Rcom net revenue growth came ahead of our estimate though wireless and GEBU segments at +0.5% qoq each were below expectation
(Rs m) | Q1 FY13 | Q4 FY12 | % qoq | Q1 FY12 | % yoy |
Net sales | 52,640 | 50,100 | 5.1 | 48,490 | 8.6 |
Access & license fees | (8,562) | (8,396) | 2.0 | (9,350) | (8.4) |
Network opex | (17,852) | (18,390) | (2.9) | (13,335) | 33.9 |
Staff | (3,136) | (3,082) | 1.8 | (3,510) | (10.7) |
SG&A | (7,140) | (6,910) | 3.3 | (7,192) | (0.7) |
Operating profit | 15,950 | 13,322 | 19.7 | 15,103 | 5.6 |
OPM (%) | 30.3 | 26.6 | 371 bps | 31.1 | (85) bps |
Depreciation | (9,093) | (9,703) | (6.3) | (9,760) | (6.8) |
Interest | (5,534) | (5,795) | (4.5) | (4,110) | 34.6 |
Other income | 550 | 3,000 | (81.7) | 970 | (43.3) |
PBT | 1,873 | 824 | 127.3 | 2,203 | (15.0) |
Tax | 39 | 1,193 | - | 20 | 95.0 |
Minority/Associates | (290) | 1,287 | - | (650) | - |
Adjusted PAT | 1,622 | 3,304 | (50.9) | 1,573 | 3.1 |
Adj. PAT margin (%) | 3.1 | 6.6 | (351) bps | 3.2 | (16) bps |
Extra ordinary items | - | 12 | - | (10) | - |
Reported PAT | 1,622 | 3,316 | (51.1) | 1,563 | 3.8 |