Cable TV

Hathway back in black in Q3 2019

Hathway’s standalone operational revenue declined 2.7% y-o-y to Rs 134.85 crore.

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BENGALURU: Broadband internet services provider Hathway Cable & Datacom Limited reported a standalone profit after tax and standalone net comprehensive income of Rs 6.44 crore and Rs 6.27 crore respectively for the quarter ended 31 December 2018 (Q3-2019, quarter or period under review). The company had reported a loss of Rs 5.90 crore in the previous quarter (Q2-2019) due to higher other expenses and foreign exchange loss. In Q3-2019, Hathway has reported a foreign exchange gain of Rs 3.07 crore as compared to a forex gain of Rs 4.32 crore in Q3 2018 and a forex loss of Rs 7.21 crore in Q2 2019.

Hathway’s standalone operational revenue for the period under review declined 2.7 per cent y-o-y to Rs 134.85 crore from Rs 138.65 crore, but was 3.3 per cent higher q-o-q than the Rs 130.55 crore in Q2-2019. Standalone total income in Q3-2019 was slightly lower y-o-y (lower by 0.8 per cent) at Rs 143.41 crore as compared to Rs 144.57 crore in Q3 2018. Though the company’s standalone operating profit EBITDA) for Q3 2019 declined 14.6 per cent y-o-y  to Rs 51.30 crore (38 per cent of operating revenue) from Rs 60.06 crore (43.3 per cent of operating revenue), it increased 10.1 per cent q-o-q from Rs 46.58 crore (35.7 per cent of operating revenue).

Let us look at the other numbers reported by Hathway

Standalone total expenditure in Q3 2019 was Rs 139.67 crore or 101.6 per cent of operational revenue as compared to Rs 120.70 crore or 87.1 per cent of operational revenue in Q3 2018 and Rs 144.08 crore or 110.4 per cent of total income in Q2 2019. Standalone operating expenses in Q3 2019 was 0.6 per cent higher y-o-y at Rs 33.27 crore as compared to Rs 33.06 crore and was 7 per cent higher q-o-q than Rs 31.10 crore. 

Standalone employee benefits expense for the quarter was 19.6 per cent higher y-o-y at Rs 13.55 crore as compared to Rs 11.33 crore and was 20.0 per cent higher q-0-q than Rs 11.29 crore. Standalone finance costs in Q3 2019 at Rs 20.57 crore were 17.3 per cent higher y-o-y than Rs 17.54 crore but were 36.2 per cent lower q-o-q than Rs 32.22 crore. Other expenses at in Q3 2019 at Rs 36.73 crore were 7.4 per cent higher y-o-y than Rs 34.20 crore, but were 11.7 per cent lower q-o-q than the Rs 41.48 crores.

Takeover by Jio

Two days ago, Hathway had informed the Stock Exchange – “Further to our intimations dated 17 October 2018 and 14 November 2018 with respect to boards' and shareholders' approval for raising of funds up to Rs 2940,00,03,500 (Rupees two thousand nine hundred and forty crores three thousand and five hundred only) through preferential allotment to Jio Content Distribution Holdings Pvt Ltd, Jio Internet Distribution Holdings Pvt Ltd and Jio Cable and Broadband Holdings Pvt Ltd (the "Proposed Investors"), please be informed that the proposed investors have received the approval from the Competition Commission of India on January 21 2019.”

Hathway had also submitted a copy of the Letter of Offer dated 21 January 2019 to the Stock exchanges.

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