GTPL Hathway Ltd Research ReportCo.Update

Broadband segment shines again… GTPL Hathway (GTPL) reported a robust Q3FY21 operating performance. Ex-EPC revenues were at | 544.6 crore, up 24.8% YoY. Revenues at | 647.2 crore were down 4% YoY as EPC revenues for Q3FY21 were lower at | 102.6 crore. Subscription and broadband revenues were at | 271.8 crore and | 77.8 crore, respectively. Reported EBITDA increased 15.9% YoY to | 141 crore. EBITDA margins at 21.8%, were up 374 bps YoY as Q3FY20 had higher proportion of EPC revenue. Core EBITDA was up 27% YoY to | 133.7 crore with margins at 24.5%, up 40 bps YoY. PAT at | 45.2 crore, was up 36.8% YoY. Expansion in new markets holds the key Subscription revenues was up 5.3% YoY. Placement/carriage income was up sharply by ~58% YoY at | 164 crore, driving the growth in CATV business. On subscription front, ARPU generated was at | 123, flattish QoQ. Active subscribers (7.9 million) and paying subscribers (7.3 million) registered growth of 50K each compared to the growth of 100K in Q2FY21 as corporate customer acquisition was hindered in November due to intermittent lockdown.