earlier, with earnings per share of ₹5.06. The tax rate of 25% is in line with its recent average.
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 ₹23.98 over the last four quarters, the stock at ₹1,655.40 trades at 69.0 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.
No check fired. That is a statement about the checks below, not a verdict on the company.
Turned profitable from a loss a year ago.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, 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.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,801 cr | ₹1,868 cr | ₹1,911 cr | ₹2,098 cr | ₹2,251 cr | ₹2,289 cr | ₹2,263 cr | ₹2,317 cr | ₹2,360 cr | ₹2,414 cr | ₹2,510 cr | ₹2,582 cr |
| YoY | — | — | +14% | +21% | +25% | +23% | +18% | +10% | +5% | +5% | +11% | +11% |
| EBITDA margin | 46.0% | 47.0% | 45.8% | 47.8% | 51.2% | 51.0% | 51.3% | 52.1% | 53.1% | 52.5% | 52.7% | 53.3% |
| Other income, % of PBT | 22% | 16% | 62% | 14% | −16% | 9% | 9% | 11% | 5% | 9% | 11% | 9% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 26% | 11% | 25% | 31% | 9% | 26% | 25% | 17% | 26% | 26% | 19% |
| Net profit | ₹213 cr | ₹223 cr | ₹511 cr | ₹253 cr | ₹261 cr | ₹468 cr | ₹392 cr | ₹421 cr | ₹474 cr | ₹447 cr | ₹482 cr | ₹566 cr |
| YoY | — | — | +102% | — | +23% | +110% | −23% | +66% | +82% | −4% | +23% | +34% |
| Core profit YoY | — | — | −16% | +22% | +95% | +85% | +119% | +73% | +23% | +19% | +21% | +27% |
| EPS | ₹4.25 | ₹4.45 | ₹10.22 | ₹5.06 | ₹5.22 | ₹9.37 | ₹7.83 | ₹8.42 | ₹9.47 | ₹8.93 | ₹9.65 | ₹11.32 |
| Flags | · | · | 4 | ✓ | ✓ | 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 Hexacom Ltd. reported revenue of ₹2,098 cr (+20.7% on the year) and net profit of ₹253 cr (— on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved +22.3% on the year, against — for reported profit.
None of the 6 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.