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Tag: Anirudhasinhji Jadeja

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

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

    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.

  • GTPL Hathway reports cable and internet subscribers, profit growth for FY 2019-20

    GTPL Hathway reports cable and internet subscribers, profit growth for FY 2019-20

    BENGALURU: Indian cable and internet services major GTPL Hathway Ltd (GTPL) reported profit after tax (PAT) for the year ended 31 March 2020 (FY 2020, year under review) at Rs 87.72 crore which was more than triple the PAT of Rs 25.08 crore for the previous fiscal (FY 2019). However, the company reported a loss of Rs 19.59 crore for the quarter ended 31 March 2020 (Q4 2020, quarter under review) as compared to a loss of Rs 23.50 crore for the corresponding year ago quarter (Q4 2019). The board of directors of the company have proposed a dividend of Rs 3 per share (30 percent) of face value of Rs 10 each for the year.

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    GTPL has reported adding 700,000 cable TV subscribers and 80,000 internet subscribers during the year under review. It closed FY 2020 and Q4 2020 with eight million (0.8 crore or 80 lakh) CATV active subscribers or 7.5 million (0.75 crore, 75 lakh) paying CATV subscribers and 405,000 internet subscribers.

    The company reported 88 per cent increase in consolidated total income at Rs 2,424.74 crore in FY 2020 as compared to Rs 1,289.15 crore for FY 2019. Consolidated operating income for the year under review increased 91.4 per cent to Rs 2,384.08 crore from Rs 1,245.82 crore in FY 2019. Consolidated total income for Q4 2020 at Rs 666.55 crore was almost double (up 91.1 per cent) as compared to Rs 348.75 crore in Q4 2019. Operating income in Q4 2020 was more than double (up 103.3 per cent) at Rs 655.65 crore as compared to Rs 322.43 crore for the corresponding year ago quarter.

    Segment Revenue

    GTPL Hathway has three segments: CATV, Internet and EPC;  through EPC it is executing a contract for BharatNet, for which it has reported annual revenue for the first time in FY 2020.

    CATV segment reported 42.2 per cent growth in operating revenue for FY 2020 at Rs 1,565.50 crore from Rs 1,101.26 crore in the previous year. The segment had an operating profit growth of 141 per cent at Rs 108.20 crore during the year under review as compared to Rs 44.90 crore in FY 2019. Operating revenue for CATV segment in Q4 2020 grew 49.2 per cent to Rs 427.44 crore from Rs 286.40 crore in Q4 2019. Operating loss for CATV segment increased to Rs 34.62 crore in Q4 2019 as compared to an operating loss of Rs 25.82 crore in Q4 2019.

    Internet services segment revenue in FY 2020 grew 15.9 per cent to Rs 167.60 crore from Rs 144.56 crore in FY 2019. The segment had an operating profit of Rs 4.96 crore in FY 2020 as compared to an operating loss of Rs 2.06 crore in FY 2019. ARPU for the segment in FY 2020 at Rs 422 was higher than the Rs 413 for FY 2019. For Q4 2020, Internet Services revenue grew 28.5 per cent to Rs 46.31 crore from Rs 36.03 crore. The segment had an operating profit of Rs 3.64 crore during the quarter under review as compared to an operating loss of Rs 5.31 crore in Q4 2019. ARPU for Internet Service segment for Q4 2020 at Rs 422 was higher than RS 415 in the immediate trailing quarter, Q3 2020, and the Rs 413 in Q4 2019.

    GTPL reported operating revenue of Rs 650.98 crore in FY 2020 for its EPC Project. The segment had an operating profit of Rs 44.69 crore. For Q4 2019, EPC Project operating revenue was Rs 181.91 crore as compared to Rs 237.66 crore in the immediate trailing quarter Q3 2020.

    Company Speak

    GTPL managing director Anirudhsinh Jadeja said, “Amidst a year of industry reforms, GTPL Hathway has emerged as a stronger company. Our operating ability to expand our services have improved and so has our ability to generate free cashflow. The highlight of FY20 was strong profitability, debt reduction and geographical expansion. Our FY20 consolidated revenue and EBITDA grew by 88 per cent and 39 per cent, respectively. During the year, we have reduced our gross debt by Rs 1,293 million (Rs 129.30 crore). During the year, we have strengthened our CATV presence in Mumbai (Maharashtra) and have entered Chennai (Tamil Nadu). We have also expanded our subscribers base in Andhra Pradesh and Telangana in FY20.”

    “FY20 was the first full year of implementation of the New Framework across the industry. Implementation of new regime prima facie resulted in change in LCOs’ earning profile adversely and restricted their cash flow cycle, consequently, lowering their ability to pay their dues to the company. Pursuant to the above change and assessment carried out by the management, we have recognised Rs 679.64 million (Rs 67.964 crore) towards impairment of trade receivables and have disclosed the same as ‘Exceptional Item’", added Jadeja.

    Let us look at the other numbers reported by GTPL for FY 2020

    Consolidated total expenditure increased 86.2 per cent during the year under review to Rs 2,198.93 crore from Rs 1,180.92 crore in FY 2019. Pay channel cost in FY 2020 reduced 38.5 per cent to Rs 513.77 crore from Rs 835.92 crore in the previous year. Other operational costs declined 5.8 per cent to Rs 88.34 crore from Rs 93.90 crore in the previous year.

    Employee benefits expense in FY2020 increased 16.2 per cent to Rs 126.1 crore from Rs 108.44 crore in the previous fiscal. Finance costs increased 14.2 per cent during the year under review to Rs 51.35 crore from Rs 44.95 crore. Other expenses in the period declined 26.2 per cent to Rs 178.42 crore from Rs 243.86 crore in FY 2019.

  • GTPL cable TV business pushes revenue, profits up in Q1 2020

    GTPL cable TV business pushes revenue, profits up in Q1 2020

    BENGALURU: GTPL Hathway Ltd (GTPL) reported 31.9 percent growth in revenue for the quarter ended 30 June 2019 (Q1-2020, quarter or period under review) and almost three times the operating profit for its cable TV business (CATV business) as compared to the corresponding year ago quarter Q1 2019. The company’s consolidated  revenue from operations for the quarter under review grew 50 percent year on year (y-o-y) while consolidated total income expanded 30.3 percent in Q1 2020 as compared to Q1 2019. Consolidated profit after tax more than doubled (grew 164.3 percent) to Rs 33.23 crore in Q1 2020 as compared to Rs 12.57 crore in Q1 2019.

    GTPL reported consolidated revenue from operations at Rs 445.47 crore in Q1 2020 as compared to Rs  296.91 crore in Q1 2019. Consolidated total income for the period was Rs 454.30 crore as compared to Rs 296.91 crore in the corresponding year ago quarter. CATV business revenue was Rs 344.16 crore in Q1 2020 as compared to Rs 260.93 crore in Q1 2-19. CATV business reported operating result of Rs 30.49 crore for the period under review as compared to Rs 10.17 crore for Q1 2019.

    The company’s internet services business (Ex-EPC Project numbers) revenue grew 9.2 percent to Rs 39.29 crore in Q1 2020 from Rs 35.98 crore in Q1 2019. The segment incurred a small loss of Rs 0.14 crore in Q2 2020 as compared to an operating profit of Rs 2.40 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 62.02 crore an operating profit of Rs 2.89 crore from the EPC Project.

    GTPL reported revenue (Ex EPC Project) of Rs 391.1 crore, which was 29 percent more y-o-y. The company says in an earnings release that its CATV subscription revenue increased 47 percent y-o-y to Rs 247.2 crore. EBITDA Ex EPC Project increased 32 percent y-o-y to Rs 110.3 crore. Ex EPC Project PAT doubled to Rs 26.6 crore.

    On the operational front, GTPL says that it has seeded 200,000 STBs and added 300,000 digital paying subscribers in Q1 2020. The company says that it had 97 lakh (9.7 million, 0.97 crore) digital paying subscribers as on 30 June 2019. Phase-wise seeding as on June 30, 2019 for Phase 1, Phase 2, Phase 3 and Phase 4 were at 8.6 lakh (0.86 million, 0.086 crore); 22.6 lakh  (2.26 million, 0.226 crore); 30 lakh (3.00 million, 0.3 crore) and 35.8 lakh (3.58 million, 0.358 crore) respectively.

    Further, GTPL says that two thirds or 10,000 of the 15,000 new broadband internet subscribers were FTTX subscribers. Consumption per customer at 120 GB/month as on June 2019 was up from 38 GB/month in March 2017, or data consumption increased 3x over two years’ period.

    Company speak

    Commenting on performance, GTPL managing director Anirudhasinhji Jadeja said, “Q1FY20 was the first full quarter with New Tariff Order (NTO), which has led to significant growth in subscription revenue. Subscription revenue grew by 47percent on a y-o-y basis. Overall, our first quarter performance was in line with our expectation and we see our next three quarters equally exciting. With NTO being stabilised, our focus on taking FTTH to more and more homes, re-launching industry’s first dual service product ‘GTPL GIGAHD’ to convert current customers along with adding new customers and concurrently launching hybrid set top box will help us to converge linear TV viewing with OTT usage. We will further increase the pace of growth momentum towards CATV and broadband business in FY 2019 – 20.”

    Let us look at the other numbers reported by GTPL

    Consolidated total expenditure increased 42.7 percent during the quarter under review to Rs 403.99 crore from Rs 283.11 crore in Q1 2019. Pay channel cost in Q1 2020 increased 42.5 percent to Rs 180.17 crore from Rs 126.44 crore in the previous year. Other operational costs increased 2.7 percent to Rs 21.39 crore from Rs 20.83 crore.

    Employee benefits expense in Q1 2020 was almost flat (decreased 0.1 percent) to Rs 35.29 crore from Rs 35.32 crore in the correspond period of the previous fiscal. Finance costs reduced 20.7 percent during the querter under review to Rs 12.45 crore from Rs 15.70 crore. Other expenses in the period increased 29.8 percent to Rs 48.37 percent to Rs 37.26 crore in the corresponding quarter of the previous year.

  • GTPL cable TV business revenue up; broadband business keeps afloat

    GTPL cable TV business revenue up; broadband business keeps afloat

    BENGALURU: Indian multi-system operator and internet service provider GTPL Hathway Ltd (GTPL) reported 12.6 percent increase in total income for the quarter ended 31 December 2018 (Q3 2019, quarter or period under review) as compared to the corresponding year ago quarter (y-o-y) Q3 2018. GTPL’s Total Income in Q3 2019 was Rs 319.91 crore, for the corresponding year ago quarter it was Rs 284.09 crore.

    GTPL has two segments – cable TV business and internet service. Every Indian broadband internet services provider has been hit by Jio. Reliance Jio Infocomm has made available low cost broadband internet services at a never before scale in India, unprecedented anywhere in the world. Most operators have been bleeding subscribers, and how! ARPUs have plummeted.

    GTPL’s internet service business has been reporting a steep decline in operating profits over the past few quarters. In Q3-2019, GTPL’s internet business was still profitable. And the company has reported that its internet subscriber base increased by 11,000 for the period under review, however at lower ARPU. For Q3 2019, internet business ARPU was Rs 430 as compared to Rs 487 in Q3 2018.

    GTPPL’s consolidated profit after tax (PAT) increased 3.1 percent y-o-y in Q3 2019 to Rs 19.72 crore from Rs 19.13 crore in Q3 2018. Consolidated total comprehensive income for the period increased 2.4 percent y-o-y to Rs 19.72 crore from Rs 19.26 crore. Consolidated operating profit (EBITDA) excluding other income was almost flat – it declined 0.8 percent y-o-y in Q3 2019 to Rs 77.89 crore (24.8 percent of operating or op revenue) from Rs 78.53 crore (27.8 percent of op revenue) in the corresponding quarter of the previous fiscal.

    Segment Performance

    Cable TV business operating result increased 20.1 percent y-o-y to Rs 19.35 crore in Q3 2019 from Rs 816.11 crore in the corresponding quarter of the previous year. Operating revenue of GTPL’s cable TV business increased 14.7 percent y-o-y to Rs 278.06 crore from Rs 242.4 crore.

     GTPL’s TV business added 2,00,000 CATV digital subscribers in Q3 2019, 1,70,000 of which it says were paying subscribers. The company says that it had seeded 3,00,000 set-top boxes during the quarter under review. In all GTPL says that it seeded 0.95 crore STBs, of which 0.8 crore were active and 0.745 crore were digital paying subscribers as of 31 December 2018. GTPL’s largest subscriber base is in phase IV areas. Digital paying subscriber bases for phases I, II, III and IV were 0.066 crore, 0.169 crore, 0.226 crore and 0.283 crore respectively. ARPUs remained flat y-o-y across all the four DAS phases. ARPUs net of taxes for phases I, II, III and IV were Rs 103, Rs 102, Rs 67 and Rs 60 respectively.

    GTPL’s internet business operating revenue in Q3 2019 was almost flat – it increased 1.1 percent y-o-y to Rs 36.44 crore from Rs 36.03 crore. Internet service segment’s operating results for Q3 2019 declined by 87.9 percent y-o-y to just Rs 0.37 crore from Rs 3.03 crore in the corresponding quarter of the previous year.

    GTPL says in a press release that during the quarter, it was appointed as Project Implementation Agency (PIA) of Package B for implementation of BharatNet Phase – II Project in the state of Gujarat by Gujarat Fibre Grid Network Limited (GFGNL). The company says that the project is worth Rs 1,245.77 crore. The project is on EPC bases and includes survey, design, plan, execution with active/passive (OSP + Electronics) components with commissioning of complete network.

    Let us look at the other numbers reported by GTPL Hathway

    Consolidated total expenditure increased 16.3 percent y-o-y during the quarter under review to Rs 289.05 crore from Rs 248.59 crore in Q3 2018. Pay channel cost in Q3 2019 increased 26.5 percent y-o-y to Rs 137.72 crore from Rs 108.90 crore in the corresponding quarter of the previous year. Other operational costs reduced 16.5 percent y-o-y in Q3 2019 to Rs 23.99 crore from Rs 20.64 crore in Q3 2018.

    Employee benefits expense in Q3 2019 increased 18.9 percent y-o-y to Rs 37.63 crore from Rs 31.64 crore in the corresponding quarter of the previous fiscal. Finance costs reduced 20 percent y-o-y during the quarter under review to Rs 5.86 crore from Rs 7.32 crore. Other expenses in the period reduced 3.7 percent y-o-y to Rs 37.28 crore in Q3 2019 from Rs 38.72 crore in the corresponding quarter of the previous year.

    Company Speak

    GTPL Hathway managing director Anirudhasinhji Jadeja said in a press release, “In an environment of uncertainty, GTPL Hathway has continued to post steady performance. Our first 9 month revenue and PAT are up by 14 percent and 10 percent respectively; reflecting inherent strength of the company’s offerings and quality customer service. The new tariff order has put customers at the centre of the business; providing them freedom to make their own choices. As India’s one of the leading MSOs, we expect higher monetisation across the phases and better transparency as a direct fall out of the new order.”