CUBEINVIT · Not specified
Cube Highways Trust InvIT reported revenue of ₹850 cr for October to December 2024, +12.9% on the year and +3.7% on the quarter. It is the highest quarterly revenue in the last 7 quarters on record.
Operating profit (EBITDA) was ₹607 cr, a margin of 71.4%, +209 bps on the year and +409 bps on the quarter. Over the last 7 quarters the margin has ranged from −34.7% to 83.3%, averaging 54.0%. Operating costs grew +5.2% against revenue growth of +12.9%, so more of each rupee of sales reached operating profit.
The company swung to a net profit of ₹52.0 cr from a loss of ₹14.0 cr a year earlier, with earnings per share of ₹0.39.
On earnings per share of ₹1.14 over the last four quarters, the stock at ₹152.44 trades at 133.7 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.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Quarterly statements
A tax credit added to profit this quarter. Deferred tax recognised, or a reversal?
Source: Quarterly statements
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.
FinMinutes scored the offer document 74/100 before listing. 0 quarters of numbers since. Promise against delivery
| 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 | ₹729 cr | ₹753 cr | ₹798 cr | ₹792 cr | ₹820 cr | ₹850 cr | ₹846 cr | ₹944 cr | ₹1,052 cr | ₹1,081 cr | ₹1,162 cr | ₹1,127 cr |
| YoY | — | — | — | +1% | +12% | +13% | +6% | +19% | +28% | +27% | +37% | +19% |
| EBITDA margin | −34.7% | 69.3% | 83.3% | 67.6% | 67.3% | 71.4% | 63.8% | 71.2% | 73.2% | 71.3% | 77.5% | 69.9% |
| Other income, % of PBT | — | — | 4% | 488% | — | 129% | — | — | 69% | 46% | 12% | 34% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | — | — | 10% | 51% | — | — | — | — | 30% | 21% | 38% | 30% |
| Net profit | −₹793 cr | −₹14.0 cr | ₹122 cr | ₹4.0 cr | −₹30.0 cr | ₹52.0 cr | −₹62.0 cr | ₹0.0 cr | ₹40.0 cr | ₹41.0 cr | ₹135 cr | ₹61.0 cr |
| YoY | — | — | — | — | — | — | −151% | −100% | — | −21% | — | — |
| Core profit YoY | — | — | — | — | — | — | −175% | — | — | — | — | — |
| EPS | −₹6.15 | −₹0.11 | ₹0.94 | ₹0.03 | −₹0.22 | ₹0.39 | −₹0.46 | ₹0.00 | ₹0.30 | ₹0.31 | ₹1.00 | ₹0.45 |
| Flags | · | · | · | 1 | ✓ | 2 | 2 | ✓ | 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.
Cube Highways Trust InvIT reported revenue of ₹850 cr (+12.9% on the year) and net profit of ₹52.0 cr (— on the year) for October to December 2024.
2 checks raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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