Bharti Airtel, Tata Steel and L&T results declared

Know the results for Bharti Airtel, Tata Steel and L&T. The results were declared on 31st October 2022 respectively. Here are some of the key takeaways from the results!

Bharti Airtel

• Bharti Airtel posts quarterly revenues in Q2FY23 stood at Rs 34,527 crore up 21.9% YoY, backed by strong and consistent performance delivery across the portfolio. 
• India business posts quarterly revenues of Rs 24,333 crore in Q2Fy23, up 22.3% on a YoY basis.
• Consolidated EBITDA stood at Rs 17,721 crore with an EBITDA margin of 51.3% – an improvement of 184 bps YoY.
• India business posts EBITDA of Rs 12,606 crore, EBITDA margin at 51.8%; up 224 bps YoY.
• Consolidated net income (after exceptional items) at Rs 2,145 crore; up by 89.1% on a YoY basis.
• 4G data customers up by 17.8 million YoY and 5.0 million QoQ, now constitute 64% of the overall mobile customer base.
• Mobile ARPU increased to Rs 190 in Q2FY23 vs Rs 153 in Q2FY22.
• Mobile data consumption was up by 19.6% YoY, with consumption per customer at 20.3 GB per month.

Management Speak

In a statement, Gopal Vittal, MD, and CEO, of India & South Asia, said: “We have delivered yet another quarter with competitive revenue growth and improved margins. Our consolidated revenue grew sequentially by 5.3% and our EBITDA margin expanded to 51.3%. The consistency of our execution is driven by the strength and resilience of our portfolio. Our B2B and homes business continued their strong growth momentum while mobile ARPU expanded to 190 on the back of premiumization and deep customer understanding.

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Tata Steel

• Tata Steel’s consolidated revenues stood at Rs 59,878 crore in Q2FY23 and consolidated EBITDA at Rs 6,271 crore.
• Tata Steel reported a consolidated profit after tax (PAT) of Rs 1,514 crore for Q2FY23 on the back of higher costs and weak operational performance amid a global economic slowdown. The PAT was lower by 87% YoY as compared to a PAT of Rs 11,918 crore recorded in Q2FY22.
• Net debt stood at Rs.71,753 crore in Q2FY23 with net debt to EBITDA at 1.37x and net debt to equity at 0.63x.
• The 6 MTPA pellet plant will be commissioned in 3QFY23 and will be followed by the cold roll mill complex in phases. The 5 MTPA expansion at kalinganagar is on track for commissioning by the end of FY24.
• Tata Steel Board has approved the amalgamation proposal of seven listed and unlisted entities into Tata Steel, a value-accretive merger with multiple benefits.
• Work has commenced on setting up a 0.75 MTPA Electric Arc Furnace (EAF) in Punjab, which will leverage the growth in the construction segment and is an essential milestone in our transition to net zero

Management Speak

Mr. T V Narendran, Chief Executive Officer & Managing Director: “Concerns about a slowdown in key economies, persisting geopolitical issues coupled with seasonal factors led to a volatile operating environment. Despite these headwinds, Tata Steel registered the best-ever domestic sales in India enabled by a strong product portfolio and an extensive distribution network that services end-to-end requirements in chosen segments.

We will set up more EAFs in the country, which will enable capacity augmentation and along with NINL expansion, will drive growth in our high-margin retail business. Our EAF expansion is an important milestone in our sustainability journey and part of the multiple initiatives we are pursuing to achieve net zero by 2045. Further, in the Netherlands, Tata Steel along with its customers has embarked on the journey to be carbon neutral through Zeremis® – a flexible solution that lets you choose the carbon emission intensity reduction”

L&T (Larsen & Toubro)

• L&T achieved consolidated revenues of Rs 42,763 crore for the quarter Q2FY23 recording a YoY growth of 23%.
• International revenues during the quarter at Rs.15,473 crore constituted 36% of the total revenue.
• The company for Q2FY23, 2022, posted a consolidated Profit After Tax (PAT) of Rs.2,229 crore, registering a robust growth of 23% over the corresponding Q2FY22.
• The H1FY23, consolidated Profit After Tax at Rs.3,931 crore, registered a growth of 31% YoY basis.
• The company recorded orders worth Rs.51,914 crore at the group level during Q2FY23, registering a growth of 23% over the corresponding Q2FY22.
• International orders at Rs.17,341 crore during Q2FY23 comprised 33% of the total order inflow.
• International orders at Rs.35,184 crore during H1FY23 constituted 38% of the total.
• The consolidated order book of the group was at Rs.372,381 crore as on Q2FY23, with international orders having a share of 28%.

Management Speak

In a press release following the results, the management of L&T quoted “The company is confident of the Indian Governments’ various reform and economic measures to provide the right investment and growth climate, aided by the country demonstrating resilience to the global challenges. The company’s projects & hi-tech manufacturing businesses are rightly positioned to leverage the India and Middle East CapEx opportunity and with tech-enabled skill sets and offerings, the IT&TS business will continue to pursue growth in the global services domain. The company’s strategy of focusing on projects, hi-tech manufacturing, and IT&TS services in a rapidly changing global business environment is expected to provide improved returns to all its stakeholders.”

ABOUT THE AUTHOR

Ketan Sonalkar (SEBI Rgn No INA000011255

Ketan Sonalkar is a certified SEBI registered investment advisor and head of research at Univest. He is one of the finest financial trainers, with a track record of having trained more than 2000 people in offline and online models. He serves as a consultant advisor to leading fintech and financial data firms. He has over 15 years of working experience in the finance field. He runs Advisory Services for Direct Equities and Personal Finance Transformation.

Note – This channel is for educational and training purpose only & any stock mentioned here should not be taken as a tip/recommendation/advice

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