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BHARTI INFRATEL 2017-18 Annual Report Analysis

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BHARTI INFRATEL 2017-18 Annual Report Analysis
Fri, 21 Dec

BHARTI INFRATEL has announced its results for the year ended March 2018. Let us have a look at the detailed performance review of the company during FY17-18.

BHARTI INFRATEL Income Statement Analysis

  • Operating income during the year rose 8.8% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 7.9% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 46.9% in FY18 as against 47.3% in FY17.
  • Depreciation charges increased by 0.2% and finance costs decreased by 59.7% YoY, respectively.
  • Other income grew by 48.0% YoY.
  • Net profit for the year declined by 9.2% YoY.
  • Net profit margins during the year declined from 44.6% in FY17 to 37.1% in FY18.

BHARTI INFRATEL Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 60,847 66,212 8.8%
Other income Rs m 711 1,052 48.0%
Total Revenues Rs m 61,558 67,264 9.3%
Gross profit Rs m 28,761 31,028 7.9%
Depreciation Rs m 12,167 12,188 0.2%
Interest Rs m -6,542 -2,635 -59.7%
Profit before tax Rs m 23,847 22,527 -5.5%
Tax Rs m 8,327 10,355 24.4%
Profit after tax Rs m 27,470 24,937 -9.2%
Gross profit margin % 47.3 46.9
Effective tax rate % 34.9 46.0
Net profit margin % 44.6 37.1
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



BHARTI INFRATEL Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 18 billion as compared to Rs 46 billion in FY17, thereby witnessing an decrease of -60.3%.
  • Current assets rose 56% and stood at Rs 76 billion, while fixed assets fell 1% and stood at Rs 112 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 197 billion as against Rs 209 billion during FY17, thereby witnessing a fall of 6%.

BHARTI INFRATEL Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 154,993 169,644 9.5
 
Current Liabilities Rs m 45,735 18,159 -60.3
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 209,411 196,796 -6.0
 
Current assets Rs m 48,759 76,120 56.1
Fixed Assets Rs m 114,036 112,470 -1.4
Total Assets Rs m 209,411 196,796 -6.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



BHARTI INFRATEL Cash Flow Statement Analysis

  • BHARTI INFRATEL's cash flow from operating activities (CFO) during FY18 stood at Rs 35 billion, an improvement of 21.0% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs -19 billion, an improvement of 682.1% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs -36 billion on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -19 billion from the Rs -420 million net cash flows seen during FY17.

BHARTI INFRATEL Cash Flow Statement 2017-18

Particulars No. of months 12 12 % Change
Year Ending Mar-17 Mar-18
Cash Flow from Operating Activities Rs m 28,662 34,694 21.0%
Cash Flow from Investing Activities Rs m -2,372 -18,551 -
Cash Flow from Financing Activities Rs m -26,710 -35,548 -
Net Cash Flow Rs m -420 -19,405 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for BHARTI INFRATEL

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 13.5, an decline from the EPS of Rs 14.9 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 260.1, stands at 31.3 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 4.4 times, while the price to sales ratio stands at 11.2 times.
  • The company's price to cash flow (P/CF) ratio stood at 20.0 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-17* 12 Mar-18*
Sales per share (Unadj.) Rs 32.9 35.8
TTM Earnings per share Rs 14.9 13.5
Diluted earnings per share Rs 14.9 13.5
Price to Cash Flow x 17.4 20.0
TTM P/E ratio x 31.3 31.3
Price / Book Value ratio x 4.2 4.4
Market Cap Rs m 481,084 481,083
Dividends per share (Unadj.) Rs 16.0 14.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for BHARTI INFRATEL

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 4.2x during FY18, from 1.1x during FY17. The current ratio measures the company's ability to pay short-term and long-term obligations.

    Interest Coverage Ratio: The company's interest coverage ratio deteriorated and stood at -7.5x during FY18, from -2.6x during FY17. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

  • Profitability Ratios
  • Return on Equity (ROE): The ROE for the company declined and down at 14.7% during FY18, from 17.7% during FY18. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

    Return on Capital Employed (ROCE): The ROCE for the company improved and stood at 19.3% during FY18, from 18.9% during FY17. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

    Return on Assets (ROA): The ROA of the company improved and stood at 11.3% during FY18, from 10.0% during FY17. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-17* 12 Mar-18*
Current ratio x 1.1 4.2
Debtors’ Days Days 18 15
Interest coverage x -2.6 -7.5
Debt to equity ratio x 0.0 0.0
Return on assets % 10.0 11.3
Return on equity % 17.7 14.7
Return on capital employed % 18.9 19.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how BHARTI INFRATEL has performed over the last 5 years, please visit here.

BHARTI INFRATEL Share Price Performance

Over the last one year, BHARTI INFRATEL share price has moved up from Rs 361.4 to Rs 260.1, registering a loss of Rs 101.3 or around 28.0%.

Meanwhile, the S&P BSE TECK Index is trading at Rs 7,086.4 (down 0.8%). Over the last one year it has moved up from 6,242.1 to 7,086.4, a gain of 844 points (up 13.5%).

Overall, the S&P BSE SENSEX is up 7.8% over the year.

(To know more, check out historical annual results for BHARTI INFRATEL and quarterly results for BHARTI INFRATEL)

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For the quarter ended December 2018, BHARTI INFRATEL has posted a net profit of Rs 4 bn (up 63.9% YoY). Sales on the other hand came in at Rs 17 bn (up 2.2% YoY). Read on for a complete analysis of BHARTI INFRATEL's quarterly results.

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