Nifty
Sensex
:
:
15949.30
53229.02
-291.00 (-1.79%)
-979.51 (-1.81%)

Telecommunication - Service Provider

Rating :
53/99

BSE: 532454 | NSE: BHARTIARTL

696.15
18-May-2022
  • Open
  • High
  • Low
  • Previous Close
  •  721.00
  •  727.15
  •  689.20
  •  707.05
  • Volume
  • Traded Value (lacs)
  • 52 Week High
  • 52 Week Low
  •  18992703
  •  133621.88
  •  781.80
  •  518.70

Stock Summary

  • Market Cap(Crs)
  • Stock P:E
  • Face Value
  • 409,577.74
  • 96.26
  • 5
  • Enterprise Value(Crs)
  • Dividend Yield
  • Price:Book Value
  • 525,901.54
  • 0.43%
  • 6.14

Shareholding Pattern

  • Promoter
  • Corporate
  • Public
  • 55.93%
  • 0.61%
  • 1.83%
  • FII
  • DII
  • Others
  • 19.36%
  • 19.34%
  • 2.93%

Chart

Price | P:E | P:BV | EV:EBITDA | MCap:Sales | EPS

Revenue CAGR (%)

  • 10 Years
  • 5 Years
  • 3 Years
  • 3.67
  • 1.43
  • 8.27

EBITDA CAGR (%)

  • 10 Years
  • 5 Years
  • 3 Years
  • 6.97
  • 5.73
  • 14.00

PAT CAGR (%)

  • 10 Years
  • 5 Years
  • 3 Years
  • -
  • 20.48
  • 137.99

P:E (Median)

  • 8 Years
  • 5 Years
  • 3 Years
  • 31.84
  • 113.33
  • -

P:BV (Average)

  • 8 Years
  • 5 Years
  • 3 Years
  • 3.27
  • 3.61
  • 4.49

EV:EBITDA (Average)

  • 8 Years
  • 5 Years
  • 3 Years
  • 8.38
  • 9.30
  • 9.93

Quarterly Results

Consolidated Figures in Rs. Crores /

Standalone
Description
Mar 22
Mar 21
Var%
Dec 21
Dec 20
Var%
Sep 21
Sep 20
Var%
Jun 21
Jun 20
Var%
Net Sales
31,500.30
25,747.30
22.34%
29,866.60
26,517.80
12.63%
28,326.40
25,060.40
13.03%
26,853.60
23,290.30
15.30%
Expenses
15,460.00
13,415.40
15.24%
15,163.80
14,464.80
4.83%
14,515.90
13,990.70
3.75%
13,873.30
13,373.30
3.74%
EBITDA
16,040.30
12,331.90
30.07%
14,702.80
12,053.00
21.98%
13,810.50
11,069.70
24.76%
12,980.30
9,917.00
30.89%
EBIDTM
50.92%
47.90%
49.23%
45.45%
48.75%
44.17%
48.34%
42.58%
Other Income
18.60
83.90
-77.83%
197.10
49.20
300.61%
108.80
103.10
5.53%
209.80
406.60
-48.40%
Interest
4,059.30
3,860.60
5.15%
4,367.10
3,971.90
9.95%
3,964.10
3,791.40
4.56%
4,225.70
3,467.10
21.88%
Depreciation
8,582.60
7,501.90
14.41%
8,547.20
7,503.10
13.92%
8,247.20
7,286.20
13.19%
7,713.70
7,113.10
8.44%
PBT
4,323.20
1,493.70
189.43%
2,025.40
-3,932.70
-
2,430.10
45.90
5,194.34%
1,281.20
-12,002.30
-
Tax
1,321.80
510.10
159.13%
990.80
4,306.70
-76.99%
1,030.80
413.50
149.29%
834.50
3,702.20
-77.46%
PAT
3,001.40
983.60
205.14%
1,034.60
-8,239.40
-
1,399.30
-367.60
-
446.70
-15,704.50
-
PATM
9.53%
3.82%
3.46%
-31.07%
4.94%
-1.47%
1.66%
-67.43%
EPS
3.59
1.36
163.97%
1.48
1.54
-3.90%
2.06
-1.37
-
0.51
-28.65
-

Annual Results

Consolidated Figures in Rs. Crores /

Standalone
Description
TTM
Mar 21
Mar 20
Mar 19
Mar 18
Mar 17
Mar 16
Mar 15
Mar 14
Mar 13
Mar 12
Net Sales
116,546.90
102,517.40
87,938.00
80,780.20
82,638.80
95,468.30
96,532.10
96,100.70
85,863.50
76,947.00
71,505.80
Net Sales Growth
15.83%
16.58%
8.86%
-2.25%
-13.44%
-1.10%
0.45%
11.92%
11.59%
7.61%
 
Cost Of Goods Sold
0.00
1,817.50
1,295.80
1,085.50
999.40
907.30
605.30
279.60
472.80
783.40
938.90
Gross Profit
116,546.90
100,699.90
86,642.20
79,694.70
81,639.40
94,561.00
95,926.80
95,821.10
85,390.70
76,163.60
70,566.90
GP Margin
100.00%
98.23%
98.53%
98.66%
98.79%
99.05%
99.37%
99.71%
99.45%
98.98%
98.69%
Total Expenditure
59,013.00
56,009.00
51,715.80
56,625.80
52,602.00
60,270.40
62,650.30
62,498.70
58,086.50
53,689.10
47,793.50
Power & Fuel Cost
-
9,853.80
8,209.40
8,043.60
6,908.20
7,294.60
6,904.90
8,439.80
0.00
0.00
0.00
% Of Sales
-
9.61%
9.34%
9.96%
8.36%
7.64%
7.15%
8.78%
0%
0%
0%
Employee Cost
-
4,114.60
3,513.70
3,797.50
3,977.10
4,303.20
4,910.80
4,857.00
4,622.80
3,882.30
3,515.90
% Of Sales
-
4.01%
4.00%
4.70%
4.81%
4.51%
5.09%
5.05%
5.38%
5.05%
4.92%
Manufacturing Exp.
-
32,117.90
30,114.20
31,519.00
30,221.30
34,176.60
34,421.80
29,519.40
38,509.60
35,304.60
31,605.80
% Of Sales
-
31.33%
34.24%
39.02%
36.57%
35.80%
35.66%
30.72%
44.85%
45.88%
44.20%
General & Admin Exp.
-
3,113.00
4,629.70
5,269.50
4,850.70
4,237.50
4,864.30
8,401.80
13,774.90
13,192.40
11,247.40
% Of Sales
-
3.04%
5.26%
6.52%
5.87%
4.44%
5.04%
8.74%
16.04%
17.14%
15.73%
Selling & Distn. Exp.
-
3,800.90
3,423.60
4,156.80
4,527.50
6,673.20
8,241.00
8,686.80
0.00
0.00
0.00
% Of Sales
-
3.71%
3.89%
5.15%
5.48%
6.99%
8.54%
9.04%
0%
0%
0%
Miscellaneous Exp.
-
1,191.30
529.40
2,753.90
1,117.80
2,678.00
2,702.20
2,314.30
706.40
526.40
0.00
% Of Sales
-
1.16%
0.60%
3.41%
1.35%
2.81%
2.80%
2.41%
0.82%
0.68%
0.68%
EBITDA
57,533.90
46,508.40
36,222.20
24,154.40
30,036.80
35,197.90
33,881.80
33,602.00
27,777.00
23,257.90
23,712.30
EBITDA Margin
49.37%
45.37%
41.19%
29.90%
36.35%
36.87%
35.10%
34.97%
32.35%
30.23%
33.16%
Other Income
534.30
642.80
1,535.70
2,799.10
1,531.00
1,969.80
1,719.70
2,095.80
1,040.80
510.30
264.30
Interest
16,616.20
15,091.00
14,073.20
10,622.20
9,325.50
9,546.60
8,546.10
4,446.50
5,878.80
4,518.70
4,082.80
Depreciation
33,090.70
29,404.40
27,094.40
21,347.50
19,243.10
19,773.00
17,449.80
19,858.30
15,649.60
14,814.80
13,368.10
PBT
10,059.90
2,655.80
-3,409.70
-5,016.20
2,999.20
7,848.10
9,605.60
11,393.00
7,289.40
4,434.70
6,525.70
Tax
4,177.90
9,245.60
-12,182.30
-3,419.30
1,083.50
3,481.90
5,953.30
5,486.70
4,844.90
2,518.40
2,260.20
Tax Rate
41.53%
-69.73%
28.01%
163.81%
49.11%
52.14%
50.54%
52.06%
65.98%
56.79%
34.64%
PAT
5,882.00
-25,223.80
-32,835.60
53.90
38.10
2,754.90
5,010.10
4,626.10
2,498.30
1,916.30
4,264.20
PAT before Minority Interest
1,831.70
-22,504.30
-31,316.60
1,331.90
1,122.60
3,196.50
5,826.40
5,053.10
2,498.30
1,916.30
4,265.50
Minority Interest
-4,050.30
-2,719.50
-1,519.00
-1,278.00
-1,084.50
-441.60
-816.30
-427.00
0.00
0.00
-1.30
PAT Margin
5.05%
-24.60%
-37.34%
0.07%
0.05%
2.89%
5.19%
4.81%
2.91%
2.49%
5.96%
PAT Growth
125.21%
-
-
41.47%
-98.62%
-45.01%
8.30%
85.17%
30.37%
-55.06%
 
EPS
10.00
-42.87
-55.80
0.09
0.06
4.68
8.51
7.86
4.25
3.26
7.25

Results Balance Sheet

Consolidated Figures in Rs. Crores /

Standalone
Description
Mar 21
Mar 20
Mar 19
Mar 18
Mar 17
Mar 16
Mar 15
Mar 14
Mar 13
Mar 12
Shareholder's Funds
58,952.70
77,144.80
71,422.20
69,534.40
67,456.30
66,769.30
39,777.00
59,756.00
50,321.70
50,611.30
Share Capital
2,746.00
2,727.80
1,998.70
1,998.70
1,998.70
1,998.70
1,998.70
1,998.70
1,898.80
1,898.80
Total Reserves
56,119.00
74,349.70
69,349.10
67,457.50
65,051.10
64,253.70
37,644.00
57,757.30
48,422.90
48,712.50
Non-Current Liabilities
133,078.90
100,145.90
88,256.70
91,060.40
92,854.70
90,121.60
69,369.00
56,143.30
56,911.20
49,665.80
Secured Loans
0.00
0.00
0.30
225.60
705.30
1,875.60
9,356.90
9,888.20
8,441.10
9,888.70
Unsecured Loans
110,560.30
91,079.20
82,489.80
84,716.40
88,932.00
87,393.00
51,759.20
46,504.70
49,441.10
40,115.90
Long Term Provisions
502.00
754.80
682.30
721.20
747.10
735.00
1,797.00
1,004.40
974.40
724.00
Current Liabilities
111,635.90
131,487.60
93,013.40
78,240.00
63,459.70
58,931.60
84,530.70
56,805.00
42,054.70
48,887.30
Trade Payables
27,872.10
24,366.80
26,313.80
26,853.60
26,853.70
25,580.60
16,077.40
28,398.10
25,990.20
23,265.00
Other Current Liabilities
50,645.60
43,956.20
34,197.00
37,085.20
22,316.40
26,193.20
38,975.20
7,330.50
6,065.10
6,185.50
Short Term Borrowings
8,082.30
16,703.40
31,009.70
12,956.90
12,944.20
5,723.80
8,813.80
20,903.90
9,822.60
19,307.80
Short Term Provisions
25,035.90
46,461.20
1,492.90
1,344.30
1,345.40
1,434.00
20,664.30
172.50
176.80
129.00
Total Liabilities
325,941.40
333,763.00
266,218.10
247,648.70
230,645.70
221,320.60
200,567.30
176,914.50
153,376.20
151,933.90
Net Block
223,479.60
229,255.50
200,831.50
187,200.40
178,235.10
172,292.80
124,278.60
140,614.50
128,666.30
133,582.10
Gross Block
387,421.40
375,334.90
328,441.10
294,267.60
271,518.20
259,636.80
208,310.30
210,195.50
184,922.80
177,635.50
Accumulated Depreciation
163,941.80
146,079.40
127,609.60
107,067.20
93,283.10
87,344.00
84,031.70
69,317.30
55,992.80
43,789.70
Non Current Assets
271,188.50
257,119.80
233,353.90
214,149.60
212,441.90
198,194.20
159,596.00
154,528.80
133,685.60
137,125.50
Capital Work in Progress
5,726.50
4,282.30
9,634.20
9,751.20
10,838.50
5,702.00
17,414.80
0.00
0.00
0.00
Non Current Investment
23,472.30
11,708.60
11,087.80
9,260.80
12,646.40
8,961.20
2,743.40
9,304.30
1,155.20
22.30
Long Term Loans & Adv.
11,134.10
5,376.00
6,928.70
6,862.20
8,337.90
8,003.40
13,762.10
2,964.90
2,253.30
1,928.10
Other Non Current Assets
7,376.00
6,497.40
4,871.70
1,075.00
2,384.00
3,234.80
1,397.10
1,645.10
1,610.80
1,593.00
Current Assets
54,752.90
76,643.20
32,864.20
33,499.10
18,203.80
23,126.40
40,542.60
22,385.70
19,690.60
14,808.40
Current Investments
4,078.10
13,767.90
4,623.20
6,897.80
1,692.30
1,615.90
8,008.60
6,226.50
6,554.60
1,813.20
Inventories
266.00
156.90
88.40
69.30
48.80
440.40
375.40
142.20
110.90
130.80
Sundry Debtors
3,637.70
4,605.80
4,300.60
5,883.00
4,740.20
5,503.90
5,207.20
6,244.10
6,782.40
6,373.50
Cash & Bank
13,466.10
15,892.70
8,064.00
6,670.60
5,098.30
5,098.70
2,083.10
4,980.80
1,607.80
2,030.00
Other Current Assets
33,305.00
34,625.30
12,037.20
12,214.20
6,624.20
10,467.50
24,868.30
4,792.10
4,634.90
4,460.90
Short Term Loans & Adv.
1,964.60
7,594.60
3,750.80
1,764.20
3,057.80
2,746.50
22,840.20
1,081.40
1,232.00
1,077.80
Net Current Assets
-56,883.00
-54,844.40
-60,149.20
-44,740.90
-45,255.90
-35,805.20
-43,988.10
-34,419.30
-22,364.10
-34,078.90
Total Assets
325,941.40
333,763.00
266,218.10
247,648.70
230,645.70
221,320.60
200,567.30
176,914.50
153,376.20
151,933.90

Cash Flow

Consolidated Figures in Rs. Crores /

Standalone
Description
Mar 21
Mar 20
Mar 19
Mar 18
Mar 17
Mar 16
Mar 15
Mar 14
Mar 13
Mar 12
Cash From Operating Activity
48,205.00
18,128.70
20,070.20
29,853.80
28,279.90
27,942.30
28,059.00
26,232.60
22,769.90
22,543.80
PBT
-3,118.40
-42,846.50
-1,731.80
3,267.00
7,723.30
12,846.30
10,539.80
7,864.30
4,785.30
6,518.30
Adjustment
50,513.00
79,865.30
28,510.00
27,368.50
27,222.70
20,175.10
22,632.40
19,640.30
18,546.50
17,425.70
Changes in Working Capital
3,043.20
-16,596.40
-5,537.40
590.60
-3,507.40
-395.50
-203.50
1,753.30
1,963.40
1,505.00
Cash after chg. in Working capital
50,437.80
20,422.40
21,240.80
31,226.10
31,438.60
32,625.90
32,968.70
29,257.90
25,295.20
25,449.00
Interest Paid
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Tax Paid
-2,232.80
-2,293.70
-1,170.60
-1,372.30
-3,158.70
-4,683.60
-4,909.70
-3,503.90
-3,129.40
-2,945.30
Other Direct Exp. Paid
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Extra & Other Items
0.00
0.00
0.00
0.00
0.00
0.00
0.00
478.60
604.10
40.10
Cash From Investing Activity
-26,888.40
-30,491.90
-28,500.90
-27,967.60
-30,604.40
-14,225.70
-22,305.40
-24,973.30
-18,676.10
-18,379.50
Net Fixed Assets
-18,100.40
-33,011.10
-25,236.80
-18,309.30
-36,562.50
-40,345.10
-28,335.40
-3,581.60
-5,863.60
-3,456.70
Net Investments
-13,546.20
-1,147.00
10,548.40
-2,169.20
23,938.30
-26,780.40
-8,593.00
-6,324.80
-15,861.30
-524.80
Others
4,758.20
3,666.20
-13,812.50
-7,489.10
-17,980.20
52,899.80
14,623.00
-15,066.90
3,048.80
-14,398.00
Cash from Financing Activity
-24,910.30
19,144.40
9,463.80
1,920.50
-351.40
-11,946.10
-9,672.40
2,774.40
-4,565.50
-4,010.70
Net Cash Inflow / Outflow
-3,593.70
6,781.20
1,033.10
3,806.70
-2,675.90
1,770.50
-3,918.80
4,033.70
-471.70
153.60
Opening Cash & Equivalents
13,053.90
5,379.30
4,130.90
-988.00
1,763.50
-141.30
5,112.00
131.10
765.20
600.80
Closing Cash & Equivalent
9,063.00
13,053.90
5,379.30
2,846.80
-988.00
1,763.50
1,197.50
3,957.50
131.10
803.70

Financial Ratios

Consolidated /

Standalone
Description
Mar 21
Mar 20
Mar 19
Mar 18
Mar 17
Mar 16
Mar 15
Mar 14
Mar 13
Mar 12
Book Value (Rs.)
105.16
138.62
163.85
159.51
153.98
152.15
90.05
137.23
121.64
122.34
ROA
-6.82%
-10.44%
0.52%
0.47%
1.41%
2.76%
2.68%
1.51%
1.26%
2.90%
ROE
-33.11%
-42.20%
1.89%
1.64%
4.80%
11.05%
10.21%
4.54%
3.80%
8.58%
ROCE
0.96%
-15.21%
4.58%
6.49%
9.49%
14.02%
11.34%
10.37%
7.53%
9.18%
Fixed Asset Turnover
0.27
0.25
0.26
0.29
0.36
0.41
0.46
0.43
0.42
0.42
Receivable days
14.67
18.48
23.01
23.46
19.58
20.25
21.75
27.69
31.20
30.29
Inventory Days
0.75
0.51
0.36
0.26
0.94
1.54
0.98
0.54
0.57
0.88
Payable days
5245.45
125.46
138.68
148.74
131.56
104.72
112.45
167.51
164.08
174.39
Cash Conversion Cycle
-5230.02
-106.47
-115.31
-125.02
-111.04
-82.93
-89.72
-139.29
-132.30
-143.23
Total Debt/Equity
2.20
1.53
1.69
1.60
1.60
1.52
2.13
1.29
1.35
1.37
Interest Cover
0.12
-2.09
0.80
1.24
1.70
2.38
3.37
2.25
1.98
2.60

News Update:


  • Bharti Airtel reports over 2-fold jump in Q4 consolidated net profit
    17th May 2022, 17:33 PM

    Total consolidated income of the company increased by 22.02% at Rs 31518.90 crore for Q4FY22

    Read More
  • Bharti Airtel planning to set up new technology center in Pune
    16th May 2022, 10:51 AM

    This will be Airtel's fourth digital technology hub in India

    Read More
  • Bharti Airtel adds 22.55 lakh subscribers in March
    13th May 2022, 09:48 AM

    The company’s total customer base has increased to 36.03 crore with market share of 31.55%

    Read More
  • Bharti Airtel partners with Apollo Hospitals, Cisco
    28th Apr 2022, 12:40 PM

    The demonstration was conducted in Bengaluru over the 5G trial spectrum allotted to Airtel by the Department of Telecom

    Read More
  • Bharti Airtel acquires stake in Cnergee Technologies
    27th Apr 2022, 16:27 PM

    The stake acquisition will enable Airtel to sharpen its NaaS proposition for Small and Medium Businesses who are looking to accelerate their shift to cloud-based applications

    Read More
  • Bharti Airtel’s arm partners with IndusInd Bank
    26th Apr 2022, 16:14 PM

    The company has partnered with IndusInd Bank to offer fixed deposit facilities to its customers

    Read More
  • Bharti Airtel adds 15.92 lakh subscribers in February
    20th Apr 2022, 12:16 PM

    Following this, the company’s total customer base has increased to 35.80 crore with market share of 31.37%

    Read More
  • Bharti Airtel enters into pact with Summit Digitel
    19th Apr 2022, 12:46 PM

    The financial details were not disclosed

    Read More
  • Bharti Airtel enters into strategic partnership with Tech Mahindra
    31st Mar 2022, 12:46 PM

    The company and Tech Mahindra will co-develop and market 5G use cases in India

    Read More
  • Bharti Airtel adds 7.14 lakh subscribers in January
    31st Mar 2022, 11:06 AM

    The company’s total customer base has increased to 35.65 crore with market share of 31.13%

    Read More
  • Bharti Airtel acquires 4.7% stake in Indus Towers
    29th Mar 2022, 10:35 AM

    The company alongwith its wholly-owned subsidiary has acquired 127,105,179 equity shares from Euro Pacific Securities

    Read More
  • Bharti Airtel inks pact to acquire 7.04% stake in Avaada KNShorapur
    28th Mar 2022, 14:19 PM

    Cost of acquisition is around Rs 1.75 crore in aggregate for acquisition of aggregate 17,42,650 equity shares of Rs 10 each

    Read More
  • Bharti Airtel’s arm inks pact to acquire 11.34% stake in Avaada KNShorapur
    26th Mar 2022, 09:21 AM

    The object of acquisition is to comply with regulatory requirement for captive power plants

    Read More
  • Bharti Airtel prepays Rs 8,815 crore to clear deferred liabilities for spectrum acquired in 2015
    25th Mar 2022, 10:24 AM

    The prepayment is for instalments due in FY 2027 and FY 2028

    Read More
  • Bharti Airtel’s arm to raise $194 million via debt from IFC
    23rd Mar 2022, 09:40 AM

    The funds will be used to support Airtel Africa’s operations and investments across seven subsidiaries in Sub-Saharan Africa

    Read More
  • Bharti Airtel’s Self Optimising Network solution wins Innovative Mobile Service and Application award
    15th Mar 2022, 14:57 PM

    The solution has been deployed by Airtel across its mobile network operations

    Read More
  • Bharti Airtel enters into agreement to acquire 9.01% stake in Avaada CleanTN Project
    9th Mar 2022, 17:39 PM

    Cost of acquisition is Rs 7.89 crore

    Read More
  • Bharti Airtel partners with Axis Bank
    7th Mar 2022, 12:36 PM

    The alliance, with its significant reach across the country will help penetrate tier 2 and tier 3 markets by enabling higher adoption of digitized payments

    Read More
  • Bharti Airtel gets nod from shareholders to issue preferential shares to Google
    28th Feb 2022, 10:23 AM

    The investment comprises $700 million equity investment in Bharti Airtel at a price per share of Rs 734 and $300 million will go towards implementing commercial agreements

    Read More
  • Bharti Airtel enters into agreement with Vodafone to buy stake in Indus Towers
    25th Feb 2022, 17:45 PM

    Any such acquisition shall only be done when such proceeds are confirmed to be utilised by Vodafone to infuse as equity into VIL including any regulatory or shareholders’ approval being fully obtained

    Read More
  • Bharti Airtel acquires strategic stake in Aqilliz
    24th Feb 2022, 11:10 AM

    This allows brands to create secure and consent-based solutions to engage with customers in a rapidly evolving digital economy that’s becoming increasingly decentralised

    Read More
  • Bharti Airtel adds 4.75 lakh subscribers in December
    17th Feb 2022, 15:44 PM

    Following this, the company’s total customer base has increased to 35.58 crore with market share of 30.81%

    Read More
  • Bharti Airtel selects Oracle Fusion ERP, SCM to accelerate digital transformation
    15th Feb 2022, 17:20 PM

    The applications will help enable Airtel to automate manual processes, gain an on-demand 360-degree view of its financial data, and streamline procurement and supply chain management

    Read More
  • Bharti Airtel launches ‘Airtel Xstream Premium’
    10th Feb 2022, 14:59 PM

    Airtel Xstream Premium aggregates content from 15 Indian and global video OTT’s in one app

    Read More
  • Bharti Airtel reports 22% rise in Q3 consolidated net profit
    8th Feb 2022, 17:48 PM

    Total consolidated income of the company increased by 13.16% at Rs 30063.70 crore for Q3FY22

    Read More
  • Bharti Airtel - Quarterly Results
    8th Feb 2022, 15:41 PM

    Read More

Source: www.accordfintech.com | DISCLAIMER: Information is provided " as is" and solely for informational purposes, not for trading purposes or advice, and may be delayed.