TBOTEK · Consumer Services
TBO Tek Ltd. reported revenue of ₹422 cr for October to December 2024, +29.1% on the year and −6.4% on the quarter.
Operating profit (EBITDA) was ₹55.0 cr, a margin of 13.0%, −409 bps on the year and −360 bps on the quarter. It is the narrowest margin of the last 7 quarters (range 13.0% to 19.9%). Operating costs grew +35.4%, faster than revenue at +29.1%, so operating profit grew less than sales.
Net profit was ₹50.0 cr, −2.0% on the year and −16.7% on the quarter, with earnings per share of ₹4.60. Profit before other income, one-offs and tax fell 17.8%, so 16 points of the headline growth came from outside the core business. The tax rate of 12% is in line with its recent average.
On earnings per share of ₹20.21 over the last four quarters, the stock at ₹1,628.20 trades at 80.6 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.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
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: 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.
| 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 | ₹352 cr | ₹327 cr | ₹369 cr | ₹418 cr | ₹451 cr | ₹422 cr | ₹446 cr | ₹511 cr | ₹568 cr | ₹784 cr | ₹814 cr | ₹926 cr |
| YoY | — | — | — | +21% | +28% | +29% | +21% | +22% | +26% | +86% | +83% | +81% |
| EBITDA margin | 19.9% | 17.1% | 17.9% | 18.9% | 16.6% | 13.0% | 14.6% | 14.5% | 15.5% | 12.8% | 12.9% | 14.9% |
| Other income, % of PBT | 2% | 21% | 13% | 20% | 21% | 35% | 35% | 27% | 19% | 11% | 18% | 13% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 10% | 11% | 13% | 19% | 16% | 12% | 17% | 16% | 14% | 19% | 18% | 19% |
| Net profit | ₹56.0 cr | ₹51.0 cr | ₹46.0 cr | ₹61.0 cr | ₹60.0 cr | ₹50.0 cr | ₹59.0 cr | ₹63.0 cr | ₹68.0 cr | ₹54.0 cr | ₹60.0 cr | ₹83.0 cr |
| YoY | — | — | — | +30% | +7% | −2% | +28% | +3% | +13% | +8% | +2% | +32% |
| Core profit YoY | — | — | — | +5% | −8% | −18% | 0% | −10% | +13% | +59% | +33% | +64% |
| EPS | ₹5.41 | ₹4.93 | ₹4.47 | ₹5.61 | ₹5.53 | ₹4.60 | ₹5.43 | ₹5.80 | ₹6.22 | ₹4.94 | ₹5.53 | ₹7.68 |
| Flags | · | · | · | 1 | 2 | 2 | 3 | 1 | ✓ | 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.
TBO Tek Ltd. reported revenue of ₹422 cr (+29.1% on the year) and net profit of ₹50.0 cr (−2.0% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved −17.8% on the year, against −2.0% for reported profit.
2 checks raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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