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Hathway Q3 operating income up 52%

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BENGALURU: Indian Multi Systems Operator (MSO) Hathway Cable & Datacom Limited (Hathway) reported a jump of 52.1 per cent in operating income to Rs 234.78 crore  in Q3-2014 from Rs 154.40 crore  in Q3-2013 and up 6.7 per cent from Rs 220.28 crore  in Q2-2013.

The company’s operating income for 9M-2014 was 62.5 per cent higher at Rs 687.71 crore  compared with Rs 423.14 crore  in 9M-2013. For FY 2013, the company reported operating income of Rs 654.32 crore.

Hathway’s y-o-y EBIDTA for Q3-2014 at Rs 39.13 crore  was up 6.3 per cent as compared to the Rs 36.82 crore  in Q3-2013, but (2.5) per cent lower than the Rs 40.15 crore  in Q2-2014. YTD, Hathway’s 9M-Q2014 EBIDTA was 79.9 per cent more at Rs 156.4 crore  as compared to the Rs 86.93 crore  in 9M-2013. For FY 2013, Hathway’s EBIDTA was Rs 178 crore.

Let us look at the other figures reported by Hathway for Q3-2014

The company’s income breakup for the quarter is: Cable Income:-Rs  191.1 crore ; Placement Income-Rs  73.6 crore :  Activation Income- Rs 2.5 crore : Broadband Income-Rs 36.6 crore. 

Hathway reported a net loss of Rs (36.86) crore  which was almost five times (4.97 times) the loss of Rs 7.42 crore  in Q3-2013, but 17.1 per cent less than the loss of Rs 44.45 crore  in the immediate trailing quarter. Hathway’s 9M-2014 net loss at Rs 75.99 crore  was triple the loss of Rs 25.25 crore  in 9M-2014. For FY 2013, Hathway reported a profit of Rs 3.20 crore. 

Total Expense including depreciation and amortization for Q3-2014 at Rs 254.03 cores was 72.1 per cent more than the Rs 147.57 crore  in the corresponding quarter of last year and 8.9 per cent more than the Rs 233.19 crore  in Q2-2014. During 9M-2014, Hathway’s Total Expense was higher by 62.6 per cent at Rs 685.32 crore  as compared to the Rs 421.62 crore  in 9M-2013. For FY 2013, Hathway reported Total expense at Rs 608.5 crore. 

Hathway paid almost double (1.95 times) towards Pay channel cost in Q3-2014 at Rs 82.73 crore  as compared to the Rs 42.96 crore  in Q3-2013 and 22.6 per cent more than the Rs 68.30 crore  in Q2-2014. In 9M-2014, Hathway paid Rs 210.47 crore  towards this head, which was 74 per cent more than the Rs 120.91 crore  in 9M-2013. For FY 2013, the company paid Rs 170.41 crore  towards this cost. 

The company’s finance cost for Q3-2014 at Rs 22.41 crore  was almost double (up 1.96 times) the Rs 11.43 crore  I Q3-2013, but (5.5) per cent lower than the Rs 23.71 crore  in Q2-2014. In 9M-2014, Hathway’s finance cost more than double (up 2.11 times) to Rs.67.81 crore  as compared to the Rs.32.07 crore  in 9M-2013. For FY 2013, Hathway paid Rs.46.14 crore  towards finance cost. 

By the end of December 2013, Hathway claims that it along with its JV partners had deployed 77 lakh boxes. During the quarter the company says that it has laid emphasis on collecting CRF’s from Phase II cities and on focusing for monetization of DAS areas. With this focus on collections it says that it has witnessed continued traction in the pace of subscription collections into January 2014.It says further that gross additions to its Broadband subscriber base was around 27,000 for the quarter.

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