GTL Infra. Q1 FY27 Results (NSE: GTLINFRA)
Signal: Loss reversed
The read
The operating inflection is substantial but earnings quality remains dependent on financing-accounting relief: revenue was ₹32,731 lakh, down 2.16% YoY, while EBITDA margin rose to 45.2% from an implied 25.4% and PAT reached ₹6,939 lakh from a ₹23,242 lakh loss, with finance costs falling 91.0% to ₹2,281 lakh after further interest accrual was discontinued.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹327.31 Cr | -2.16% | -0.92% |
| EBIT | ₹92.2 Cr | +341.7% | |
| Net profit | ₹69.39 Cr | N/M; turned profitable from ₹23,242 lakh loss | |
| EPS | ₹0.05 | N/M; turned positive from ₹0.18 loss per share | |
| EBIT margin | 45.2% |
P&L walk
Revenue declined to ₹32,731 lakh, down 2.16% YoY and 0.92% QoQ, while EBITDA rose to ₹14,785 lakh and EBITDA margin expanded to 45.2%; PAT of ₹6,939 lakh was primarily supported by the sharp reduction in finance costs to ₹2,281 lakh and the absence of a current-period loss.
Key positives
- EBITDA was ₹14,785 lakh and EBITDA margin was 45.2%, up approximately 1,980bps YoY, as employee cost fell 10.15% and depreciation fell 13.15% YoY.
- PAT turned positive at ₹6,939 lakh from a ₹23,242 lakh loss YoY, while finance costs declined 91.0% to ₹2,281 lakh.
- Revenue remained relatively stable at ₹32,731 lakh, with only a 2.16% YoY decline despite the absence of disclosed volume or tenancy growth.
Key concerns
- Revenue declined 2.16% YoY to ₹32,731 lakh and 0.92% QoQ, with no disclosed tower additions, tenancy, utilisation or realisation data to establish a volume-led recovery.
- The ₹6,939 lakh PAT is exposed to the sustainability of the financing relief because the company has discontinued further interest accrual on certain borrowings while pursuing lender settlements.
- PAT fell 94.15% QoQ from ₹118,558 lakh, highlighting that the prior quarter was inflated by ₹119,823 lakh of exceptional income.
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