Technology

Hathway has no fund-raising plan via equity

MUMBAI: Hathway Cable & Datacom has no fund-raising programme via equity even as it plans to push for more than double its digitisation growth in FY’12.


India’s leading multi-system operator (MSO) aims to add 900,000 digital set-top boxes (STBs) for the fiscal ended 31 March 2012, up from 423,000 that it seeded in FY’11. 
 
Hathway will up its target to 1.5 million digital STBs this fiscal if the government comes out with a mandate for digitisation.
“We are not looking at raising capital from equity. We have cash and, if need be, can raise debt to fund our digitisation in FY’12. We will more than double our digitisation growth in FY’12. For the first quarter of FY’11, we did not have a supply of STBs,” said Hathway Cable & Datacom managing director and chief executive officer K Jayaraman.


Hathway has Rs 2.04 billion of cash on the balance sheet and a debt of Rs 3.5 billion.


“When we fund the STB acquisition, the typical percentage that we pay upfront is about 30 per cent or so and the suppliers give us credit of over a period of three years. It is not that we have to pay upfront. So we are fully funded at this point of time,” said Jayaraman.


As earlier reported in Indiantelevision.com, Hathway Cable & Datacom has an investment plan of Rs 2.20 billion for the fiscal. It will be investing Rs 1.50 billion for the STBs while broadband will take away Rs 400 million in FY’12. The balance Rs 300 million will be towards fibre and normal operational expenses.


For the fiscal ended 31 March 2011, Hathway posted a consolidated revenue of Rs 8.83 billion and an Ebitda of Rs 1.62 billion. While revenue from cable TV stood at Rs 7.55 billion, broadband stayed flat at Rs 1.03 billion.


Hathway has a digital base of 1.4 million, according to data provided till 31 March 2011.

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