Cable TV

GTPL Hathway reports higher subscription revenue, improved numbers for Q1-2021

Subscription revenue increased 7% y-o-y despite losing subscribers

BENGALURU: GTPL Hathway Ltd (GTPL) reported 19.3 percent growth in revenue for the quarter ended 30 June 2020 (Q1-2021, quarter or period under review) and 8.9 percent growth in the operating profit for its cable TV business (CATV business) as compared to the corresponding year ago quarter Q1 2020. The company’s consolidated revenue from operations for the quarter under review grew 10.8 percent year on year (y-o-y) while consolidated total income expanded 10.1 percent in Q1 2021 as compared to Q1 2020. Consolidated profit after tax grew 39.8 percent to Rs 46.47 crore in Q1 2021 as compared to Rs 33.23 crore in Q1 2020. All the three major segments of the company had operating profits.

GTPL reported consolidated revenue from operations at Rs 495.46 crore in Q1 2021 as compared to Rs 447.22 crore in Q1 2020. Consolidated total income for the period was Rs 502 crore as compared to Rs 456.05 crore in the corresponding year ago quarter. CATV business revenue was Rs 412.53 crore in Q1 2021 as compared to Rs 345.91 crore in Q1 2020. CATV business reported operating result of Rs 50.17 crore for the period under review as compared to Rs 46.06 crore for Q1 2020. ARPU or Q1 2021 was up by Rs 7 to Rs 422 from Rs 415 in the previous year’s corresponding quarter.

The company’s internet services business (Ex-EPC Project numbers) revenue grew 34 percent to Rs 52.65 crore in Q1 2021 from Rs 39.29 crore in Q1 2020. The segment reported an operating profit of Rs 5.34 crore in Q1 2021 as compared to an operating loss of Rs 0.18 crore in the corresponding year ago quarter. The company had been awarded Package B of the prestigious Bharat Net Phase-II project from the Gujarat Fibre Grid Network Ltd under Digital India Initiative (EPC Project) last year. GTPL reported revenue of Rs 30.28 crore an operating profit of Rs 2.01 crore from the EPC Project.

GTPL reported revenue (Ex EPC Project) of Rs 471.7 crore, which was 20 percent more y-o-y. The company says in an earnings release that its CATV subscription revenue increased seven percent y-o-y to Rs 265.3 crore. EBITDA Ex EPC Project increased 14 percent y-o-y to Rs 126.1 crore.

On the operational front, GTPL says that it has seeded 100,000 STBs but at the same time, it has lost 300,000 digital paying subscribers in Q1 2021. The company says that it had 72 lakh (7.2 million, 0.72 crore) digital paying subscribers as on 30 June 2020.

Company Speak

GTPL managing director Anirudhsinh Jadeja said, “GTPL Hathway delivered another strong quarter. The highlight of the quarter was strong profitability anddebt reduction. Our Q1 FY21 consolidated revenue, EBITDA and PAT grew by 10 percent, 11 percent and 39 percent respectively. During the quarter, we have reduced our gross debt by Rs 368 million (Rs 36.8 crore). During the current financial year, we plan to launch a Hybrid box, which will enable us to provide multiservice product that will have Broadband, OTT and Cable service at an attractive price point. Our CATV Business expansion in Maharashtra, Tamil Nadu, Andhra Pradesh and Telengana is on track and it will gain momentum in the coming quarters.”

Let us look at the other numbers reported by GTPL

Consolidated total expenditure increased 9.5 percent during the quarter under review to Rs 444.48 crore from Rs 405.74 crore in Q1 2020. Pay channel cost in Q1 2021 increased 24.8 percent to Rs 226.98 crore from Rs 181.92 crore in the previous year. Other operational costs increased 48.9 percent to Rs 31.85 crore from Rs 21.39 crore.

Employee benefits expense in Q1 2021 decreased 11.4 percent to Rs 31.28 crore from Rs 35.29 crore in the correspond period of the previous fiscal. Finance costs reduced 33.9 percent during the quarter under review to Rs 8.23 crore from Rs 12.45 crore. Other expenses in the period increased 26.2 percent to Rs 55.46 percent from Rs 43.93 crore in the corresponding quarter of the previous year.

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