Bharti Telecom Ltd (BTL) is part of the Bharti Group, which has been promoted by Mr. Sunil Bharti Mittal. It is the holding company of Bharti Airtel Limited (the principal operating company of BTL), which is a leading player in the Indian telecommunication industry. BTL’s promoters are the Bharti Group (50.6% stake) and Singapore Telecommunications Limited (49.4% stake).
Credit Rating- Bharati Telecom Ltd has been rated as AA+/Stable by CRISIL for long term basis
|
Financials (Rs billion) |
H1FY23 |
H1FY22 |
|
Revenue from operation |
6.03 |
0.59 |
|
PAT |
3.19 |
-0.092 |
|
Total equity |
88.83 |
85.64 |
|
Debt |
155.38 |
20.1 |
|
Debt to equity |
1.74 |
0.16 |
|
Net profit margin |
53.00% |
NA |
|
Operating profit margin |
78.45% |
-5.48% |
Recently traded BTL bonds levels
|
Date |
ISIN |
Coupon (%) |
Yield (%) |
Maturity |
|
23/Dec/22 |
INE403D08157 |
8.70 |
8.20 |
5/12/25 |
|
28/Dec/22 |
INE403D08140 |
8.60 |
8.50 |
5/12/24 |
|
28/Dec/22 |
INE403D08157 |
8.70 |
8.37 |
5/12/25 |
|
29/Dec/22 |
INE403D08157 |
8.70 |
8.30 |
5/12/25 |
|
10/Jan/23 |
INE403D08157 |
8.70 |
8.40 |
5/12/25 |
|
12/Jan/23 |
INE403D08157 |
8.70 |
8.35 |
5/12/25 |
|
16/Jan/22 |
INE403D08157 |
8.70 |
8.16 |
5/12/25 |
|
17/Jan/23 |
INE403D08140 |
8.60 |
8.58 |
5/12/24 |
|
17/Jan/23 |
INE403D08157 |
8.70 |
8.38 |
5/12/25 |
|
20/Jan/23 |
INE403D08157 |
8.70 |
8.30 |
5/12/25 |
Credit Positives-
Ø Strong and reputed promoter- BTL has been continuously infused equity by its promoters which helped this company to deleverage itself.
Ø Holding company of Bharti Airtel-BTL holds around 35.4% stake in BAL, which has an established market position in the telecom industry in India through integrated telecommunications operations.
Ø Rise in operating efficiency-During H1FY23, BTL’s net profit stood at Rs 3.19 billion as compared to a loss of Rs 92 million during H1FY22.
Ø Robust financial flexibility—As of Sep 2022, the market value of its investment is more than Rs. 1400 billion. This helps BTL to have financial flexibility by very low total debt/market value.
Credit Negative-
Ø Rise in debt to equity
Ø Exposed to sectoral risk