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Bharti Infratel: Ends the Year Positively - Views on News from Equitymaster
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Bharti Infratel: Ends the Year Positively
Apr 27, 2016

Bharti Infratel has declared its results for the fourth quarter and full year FY16. The company has reported a 7.3% YoY increase in revenues and a 18.7% YoY increase in net profits during the quarter. Here is our analysis of the results.

Performance summary
  • Consolidated sales grew by 7.3% YoY during 4QFY16.
  • The company's operating performance was muted. The operating margin fell to 45.1% in 4QFY16 from 45.4% in 4QFY15. The operating profit increased by 6.6% YoY.
  • A 5.7% YoY rise in other income and a 30.5% YoY decrease in interest costs, and a fall in the tax rate, contributed to an increase of 18.7% YoY in the net profit by during the quarter.
  • Total towers on a consolidated basis stood at 88,055 at the end of the quarter. Total co-locations stood at 195,.35. Average sharing factor improved by 3.8% YoY. Sharing revenue per tower increased by 5.6% YoY during the quarter.
  • The company has declared a final dividend of Rs 3 per share.
  • The board has approved a Rs 20 billion buy back of the company's shares at a maximum price of Rs 450 per share. This represents 2.34% of the company's share capital.

    Consolidated financial performance
    (Rs m) 4QFY15 4QFY16 Change FY15 FY16 Change
    Sales 29,467 31,619 7.3% 116,683 123,084 5.5%
    Expenditure 16,098 17,372 7.9% 66,642 69,424 4.2%
    Operating profit (EBITDA) 13,369 14,247 6.6% 50,041 53,660 7.2%
    Operating profit margin (%) 45.4% 45.1% 42.9% 43.6%
    Other income 1,698 1,794 5.7% 5,223 7,438 42.4%
    Finance costs 658 457 -30.5% 2,902 2,198 -24.3%
    Depreciation 5,608 5,808 3.6% 21,847 22,693 3.9%
    Exceptional items 0 0 0 0
    Profit before tax 8,801 9,776 11.1% 30,515 36,207 18.7%
    Tax 3,226 3,159 -2.1% 10,591 12,387 17.0%
    Profit after tax/(loss) 5,575 6,617 18.7% 19,924 23,820 19.6%
    Net profit margin (%) 18.9% 20.9% 17.1% 19.4%
    No. of shares 1,896.7
    Diluted Earnings per share (Rs)* 12.6
    P/E ratio (x)* 29.9

    * On a trailing 12 months basis

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