Cable TV

Hathway reports lower income, lower loss for Q1-2015

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BENGALURU:  The multi system operator (MSO), Hathway Cable and Datacom (Hathway), reported a 14.5 per cent drop in standalone operating income to Rs 250.22 crore in Q1-2015 as compared to the Rs 292.72 crore in Q4-2014, but 7.6 per cent more than the Rs 232.65 crore in Q1-2014.

The company has been reporting loss for the past few quarters. In Q1-2015, Hathway reported loss of Rs 0.93 crore as compared to a loss of Rs 42.27 crore in Q4-2014 and a profit after tax of Rs 5.32 crore in Q1-2014.

Based on the figures submitted by Hathway, the company’s EBIDTA in Q1-2015 works out to Rs 43.87 crore (17.5 per cent of TIO). Comparative figures for Q4-2014 are Rs 40.70 crore (13.9 per cent of TIO) and Rs 76.09 crore (32.7 per cent of TIO).

Let us look at the other Q1-2015 numbers reported by Hathway

Total expense in Q1-2015 at Rs 254.10 crore (107.1 per cent of TIO) was 19 per cent lower than the Rs 313.53 crore in Q4-2014 (107.1 per cent of IO) in Q4-2014 and 28.3 per cent more than the Rs 198.1 crore in Q1-2014.

Hathway’s pay channel cost at Rs 85.81 crore (34.3 per cent of TIO) in Q1-2015 was 25.7 per cent lower than the Rs 115.41 crore (39.4 per cent of TIO) in Q4-2014 and 46.8 per cent more than the Rs 58.45 crore (17.9 per cent of TIO) in Q1-2014.

Hathway reported other income of Rs 2.05 crore in Q1-2015; Rs 2.54 crore in Q4-2014 and Rs 0.95 crore in Q1-2014. The company reported forex gain of Rs 1.58 crore in Q1-2015; forex gain of Rs 4.71 crore in Q4-2014 and a forex loss of Rs 8.32 crore in Q1-2014.

The company’s finance costs have gone up in Q1-2015, both in terms of actual amounts and in terms of percentage of TIO. In Q1-2015, finance cost at Rs 29.17 crore (11.7 per cent of TIO) was 18 per cent more than the Rs 24.71 crore (8.4 per cent of TIO) in Q4-2014 and 34.9 per cent more than the Rs 21.61 crore (9.3 per cent of TIO) in Q1-2014.

Once the company’s finance costs were accounted for, its loss would have been wider in Q1-2015, but for a change in accounting practices, which after providing for doubtful advances/investments/receivables from entities under control/ significant control have resulted in exceptional item of Rs 28.87 crore and reduced the loss accordingly.

As mentioned in our report last week, Hathway got board approval to raise Rs 300.80 crore through a preferential allotment to two foreign institutional investors – the SmallCapWorld Fund (SWF) and American Funds Insurance Series. While it is proposing to allot  70,50,000 shares to SmallCapWorld Fund, American Funds Insurance is expected to mop up 23,50,000 equity shares.

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