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GTPL Hathway reports muted operating performance

News: GTPL Hathway’s operating revenue was at Rs.599.1 crore, down 7.4% YoY in Q3FY22, with growth largely in broadband and placement/carriage income. Ex-EPC revenue grew  9.7% YoY to Rs.597.2 crore. EBITDA was at Rs. 133.5 crore, down 5.4% YoY with EBITDA margins 22.3%, up 50 bps YoY. Ex-EPC EBITDA was at Rs.133.3 crore with margins at 22.3%, down 120 bps YoY. Reported PAT was at Rs.54.6 crore, up 21% YoY, largely due to higher other income and lower depreciation YoY.

Views: Broadband segment continued growth momentum with a sharp jump of ~35% YoY in revenues to Rs.105.4 crore, owing to addition of 30,000 subscribers during Q2 while cable subscription revenue remained flattish (down 0.6% YoY) at Rs.270.2 crore. The cable placement/carriage income was up 13% YoY at Rs.185.9 crore. While stable balance sheet and broadband performance is positive, we seek management commentary on outlook ahead as maintaining traction (on a higher base) in broadband segment, along with growth in cable segment (which has remained flattish recently), going forward.

Impact: Neutral