What are revenue and PAT?
Revenue, also called sales or turnover, is the total money a company earns from selling its goods and services before any costs are deducted. It is the top line of the income statement.
PAT, or profit after tax, is the bottom line: revenue less every cost, including raw materials, salaries, interest and tax. It is the profit that belongs to shareholders. Divide it by the number of shares and you get EPS.
Most investors look at both, because they answer different questions. Rising revenue shows that the business is growing. Rising PAT shows that the growth turns into profit. Revenue can grow while PAT falls if costs grow faster.
Net profit margin = PAT / Revenue × 100
TTM, or trailing twelve months, means the sum of the latest four reported quarters, which smooths out seasonal swings.
Real revenue, PAT and margin for four large companies
| Company | Sector | Period | Revenue (TTM) | PAT (TTM) | Net margin |
|---|---|---|---|---|---|
| Bharti Airtel | Telecom - Services | 2026-06-30 | ₹2,20,049 Cr | ₹36,413 Cr | 16.55% |
| Infosys | IT - Software | 2026-09-30 | ₹1,89,336 Cr | ₹30,704 Cr | 16.22% |
| Reliance Industries | Petroleum Products | 2026-06-30 | ₹11,38,865 Cr | ₹88,167 Cr | 7.74% |
| TCS | IT - Software | 2026-09-30 | ₹2,83,248 Cr | ₹51,695 Cr | 18.25% |
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Net profit margin (%) - trailing twelve months
PAT divided by revenue for the latest reported TTM period of each company.
Margins differ widely by business. TCS keeps 18.25% of its revenue as profit, while Reliance Industries keeps 7.74%. That does not make one a better company: a refiner and retailer such as Reliance works on thin margins and very large sales, while a software company keeps more of each rupee. Compare margins within a sector, not across them.
Growth over a year
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Year-on-year growth in TTM revenue and PAT (%)
Latest TTM figure against the same quarter a year earlier.
Revenue grew for 4 of the 4 companies, but PAT grew for only 2 of them. That gap is the point of looking at both: for a company where revenue rises and PAT falls, costs, interest or tax took the gain.
Why banks are not on this page
Banks and insurers do not report revenue the way other companies do. A bank’s income is mainly interest, and its costs include interest paid to depositors, so the usual revenue and margin comparison does not carry over. Punji shows PAT for banks but assesses them on a modified set of measures. See the quality score and the methodology.
Frequently asked questions
What is the difference between PAT and EBITDA?
EBITDA is profit before interest, tax, depreciation and amortisation, so it is a measure of operating cash earnings. PAT is after all of those, so it is the actual profit left for shareholders.
What does TTM mean?
Trailing twelve months: the sum of the most recent four reported quarters. It is more current than the annual figure and avoids one quarter’s seasonality.
Is a higher PAT always better?
A higher PAT is better only relative to the size of the company and its past. Compare PAT growth, margin and the P/E ratio to judge whether the profit justifies the price.
WHAT THIS MEANS FOR YOU Do not judge a company by one year of profit. A one-off gain or loss can swing PAT, so look at several periods and at the margin trend. Revenue and PAT also come from company filings, so they trail what is happening in the business today.
METHODOLOGY Reported trailing-twelve-month revenue and PAT from company filings, as stored in the Punji stock database (D1 stocks.earnings_json), reported trailing-twelve-month figures, converted from lakh to crore. Growth compares the latest TTM period with the same quarter a year earlier; the periods differ across companies, as shown in the table. Not investment advice.