GTPL Hathway’s FY17 net up 5.4 times to Rs 40 cr; seeds 1.48 mn STBs

MUMBAI: Multi-system operator (MSO) GTPL Hathway, which recently made its debut on the stock market, has issued its first financial result for the financial year 2016–17 since listing.

The company’s consolidated net profit has zoomed 5.4 times to Rs 40 crore for the fiscal year ended 31 March 2017 compared to Rs 7.5 crore in the preceding fiscal year. EBIDTA jumped 51% to Rs 240.4 crore from Rs 159.6 crore.


GTPL Hathway’s revenue comprising cable TV and broadband businesses surged 27% to Rs 941.7 crore from Rs 744.3 crore.


In terms of revenue break-up, cable TV subscription increased 33% to Rs 449.4 crore from Rs 337.8 crore.

Broadband revenue grew at a faster pace than cable TV at Rs 128.8 crore, up 77% from Rs 73 crore in the previous fiscal year.

Placement revenue

The MSO, which has a dominant presence in the Gujarat market, saw its placement revenue dip by 11% to Rs 237.5 crore from Rs 266.8 crore. Activation income rose 84% to Rs 75.1 crore from Rs 40.9 crore.


The company’s expenditure rose sharply by 20% to Rs 701.3 crore from Rs 584.7 crore.

Pay channel cost

Pay channel cost, which is the biggest expenditure, increased 17% to Rs 382.1 crore from Rs 327.7 crore.


STBs seeded

The MSO seeded 1.48 million set-top boxes (STBs) during the year to take its total base to 6.9 million. Of this, active STBs stood at 5.98 million compared to 4.68 million in the year-ago period.

In DAS Phase IV, the MSO has seeded 1.46 million STBs. Among the four phases, it seeded most STBs in Phase III at 2.52 million. In Phases I and II, it seeded 0.71 million and 2.21 million STBs respectively.


The company’s ARPUs from the four phases are Rs 100, Rs 95, Rs 54 and Rs 41 respectively. The MSO said that it has implemented packaging for Phases III and Phase IV in the third and fourth quarters of FY17 respectively.


The MSO added 70,000 net broadband subscribers to end the year with 0.24 million subscribers.

Broadband ARPU (net of tax) increased by 5.5% to Rs 480 from Rs 455 in FY16. It has created 240,000 new homes passed, which stand at 1.08 million, as on 31 March. The conversion ratio from homes passed to subscriber is at 22%.


Standalone FY17 results

On a standalone basis, the company’s PAT increased 165% to Rs 39.8 crore from Rs 15.1 crore. EBITDA was up 200% to Rs 200.2 crore from Rs 119.1 crore.

Total income jumped 29% to Rs 638 crore from Rs 493.8 crore. Expenditure was up 17% to Rs 437.9 crore from Rs 374.8 crore.

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