Nifty
Sensex
:
:
17853.20
60048.47
30.25 (0.17%)
163.11 (0.27%)

Telecommunication - Service Provider

Rating :
54/99

BSE: 532454 | NSE: BHARTIARTL

739.40
24-Sep-2021
  • Open
  • High
  • Low
  • Previous Close
  •  729.05
  •  753.00
  •  728.00
  •  726.80
  • Volume
  • Traded Value (lacs)
  • 52 Week High
  • 52 Week Low
  •  70844952
  •  525661.16
  •  753.00
  •  394.00

Stock Summary

  • Market Cap(Crs)
  • Stock P:E
  • Face Value
  • 405,970.66
  • 358.28
  • 5
  • Enterprise Value(Crs)
  • Dividend Yield
  • Price:Book Value
  • 522,294.46
  • N/A
  • 6.84

Shareholding Pattern

  • Promoter
  • Corporate
  • Public
  • 55.86%
  • 0.55%
  • 2.29%
  • FII
  • DII
  • Others
  • 18.12%
  • 20.41%
  • 2.77%

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
  • 29.62
  • -

P:BV (Average)

  • 8 Years
  • 5 Years
  • 3 Years
  • 2.91
  • 3.03
  • 3.48

EV:EBITDA (Average)

  • 8 Years
  • 5 Years
  • 3 Years
  • 8.17
  • 8.80
  • 9.51

Quarterly Results

Consolidated Figures in Rs. Crores /

Standalone
Description
Jun 21
Jun 20
Var%
Mar 21
Mar 20
Var%
Dec 20
Dec 19
Var%
Sep 20
Sep 19
Var%
Net Sales
26,853.60
23,290.30
15.30%
25,747.30
23,018.70
11.85%
26,517.80
21,343.60
24.24%
25,785.00
21,131.30
22.02%
Expenses
13,873.30
13,373.30
3.74%
13,415.40
13,401.20
0.11%
14,464.80
12,627.20
14.55%
14,143.00
12,294.10
15.04%
EBITDA
12,980.30
9,917.00
30.89%
12,331.90
9,617.50
28.22%
12,053.00
8,716.40
38.28%
11,642.00
8,837.20
31.74%
EBIDTM
48.34%
42.58%
47.90%
41.78%
45.45%
40.84%
45.15%
41.82%
Other Income
209.80
406.60
-48.40%
83.90
819.80
-89.77%
49.20
306.70
-83.96%
148.90
346.60
-57.04%
Interest
4,225.70
3,467.10
21.88%
3,860.60
4,147.10
-6.91%
3,971.90
3,289.30
20.75%
3,760.40
3,187.20
17.98%
Depreciation
7,713.70
7,113.10
8.44%
7,501.90
6,861.50
9.33%
7,503.10
6,817.80
10.05%
7,421.10
6,935.10
7.01%
PBT
1,281.20
-12,002.30
-
1,493.70
-7,430.10
-
-3,932.70
-2,134.00
-
560.10
-31,649.50
-
Tax
834.50
3,702.20
-77.46%
510.10
-2,152.00
-
4,306.70
-1,163.70
-
551.70
-8,503.90
-
PAT
446.70
-15,704.50
-
983.60
-5,278.10
-
-8,239.40
-970.30
-
8.40
-23,145.60
-
PATM
1.66%
-67.43%
3.82%
-22.93%
-31.07%
-4.55%
0.03%
-109.53%
EPS
0.52
-29.20
-
1.38
-9.60
-
1.56
-2.02
-
-1.40
-44.90
-

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
104,903.70
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
18.16%
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
104,903.70
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
55,896.50
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.
-
3,877.90
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
-
3.78%
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.
-
426.40
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
-
0.42%
0.60%
3.41%
1.35%
2.81%
2.80%
2.41%
0.82%
0.68%
0.68%
EBITDA
49,007.20
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
46.72%
45.37%
41.19%
29.90%
36.35%
36.87%
35.10%
34.97%
32.35%
30.23%
33.16%
Other Income
491.80
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
15,818.60
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
30,139.80
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
-597.70
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
6,203.00
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
-1,037.81%
-69.73%
28.01%
163.81%
49.11%
52.14%
50.54%
52.06%
65.98%
56.79%
34.64%
PAT
-6,800.70
-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
-9,436.20
-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
-2,635.50
-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
-6.48%
-24.60%
-37.34%
0.07%
0.05%
2.89%
5.19%
4.81%
2.91%
2.49%
5.96%
PAT Growth
0.00%
-
-
41.47%
-98.62%
-45.01%
8.30%
85.17%
30.37%
-55.06%
 
EPS
-12.38
-45.93
-59.79
0.10
0.07
5.02
9.12
8.42
4.55
3.49
7.76

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.)
107.18
141.28
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
117.38
125.46
138.68
148.74
131.56
104.72
112.45
167.51
164.08
174.39
Cash Conversion Cycle
-101.95
-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 adds 19.42 lakh subscribers in July
    23rd Sep 2021, 16:53 PM

    The company’s total customer base has increased to 35.41 crore

    Read More
  • Tejas Networks selected by Bharti Airtel for optical network expansion
    23rd Sep 2021, 15:37 PM

    The enhanced capacity will enable Airtel to deliver a superior experience to its customers as data consumption in India grows rapidly

    Read More
  • Bharti Airtel commits 50% cut in greenhouse gas emissions across operations by FY31
    20th Sep 2021, 16:34 PM

    It will achieve its overarching goals through multiple interventions, including accelerated green energy adoption across its network operations

    Read More
  • Bharti Airtel’s arm launches Rewards123Plus digital savings account variant
    20th Sep 2021, 13:45 PM

    Customers can digitally open or upgrade to Rewards123Plus through the banking section on the Airtel Thanks app

    Read More
  • Bharti Airtel hikes prices of mobile prepaid, home broadband plans
    17th Sep 2021, 12:25 PM

    All Airtel Xstream Fiber plans above Rs 999 will come bundled with one-year Disney+ Hotstar super subscription pack worth Rs 899 as part of Airtel Thanks benefits

    Read More
  • Bharti Airtel conducts India’s first cloud gaming experience on 5G network
    2nd Sep 2021, 16:25 PM

    For the 5G cloud gaming demonstration, the company partnered with two of India’s leading gamers - Mortal and Mamba

    Read More
  • Bharti Airtel gets nod to raise up to Rs 21,000 crore by way of rights issue
    30th Aug 2021, 09:35 AM

    The rights entitlement ratio entails one equity share for every 14 equity shares held by eligible shareholders as on the record date

    Read More
  • Bharti Airtel planning to raise funds
    26th Aug 2021, 10:25 AM

    A meeting of the board of directors of the company is scheduled on August 29, 2021, to inter-alia consider the same

    Read More
  • Bharti Airtel adds 38.12 lakh subscribers in June
    23rd Aug 2021, 16:35 PM

    Following this, the company’s total customer base has increased to 35.21 crore with market share of 29.82%

    Read More
  • Bharti Airtel, Jio conclude spectrum trading agreement
    13th Aug 2021, 14:14 PM

    Airtel has received Rs. 1004.8 crore (net of tax) from Jio for the proposed transfer

    Read More
  • Bharti Airtel partners with Google Cloud, Cisco to launch ‘Airtel Office Internet’
    5th Aug 2021, 16:44 PM

    The company is planning to launch ‘Airtel Office Internet’ for the emerging digital connectivity needs of small businesses, SOHOs and early stage tech start-ups

    Read More
  • Bharti Airtel becomes market leader in India’s fast-growing Enterprise IoT segment
    4th Aug 2021, 15:47 PM

    It has created significant strategic differentiation from competitors in the IoT market

    Read More
  • Bharti Airtel reports consolidated net profit of Rs 941 crore in Q1
    4th Aug 2021, 09:08 AM

    Total income of the company increased by 14.21% at Rs 27063.40 crore for Q1FY22

    Read More
  • Bharti Airtel discontinues Rs 49 prepaid recharge
    28th Jul 2021, 14:23 PM

    The company's prepaid packs would now start from the Rs 79 smart recharge

    Read More
  • Bharti Airtel introduces new postpaid plans for Corporate, Retail customers
    22nd Jul 2021, 16:49 PM

    The new corporate plans begin at Rs 299 and go all the way in which as much as Rs 1599

    Read More
  • Bharti Airtel enters into collaboration with Intel for 5G technology in India
    22nd Jul 2021, 10:44 AM

    As part of the collaboration, Airtel will deploy Intel's latest 3rd gen Xeon Scalable processors and other components across its network

    Read More
  • Bharti Airtel partners with Cisco
    16th Jul 2021, 13:54 PM

    The partnership will allow enterprises to design, deploy, configure, migrate, and manage their WAN infrastructure

    Read More
  • Bharti Airtel records over 1 Gbps speed during 5G trial in Mumbai
    13th Jul 2021, 13:30 PM

    The company is running a live 5G trial in Mumbai’s Phoenix Mall in Lower Parel

    Read More
  • Bharti Airtel adds 5.17 lakh subscribers in April
    13th Jul 2021, 10:31 AM

    Following this, the company’s total customer base increased to 35.29 crore

    Read More
  • Bharti Airtel augments mobile network in J&K, Ladakh
    6th Jul 2021, 09:09 AM

    With over 5.59 million customers, the Airtel network covers 91.13 per cent population in the two union territories

    Read More
  • Bharti Airtel’s subsidiary logs surge in biz volumes amid pandemic
    5th Jul 2021, 14:12 PM

    The company is eyeing a break-even this fiscal

    Read More
  • Bharti Airtel launches ‘Airtel Black’
    2nd Jul 2021, 13:37 PM

    A customer can bundle 2 or more of Airtel services (Fiber, DTH, Mobile) together to become Airtel Black

    Read More
  • Bharti Airtel upgrades high speed network in Andhra Pradesh, Telangana
    1st Jul 2021, 11:45 AM

    Airtel has deployed an additional X MHz of its existing spectrum in the superior 900 MHz band for 4G

    Read More
  • Bharti Airtel to invest additional $500 million into OneWeb
    30th Jun 2021, 13:18 PM

    The transaction is expected to be completed in the second half of 2021

    Read More
  • Bharti Airtel enters into strategic partnership with Tata Group
    22nd Jun 2021, 10:40 AM

    Airtel will pilot and deploy this indigenous solution as part of its 5G rollout plans in India and start the pilot in January 2022

    Read More
  • Bharti Airtel adds 40.55 lakh subscribers in March
    19th Jun 2021, 08:59 AM

    The company’s total customer base increased to 35.24 crore with market share of 29.84%

    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.