GTPL Hathway Limited – Update
Update
“Q2 FY 2022-23 Numbers”
GTPL Limited – the 6th largest “Private Wireline Broadband” service provider in India has posted its Q2 FY2022-23 numbers today.
On a consolidated basis the Revenues of the company stood at INR 654.98 Cr for the period ended 30 September 2022 which was INR 630.89 Cr for the previous quarter, registering a growth of 3.82% Q-O-Q basis; however the company’s top-line grew by 9.91% on a Y-O-Y basis (INR 595.95 Cr for the same period last year)
“Cable TV Business” continues to be the top revenue generator for the company followed by “Internet Services” and “EPC Project”
Expenses of the company stood at INR 339.14 Cr for the period ended 30 September 2022 as against INR 327.97 Cr for the previous quarter; expenses stood at INR 297.67 Cr for the same period a year ago.
The Company registered a net profit of INR 47.48 Cr for the period ended 30 September 2022 as compared to INR 48.22 Cr for the previous quarter, de-growth of 1.53% on a Q-O-Q basis; however on a year-on-year basis profit after tax of the company fell by 5.81% (PAT of INR 50.41 Cr for the same period last year)
MD Speech –
Commenting on the Results, Anirudhsinh Jadeja said, “We are proud to have delivered on our key KPIs during H1 FY23 by focusing on our key growth objectives. We remain the largest MSO in India riding on our quality services and consumer centric products and services. We expect to grow our Digital Cable TV business by aggregating smaller MSOs and additionally, expanding the broadband penetration to Digital Cable TV base.
The Broadband segment presents a great opportunity for growth due to consistent increase in demand for wired broadband and increasing data consumption patterns. We aim to capitalize on the immense opportunity for growth and to contribute to the digital growth story of India across rural and urban areas.”
Daily Chart –
Share of GTPL closed at INR 154.90 when the market closed last time.
The stock is currently trading below its short and long-term moving averages.
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14 July 2022
Update:
First Quarter Result
GTPL Hathway Ltd – India’s largest MSO providing Digital Cable TV services and the 6th largest Private Wireline Broadband service provider in India as presented its Financial Results for the 1st quarter ended June 30, 2022 today evening.
On a consolidated basis, the company’s revenue from operations stood at INR 630.89 Cr for the quarter ended June 30, 2022, as against INR 617.28 Cr for the quarter ended March 31, 2022, registering a growth of 2.20 percent Q-O-Q basis. While year-on-year revenue of the company grew by 4.84 percent (INR 601.76 Cr for the period ended June 30, 2021)
Segment Wise Revenue:
When comparing the segment-wise revenue, GTPL’s ‘Cable TV Business’ revenue grew by 2.44% Q-O-Q basis and 6.51% Y-O-Y basis (INR 502.14 Cr as of June 30, 2022, v/s INR 490.17 Cr as of March 31, 2022)
GTPL continues to widen its footprint in its existing markets and penetrate new markets through both organic and inorganic routes, where –
1) Consolidated Subscription revenue increased by 3 percent Y-o-Y
2) Standalone Subscription revenue at 1,903 million, up by 4 percent Y-o-Y
3) Paying subscribers stood at 7.80 million; increased by 500k Y-o-Y
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While revenue from Internet (Broadband) Service grew by 3.85% Q-O-Q basis and 24% Y-O-Y basis,
Total active subscribers (Broadband) stood at 845k; addition of 155k in Y-o-Y
1) Homepasses stood at 4.85 million; addition of 750k Y-o-Y
2) Average revenue per user (ARPU) for Q1 FY23 stood at INR 450
3) Average data consumption per user per month increased by 17% Y-o-Y to 260 GB
Total Expenses (on a consolidated basis) of the company stood at INR 581.54 Cr for the period ended June 30, 2022, INR 557.36 Cr for the period ended March 31, 2022, and INR 535.61 Cr for the period ended June 30, 2021.
The Company registered a profit after tax of INR 48.22 Cr for the first quarter ended 30 June 2022 as compared to INR 56.59 Cr for the quarter ended 31 March 2022, showing a net fall of 14.79 percent quarter-on-quarter basis. However, the company’s year-on-year profit de-grew by 9.07 percent (PAT of INR 53.03 Cr for the period ended 30 June 2021)
“Elevated pay channel cost coupled with higher operational and employee benefit cost is the main reason why the company registered a fall in PAT”
Earnings Per Share (EPS) of the company stood at INR 3.85 for the quarter ended 30 June 2022, INR 4.84 for the quarter ended 31 March 2022, and INR 4.22 for the quarter ended 30 June 2022.
MD Speak –
Commenting on the Results, Mr. Anirudhsinh Jadeja, MD said, “We have been consistent in achieving our goals across all business segments. We are the largest MSO in India and continue our strategy of expansion in new geographies and deeper penetration in our existing markets.
The key highlights of Q1 FY23 are stable digital cable TV subscription revenues and growth in subscribers as well as revenues in the Broadband business. GTPL has again been listed amongst “India’s Top 500 Companies 2022”, the second year in a row, as released by Dun & Bradstreet.
We have entered FY23 with a positive outlook for our businesses and confidence in our ability to continue its successful evolution.”
Here is the Daily Chart –
The stock price of GTPL Hathway Ltd ended at INR 154.40 declined by 0.80% today on the NSE when the market closed.
The stock is currently trading 51% below its 52-week high of INR 313.90 and is trading 17% above its 52-week low of INR 132.30.
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15-07-2020
Update
Q1 FY 2021 Numbers
GTPL Hathway Limited – India’s leading Multi-Service Operator (MSO) has announced its financial results for the 1st quarter of FY 2020-21 on Wednesday.
The consolidated Q1FY21 revenue from operations stood at INR 501.99 Cr up 10 per cent Y-O-Y despite Covid-19 pandemic challenges.
Net profit of GTPL Hathway rose 38.78 per cent to INR 40.87 Cr in the quarter ended June 2020 as against INR 29.45 Cr during the previous quarter ended June 2019.
The company’s Q1FY21 subscription revenue increased 7 per cent to INR 265.3 Cr Y-O-Y.
EBITDA stood at INR 128.7 Cr up 11 per cent Y-O-Y.
MD Speaks:
During the current financial year, we plan to launch a Hybrid box, which will enable us to provide a multiservice product that will have Broadband, OTT, and Cable service at an attractive price point.
Our CATV Business expansion in Maharashtra, Andhra Pradesh, Tamil Nadu, and Telengana is on track and it will gain momentum in the coming quarters.
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09 January, 2020
Update
Q3 FY 2020 Numbers
GTPL Hathway Limited – one of India’s leading Cable TV and Broadband Service providers has posted its Q3 numbers after the market hours today.
On consolidated basis, the company reported a 97.72 per cent jump in its net profit to INR 38.99 Cr in December 2019 versus INR 19.72 Cr in December ’18.
During the same period, the company reported total revenues of INR 673.97 Cr v/s INR 314.50 Cr, up 114.29 per cent.
The Company’s EBITDA (Earnings before interest, tax, depreciation and amortization) for Q3 December 2019 stood at INR 135.2 Cr, up 62 per cent Y-O-Y
EPS of the company stood at INR 2.94 as against INR 1.65
GTPL Hathway Ltd added 10,000 FTTX (Fiber to the X) subscribers, 2,40,000 new home pass; and added 20,000 net broadband subscribers during Q3 FY20.
The consumption per customer stood at 126 GB/month as on December 2019; up from 95 GB/month in December 2018.
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16 June 2017
Gujarat based cable television and broadband services operator “GTPL Hathway Limited” is planning to raise about Rs. 240 Crore through an initial public offering (IPO).
GTPL Hathway Limited Background
Incorporated in the year 2006, GTPL Hathway Limited is a Gujrat based leading MSO (Multi System Operator) offering broadband and cable television services.
- GTPL Hathway is number 1 cable service provider in Gujarat with a market share of 67% of cable television subscribers.
- It is the number 2 MSO in Kolkata and Howrah in West Bengal with a market share of 24% of cable television subscribers.
Company Reach
- As of September 30, 2016, the company’s digital cable television services reached 169 towns across India, including towns in Gujarat, West Bengal, Maharashtra, Andhra Pradesh, Assam, Bihar, Jharkhand, Madhya Pradesh, Rajasthan, and Telangana.
- As of September 30, 2016, the company had seeded approximately 61.9 lac STBs (set-top box) and had approximately 54.1 lac active digital cable subscribers.
- As of August 31, 2016, the company had approximately 20.2 lac analog cable subscribers, for which it has received requisitions for digital STBs from LCOs.
- As of September 30, 2016, the company had 217,823 broadband subscribers.
- As of September 30, 2016, it provided broadband services primarily in the state of Gujarat and had established a home pass of approximately 10 lac households.
Source of Revenue
GTPL’s source of revenue for cable services is subscription income received from subscribers and carriage and placement revenues received from broadcasters for carrying their channels and placing their channels on their preferred channel number or position.
Company Promoters
Mr. Aniruddhasinhji Jadeja
Mr. Kanaksinh Rana
Gujarat Digi Com Private Ltd
Hathway Cable and Datacom Ltd
IPO Details – Issue Price, Minimum Bid and Other
IPO Opening, Closing & Listing Dates
Financial Performance
Revenues –
GTPL has registered steady revenue growth in recent years. Topline has been increasing regularly for the last five years and jumped from INR 359 crore in FY2012 to INR 852 crore for the year ended March 2016.
Profits –
Though the company has shown superb growth in revenue, the company has also registered impressive profits in these years (it was down in 2014 and 2015). Starting from INR 32 crore of profit in FY2012, the company’s profitability improved to INR 73 crore in FY2016.
CONCLUSION –
Considering company’s valuation, financial parameters and the sector in which it is operating FinBlab recommends SUBSCRIBE ratings on GTPL Hathway Limited issue.
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