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Rcom’s performance especially on key parameters like volume and pricing data lags that of peers like Bharti and Idea though we remain encouraged by robust growth in data volumes.
Rcom reported better than expected topline growth of 4.8% qoq driven by 15.7% qoq jump in global operations
Domestic voice revenue declined 1.1% qoq as voice RPM dipped 1.5% qoq while traffic was largely flat qoq
EBIDTA margin (ex-other income) fell ~170bps qoq on increased staff and SG&A expenses
Reported PAT includes one-offs in depreciation and deferred tax assets; company guides for FY15 capex of Rs20bn vs Rs15bn in FY14
Deals with Reliance Jio notwithstanding, retain sell on lack of near term operational triggers
| (Rs m) | Q4 FY14 | Q3 FY14 | % qoq | Q4 FY13 | % yoy |
| Net sales | 54,050 | 51,570 | 4.8 | 51,300 | 5.4 |
| Access & license fees | (10,458) | (10,347) | 1.1 | (10,079) | 3.8 |
| Network opex | (16,119) | (15,538) | 3.7 | (16,340) | (1.4) |
| Staff | (3,073) | (2,508) | 22.5 | (2,125) | 44.6 |
| SG&A | (8,542) | (7,187) | 18.9 | (8,831) | (3.3) |
| Operating profit | 15,858 | 15,990 | (0.8) | 13,925 | 13.9 |
| OPM (%) | 29.3 | 31.0 | (167) bps | 27.1 | 220 bps |
| Depreciation | (17,665) | (9,477) | 86.4 | (10,892) | 62.2 |
| Interest | (9,071) | (7,493) | 21.1 | (7,475) | 21.4 |
| Other income | 2,658 | 2,464 | 7.9 | 8,260 | (67.8) |
| PBT | (8,220) | 1,484 | - | 3,818 | - |
| Tax | 10,258 | (30) | - | (751) | - |
| Minority/Associates | 81 | (370) | - | (39) | - |
| Adjusted PAT | 2,119 | 1,084 | 95.5 | 3,028 | (30.0) |
| Adj. PAT margin (%) | 3.9 | 2.1 | 182 bps | 5.9 | (198) bps |
| Extra ordinary items | (560) | - | - | - | - |
| Reported PAT | 1,559 |
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