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Hathway FY-2014 Operating Income up 40 per cent; reports loss of Rs 141 crore

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BENGALURU: Indian Multi System Operator (MSO) Hathway Cable & Datacom Limited (Hathway) reported a jump of 39.8 per cent in consolidated net Total Operating Income (Op Inc) to Rs 1583.25 crore in FY-2014 as compared to the Rs 1132.52 crore in FY-2013. The company reported a loss of Rs 140.69 crore in the current year as opposed to a PAT of Rs 37.59 crore in the previous fiscal.

 Note :  (1)100,00,000=100 lakh = 1 crore = 10 million.

(2) Annual figures are on a consolidated basis.

The company’s Operating EBIDTA (without other income) in FY-2014 at Rs 309.8 crore (19.57 per cent of Tot Inc) was 13.1 per cent more than the Rs 273.84 crore (24.3 per cent of Op Inc) in FY-2013. Operating EBIDTA in Q4-2014 at Rs 40.70 crore (13.9 per cent of Op Inc) was 10.8 per cent more than the Rs 36.74 crore (15.65 per cent of Op Inc) in Q3-2014 but less than half (46 per cent) of the year ago quarter’s EBIDTA of Rs 88.48 crore (38.3 per cent of Op Inc).

For Q4-2014, Hathway reported Op Inc of Rs 292.72 crore which was 24.7 per cent higher than the Rs 234.78 crore in the quarter ended 31 December 2013 and 26.6 per cent lower than the Rs 231.18 crore in the year ago quarter Q4-2013.

Let us look at the other FY-2014 and Q4-2014 numbers reported by Hathway.

Hathway reported consolidated Total expense (Tot Exp) in FY-2014 at Rs 1572.75 crore (99.3 per cent of Op Inc), 53.5 per cent higher than FY-2013 Tot Exp of Rs 1024.74 crore (90.5 per cent of Op Inc). Q4-2014 Tot Exp at Rs 313.53 crore (107.1 per cent of Op Inc) was 23.4 per cent more than the Rs 254.03 crore (108.2 per cent of Op Inc) in Q3-2014 and 67.8 per cent more than the Rs 186.89 crore (80.8 per cent of Op Inc) in Q4-2013.

A major expense for Hathway is Pay Channel Cost. The company paid Rs 666.42 crore (42.1 per cent of Op Inc) in FY-2014 towards this head, which was 54.1 per cent more than the Rs 432.51 crore (38.19 per cent of Op Inc) in FY-2013. Hathway paid Rs 115.41 crore (39.4 per cent of Op Inc) in Q4-2014 towards pay channel cost, which was 37.85 per cent more than the Rs 83.72 crore (35.7 per cent of Op Inc) in the immediate trailing quarter and more than double (2.33 times) the Rs 49.50 crore (21.41 per cent of Op Inc) in Q4-2013.

Hathway’s Stock-in-trade purchase (Stock Pur) more than doubled in FY-2014 (went up by 2.23 times) to Rs 13.85 crore (0.87 per cent of Op Inc) from Rs 6.20 crore (0.55 per cent of Op Inc) in FY-2013. Stock Pur in Q4-2014 at Rs 10.25 crore (3.5 per cent of Op Inc) was more than 8 times (8.36 times) the Rs 1.23 crore (0.52 per cent of Op Inc) in Q3-2014 and 6.28 times the Rs 1.63 crore (0.71 per cent of Op Inc) in Q4-2013.

The company’s results during the quarters were: Q4-2014 – Loss of Rs 49.27 crore; Q3-2014 – loss of Rs 36.86 crore: Q4-2013 – PAT of Rs 28.27 crore.

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