Rajnath Singh refuses to pinpoint blame about 'rumours' on son

Rajnath Singh refuses to pinpoint blame about 'rumours' on son

There has been some reports of Rajnath Singh's son being ticked off by PM Narendra Modi...
New Flight MH 370 theory

New Flight MH 370 theory

Malaysia Airlines Flight MH370 may have turned south earlier than previously thought

Disappointing figures hit Bharti Airtel shares

Feb 11 2013, 10:32 IST
Comments 0
SummaryBharti Airtel Q3FY13 performance was disappointing, revenue per minute dropped, and in a seasonally strong quarter with a low base network traffic was up merely 2.8% QoQ.

Bharti Airtel Q3FY13 performance was disappointing, revenue per minute (RPM) dropped, and in a seasonally strong quarter with a low base network traffic was up merely 2.8% QoQ (quarter-on-quarter), hitting shares. Although competition has eased and promotional offers are reducing, sustained tariff hikes are not on the cards. Normalised Ebitda (earnings before interest, taxes, depreciation and amortisation) was up 1% QoQ and PAT (profit after tax) plummeted with higher interest and tax burden. We have cut our FY13/15 Ebitda by 4%/7%.

Also Bharti still faces high regulatory risks, with need for further spectrum payments and reforming at a time when ROCE (return on capital employed) is a low 6%. Meanwhile, post a 20% rally, stock trades at 30x PE (price-to-earnings ratio) and 7x Ebitda for FY14CL. With 9% downside to our target, we have downgraded the stock from UPF to SELL. I

India mobile RPM dropped; traffic up 2.8% QoQ after 2.1%fall: Bharti Airtelís Q3FY13 pre-exceptional consolidated revenue was up 3% QoQ and Ebitda increased 1% QoQ, while PAT plummeted 41% QoQ. The reported previous quarter included R5.9 bn one-time income in respect of prior-period interconnect agreements. In Q3, which is seasonally strong, India mobile network traffic was up merely 2.8% QoQ after falling 2.1% QoQ in the previous quarter and despite active subscribers rising 350bps to 95%. RPM (revenue per minute) was marginally down to Rs0.43 and voice RPM dipped 1% QoQ to R0.352. With a loss of 4m subscribers to now 182m, reported minutes of use (MoU) rose 4% QoQ to 435 minutes and average revenue per user (Arpu) climbed 4.5% QoQ to R186 also with value-added services (VAS) rising 50bps to 17.3% of Arpu. We maintain the view that India 2G growth continues to slow and in Africa, Bharti's revenue increased 2% QoQ, led by a 11% QoQ jump in traffic, but RPM was down 7% QoQ and Ebitda was flat QoQ.

Margin contracted 3ppts; jump in interest, tax; PAT drop: Bhartiís Q3FY13 consolidated margin again failed to expand and over nine months (9M) FY13 narrowed 255bps YoY (year-on-year) to 30.6%, primarily led by a 21% YoY jump in network operating costs and an 18% YoY increase in SG&A (selling, general and administrative expenses). With 9MFY12 Ebitda growth of only 4% YoY and interest, depreciation and tax all 15-17% YoY higher, pre exceptional PAT was down 53% YoY this year. Bhartiís 9MFY13 India effective tax rate was 29%, but

Single Page Format
Ads by Google

More from Back Page

Reader´s Comments
| Post a Comment
Please Wait while comments are loading...