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Bharti Infratel: A dull quarter - Views on News from Equitymaster
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Bharti Infratel: A dull quarter
Nov 23, 2015

Bharti Infratel has declared its results for the second quarter of FY16. The company has reported a 3.7% YoY increase in revenues and a 24.5% YoY increase in net profits during the quarter. Here is our analysis of the results.

Performance summary

  • Consolidated sales grew by 3.7% YoY during the second quarter of FY16.
  • The company's operating performance continues to improve. The operating margin improved to 42.8% in 2QFY16 from 41.5% in 2QFY15. The operating profit increased by 7.1% YoY.
  • The decent operating performance, a 89.7% YoY jump in other income and a 24.9% YoY decrease in interest costs contributed to an increase of 24.5% YoY in the net profit by during the quarter.
  • Total towers on a consolidated basis stood at 87,184 at the end of the quarter. Total co-locations stood at 188,636. Average sharing factor improved by 4.9% YoY. Sharing revenue per tower increased by 5.9% YoY during the quarter.

Consolidated financial performance snapshot

(Rs m) 2QFY15 2QFY16 Change 1HFY15 1HFY16 Change
Sales 29,301 30,378 3.7% 57,728 60,535 4.9%
Expenditure 17,150 17,366 1.3% 33,787 34,552 2.3%
Operating profit (EBITDA) 12,151 13,012 7.1% 23,941 25,983 8.5%
Operating profit margin (%) 41.5% 42.8%   41.5% 42.9%  
Other income 1,137 2,157 89.7% 2,309 4,315 86.9%
Finance costs 764 574 -24.9% 1,548 1,239 -20.0%
Depreciation 5,420 5,675 4.7% 10,673 11,246 5.4%
Exceptional items - -   - -  
Profit before tax 7,104 8,920 25.6% 14,029 17,813 27.0%
Tax 2,452 3,128 27.6% 4,749 6,264 31.9%
Profit after tax/(loss) 4,652 5,792 24.5% 9,280 11,549 24.5%
Net profit margin (%) 15.9% 19.1%   16.1% 19.1%  
No. of shares         1,896.7  
Diluted Earnings per share (Rs)*         11.7  
P/E ratio (x)*         33.0  

* On a trailing 12 months basis

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