BHARTIHEXA · Telecommunication
Bharti Hexacom Ltd. reported revenue of ₹2,289 cr for January to March 2025, +22.5% on the year and +1.7% on the quarter. It is the highest quarterly revenue in the last 8 quarters on record. Over the last four quarters revenue comes to ₹8,549 cr, +20.6% on the four before.
Operating profit (EBITDA) was ₹1,168 cr, a margin of 51.0%, +402 bps on the year and −15 bps on the quarter. Over the last 8 quarters the margin has ranged from 45.8% to 51.2%, averaging 48.2%. Operating costs grew +13.2% against revenue growth of +22.5%, so more of each rupee of sales reached operating profit.
Net profit was ₹468 cr, +109.9% on the year and +79.3% on the quarter, with earnings per share of ₹9.37. Profit before other income, one-offs and tax grew 84.5%, so 25 points of the headline growth came from outside the core business. The tax rate was 9% against an average of 24% over the previous 6 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹1,493 cr, +195.6% 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 ₹29.87 over the last four quarters, the stock at ₹1,655.40 trades at 55.4 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.
A lower tax rate lifted profit. Is the lower rate going to last?
Source: Quarterly statements
Headline profit grew much faster than core profit. What made up the difference?
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.
| 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 ₹2,289 cr (+22.5% on the year) and net profit of ₹468 cr (+109.9% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved +84.5% on the year, against +109.9% for reported profit.
2 checks raised a question: A lower tax rate lifted profit. Is the lower rate going to last?
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