GTPL Hathway Ltd Management Discussions

The global economic order, which has shaped international relations for nearly eight decades, is undergoing a fundamental realignment, marking the emergence of a new geopolitical and trade landscape. Established norms and institutions are facing unprecedented challenges, while a cohesive alternative framework has yet to crystallise. Since late January, the United States embarked on a series of tariff escalations, beginning with key partners like Canada, China, and Mexico, and targeting critical sectors. These measures culminated in near-universal import levies by April 2, 2025. Concurrently, escalating geopolitical frictions have further eroded investor confidence, disrupted global supply chains, and undermined the stability of longstanding economic conventions. This confluence of factors has heightened uncertainty and fuelled volatility across global markets. Yet, despite these considerable headwinds, the world economy has continued to advance, revealing both its structural vulnerabilities and its enduring capacity for resilience and adaptation.

On the inflation side, global headline inflation is anticipated to moderate to 4.3% in calendar year 2025, and further ease to 3.6% in 2026. Advanced economies are projected to see inflation return closer to target levels more rapidly, reaching 2.2% by 2026. In contrast, inflation in emerging market and developing economies is forecast to decline more gradually, falling to 4.6% over the same period. This divergence reflects differing policy environments, structural factors, and the pace of disinflation across regions.

Outlook

As automation accelerates and breakthrough technologies reshape industries, the global economy is moving into a transformative phase. These profound shifts are driving productivity gains and opening new avenues for growth, while also creating periods of disruption. Advanced economies are grappling with job displacement, wage stagnation, and widening income divides. Looking ahead, the path to shared prosperity hinges on purposeful and forwardlooking strategies. Investing in workforce reskilling, strengthening social safety systems, and fostering innovation-led ecosystems will be critical to building resilience and ensuring that technological progress translates into inclusive and sustainable outcomes.

(Source: World Economic Outlook Update by IMF, April 2025)

Indias economy is expected to expand at a rate of 6.5% in FY 202425, sustaining its growth trajectory amid persistent global headwinds. This stable performance reflects the underlying strength of Indias domestic economic framework and the measured effectiveness of its policy interventions in navigating protracted trade tensions and tariff- induced uncertainties. A key pillar of this resilience is buoyant domestic demand, driven in part by rural markets, which continues to act as a critical buffer against external shocks. Such sustained internal demand has helped India preserve growth momentum, even in the face of fluctuations in the global economic environment.

The Union Budget 2025-26 marks a decisive move towards reshaping Indias economic landscape through a forward-looking package of tax reforms. Framed to stimulate domestic consumption and alleviate financial pressures on households, the proposals place particular emphasis on supporting the middle-income and salaried segments. A central feature of the reform package is the proposed increase in the basic exemption limit to Rs. 4 Lakh, coupled with the removal of tax liability for individuals earning up to Rs. 12 Lakh annually under the new tax regime. By expanding disposable incomes, these measures are poised to invigorate consumer spending, strengthen domestic demand, and contribute to a more resilient growth trajectory.

(Source: PIB)

Indias services sector continues to serve as a pivotal driver of economic growth, projected to expand by 7.2% in FY 2024-25. This momentum has been underpinned by strong gains in financial services, healthcare, hospitality, and public administration.

A revival in consumer spending, combined with a marked increase in domestic tourism, has further bolstered demand across key service- oriented industries. Despite external pressures affecting global demand, particularly in the information technology sector, it has maintained steady growth. Its sustained contribution to employment and foreign exchange earnings reaffirms its strategic importance within the broader economic framework.

(Source: PIB)

Outlook

Indias economic outlook remains optimistic, with real GDP growth projected to average 6.5% annually between FY 2025-26 and FY 202728, as per provisional estimates from the National Statistics Office. This trajectory positions India among the fastest-growing major economies globally, underscoring its strong underlying fundamentals.

The growth momentum is supported by a well-balanced interplay of robust domestic demand and steady supply- side expansion. Complementing these drivers is the countrys rapid digital transformation, propelled by rapid advancements in fintech, e-commerce, and the widespread use of digital payment platforms. These factors have significantly deepened financial inclusion and formalised large segments of the economy. These developments have not only improved operational efficiency across industries but also fostered greater transparency, scale, and productivity within Indias economic framework.

Global Media and Entertainment Industry

The global Media and Entertainment industry is projected to grow steadily over the next five years, with market size expected to rise from US$ 3.04 Trillion in CY 2025 to US$ 3.66 Trillion by CY 2030, at a CAGR of 3.79%. This upward trajectory is driven largely by the continued expansion of mobile advertising, live streaming, and subscription-based video services, which together now contribute nearly half of total industry revenues.

While traditional formats such as broadcast television, cinema, and print media are experiencing a gradual erosion of market share, they continue to retain commercial relevance through library content and high-margin licensing agreements. Meanwhile, the growing dominance of subscription models is bringing greater stability to revenue streams, making cash flow less seasonal and more predictable, thanks to recurring subscription renewals.

Indian Media and Entertainment Industry

The year 2024 marked a pivotal moment for Indias media and entertainment (M&E) industry, characterised by rapid digital acceleration, shifting consumer behaviours, and continuous technological innovation. The shift from linear to digital entertainment redefined how content is created, distributed and consumed, unlocking fresh avenues for domestic and international growth. As a result, Indias M&E sector is solidifying its position as a global content powerhouse.

A key milestone was the rise of digital media, which overtook television to become the largest segment of the M&E sector, contributing 32% of total revenues. This shift was fuelled by the growth of Free Ad-supported Television (FAST) channels, increasing internet penetration and a thriving creator-led economy. Supported by strategic investments and a resilient creative ecosystem, these dynamics are propelling India towards becoming a globally competitive content hub.

The gaming industry is also expanding rapidly, with Indian publishers and developers adopting advanced technologies such as artificial intelligence (AI). AI is helping to optimise costs, enhance content creation and improve audience engagement. Cloud- based applications and shifts in consumption patterns are prompting traditional players to embrace new business models. At the same time, India is consolidating its role as a preferred global outsourcing hub for media production services.

This realignment of consumer priorities is compelling media companies to rethink and adapt their products, services and engagement strategies. Industry platforms such as FICCI FRAMES have been instrumental in convening stakeholders and guiding the sectors transformation. Through advocacy, collaboration and a focus on innovation, FICCI continues to help shape a future- ready media landscape. With its deep pool of creative talent, expanding infrastructure, and supportive policy environment, Indias M&E industry is strategically positioned to spearhead the next phase of global media growth.

(Source: https://www. ey. com/en_in/insights/media-entertainment/shape-the- future-the-revolution-in-indian-media-and- entertainment-sector)

Key Trends in 2024

Category	2019	2022	2023	2024	2025E	2027E	CAGR (2024-2027)
Digital Media	308	571	686	802	903	1,104	11.2%
Television	788	726	711	679	676	667	(0.6%)
Print	296	250	259	260	262	267	0.9%
Online Gaming	64	222	236	232	260	316	10.8%
Filmed Entertainment	191	172	197	187	196	217	4.3%
Animation and VFX	95	107	114	103	113	147	12.5%
Live Events	83	73	88	101	119	167	18.2%
Out-of-Home Media	51	48	54	59	66	79	10.2%
Music	15	46	54	53	60	78	13.4%
Radio	31	21	23	25	27	30	6.6%
Total	1,922	2,237	2,422	2,502	2,682	3,067	7.0%
Growth		23.3%	8.3%	3.3%	7.2%

(Source: India Media & Entertainment Report, EY)

In 2024, the Indian M&E sector continued its upward trajectory, growing by 81 Billion to reach 2.5 Trillion (US$ 29.4 Billion), marking a modest 3.3% increase. The sector contributed approximately 0.73% to Indias GDP in 2024.

While the overall industry stands 30% higher than its pre-pandemic level in 2019, traditional segments such as television, print, and radio have yet to fully recover to their earlier revenue levels. Notably, digital media surpassed television for the first time to become the largest contributor to the sector, accounting for 32% of total revenues.

Looking ahead, the M&E sector is projected to grow by 7.2% in 2025, reaching 2.68 Trillion (US$ 31.6 Billion). It is expected to maintain this momentum at a CAGR of 7% from 2024 to 2027, ultimately reaching 3.07 Trillion (US$ 36.1 Billion).

Indias Digital Infrastructure

Indias digital infrastructure has undergone a remarkable transformation, establishing the nation as a global leader in digital adoption. Powered by innovations in cloud computing, AI, machine learning (ML), and digital governance, the countrys digital ecosystem continues to expand to meet the rising needs of both public and private sectors. By harnessing technologies such as cloud computing and AI, and through transformative initiatives like Aadhaar, UPI, and DigiLocker, India has emerged as a global leader in digital adoption.

Indias digital economy accounted for 11.74% of GDP in FY 2022-23 (31.64 Lakh Crore) and employed 14.67 Million people. With productivity levels around five times higher than the economy-wide average, its share of GVA is projected to reach 20% by FY 2029-30. This rapid expansion is fuelled by AI, cloud services, and digital platforms, with India hosting 55% of the worlds Global Capability Centres. In BFSI, over 95% of banking payment transactions are now conducted digitally, while digital platforms overall are expanding at an annual rate of 30%.

By 2030, the digital economy is poised to be a primary engine of Indias growth. The interplay between robust government-led platforms and active citizen engagement is shaping a future that empowers individuals, drives socio-economic growth, and strengthens governance. This digital revolution not only advances Indias domestic capabilities but also positions the nation as a frontrunner in delivering scalable digital solutions to the Global South. Building on this momentum, India is well placed to redefine the benchmarks for governance, public service delivery, and technology-led economic development.

(Source: PIB)

Key Trends of 2024

Digital media grew by 17% in 2024, making it the fastest growing segment of Indias M&E industry. For the first time, it became the sectors largest segment, reaching Rs. 802 Billion and overtaking television. Digital media now accounts for 32% of the M&E industry, marking Indias arrival at its digital inflection point. Subscriptions contributed just 13% of total revenues, reflecting Indias dominance of advertising-led models driven primarily by Google and Meta, alongside the rising ad revenues generated by e-commerce platforms.

	2021	2022	2023	2024
Advertising	383	499	597	700
Subscription	56	72	89	102
Total	439	571	686	802

Billion (gross of taxes), including SME ad spends IEY estimates (Source: India Media & Entertainment Report, EY)

Television

The Indian television industry is in the midst of a profound transformation, driven by shifting consumer preferences, expanding digital infrastructure, and rapid technological progress. Increasing demand for smart features such as built-in streaming apps, voice control, and wireless casting is no longer confined to urban households; these are now becoming mainstream expectations across rural and semi-urban regions as well. The growing availability of regional content, coupled with low-cost internet and improved broadband penetration, especially in non-metro areas, is further accelerating adoption.

As viewing habits shift in response to changing lifestyles and digitalisation, consumers are increasingly leaning towards premium, larger-format televisions with advanced display quality and energy efficiency. This transition is redefining in-home entertainment, positioning televisions as multifunctional digital hubs. Meanwhile, the television distribution ecosystem is segmenting into three distinct segments: a declining legacy pay-TV base, a saturated free-to- air market, and a fast-expanding connected TV (CTV) segment, fuelled by rising home broadband usage.

Live news and breaking content continue to deliver high engagement and monetisation potential, underscoring the need for more robust revenue models. News television, in particular, stands at an inflection point faced with either resisting change and risking irrelevance or embracing innovation to unlock growth opportunities. As supply chains evolve with sleek form factors and power-efficient technologies, the Indian television market appears set for steady expansion, as consumers across segments increasingly converge towards smart, feature-rich viewing experiences.

Overall television viewership in 2024 remained largely consistent with 2023 levels. Approximately 58% of total viewership came from audiences aged between 15 and 50 years, while 24% came from viewers aged 14 and below?a demographic mix consistent with the previous year. The cumulative weekly reach of television stood at 753 Million people, a marginal decline from 758 Million in 2023. However, the average time spent watching television per day increased slightly, reaching three hours and forty-two minutes.

Additionally, OTT streaming services have gained traction by offering high- quality, niche content across genres and languages. The expansion of both wired and wireless broadband connections, along with the rising sale of smart TVs, has also contributed to increased consumption through these dynamics are shaping a highly competitive and evolving viewing environment, where traditional television sustains its presence while adapting to an increasingly digital-first audience.

This modest rise in time spent was achieved despite growing competition from alternative content platforms.

YouTube offers a vast, multilingual, and personalised mix of Indian and international content, including premium programming from broadcasters and studios, often at little to no cost. Social media, short-form video, and gaming platforms, each with a reach exceeding 400 Million, continue to vie for the consumers attention during leisure hours.

TV Has Remained by and Large Stable

2024 (2023)	Weekly Cume Reach (Million)	Average Time Spent	Weekly AMA (Billion)
India	751 (757)	3:43:05 (3:41:39)	28.9 (29.0)
HSM	515 (519)	3:31:21 (3:29:25)	18.3 (18.3)
South	236 (237)	4:06:44 (4:06:25)	10.6 (10.7)

Customer ARPU

In 2024, television subscription revenues in India fell by 3%, despite a 2.5% increase in average revenue per user (ARPU) for TV subscriptions, which rose to 281 (gross of taxes) at end-customer prices. The revenue drop was driven largely by a loss of 6.4 Million Pay TV households. Additionally, the Indian television market is influenced by a sizeable shadow base, with nearly 10 Million under-declared households and another 5-9 Million pirated households. Against this backdrop, Free TV has emerged as a key growth driver, adding 3.45 Million new subscribers in 2024 to reach an estimated 49 Million households.

This expansion is being driven by several converging factors: the availability of low-cost television sets, persistent internet challenges in rural areas, rising data tariffs, and the improved quality of Free TV content. For many households, Free TV is also increasingly adopted as an add-on to Pay TV, enhancing its relevance across consumer segments.

FreeDish distributors report that year-on-year growth remains strong, supported by a growing number of channels and continuous improvements in programming. As a result, they anticipate demand to remain stable in the near future. With Pay TV homes continuing to decline in sharp contrast to the expansion of OTT platforms (both AVOD and SVOD) and Free TV, the industry faces a pressing imperative to reassess its approach to channel pricing and discounting, content regulations, the role of free-to-air offerings, and distribution window strategies. Such measures will be essential to fostering a more balanced competitive environment across distribution platforms.

Digital Advertising

The Indian digital advertising industry maintained strong growth momentum, fuelled by wider adoption of advertising for brandbuilding, the diversification of media and entertainment formats, and rising demand for targeted digital solutions. In 2024, digital advertising rose by 17% to reach 700 Billion, as advertisers across multiple sectors allocated a larger share of their budgets to digital platforms.

A significant portion of this growth came from between 8,00,000 and 1.2 Million small and medium enterprises and long-tail advertisers, who collectively spent 258 Billion on digital media. Their focus was primarily on performance-driven advertising across search engines, social media platforms, and e-commerce sites. E-commerce advertising alone saw a sharp 50% increase, reaching 147 Billion and accounting for 21% of total digital ad revenues, up from 16% in 2023. Brands increasingly leveraged online marketplaces as strategic touch-points for influencing consumer choices at the critical point of consideration and purchase.

The era of Indian gaming has begun. Backed by a vibrant pool of creative talent, a booming digital culture, and a growing emphasis on AI-driven game development, India stands on the brink of a global breakthrough. In the years ahead, it is positioned to attract players worldwide and strengthen its standing as a dynamic hub in the international gaming arena. The Promotion and Regulation of Online Gaming Bill, 2025 bans all forms of real-money online games? including betting, gambling, and fantasy sports?nationwide and for offshore platforms targeting Indian users, with violations punishable by 3-5 years imprisonment and fines up to 2 Crore. It establishes the National Online Gaming Commission (NOGC) to license and regulate platforms, enforce user verification, age restrictions, and responsible gaming tools, while empowering authorities to conduct search and seizure without a warrant. The Bill recognises and promotes e-sports, educational, and social games without monetary stakes, with the Ministry of Youth Affairs and Sports framing standards and supporting research. Financial institutions, advertisers, and celebrity endorsers face penalties for supporting illegal platforms, while ads for money games and non-compliant apps or websites are banned? forcing operators like Dreamll to suspend real-money services. The government cited addiction, financial distress, suicides, tax evasion, money laundering, and national security risks, highlighting that over one-third of Indians were affected and losses exceeded 20,000 Crore.

Key Trends of 2024

Indias online gamer base expanded to 488 Million in 2024, with 33 Million new players joining across both casual and real money gaming (RMG) segments on all devices. Of these, more than 155 Million engaged with RMG formats such as fantasy sports, rummy, poker, and other transaction- based games, registering 10% year- on-year growth. On average, around 110 Million people play games daily.

This growth was fuelled by multiple factors: rising smartphone penetration, low data costs, the introduction of games in regional and vernacular languages, and increasing disposable incomes. A packed cricket calendar, highlighted by the IPL and ICC World Cup in the first half of 2024, further boosted engagement. The much-anticipated return of BGMI also reinvigorated the casual gaming segment, drawing players back to one of their most popular titles and reviving interest after its absence during 2022 and much of 2023.

Monetisation

Online gaming revenues in 2024 remained largely flat, as transaction- based gaming companies absorbed the GST make-good into their margins. However, interviews with leading players revealed that gross revenues grew for most firms during the year. Meanwhile, esports and casual games sustained their strong momentum, continuing the steady double-digit growth trend observed over the past few years.

Game Type	2022	2023	2024
Transaction-Based	159	190	179
Esports and Casual	37	46	53
Total	196	236	232

Ministry of Information & Broadcasting (MIB)

National Centre of Excellence (NCoE) for AVGC-XR

The Union Cabinet approved the establishment of the National Centre of Excellence for Animation, Visual Effects, Gaming, Comics, and Extended Reality (AVGC-XR) in Mumbai. The centre was designed to foster world-class content creation, attract foreign investment, and strengthen Indias global soft power in the M&E sector.

WAVES Bill 2025

WAVEX 2025, launched by the Ministry of Information & Broadcasting as part of the Waves Bill 2025, was designed to accelerate innovation in the Media & Entertainment (M&E) sector. The initiative focused on empowering start-ups in next-generation domainssuch asgaming, animation, extended reality (XR), the metaverse, and artificial intelligence. Through WAVEX 2025, start-ups were provided with access to investment opportunities, mentorship from industry leaders, and avenues for collaboration with top media and technology companies. In addition, participants gained nationwide media visibility and a unique platform to pitch their ideas directly to celebrity investors, positioning WAVEX 2025 as a landmark programme for nurturing Indias creative and digital economy.

Increased FDI and Single-Window

Clearance

Foreign Direct Investment (FDI) limits in key sectors such as cable and DTH platforms were raised from 74% to 100%. The Film Facilitation Office introduced a single-window clearance system to expedite permissions for filming and production.

AVGC Policy and Skills Development

Under the National AVGC Policy 2022, the government promoted investment and innovation in animation, visual effects, gaming, and comics. The Media and Entertainment Skills Council conducted skill-gap studies, developed occupational standards, and advanced education initiatives to build a job-ready workforce.

Infrastructure Sharing Among MSOs

The Ministry of Information and Broadcasting (MIB) issued guidelines permitting voluntary infrastructure sharing among MSOs, including headends, Conditional Access Systems (CAS), and Subscriber Management Systems (SMS). The policy aimed to optimise resources and lower operational costs, while ensuring each MSO remained responsible for regulatory compliance, signal encryption, and addressability.

Telecom Regulatory Authority of India (TRAI)

National Broadcasting Policy 2024

TRAI initiated the formulation of the National Broadcasting Policy 2024, aimed at promoting Indian content, advancing infrastructure, and fostering innovation in the broadcasting industry. The policys vision was to create a supportive environment for the growth and competitiveness of the sector, with the following key pillars:

Infrastructure and Technology Development

Indigenous Manufacturing

Support for domestic production of broadcasting equipment to reduce import dependency.

Research and Development

Promotion of innovation in broadcasting technologies through targeted R&D initiatives.

Digital Transition

Acceleration of the migration from analog to digital broadcasting to improve service quality and reach.

Content Creation and Promotion

Indian Content

Encouraging content that showcases Indian culture and stories, including support for co-productions.

Regional Languages

Expanding content in regional languages to address diverse linguistic audiences.

Global Outreach

Positioning India as an international hub for content creation and distribution.

Ease of Doing Business

Regulatory Simplification

Streamlining licensing processes and reducing bureaucratic hurdles for broadcasters.

Investment Promotion

Building a favourable environment for domestic and foreign investment in the sector.

Skill Development

Implementing training programmes to prepare a workforce for the evolving broadcasting ecosystem.

Consumer Protection and Accessibility

Affordability

Ensuring that broadcasting services remain accessible and reasonably priced for all segments of society.

Quality of Service

Setting standards to enhance customer satisfaction and service delivery.

Inclusivity

Encouraging content that addresses the needs of differently- abled individuals.

Interconnection Regulations for MSOs

The Telecom Regulatory Authority of India (TRAI) notified the Interconnection Regulations, establishing the legal and commercial framework governing interactions between Multi-System Operators (MSOs), broadcasters, and Local Cable Operators (LCOs). These regulations were designed to ensure transparency, nondiscrimination, and fair business practices across the sector.

Transition to the Telecommunications Act 2023

TRAI issued a consultation paper on the framework for service authorisations under the Telecommunications Act, 2023. The objective was to harmonise licensing conditions across broadcasting services, including MSOs, and align them with the updated legal framework. Stakeholders were invited to share feedback on the proposed terms and conditions for authorisation.

Green Broadcasting Guidelines

TRAI, the Bureau of Indian Standards (BIS), and the Ministry of Environment, Forest and Climate Change (MoEFCC) promoted eco-friendly practices for MSOs through green broadcasting initiatives:

Government of India (GoI)

Legal and Regulatory Reforms

The Indian Government streamlined regulations for print, television, and radio, enabling smoother entry and operations for both domestic and international players. Legal reforms facilitated market access, co-productions, and cross-border collaborations, supported by incentives for content creation with foreign partners.

Production and CoProduction Incentives

Central and state governments offered incentives for both production and co-production projects, positioning India as a premier global content hub while aligning with Make in India and export growth targets for the M&E industry.

Support for StartUps and Digital Transformation

Through schemes under Viksit Bharat and the Union Budget 2025-26, the Indian Government simplified tax codes and provided indirect benefits to M&E start-ups, encouraging digital innovation and sector-wide transformation.

GTPL is the largest Multiple System Operator (MSO) in India, providing Digital Cable TV and Broadband services across multiple geographies. Since its inception, the Company has significantly evolved, creating a leadership position in the industry through advanced service offerings, strong content, high-quality infrastructure, and one of the best distribution networks in the country. GTPL is the No. 1 MSO in India, the No. 2 MSO in West Bengal, and the No. 1 MSO and Broadband service provider in Gujarat. The Company has a presence in 26 states across more than 1,500 towns, with significant coverage in Andhra Pradesh, Assam, Bihar, Goa, Gujarat, Jharkhand, Maharashtra, Manipur, Meghalaya, Odisha, Rajasthan, Tamil Nadu, Telangana, Tripura, and West Bengal, and expanded its footprint into Arunachal Pradesh, Chhattisgarh, and Mizoram in FY 2024-25.

Alongside its cable operations, GTPL has established itself as one of Indias largest wireline broadband service providers. It offers unlimited, uninterrupted high-speed data services with plans ranging from 60 Mbps to 200 Mbps, catering to both individual and business users. Over the past eight years, the broadband segment has seen remarkable growth, with a 4.4x increase in subscribers and a milestone achievement of over 1 Million subscribers as of March 31, 2025.

The Companys net worth has grown threefold during this period, driven by its robust infrastructure comprising over 1,00,000 kilometers of owned optical fiber and an additional 48,000 kilometers of leased fiber. With attractive subscription models, including annual and half-yearly options, GTPL has established itself as a preferred provider of high-speed Real Fibre Broadband. As one of the pioneers of Truly Unlimited plans, it has successfully transitioned 100% of its broadband customers to unlimited data usage, with the adoption of higher-speed plans driving sustained growth in ARPUs.

Business Partners

The Companys large-scale operations are supported by a robust network of more than 47,000 Last Mile Operators (LMOs) acting as business partners across the country. GTPL follows a bottom-up approach that promotes transparency and ensures the growth of all stakeholders. By leveraging the local presence and expertise of its partners, the Company can extend its reach, maintain service quality, and respond effectively to regional market needs.

In-House Platform Services for Entertainment

GTPL complements its connectivity services with a diverse range of in-house entertainment offerings. The Company operates a strong bouquet of over 130 owned and managed channels covering multiple genres and languages, designed to cater to the diverse viewing preferences of its vast customer base. This content portfolio strengthens GTPLs position as both a service provider and a content creator.

Technology

At the core of GTPLs service excellence is its commitment to cutting-edge technology. The Company sources advanced equipment from leading international and domestic vendors, working with global technology partners such as Harmonic, Skyworth, Cisco, Nokia, NAGRA, and Verimatrix. These partnerships enable the delivery of high-quality video and broadband experiences to customers nationwide.

GTPLs main headend, or Mother Headend, is in Gujarat and serves operations across the country, while a second major headend in Kolkata enhances regional service capabilities. The Company currently distributes more than 975 channels, including over 97 HD channels, ensuring a rich and reliable viewing experience. Through continuous evaluation and adoption of emerging innovations, GTPL sustains high customer satisfaction levels and reinforces its competitive advantage.

GTPL stands at the centre of a strong technology ecosystem, powered by some of the best partners in the industry. Its cloud infrastructure and database are supported by

Oracle, while enterprise operations are managed through Oracle Fusion Applications for ERP. On the headend side, GTPL collaborates with Broadpeak, Harmonic, and Castame to deliver seamless broadcasting solutions. The Companys digital engagement is strengthened by partnerships with Yellow.ai and Affle, alongside a robust digital presence across Facebook, Instagram, YouTube, X, LinkedIn, and Google. For SMS solutions, Magnaquest plays a key role, while security is ensured through Nagra Kudelski, Fortinet, and Verimatrix.

In the digital service space, GTPL works with DistroTV and OTTplay to expand its content delivery. Reliable customer premises equipment (CPE) is provided by ZTE, Nokia, SyroTech, Juzahrd, and OVT. Network resilience is built on the support of NOC partners Nokia, Juniper, and Alepo. Finally, GTPL enhances operational efficiency with its own in-house BSS applications, showcasing innovation within the organisation.

Together, this ecosystem enables GTPL to deliver entertainment, connectivity, and digital solutions - truly connecting people Dil Se.

SWOT Analysis

Strong infrastructure with ongoing investments in world-class technology.

Established leadership positions in key operating markets.

Extensive presence across 26 states and more than 1,500 towns, leveraging economies of scale.

Trusted partner for over 48,000 last mile operators, 200+ broadcasters, 1,750+ enterprise clients, and more than 30 government projects.

Diverse product portfolio spanning Digital Cable TV, Broadband, Gaming, OTT services, with offerings tailored to regional preferences.

Multiple customer support channels ensuring accessibility and responsiveness.

Skilled workforce supported by an experienced and capable management team.

Retaining customers amidst strong competition from DTH and OTT service providers.

Managing potential cost increases arising from offers, discounts, and promotional schemes required to retain existing customers or attract new ones.

ARPU has remained largely unchanged, potentially constraining opportunities for margin expansion.

Television penetration in India stands at close to 70% across 319 Million households, presenting an opportunity to expand Digital Cable TV services to nearly 100 Million untapped households.

Indias fixed broadband penetration remains significantly lower than that of developed markets.

Enhancing content offerings, including OTT platform integration, creates new opportunities for customer engagement and additional revenue streams.

Scope for consolidation in the unorganised cable TV sector, with an estimated market potential of approximately 40 Million connections.

Potential exists for expansion through acquisitions and rural market development.

Strong competition from DTH providers and telecom broadband operators poses challenges to market share and pricing power.

Shifts in consumer behaviour towards mobile broadband and streaming services risk eroding traditional cable and broadband revenues.

Increasing adoption of digital media alongside continued television viewing requires diversified content strategies.

Advancements in wired and wireless broadband delivery are reshaping market dynamics and service expectations.

Operational Performance

Digital Cable TV - Active Subscribers

The Active Subscriber base has recorded a growth of 20% over the past five years. As of March 31, 2025, the total number of active Set-Top Boxes (STBs) stood at 9.6 Million.

Broadband Home Pass

Since FY 2020-21, the Company has added approximately 2.08 Million new home passes, achieving a CAGR of 11.35%. As of March 31, 2025, the total home passes stood at 5.95 Million.

Broadband Subscriber Base

The Companys subscriber base expanded robustly from 635K in FY 2020-21 to 1,045K in FY 2024-25, registering an impressive growth of nearly 65%. The accelerated momentum in FY 2021-22 laid a strong foundation, with subsequent years reflecting sustained and steady progress, underscoring the Companys ability to deliver consistent value and strengthen its market presence.

ARPU*

GTPLs ISP ARPU stood at 465 in FY 2024-25 compared to 445 in FY 2020-21. Encouragingly, data consumption per customer grew by 11%, reaching 396 GB per month as of March 2025, underscoring the increasing reliance on high-speed broadband.

Financial

Digital Cable TV Subscription Revenue

The Companys Digital Cable TV subscription revenue increased from 10,712 Million in FY 2020-21 to 12,327 Million in FY 2024-25. This steady performance reflects the resilience of our business model, strong customer retention, and our ability to consistently create value in a highly competitive environment.

ISP

Revenue

Over FY 2020-21 to FY 2024-25, GTPLs ISP revenue nearly doubled, rising from 2,792 Million to 5,456 Million. This strong performance was fueled by accelerating broadband adoption and a surge in data consumption. Despite a highly competitive market environment, the Company delivered an impressive 5-year CAGR of 18.2%.

EBITDA

The Companys EBITDA stood at 4,625 Million in FY 2024-25 compared to 5,455 Million in FY 2020-21. The decline is primarily due to a reduction in non-cash, one-time deferred activation revenue, which reduced from 924 Million in FY 2020-21 to 161 Million in FY 2024-25. Excluding this non-cash impact, the Companys operating performance remained stable, underpinned by disciplined cost management and continued focus on core business growth.

Key Financial Ratios (Incl. EPC)

Particulars	Unit	As of March 31, 2025	As of March 31, 2024	% Change in Ratio	Remarks
Current Ratio	Times	0.52	0.46	12%	?
Debt-to-Equity Ratio	Times	0.20	0.20	0%	?
Debt-Service Coverage Ratio	Times	3.65	5.49	(34%)	Debt-Service Coverage Ratio has reduced due to higher repayment of long-term debts and lease payment during the year.
Return on Equity (%)	Percentage	4	10	(57%)	Return on Equity Ratio has reduced due to decreased business profits during the current year.
Trade Receivables Turnover Ratio	Times	6.78	8.81	(23%)	?
Trade Payables Turnover Ratio	Times	3.42	3.84	(11%)	?
Net Capital Turnover Ratio	Times	2.99	2.77	8%	?
Net Profit Ratio	Times	0.01	0.03	(59%)	The net profit ratio for FY 2024-25 is 0.01 as against the last fiscal ratio of 0.03. The major reason for the change is the decreased business profits during the current year.
Return on Capital Employed (%)	Percentage	5	11	(58%)	The return on capital employed ratio for FY 2024-25 is 5% as against the last fiscal of 11%. The major reason for the change is the decreased business profits during the current year.

GTPL places its people at the heart of both its operational priorities and strategic vision. In FY 202425, the Company made notable strides in deploying automated and transparent HR practices, cultivating a culture of performance, inclusivity, and continuous learning. Through structured talent development programmes, digital HR transformation initiatives, and a strong focus on employee engagement, GTPL has developed a resilient and future-ready workforce equipped with enhanced skills and technological adaptability. People-centric initiatives such as succession planning, leadership pipeline development, and wellness programmes have played a key role in supporting the Companys growth. As GTPL continues to expand its footprint, it remains committed to nurturing talent, building an agile and empowered team, and advancing its mission of delivering exceptional customer experiences across India.

Description & Specification

GTPL operates across diverse geographical terrains and climatic conditions throughout India, and its operations and customer services rely heavily on data centres and an extensive fiber network, stable environmental conditions are crucial for seamless service delivery. Climate change-driven disruptions, including heatwaves, floods, and storms, can strain infrastructure by causing physical damage to fiber networks, increasing the risk of outages, and leading to service disruptions. Rising temperatures escalate energy demand for cooling systems in data centers, driving up operational costs and carbon emissions. Additionally, extreme weather events can affect last-mile connectivity and prolong recovery times, ultimately impacting overall network reliability and customer experience.

Potential Impact

Operational and Infrastructure Vulnerability

Extreme weather events like storms and floods can damage fiber infrastructure, disrupt connectivity, and cause service outages. Rising temperatures will drive higher energy consumption in data centers, leading to increased operational expenses and a larger carbon footprint. Additionally, water scarcity may impact cooling efficiency, while the growing demand for climate-resilient infrastructure could result in higher capital expenditures.

Regulatory and Financial Risks

Stricter environmental regulations may require investments in low-carbon technologies and energy-efficient systems, increasing compliance costs. India has set a net-zero target for 2070, pushing businesses to align with long-term sustainability goals and decarbonization efforts. Failure to adapt to climate-related changes could result in reputational damage, reduced investor confidence, and potential penalties for non-compliance.

Mitigation Action Plan

Governance

GTPL plans to strengthen its climate resilience strategy by conducting thorough climate risk assessments across its geographical locations.

Infrastructure Resilience

GTPL strives to enhance the resilience of its data centres and fibre network by investing in upgrades to its physical infrastructure, enhancing climate adaptability, and implementing advanced technologies to minimize service disruptions and operational risks due to climate change.

Sustainable Operations

GTPL is working towards optimizing resource consumption. The initiatives form part of its climate strategy to reduce environmental impact and ensure sustainable operations amid evolving climate challenges.

Internal Control Systems

The Company maintains a robust system of internal controls designed to ensure operational efficiency, optimal utilisation of resources, and full compliance with all applicable laws and regulations. To strengthen this framework, an independent firm of Chartered Accountants serves as the Companys Internal Auditor. The observations and recommendations arising from these audits, aimed at improving business operations, are reviewed by the Audit Committee on a quarterly basis. In line with mandatory requirements, the management has implemented comprehensive preventive and corrective measures to effectively mitigate major risks and safeguard the Companys assets and interests.

Cautionary Statement

We have disclosed forward-looking information to enable investors to comprehend our prospects and take investment decisions. This Report and other statements, written and oral, that we periodically make contain forward-looking statements that set out anticipated results based on the managements plans and assumptions. We cannot guarantee that these forward-looking statements will be realised, although we believe we have been prudent in our assumptions. The achievement of results is subject to risks, uncertainties, and even inaccurate assumptions.

Readers are requested to keep this in mind. Actual results may differ from those expressed or implied. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.