Gujarat headquartered cable television operator and broadband service provider GTPL Hathway on Tuesday reported its financial reports for the quarter ending March 31, 2020. The operator has posted a consolidated loss of Rs 19.58 crores. Rs 13.62 crores loss was attributed to owners of the company while Rs 5.8 crores were attributed to non controlling interests.
“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% and 39%, respectively. During the year, we have reduced our gross debt by ₹ 1,293 million. 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 ₹ 679.64 million towards impairment of trade receivables and have disclosed the same as “Exceptional Item”.
Anirudhsinh Jadeja, Managing Director, GTPL Hathway
Financial Highlights
- Q4 FY20 revenue at Rs 666.5 crores, up 91% y-o-y
- CATV subscription revenue at Rs 264.7 crores, up 27% y-o-y
- Broadband revenue at Rs 46.1 crores, up 27& y-o-y
- EBIDTA at Rs 124.6 crores, up 20% y-o-y
GTPL’s CATV business seeded 7 lakh set-top boxes during FY 20, taking total seeded STBs at end of March 31, 2020, to 1.02 crores. Paying customers as on March 31, 2020, stood at 0.75 crores, up by 10% y-o-y. 1.5 lakh set-top boxes were seeded during Q4 FY 20. It has reported a 41% annual growth in subscription revenue.
In FY20 it expanded in Mumbai Phase-1 Market and added 250K subscribers. It also ventured in Tamil Nadu and now has a presence in 12 states across India. The company claims that it has a share of 67% in Gujarat and a 24.5% share in the West Bengal market. It also claims a significant presence in Maharashtra, Andhra Pradesh, Telangana, and Assam. GTPL also expanded in Telangana and Andhra Pradesh leading toan increase of 30% subscribers.
