- 11 Apr 2022
- ICICIdirect Research
GTPL Hathway reports muted earnings
GTPL - 166 Change: -0.48 (-0.29 %)News: GTPL Hathway’s operating revenue was at Rs 617.3 crore, down 17.6% YoY in Q4FY22, with growth largely in broadband and placement/carriage income. Core (Ex-EPC) revenue grew 9% YoY to Rs 610.4 crore. EBITDA was at Rs 129.5 crore, up 11% YoY with EBITDA margins at 21%, up 650 bps YoY. Ex-EPC EBITDA was at Rs 119 crore with margins at 19.5%, flattish. Reported PAT was at Rs 54.5 crore, down 4.3% YoY, owing to lower other income
Views: The broadband segment continued its growth momentum with a sharp jump of ~34.4% YoY in revenues to Rs 109.8 crore, owing to addition of 51,000 subscribers during Q4 while cable subscription revenue remained flattish (up 1.1% YoY) at Rs 269.5 crore. The cable placement/carriage income was up 12% YoY at Rs 201.8 crore. While net cash balance sheet and broadband performance is positive, we seek management commentary on outlook ahead, especially on maintaining traction (on a higher base) in broadband segment, along with growth cable segment (which has remained flattish recently), going forward
Impact: Neutral