Dhoot Transmission Q2 Results: Net profit flat after ₹55 crore in exceptional charges

What happened

Dhoot Transmission reported second-quarter revenue of ₹1,827.2 crore, up 60.7% year on year, while net profit stayed at ₹118 crore after ₹55 crore in exceptional charges. Adjusted profit rose 30.4% to ₹161.5 crore, but EBITDA margin fell to 14.3% from 17.6%.

Confirmed

Global impact / market context

Revenue growth was strong, but the unchanged reported profit and lower EBITDA margin show that sales growth did not translate into stronger profit per sale. The ₹55 crore of exceptional charges, including management and IPO expenses, also separates reported profit from adjusted profit.

Analyst inference

Growth included Multilink, which added ₹161.5 crore of revenue at a 10.4% EBITDA margin, below the organic business’s 14.7%. Excluding that acquisition, revenue rose 47%, but organic EBITDA margin also declined, indicating pressure beyond acquisition mix.

Analyst inference

What to watch

1. Check whether management fees and IPO expenses recur; the company identified ₹45 crore and ₹9.7 crore respectively as one-off expenses charged this quarter. Confirmed
2. Track future EBITDA margins, which show earnings before interest, taxes, depreciation and amortisation as a share of revenue, against this quarter’s 14.3%. Analyst inference
3. Compare Multilink’s revenue and 10.4% EBITDA margin with the organic business to see whether the acquired unit’s contribution changes consolidated profit per sale. Analyst inference

Evidence

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