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Hathway reports improved numbers

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BENGALURU: The demerged Hathway Cable and Datacom Ltd (Hathway) reported standalone profit after tax (PAT) of Rs 12.62 crore (8.7 per cent of operating revenue) for the quarter ended 31 March 2018 (Q4 2018, quarter under review), 47.1 per cent lower as compared PAT of Rs 23.87 crore (17.2 per cent of operating revenue) in the immediate trailing quarter Q3 2018 (q-o-q).  It may be noted that Hathway’s numbers for Q4 2017 include both cable television and broadband numbers and hence cannot be compared with Q4 2018 revenues that include only broadband revenue. Hence, Hathway’s numbers for the quarter under review have been compared to its numbers from the immediate trailing quarter Q3 2018 (quarter ended 31 December 2017). As a matter of fact, after the transfer of the Hathway’s cable television business as a slump sale since Q1 2018, the company has reported standalone profits after tax for each quarter as well as for fiscal 2018.

Hathway’s standalone total revenue of Rs 149.24 for Q4 2018 was 5.1 per cent more q-o-q then Rs 144.53 crore for Q3-2081. Revenue from operations in Q4 2018 was 5.1 per cent higher q-o-q at Rs 145.74 crore than Rs 138.65 crore.

Hathway’s total comprehensible income (TCI) for the quarter under review was 43.9 per cent lower q-o-q at 13.47 crore than Rs 24.01 crore. Simple operating EBITDA for Q4 2018 at 59.04 crore (40.5 per cent of operating revenue) was 1.7 per cent lower q-o-q than Rs 60.6 crore (43.3 per cent of operating revenue).

Hathway’s total expenditure in the quarter under review increased 12.4 per cent q-o-q to Rs 135.70 crore from Rs 120.70 crore. Finance costs in Q4 2018 increased 17.1 per cent q-o-q to Rs 23.37 crore from Rs 17.54 crore. Employee Benefits Expense in Q4 2018 reduced 1.7 per cent q-o-q to Rs 11.14 crore from Rs 11.33 crore. Other expenses in the quarter increased 26.6 per cent q-o-q to Rs 43.32 crore from Rs 34.20 crore. Other operational costs reduced 2.5 per cent q-o-q in Q4 2018 to Rs 32.25 crore from Rs 33.06 crore in Q3 2018.

Hathway’s standalone numbers for FY 2018

Hathway’s standalone operating revenue or broadband revenue for the year ended 31 March 2018 (year under review, FY 2018) was Rs 544.54 crore. Standalone total revenue for FY 2018 was Rs 556.51 crore. The company reported standalone TCI of Rs 78.92 crore. Standalone PAT for 2018 was Rs 77.66 (14.3 per cent of operating revenue). Total expenditure for the year under review was Rs 495.06 crore.

Hathway’s consolidated numbers for FY 2018

Hathway reported consolidated total revenue of Rs 1,544.33 crore for the year ended 31 March 2018 (year or fiscal under review, FY 2018) was 12.9 per cent more than Rs 1,368.25 crore in FY 2017. Revenue from operations including other operating revenue in FY 2018 was 14.1 per cent higher in FY 2018 at Rs 1,534.62 crore than Rs 1,344.40 crore in the previous year. The company reported a lower total comprehensible loss (TCL) of Rs 105.21 crore for FY 2018 as compared to TCL of Rs 193.19 crore for FY 2017. Net loss for the year under review was also lower at Rs 108.30 crore as compared to Rs 193.79 crore in FY 2017.

Consolidated total expenditure for FY 2018 at Rs 1,686.45 crore was 7.8 per cent higher than Rs 1,564.17 crore in FY 2017. Consolidated pay channel cost during the year under review was 20.7 per cent higher at Rs 569.35 crore as compared to Rs 471.69 crore in FY 2017. Consolidated other operating costs in FY 2018 were 2.9 per cent higher at Rs 263.90 crore as compared to Rs 256.47 crore in FY 2017. Consolidated employee benefits expense during the period under review reduced 17.3 per cent to Rs 76.99 crore from Rs 93.15 crore in the previous year. Consolidated finance cost in FY 2018 was 37.9 per cent higher at Rs 152.76 crore as compared to Rs 110.75 crore in the previous fiscal. Consolidated other expenses reduced 11.5 per cent in FY 2018 to Rs 288.75 crore from Rs 326.26 crore in FY 2017.

Hathway’s consolidated numbers include revenue from two segments – broadband business and cable TV. The standalone numbers mentioned above were for Hathway’s broadband business. Cable television revenue for FY 2017 was Rs 990.08 crore and an operating loss of Rs 129.33 crore.

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