Bharti Tele: Ringing in the moolah - Views on News from Equitymaster

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Bharti Tele: Ringing in the moolah

Apr 23, 2004

India's largest GSM mobile service provider, Bharti Televentures, has ended the year FY04 with profits and this is the first year since inception it has done so. The company continues to tread the path of high growth in customer additions and consequently topline as well as bottomline. For FY04, the company has reported a 64% rise in topline while the bottomline has reported profits of Rs 6.2 bn compared to losses in FY03. Improvement in bottomline has not only been aided by topline growth but also strong improvement in its operating margins. Operating margins have improved by 970 basis points in FY04.

Rs m 4QFY03 4QFY04 Change FY03 FY04 Change
Sales 10,067 15,533 54.3% 30,500 50,025 64.0%
Other Income 21 228 973.1% 58 330 473.6%
Expenditure 7,463 10,233 37.1% 23,281 33,341 43.2%
Operating Profit (EBDIT) 2,604 5,300 103.5% 7,219 16,684 131.1%
Operating Profit Margin (%) 25.9% 34.1%   23.7% 33.4% 9.7%
Interest 518 343 -33.8% 2,663 2,410 -9.5%
Depreciation 1,828 2,428 32.8% 6,395 8,760 37.0%
Profit before Tax 280 2,757   (1,781) 5,844  
Extraordinary items 441 -   441 300  
Minority interest (19) (2)   4 (12)  
Tax 2 (283)   2 (63)  
Profit after Tax/(Loss) 700 3,038   (1,337) 6,195  
Net profit margin (%) 7.0% 19.6%   -4.4% 12.4%  
No. of Shares 1,853.0 1,853.0   1,853.0 1,853.0  
Diluted Earnings per share* (Rs) 1.5 6.6     3.3  
P/E Ratio (x)         55.0  
(* annualised)            

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