HFCL · Telecommunication
HFCL Ltd. reported revenue of ₹1,032 cr for October to December 2023, — on the year and −7.1% on the quarter.
Operating profit (EBITDA) was ₹117 cr, a margin of 11.3%, — on the year and −63 bps on the quarter.
Net profit was ₹82.0 cr, — on the year and +17.1% on the quarter, with earnings per share of ₹0.58.
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.
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.
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, 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).
| 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 | ₹1,111 cr | ₹1,032 cr | ₹1,326 cr | ₹1,158 cr | ₹1,094 cr | ₹1,012 cr | ₹801 cr | ₹871 cr | ₹1,043 cr | ₹1,211 cr | ₹1,824 cr | ₹1,915 cr |
| YoY | — | — | — | +16% | −2% | −2% | −40% | −25% | −5% | +20% | +128% | +120% |
| EBITDA margin | 12.0% | 11.3% | 14.8% | 15.1% | 14.4% | 15.0% | −4.6% | 3.2% | 18.2% | 18.8% | 17.2% | 21.6% |
| Other income, % of PBT | 19% | 44% | 9% | 8% | 15% | 21% | — | — | 12% | 12% | 10% | 9% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 24% | 27% | 7% | 28% | 28% | — | — | 32% | 26% | 19% | 26% |
| Net profit | ₹70.0 cr | ₹82.0 cr | ₹109 cr | ₹111 cr | ₹73.0 cr | ₹73.0 cr | −₹83.0 cr | −₹29.0 cr | ₹72.0 cr | ₹102 cr | ₹184 cr | ₹246 cr |
| YoY | — | — | — | +46% | +4% | −11% | −176% | −126% | −1% | +40% | — | — |
| Core profit YoY | — | — | — | +21% | +14% | +30% | −188% | −155% | +7% | +53% | — | — |
| EPS | ₹0.49 | ₹0.58 | ₹0.76 | ₹0.77 | ₹0.51 | ₹0.51 | −₹0.56 | −₹0.22 | ₹0.47 | ₹0.64 | ₹1.17 | ₹1.49 |
| 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.
HFCL Ltd. reported revenue of ₹1,032 cr (— on the year) and net profit of ₹82.0 cr (— on the year) for October to December 2023.
1 check raised a question: Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
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