On consolidated basis
Quarter ended March 2024 compared
with Quarter ended March 2023.
Net sales (including other operating income) of Bharti Airtel has increased
4.42% to Rs 37599.1 crore. Sales of Mobile Services India segment
has gone up 12.87% to Rs 22,065.70 crore (accounting for 56.46% of total
sales). Sales of Mobile Service Africa segment has gone down 15.76%
to Rs 9,293.30 crore (accounting for 23.78% of total sales). Sales
of Mobile Service S.A segment rose 19.23% to Rs 96.10 crore (accounting for
0.25% of total sales). Sales of Airtel Business segment has gone up
14.14% to Rs 5,461.60 crore (accounting for 13.98% of total
sales). Sales of Homes Service segment has gone up 19.96% to Rs
1,315.50 crore (accounting for 3.37% of total sales). Sales of
Digital TV Servies segment has gone up 5.53% to Rs 769.30 crore (accounting for
1.97% of total sales). Sales of Others segment has gone up 159.33% to
Rs 77.80 crore (accounting for 0.20% of total sales). Inter-segment
sales rose Rs 1,293.00 crore to Rs 1,480.20 crore.
Profit before interest, tax and
other unallocable items (PBIT) has jumped 3.44% to Rs 10,414.80
crore. PBIT of Mobile Services India segment rose 18.30% to Rs
4,828.60 crore (accounting for 46.36% of total PBIT). PBIT of Mobile
Service Africa segment fell 19.89% to Rs 2,882.90 crore (accounting for 27.68%
of total PBIT). PBIT of Mobile Service S.A segment fell 28.25% to Rs
-62.20 crore (accounting for -0.60% of total PBIT). PBIT of Airtel
Business segment rose 2.97% to Rs 1,520.40 crore (accounting for 14.60% of
total PBIT). PBIT of Tower Infrastructure segment rose 32.89% to Rs
819.40 crore (accounting for 7.87% of total PBIT). PBIT of Homes
Service segment rose 20.90% to Rs 324.50 crore (accounting for 3.12% of total
PBIT). PBIT of Digital TV Servies segment fell 10.44% to Rs 63.50
crore (accounting for 0.61% of total PBIT). PBIT of Others segment
rose 892.11% to Rs 37.70 crore (accounting for 0.36% of total
PBIT).
PBIT margin of Mobile Services India
segment rose from 20.88% to 21.88%. PBIT margin of Mobile Service
Africa segment fell from 32.62% to 31.02%. PBIT margin of Mobile
Service S.A segment fell from negative 60.17% to negative 64.72%. PBIT
margin of Airtel Business segment fell from 30.86% to 27.84%. PBIT
margin of Homes Service segment rose from 24.48% to 24.67%. PBIT
margin of Digital TV Servies segment fell from 9.73% to 8.25%. PBIT
margin of Others segment rose from 12.67% to 48.46%. Overall PBIT
margin fell from 26.99% to 26.65%.
Operating profit margin has declined
from 51.92% to 51.50%, leading to 3.57% rise in operating profit to Rs
19,364.80 crore. Employee cost increased from 3.51% to 3.63%.
Other expenses rose from 44.57% to 44.87%. Selling and
administration expenses fell from 5.51% to 5.50%. Telecommuncation
charges fell from 33.64% to 33.40%.
Other income rose 11.23% to Rs 316.9
crore. PBIDT rose 3.69% to Rs 19681.7 crore. Provision
for interest rose 0.78% to Rs 5203.3 crore. Loan funds declined from
Rs 2,26,020.30 crore as of 31 March 2023 to Rs 2,15,592.30 crore as of 31 March
2024. Inventories rose to Rs 363.90 crore as of 31 March 2024 from
Rs 257.60 crore as of 31 March 2023. Sundry debtors were higher at
Rs 4,727.70 crore as of 31 March 2024 compared to Rs 3,981.50 crore as of 31
March 2023. Cash and bank balance rose to Rs 16,339.90 crore as of
31 March 2024 from Rs 13,418.60 crore as of 31 March
2023. Investments declined from Rs 32,953.90 crore as of 31 March
2023 to Rs 31,602.30 crore as of 31 March 2024.
PBDT rose 4.77% to Rs 14478.4
crore. Provision for depreciation rose 7.12% to Rs 10075.2
crore. Fixed assets increased to Rs 2,93,705.50 crore as of 31 March
2024 from Rs 2,93,045.10 crore as of 31 March 2023. Intangible
assets declined from Rs 33,774.10 crore to Rs 26,501.70 crore.
Profit before tax down 0.22% to Rs
4,403.20 crore. Share of profit/loss was 38.15% higher at Rs 830.3
crore. Provision for tax was expense of Rs 709.8 crore, compared to
Rs 788 crore. Effective tax rate was 25.55% compared to 15.72%.
Net profit attributable to owners of
the company decreased 31.08% to Rs 2,071.60 crore.
Equity capital increased from Rs
2,836.60 crore as of 31 March 2023 to Rs 2,876.60 crore as of 31 March
2024. Per share face Value remained same at Rs 5.00.
Promoters’ stake was 53.49% as of 31
March 2024 ,compared to 55.02% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of Bharti Airtel has increased
7.79% to Rs 149982.4 crore. Sales of Mobile Services India segment
has gone up 12.02% to Rs 85,048.80 crore (accounting for 54.65% of total
sales). Sales of Mobile Service Africa segment has gone down 2.56%
to Rs 41,184.10 crore (accounting for 26.46% of total sales). Sales
of Mobile Service S.A segment rose 28.16% to Rs 377.30 crore (accounting for
0.24% of total sales). Sales of Airtel Business segment has gone up
11.98% to Rs 20,820.90 crore (accounting for 13.38% of total
sales). Sales of Homes Service segment has gone up 22.80% to Rs
4,970.10 crore (accounting for 3.19% of total sales). Sales of
Digital TV Servies segment has gone up 3.39% to Rs 3,044.80 crore (accounting
for 1.96% of total sales). Sales of Others segment has gone up
119.30% to Rs 187.50 crore (accounting for 0.12% of total
sales). Inter-segment sales rose Rs 5,011.40 crore to Rs 5,651.10
crore.
Profit before interest, tax and
other unallocable items (PBIT) has jumped 16.90% to Rs 42,438.60
crore. PBIT of Mobile Services India segment rose 26.77% to Rs
18,819.50 crore (accounting for 44.35% of total PBIT). PBIT of
Mobile Service Africa segment fell 3.99% to Rs 13,582.30 crore (accounting for
32.00% of total PBIT). PBIT of Mobile Service S.A segment fell
26.71% to Rs -225.80 crore (accounting for -0.53% of total
PBIT). PBIT of Airtel Business segment rose 11.21% to Rs 6,041.50
crore (accounting for 14.24% of total PBIT). PBIT of Tower
Infrastructure segment rose 257.15% to Rs 2,630.40 crore (accounting for 6.20%
of total PBIT). PBIT of Homes Service segment rose 34.50% to Rs
1,197.20 crore (accounting for 2.82% of total PBIT). PBIT of Digital
TV Servies segment fell 26.45% to Rs 293.90 crore (accounting for 0.69% of
total PBIT). PBIT of Others segment rose 241.10% to Rs 99.60 crore
(accounting for 0.23% of total PBIT).
PBIT margin of Mobile Services India
segment rose from 19.55% to 22.13%. PBIT margin of Mobile Service
Africa segment fell from 33.47% to 32.98%. PBIT margin of Mobile
Service S.A segment rose from negative 60.53% to negative
59.85%. PBIT margin of Airtel Business segment fell from 29.22% to
29.02%. PBIT margin of Homes Service segment rose from 21.99% to
24.09%. PBIT margin of Digital TV Servies segment fell from 13.57%
to 9.65%. PBIT margin of Others segment rose from 34.15% to
53.12%. Overall PBIT margin rose from 25.18% to 27.27%.
Operating profit margin has jumped
from 51.22% to 52.20%, leading to 9.85% rise in operating profit to Rs
78,291.80 crore. Employee cost increased from 3.47% to 3.55%.
Other expenses fell from 45.31% to 44.25%. Selling and
administration expenses rose from 5.21% to 5.42%. Telecommuncation
charges fell from 34.44% to 33.05%.
Other income rose 53.26% to Rs
1435.4 crore. PBIDT rose 10.41% to Rs 79727.2
crore. Provision for interest rose 17.35% to Rs 22647.7
crore. Loan funds declined from Rs 2,26,020.30 crore as of 31 March
2023 to Rs 2,15,592.30 crore as of 31 March 2024. Inventories rose
to Rs 363.90 crore as of 31 March 2024 from Rs 257.60 crore as of 31 March
2023. Sundry debtors were higher at Rs 4,727.70 crore as of 31 March
2024 compared to Rs 3,981.50 crore as of 31 March 2023. Cash and
bank balance rose to Rs 16,339.90 crore as of 31 March 2024 from Rs 13,418.60
crore as of 31 March 2023. Investments declined from Rs 32,953.90
crore as of 31 March 2023 to Rs 31,602.30 crore as of 31 March
2024.
PBDT rose 7.88% to Rs 57079.5
crore. Provision for depreciation rose 8.52% to Rs 39537.6
crore. Fixed assets increased to Rs 2,93,705.50 crore as of 31 March
2024 from Rs 2,93,045.10 crore as of 31 March 2023. Intangible
assets declined from Rs 33,774.10 crore to Rs 26,501.70 crore.
Profit before tax grew 6.45% to Rs
17,541.90 crore. Share of profit/loss was 260.24% higher at Rs
2709.4 crore. Extraordinary items were decreased to Rs -7,572.30
crore. Provision for tax was expense of Rs 4121 crore, compared to
Rs 4273.3 crore. Effective tax rate was 32.50% compared to 25.80%.
Minority interest decreased 72.32%
to Rs 1,091.00 crore. Net profit attributable to owners of the
company decreased 10.53% to Rs 7,467.00 crore.
Equity capital increased from Rs
2,836.60 crore as of 31 March 2023 to Rs 2,876.60 crore as of 31 March
2024. Per share face Value remained same at Rs 5.00.
Promoters’ stake was 53.49% as of 31
March 2024 ,compared to 55.02% as of 31 March 2023 .
Cash flow from operating activities
increased to Rs 78,898.20 crore for year ended March 2024 from Rs 65,324.60
crore for year ended March 2023. Cash flow used in acquiring fixed
assets during the year ended March 2024 stood at Rs 40,051.50 crore, compared
to Rs 26,538.50 crore during the year ended March 2023.
Operational Highlights:
India
business posts quarterly revenues of Rs 28513 crore – up 12.9% YoY backed by
strong and consistent performance across the portfolio
Mobile
services India revenues up 12.9% YoY, led by strong 4G/5G customer additions
and increase in ARPU.
4G/5G data customers up by 28.6 Million YoY
& 7.8 Million QoQ, 72% of overall mobile customer base
Postpaid net adds of 0.8 Million in Q4FY2024
Mobile ARPU increased to Rs 209 in Q4FY2024
vs Rs 193 in Q4FY2023
Mobile data consumption up by 25.0%
YoY, consumption per customer at 22.6 GB per month.
Airtel
Business revenues up by 14.1% YoY, led by growth in underlying portfolio and
consolidation of Beetel.
Homes
business continues its growth impetus, revenues up 20.0% YoY led by healthy customer
additions.
Digital TV
revenues up by 5.5% YoY, continuing the market momentum.
Dividend:
The Board
has considered and recommended a final dividend of Rs. 8/- per fully paid-up
equity share of face value Rs. 5/- each and Rs. 2/- per partly paid-up equity
share of face value Rs. 5/- each (paid-up value Rs.1.25/- per share) for the financial
year 2023-24
Management Commentary:
Commenting on
the performance Mr Gopal Vittal, MD & CEO, said: "We ended the year on a strong note with
consistent performance across all businesses, both on customer metrics as well
as financial parameters. India revenue (adjusted for Beetel) grew by 1.7% with
EBITDA margin expanding to 54.1%, despite one day less in the quarter.
Consolidated performance was impacted primarily by the devaluation of the
Nigerian Naira. We added 7.8 million smart phone customers and delivered an
industry leading ARPU of Rs. 209. Our relentless focus on improving customer
experience has resulted in 20% churn reduction during the quarter. Our simple
and clear strategy coupled with razor-sharp focus on execution enabled us to
end the quarter with life-time high market share across all businesses. Our
efforts on digitizing Airtel are now gathering velocity and is being visibly
felt across all parts of our operations. At the same time, our return on
capital employed continues to remain low due to the absence of tariff repair in
the industry.”
| Bharti Airtel : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202403 | 202303 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 37,599.10 | 36,009.00 | 4.42 | 1,49,982.40 | 1,39,144.80 | 7.79 | | OPM (%) | 51.50 | 51.92 | -42 bps | 52.20 | 51.22 | 98 bps | | OP | 19,364.80 | 18,697.10 | 3.57 | 78,291.80 | 71,273.50 | 9.85 | | Other Inc. | 316.90 | 284.90 | 11.23 | 1,435.40 | 936.60 | 53.26 | | PBIDT | 19,681.70 | 18,982.00 | 3.69 | 79,727.20 | 72,210.10 | 10.41 | | Interest | 5,203.30 | 5,163.10 | 0.78 | 22,647.70 | 19,299.90 | 17.35 | | PBDT | 14,478.40 | 13,818.90 | 4.77 | 57,079.50 | 52,910.20 | 7.88 | | Depreciation | 10075.2 | 9405.9 | 7.12 | 39537.6 | 36431.8 | 8.52 | | PBT | 4,403.20 | 4,413.00 | -0.22 | 17541.9 | 16478.4 | 6.45 | | Share of Profit/(Loss) from Associates | 830.3 | 601 | 38.15 | 2709.4 | 752.1 | 260.24 | | PBT before EO | 5233.5 | 5014 | 4.38 | 20251.3 | 17230.5 | 17.53 | | EO Income | -2455.5 | 0 | - | -7572.3 | -669.8 | -1,030.53 | | PBT after EO | 2778 | 5014 | -44.60 | 12679 | 16560.7 | -23.44 | | Taxation | 709.8 | 788 | -9.92 | 4121 | 4273.3 | -3.56 | | PAT | 2068.2 | 4226 | -51.06 | 8558 | 12287.4 | -30.35 | | Minority Interest (MI) | -3.4 | 1220.4 | LP | 1091 | 3941.5 | -72.32 | | Net profit | 2071.6 | 3005.6 | -31.08 | 7467 | 8345.9 | -10.53 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 2071.6 | 3005.6 | -31.08 | 7467 | 8345.9 | -10.53 | | EPS (Rs)* | 6.41 | 5.30 | 20.99 | 19.53 | 15.28 | 27.84 | | | * EPS is on current equity of Rs 2,836.81 crore, Face value of Rs 5, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
| Bharti Airtel : Consolidated Segment Results | | | Quarter ended | Year ended |
|---|
| % of (Total) | 202403 | 202303 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
|---|
| Sales | | Mobile Services India | 56.46 | 22,065.70 | 19,549.30 | 12.87 | 54.65 | 85,048.80 | 75,924.60 | 12.02 | | Mobile Service Africa | 23.78 | 9,293.30 | 11,031.50 | -15.76 | 26.46 | 41,184.10 | 42,266.40 | -2.56 | | Mobile Service S.A | 0.25 | 96.10 | 80.60 | 19.23 | 0.24 | 377.30 | 294.40 | 28.16 | | Airtel Business | 13.98 | 5,461.60 | 4,785.00 | 14.14 | 13.38 | 20,820.90 | 18,593.10 | 11.98 | | Tower Infrastructure | 0.00 | 0.00 | 0.00 | - | | Homes Service | 3.37 | 1,315.50 | 1,096.60 | 19.96 | 3.19 | 4,970.10 | 4,047.20 | 22.80 | | Digital TV Servies | 1.97 | 769.30 | 729.00 | 5.53 | 1.96 | 3,044.80 | 2,945.00 | 3.39 | | Others | 0.20 | 77.80 | 30.00 | 159.33 | 0.12 | 187.50 | 85.50 | 119.30 | | Mobile Service Ind & S.A | 0.00 | 0.00 | 0.00 | - | | Total Reported Sales | 100.00 | 39,079.30 | 37,302.00 | 4.76 | 100.00 | 1,55,633.50 | 1,44,156.20 | 7.96 | | Less: Inter segment revenues | | 1,480.20 | 1,293.00 | 14.48 | | 5,651.10 | 5,011.40 | 12.76 | | Net Sales | 100.00 | 37,599.10 | 36,009.00 | 4.42 | 100.00 | 1,49,982.40 | 1,39,144.80 | 7.79 | | PBIT | | Mobile Services India | 46.36 | 4,828.60 | 4,081.70 | 18.30 | 44.35 | 18,819.50 | 14,845.20 | 26.77 | | Mobile Service Africa | 27.68 | 2,882.90 | 3,598.90 | -19.89 | 32.00 | 13,582.30 | 14,147.10 | -3.99 | | Mobile Service S.A | -0.60 | -62.20 | -48.50 | -28.25 | -0.53 | -225.80 | -178.20 | -26.71 | | Airtel Business | 14.60 | 1,520.40 | 1,476.50 | 2.97 | 14.24 | 6,041.50 | 5,432.40 | 11.21 | | Tower Infrastructure | 7.87 | 819.40 | 616.60 | 32.89 | 6.20 | 2,630.40 | 736.50 | 257.15 | | Homes Service | 3.12 | 324.50 | 268.40 | 20.90 | 2.82 | 1,197.20 | 890.10 | 34.50 | | Digital TV Servies | 0.61 | 63.50 | 70.90 | -10.44 | 0.69 | 293.90 | 399.60 | -26.45 | | Others | 0.36 | 37.70 | 3.80 | 892.11 | 0.23 | 99.60 | 29.20 | 241.10 | | Mobile Service Ind & S.A | 0.00 | 0.00 | 0.00 | - | | Total PBIT | 100.00 | 10,414.80 | 10,068.30 | 3.44 | 100.00 | 42,438.60 | 36,301.90 | 16.90 | | Less : Interest | | 5,019.90 | 4,974.40 | 0.91 | | 21,733.90 | 18,744.50 | 15.95 | | Add: Other un-allcoable | | -2,616.90 | -79.90 | -3,175.22 | | -8,025.70 | -996.70 | -705.23 | | PBIT Margin(%) | | Mobile Services India | | 21.88 | 20.88 | 100.38 | | 22.13 | 19.55 | 257.53 | | Mobile Service Africa | | 31.02 | 32.62 | -160.26 | | 32.98 | 33.47 | -49.18 | | Mobile Service S.A | | -64.72 | -60.17 | -455.05 | | -59.85 | -60.53 | 68.36 | | Airtel Business | | 27.84 | 30.86 | -301.88 | | 29.02 | 29.22 | -20.08 | | Tower Infrastructure | | 0.00 | 0.00 | 0.00 | | Homes Service | | 24.67 | 24.48 | 19.18 | | 24.09 | 21.99 | 209.51 | | Digital TV Servies | | 8.25 | 9.73 | -147.14 | | 9.65 | 13.57 | -391.62 | | Others | | 48.46 | 12.67 | 3,579.09 | | 53.12 | 34.15 | 1,896.80 | | Mobile Service Ind & S.A | | 0.00 | 0.00 | 0.00 | | PBT | 100.00 | 2,778.00 | 5,014.00 | -44.60 | 100.00 | 12,679.00 | 16,560.70 | -23.44 |
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