- 17 Oct 2022
- ICICIdirect Research
GTPL Hathway posts weak performanceGTPL - 101 Change: -0.25 (-0.25 %)
GTPL Hathway’s operating revenue was at Rs 655 crore, up 9% YoY, with growth largely in broadband and placement/carriage income. Broadband segment continued growth momentum with a sharp jump of ~19% YoY in revenues to Rs 119.8 crore, owing to addition of 25,000 subscribers. The cable placement/carriage income was up 24.8% YoY at Rs 224.7 crore while cable subscription revenue remained flattish (up 1.3% YoY) at Rs 275.1 crore. EBITDA was at Rs 131.3 crore (down 3.1% YoY) with margins at 20.1%, down 268 bps YoY, as core subscription revenues remained muted. Reported PAT was at Rs 44.9 crore, up 4% YoY.
While a net cash balance sheet and broadband performance is positive, the cable segment has remained flattish recently and has less tailwinds for future. Furthermore, broadband segment, outlook on a decent base, needs to be monitored.