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Bharti: The magic's working!

Nov 17, 2003

Domestic cellular major, Bharti Televentures, announced its 2QFY04 results whereby the company reported strong performance reporting a substantial 74% growth in the topline. Notably, the company also managed to come out of the red and posted profits in the quarter ended September 2003. The performance for the first half was equally good on the topline (YoY growth of 82%) and the bottomline basis.

Financial performance: A snapshot
Rs m 2QFY03 2QFY04 Change 1HFY03 1HFY04 Change
Sales 6,576 11,445 74.0% 11,964 21,805 82.3%
Other Income 25 18 -26.6% 35 26 -25.2%
Expenditure 5,535 7,679 38.7% 9,749 15,151 55.4%
Operating Profit (EBDIT) 1,041 3,766 261.7% 2,215 6,654 200.5%
Operating Profit Margin (%) 15.8% 32.9%   18.5% 30.5%  
Interest 769 707 -8.1% 1,389 1,338 -3.7%
Depreciation 1,600 2,138 33.6% 2,842 4,094 44.1%
Profit before Tax (1,302) 940   (1,981) 1,249  
Minority interest 12 (6)   15 (5)  
Tax - 1   - 1  
Profit after Tax/(Loss) (1,290) 934   (1,966) 1,243  
Net profit margin (%) -19.6% 8.2%   -16.4% 5.7%  
No. of Shares 1,853.0 1,853.0   1,853.0 1,853.0  
Diluted Earnings per share* (Rs) -2.8 2.0   -2.1 1.3  
P/E Ratio (x)   41.7     62.6  
(* annualised)            

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