- 15 Jul 2022
- ICICIdirect Research
GTPL Hathway reports weak performanceGTPL - 101 Change: 0.40 (0.40 %)
News: GTPL Hathway’s operating revenue was at Rs 630.9 crore, up 4.8% YoY, with growth largely in broadband and placement/carriage income. Broadband segment continued growth momentum with a sharp jump of ~24.1% YoY in revenues to Rs 113.9 crore, owing to addition of 29K subscribers. The cable placement/carriage income was up 13% YoY at Rs 211.4 crore while cable subscription revenue remained flattish (up 3.3% YoY) at Rs 272.7 crore. EBITDA was at Rs 120.8 crore (down 6.4% YoY) with margins at 19.2%, down 231 bps YoY, as core subscription revenues remained. Reported PAT was at Rs 43.3 crore, down 8.9% YoY, due to muted operating performance.
Views: While 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.