HFCL · Telecommunication
HFCL Ltd. reported revenue of ₹1,326 cr for January to March 2024, — on the year and +28.5% on the quarter.
Operating profit (EBITDA) was ₹196 cr, a margin of 14.8%, — on the year and +344 bps on the quarter.
Net profit was ₹109 cr, — on the year and +32.9% on the quarter, with earnings per share of ₹0.76.
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 ₹2.32 over the last four quarters, the stock at ₹206.47 trades at 89.0 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.
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).
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 | ₹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 ₹1,326 cr (— on the year) and net profit of ₹109 cr (— on the year) for January to March 2024.
None of the 2 checks that could run raised a question.
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