GTPL Hathaway's consolidated PAT at Rs131cr for 9M FY21 up by 45%; stock ends 3% higher

Data consumption per customer at 205 GB/month as on December 2020; up from 126 GB/month in December 2019; Data consumption increased 63% yoy

Jan 13, 2021 10:01 IST India Infoline News Service

GTPL Hathway
GTPL Hathway Limited (GTPL), India’s leading Digital Cable TV and Broadband Service provider, today announced the financial results for the third quarter and nine months ended on December 31, 2020, as approved by its Board of Directors.
Commenting on the performance, Anirudhsinh Jadeja, Managing Director, GTPL Hathway said, “GTPL Hathway continues to deliver on key KPIs, despite lockdown and restrictions in 9M FY21. The highlight of the first nine months of the financial year was the improvement in subscription revenues for both CATV and Broadband business, strong profitability, debt reduction, geographical expansion and robust operational performance.

We have reduced our net debt by Rs887 million in 9M FY21. Our Broadband business picked up pace owing to e-learning and work from home resulting in additional 1,85,000 Broadband subscribers during 9M FY21. We are looking forward to close FY21 on a high note coupled with our planned launch of new products and services in Q4 FY21 along with expanding GTPL’s footprints in existing and new markets.”

9M FY21 Consolidated Financial Performance Highlights (as per IND AS)

• Revenue at Rs17,423 million • Revenue (ex. EPC) at Rs15,311 million, up 17% yoy
• CATV subscription revenue at Rs8,047 million, up 5% yoy
• Broadband revenue at Rs1,975 million, up 63% yoy
• EBITDA at Rs4,170 million; up 10% yoy; EBITDA (ex. EPC) at Rs4,014 million; up 17% yoy; EBITDA margin (ex. EPC) at 26.2 %
• Profit after tax at Rs1,314 million; up 45% yoy
• 9M FY21 EPC Contract revenue, EBITDA and PBT at Rs2,113 million, Rs156 million and Rs146 million respectively.

Q3 FY21 Consolidated Financial Performance Highlights (as per IND AS)

• Revenue stood at Rs6,556 million
• Revenue (ex. EPC) at Rs5,530 million, up 21% yoy
• CATV subscription revenue at Rs2,718 million, up 5% yoy
• Broadband revenue at Rs778 million, up 84% yoy
• EBITDA at Rs1,495 million; up 11% yoy; EBITDA (ex. EPC) at Rs1,421 million; up 20% yoy; EBITDA margin (ex. EPC) at 25.7%
• Profit after tax at Rs452 million; up 37% yoy
• Q3 FY21 EPC Contract revenue, EBITDA and PBT at Rs1,026 million, Rs74 million and Rs72 million respectively.

9M FY21 Standalone Financial Performance Highlights (as per IND AS)

• Revenue at Rs12,097 million
• Revenue (ex. EPC) at Rs9,984 million, up 14% yoy
• CATV subscription revenue at Rs5,477 million, up 6% yoy
• EBITDA at Rs2,507 million; EBITDA (ex. EPC) at Rs2,351 million; EBITDA margin (ex. EPC) at 23.5%
• Profit after tax at Rs950 million; up 12% yoy Q3 FY21


Standalone Financial Performance Highlights (as per IND AS)
• Revenue at Rs4,521 million
• Revenue (ex. EPC) at Rs3,495 million, up 9% yoy
• CATV subscription revenue at Rs1,825 million, up 2% yoy
• EBITDA at Rs837 million; EBITDA (ex. EPC) at Rs763 million; EBITDA margin (ex. EPC) at 21.8%
• Profit after tax stood at Rs297 million

Business Performance Highlights

CATV
• GTPL’s total seeded STBs as on December 31, 2020 stood at 10.61 million
• Paying subscribers as on December 31, 2020 stood at 7.35 million
• The successful implementation of the New Tariff Order (NTO) in India has opened avenues for expansion in existing markets & lifted entry barriers in untapped markets
 • GTPL continues to widen its footprints in its existing market and penetrate new markets through inorganic route

Broadband 
• During 9M FY21, the company added 4,70,000 Home-Pass. Home-Pass as on December 31, 2020 stood at 3.80 million
• Added 55,000 net broadband subscribers during Q3 FY21. Total subscribers as on December 31, 2020 were 5,90,000 of which 1,85,000 are FTTX subscribers
• The Broadband average revenue per user (ARPU) for Q3 FY21 stood at Rs445; up 7% yoy
• GTPL is in a sweet spot for converting its strong existing CATV subscriber base of 10.61 million households into its Broadband subscribers directly or through operators
• Deployed the latest GPON technology for providing high speed and high-volume Broadband services in Gujarat. GTPL plans penetrate to other regions by upgrading to FTTX Solutions

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