Bharti Airtel Limited
NSE Symbol BHARTIARTL
STAND ALONE RESULTS
BHARTI AIRTEL has declared its results for Q4 FY 11 and for FY 11 (Stand Alone). The results are analyzed below :
Net Sales for FY 11 (Stand Alone) is Rs.38015.80 Cr – up by 6.76% from FY 10; and up by 11.76% from FY 09. The Net sales for Q4 FY 11 is Rs.9828.50 cr – up by 2.77% from Q3 FY 11 and up by 10.28% from Q4 FY 10.
Total Expenditure for FY 11 is Rs.29272.10 Cr - up by 13.21% from FY 10; and up by 20.81% from FY 09. The same for Q4 FY 11 is Rs.7697.30 Cr – up by 2.86% from Q3 FY 11 and up by 14.91% from Q4 FY 10.As we can see – the expenditure has increased more than proportionately compared to Net sales.
Profit from Operations has therefore come down to Rs.8743.70 Cr – down by 10.36% from FY 10 and down by 10.64% from FY 09. The OPT for Q4 FY 11 is Rs.2131.20 cr – up by 2.45% from Q3 FY 11 and down by 3.72% from Q4 FY 09.
Profit before tax is further down to Rs.8725.80 Cr – down by 18.44% from FY 10 but up by 6.91% from FY 09. The PBT for Q4 FY 11 is Rs.2082.80 – up by 2.12% from Q3 FY 11 but down by 17.53% from Q4 FY 10. This is due to huge increase in interest expense in FY 10.
Net Profit for FY 11 is Rs.7716.90 Cr – down by 18.13% from FY 10; and down by 0.35% from FY 09. The Q4 FY 11 NPT is Rs.1837.90 cr – down by 0.54% from Q3 FY 11 and down by 13.7% from Q4 FY 10.
Basic EPS for FY 11 is Rs.20.32, against Rs.5 face Value .The Basic EPS for Q3 FY 11 is Rs.24.82 in FY 10 and Rs.40.79 in FY 09. The Basic EPS for Q4 FY 11 is Rs.4.84; Rs.4.87 for Q3 FY 11; and Rs.5.6 for Q4 FY 10.
Thus, while sales is increasing reasonably – profitability is coming down quarter after quarter.
Current MP is Rs.378 against the annual EPS of Rs.20.32. The PE Ratio is 18.6 . The annual EPS on consolidated Basis is even less at Rs.15.935 for FY 11.
CONSOLIDATED RESULTS
(FOR Q4 & FOR FY 2011)
On consolidated Basis – The Net Sales for FY 2011 is Rs.59467.2 Crs - against Rs.41847.2 Crs for FY 2010.the Net Sales for Q4 FY 11 is Rs.16265.4 Crs – against Rs.10749.1 Crs for Q4 FY 10.
Profit from operations is Rs.9828.8 Crs for FY 11; and Rs.10559.6 Crs for FY 10. The same is Rs.2474 Crs for Q4 FY 11 and Rs.2485 for Q4 FY 10;
Profit Before tax is Rs.7678.2 Crs for FY 11; and Rs.10509.1 Crs for FY 10. The same for Q4 FY 11 is Rs.1830.2 Crs; and Rs.2441.2 Crs for Q4 FY 10;
Net profit is Rs.6046.7 Crs for FY 11; Rs.8976.8 Crs for FY 10; The same is Rs.1400.7 Crs for Q4 FY 1; and Rs.2044.4 Crs for Q4 FY 10;
Basic EPS is Rs.15.935 for FY 11; and Rs.23.666 for FY 10. The same is Rs.3.691 for Q4 FY 11; and Rs.5.389 for Q4 FY 10;
Highlights for the fourth quarter ended March 31, 2011
• Overall customer base stands at 220.9 million, across 19 countries
• Total minutes on network at 240.2 billion; up by 6% (13 billion) over Q3 FY11
• Total revenues at ` 16,265 crore, up by 51.3% Y-o-Y
• Consolidated EBITDA of ` 5,450 crore, up by 33.5% Y-o-Y
• India & South Asia revenue growth at 12.7% Y-o-Y
• Africa revenues at $ 924 million; continues growth trend with improvement in margins
Highlights for the full year ended March 31, 2011
• Successful African acquisition and integration of operations
• Successful launch of the new airtel brand across 19 countries
• Total revenues at Rs.59,467 crore, up by 42.1% Y-o-Y
• India & South Asia revenue growth accelerates at 11.0% Y-o-Y. Full year revenue crosses $ 10 billion
ANNOUNCEMENTS TO NSE
09-05-2011 CRISIL has reaffirmed the 'CRISIL GVC Level 1' rating of the Company which indicates that the Company's capability with regard to corporate governance and value creation for all stakeholders is the 'highest'.
05-05-2011 "Growth momentum sustained across geographies; full year revenue at Rs.59,467 crore".
05-05-2011 Bharti Airtel standalone Results for the year ended on 31-MAR-2011 as follows: Net Sales of Rs. 3801580 lacs for year ending on 31-MAR-2011 against Rs. 3560954 lacs for the year ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 771690 lacs for the year ending on 31-MAR-2011 against Rs. 942616 lacs for the year ending on 31-MAR-2010.
05-05-2011 Bharti Airtel has considered and recommended a dividend of Re. 1/- per equity share of Rs. 5/- each for the financial year 2010-11.
02-02-2011 "Q3 FY11 Revenues up by 52.9% Y-o-Y, global customer base crosses 200 million".
02-02-2011 Bharti Airtel standalone Results for the quarter ended on 31-DEC-2010 as follows: Net Sales of Rs. 956370 lacs for quarter ending on 31-DEC-2010 against Rs. 929990 lacs for the quarter ending on 30-SEP-2010. Net Profit / (Loss) of Rs. 184780 lacs for the quarter ending on 31-DEC-2010 against Rs. 210030 lacs for the quarter ending on 30-SEP-2010
12-01-2011 "SBI and airtel join hands to usher in a new era of financial inclusion for unbanked India".
STAND ALONE RESULTS TABLE:
| FY 11 SA | Q4FY11 | Q3FY11 | Q4FY10 | |||
| Net Sales | 3,801,580.00 | 3,560,954.00 | 3,401,429.00 | 982850 | 956370 | 891192 |
| Employees Cost | 145,120.00 | 153,055.00 | 149,834.00 | 35210 | 35980 | 37905 |
| Depreciation | 419,370.00 | 389,008.00 | 320,628.00 | 122680 | 112810 | 100286 |
| Other Expenditure | 2,362,720.00 | 2,043,504.00 | 1,952,489.00 | 611840 | 599550 | 531658 |
| Total Expenditure | 2,927,210.00 | 2,585,567.00 | 2,422,951.00 | 769730 | 748340 | 669849 |
| Profit from Operations | 874,370.00 | 975,387.00 | 978,478.00 | 213120 | 208030 | 221343 |
| Other Income | 11,290.00 | 8,973.00 | 14,074.00 | 2810 | 1490 | 3240 |
| Interest | 13,080.00 | -85,565.00 | 176,398.00 | 7650 | 5570 | -27984 |
| Profit before tax | 872,580.00 | 1,069,925.00 | 816,154.00 | 208280 | 203950 | 252567 |
| Profit before tax | 872,580.00 | -18.44 | 6.91 | 208280 | 2.12 | -17.53 |
| Tax Expense | 100,890.00 | 127,309.00 | 41,770.00 | 24490 | 19170 | 39606 |
| Net Profit | 771,690.00 | 942,616.00 | 774,384.00 | 183790 | 184780 | 212961 |
| Dividend (%) | 20 | 20 | 20 | - | - | 20 |
| Face Value (in Rs.) | 5 | 5 | 10 | 5 | 5 | 5 |
| Paid-up Equity | 189,880.00 | 189,877.00 | 189,824.00 | 189880 | 189880 | 189877 |
| Reserves | 4,221,070.00 | 3,483,628.00 | 2,618,747.00 | 4221070 | 4079010 | 3483628 |
| Basic EPS | 20.32 | 24.82 | 40.79 | 4.84 | 4.87 | 5.6 |
| Public Holding (%) | 31.71 | 32.17 | 32.85 | 31.71 | 31.8 | 32.17 |
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