Fastway elevates Prem Ojha as Group CEO of cable TV, broadband biz
MUMBAI: Cable TV and broadband player Fastway Transmissions has elevated Prem Ojha as the Group CEO. Ojha was previously CEO of Netplus Broadband, the broadband arm of Fastway.
Ojha replaces Peeush Mahajan who will remain with the company as a consultant. Mahajan had joined Fastway in August 2010 as the CEO.
Ojha has over 27 years of experience in the telecom, broadband, IT, and office automation industries. He has led the evolution & growth of broadband services in North India for the last 20 years.
Speaking about his elevation, Ojha said, “This fiscal will be the year of exponential growth for all of us. We have ambitious objectives for all our businesses. We are poised to deliver converged services that include hi-speed broadband, smart voice, and OTT & IPTV services.”
Ojha further stated that the company intends to add 1 million subscribers to its digital subscriber base and double the base of broadband subscribers. “We also will ensure service reach across the country. There is a huge Opportunity to bring business synergy and catalyze growth,” he added.
Fastway Transmissions is a leading MSO of North India. It has 3.5 million digital subscriber base and 150,000 broadband customers with its internet arm Netplus Broadband.
The company’s net profit for the fiscal ended 31 March 2018 has fallen 33% to Rs 50.47 crore as against Rs 75.48 crore in the previous fiscal.
PAT margin dropped to 8.96% compared to 13.56% in the previous fiscal. The company’s revenue in FY18 has increased by 1.16% to Rs 563.16 crore compared to Rs 556.8 crore in the year-ago period.
Fastway, which was set up as a joint venture (JV) between Gurdeep Singh and Digicable Network India in 2007, is the dominant MSO in Punjab and has a presence in many Northern states like Haryana, Himachal Pradesh, Rajasthan, Uttar Pradesh, and Jammu & Kashmir.