GTPL Hathway Ltd. (GTPL) Q1 FY23 Earnings Concall Transcript

GTPL Hathway Ltd. (NSE: GTPL) Q1 FY23 Earnings Concall dated Jul. 15, 2022

Corporate Participants:

Anirudhsinh Jadeja — Promoter and Managing Director

Piyush Pankaj — Business Head CATV & Chief Strategy Officer

Rajan Gupta — Chairman and Non-Executive Director

Analysts:

Pulkit Chawla — Emkay Global Financial Services — Analyst

Amitabh — Sera Capital — Analyst

Shailendra M — Veda financials — Analyst

Arjun Shah — Individual Investor — Analyst

Hardik Jain — ISJ Securities — Analyst

Parth Kotak — Alpha Plus Capital — Analyst

Pratiksha — Aequitas Investment — Analyst

Presentation:

Operator

Ladies and gentlemen, good day, and welcome to the GTPL Hathway’s Q1 FY ’23 Earnings Conference Call, hosted by Emkay Global Financial Services. [Operator Instructions]. Please note that this conference is being recorded.

I now hand over the conference to Mr. Pulkit Chawla of Emkay Global Financial Services. Thank you, and over to you, sir.

Pulkit Chawla — Emkay Global Financial Services — Analyst

Thank you, Michelle. A very good evening, everyone. I would like to welcome the management and thank them for this opportunity. We have with us today Mr. Anirudhsinh Jadeja, Promoter and Managing Director; Mr. Rajan Gupta, Chairman and Non-Executive Director; Mr. Piyush Pankaj, Business Head CATV & Chief Strategy Officer; and Mr. Anil Bothra, Chief Financial Officer.

I shall now hand over the call to the management for their opening remarks. Over to you, gentlemen.

Anirudhsinh Jadeja — Promoter and Managing Director

Thank you, Pulkit. Good evening, everyone. I welcome you all to our quarter one FY ’23 Earnings Conference Call.

At the outset, I would like to express my gratitude to our stakeholders for being part of this growth journey. GTPL Hathway has begun financial year ’23 on a positive note with constant performance in digital cable TV and robust growth in broadband subscription revenue and ACB. We continue to explore our opportunity to expand our footprint throughout India and consolidate our presence in existing market by leveraging our digital infrastructure and capability and building on the trust of customers by providing them enhanced service and product quality.

With that, I’ll hand over to Mr. Piyush Pankaj who will take you through the business and financial aspects of the Company.

Piyush Pankaj — Business Head CATV & Chief Strategy Officer

Thank you, Mr. Jadeja. Good evening, everyone. I hope all of you are safe and healthy. I’m pleased to announce the business and financial performance of GTPL Hathway, the largest MSO in India. GTPL Hathway is a consistently profit making digital cable TV and broadband company in India, creating value for its stakeholders over the past six years with a growth of digital cable TV subscribers by 2.3 times and broadband subscriber base by 4.8 times. We are a dividend paying company for the last six years and maintaining our net debt free status. Our ranking in Dun & Bradstreet in their top 500 companies for 2022 as per net profit has improved by 60 places to Number 364 as compared to the 2021 listing.

Our CATV active subscriber base as on 30th June 2022 stands at 8.4 million and paying subscribers at 7.8 million. On Y-o-Y basis, the increase in active and paying CATV subscribers is 400k and 500k respectively. GTPL will continue to look at inorganic opportunities to augment its presence in existing and new markets. In the broadband business, we added 155k net subscribers on a Y-o-Y basis and 29k net subscribers on a Q-o-Q basis. Homepasses stood at 4.85 million as on 30th June 2022, an addition of 750k Y-o-Y.

ARPU stood at INR450. The average data consumption per customer stands at 260 GB per month per customer, an increase of 17% from last year.

Moving on to the financial performance on a considerate level, excluding EPC contract, in quarter one FY ’23, revenue grew by 10% Y-o-Y to INR6,454 million. The CATV subscription revenue stood at INR2,727 million, up by 3% Y-o-Y. The broadband segment delivered robust growth of 24% Y-o-Y, and the revenue stands at INR1,139 million, led by healthy subscriber additions. Consolidated EBITDA for the quarter stood at INR1,354 million with a margin of 21%. EBITDA witnessed a marginal decrease Y-o-Y on account of depleting deferred activation revenue and one-time non-recurring expenses due to change in policy per provisions. PAT for the quarter stood at to INR433 million.

On a standalone basis, excluding EPC contract during quarter one FY ’23, the Company’s revenue grew by 9% Y-o-Y to INR4,079 million. The Company reported EBITDA of INR753 million and PAT of INR274 million.

Thank you, everyone, for your attention. We can now begin with question-and-answer session.

Questions and Answers:

Operator

Thank you very much. [Operator Instructions]. The first question is from the line of Amitabh from Sera Capital. Please go ahead. There are more than 20 parties in the conference.

Amitabh — Sera Capital — Analyst

Hi, am I audible?

Operator

Yes, sir. You are audible. Please go ahead.

Amitabh — Sera Capital — Analyst

Yeah. I have only one or two questions. My first question is that why your broadband number of subscribers is not increasing. I mean this quarter also, you have seen 29,000 only. My original hypothesis was that you know if we have 8.4 million, that is 84 lakh cable TV subscribers, and by changing the set-top box to hybrid and digital set-top box, etc., we can convert most of them to broadband. So, effectively our quarterly numbers would be much, much higher. Now, in the last year, in successive conference call, I heard that the management was telling that because of COVID, we could not do those tie-ups and all those stuff, but now that the tie-ups are happening, JVs are happening meaning local reviews, etc., so why the numbers are not increasing?

Piyush Pankaj — Business Head CATV & Chief Strategy Officer

Yeah, Amitabh. First, I will take on the broadband side, then on the hybrid box side. So, in the broadband, If I go for the gross additions, the gross additions are still increasing. We are seeing that this quarter also the gross additions are more than what we did in the last quarter or last to last quarter. Yes. As you know, the COVID has led to what is adopted for the work from home or education from home. They all are going back to the offices and schools. So, we are seeing some of those customers who are shifting and they are closing. It means some of the customers are shifting to their main base for the work, some are shifting as the schools have started. Those things have affected in this quarter, which we have seen that the gross addition has increased, but the net addition is still at the same range as we are doing it in the last two quarters, but we are very hopeful that as you know that broadband is a nascent industry and a lot of potentials are there, which we are doing and we are hopeful and we are confident that the number additions will increase as it was in year trend [Phonetic] and as we have — what we are expecting projections on that period.

Coming to your other question, the adaptability, that we have introduced hybrid box, we have so much cable homes and those homes should convert into the broadband. You are right on that. We have started our — as you know that we are doing the B2C mainly in Gujarat and six other cities, and we are adapting to the B2B conversions for the broadband also to expand our footprint. That business has taken off very well, and a lot of signing has already happened, which you will start seeing the numbers coming in quarter two, quarter three and quarter four. So, we are confident that the numbers will increase in the coming quarters.

Amitabh — Sera Capital — Analyst

Any guidance on that? I mean, for example, our 29,000 will become a lakh in quarter — per quarter, something like that? You are having some projections?

Piyush Pankaj — Business Head CATV & Chief Strategy Officer

Amitabh, I can’t give the future growth level and all on this call. But yes, we are expecting that the growth will be there. The good growth will be there. Yeah, I can’t give you the exact numbers or exact projections on this call. We can connect one to one and we can do something on this.

Amitabh — Sera Capital — Analyst

My last question would be that you have some problem you are facing on the hybrid box level, especially when you were changing the channels, etc., the delay, etc., so that — all those things have been sorted out now? It is [Speech Overlap].

Piyush Pankaj — Business Head CATV & Chief Strategy Officer

Yeah, those things have been sorted out. That’s one of the factors for delaying our launch by around one and half months. But, all those factors have been sorted out. And now the response and the quality, and everything is very good. Customers are happy with the performance.

Amitabh — Sera Capital — Analyst

Okay, Thank you.

Rajan Gupta — Chairman and Non-Executive Director

Yeah. Piyush. This is Rajan Gupta here. I request you should meet gentlemen separately and also make sure there are no misunderstanding there [Speech Overlap] on that hybrid box ability to convert the consumer from cable to broadband consumer.

Piyush Pankaj — Business Head CATV & Chief Strategy Officer

Yeah.

Rajan Gupta — Chairman and Non-Executive Director

There seem to be some conceptual understanding gaps. Let’s make sure that is clear.

Piyush Pankaj — Business Head CATV & Chief Strategy Officer

Yeah.

Rajan Gupta — Chairman and Non-Executive Director

Otherwise, next call also, same thing will happen. So, there is absolutely no connection of launching hybrid box with the increase in broadband customers or any automatic increase in broadband customers.

Piyush Pankaj — Business Head CATV & Chief Strategy Officer

Yeah, so [Speech Overlap].

Rajan Gupta — Chairman and Non-Executive Director

We make sure that network understanding is there.

Piyush Pankaj — Business Head CATV & Chief Strategy Officer

That’s right. Just to clarify once again, hybrid box is the box, which convert your non-smart TV into smart TV and existing capability in the box of giving the CATV and OTT together as a combo, it can work on any broadband, whether it is GTPL Broadband or any other third-party broadband, this box is what — we work on that, just to give the clarity on that.

Amitabh — Sera Capital — Analyst

Yeah, that I understand. Thank you for clarifying anyway.

Piyush Pankaj — Business Head CATV & Chief Strategy Officer

Thank you, Amitabh.

Operator

Thank you. The next question is from the line of Shailendra M from Veda financials [Phonetic]. Please go ahead.

Shailendra M — Veda financials — Analyst

Hi. Thank you for taking my call. First of all, I want to congratulate you for sustaining the performance. So, on a Y-o-Y basis, the performance looks quite encouraging, but on a quarter-to-quarter basis, it’s kind of flat. So, that’s okay. I’m happy to note that you have — you’re optimistic about growing in near future. So, I just wanted to understand what is the response to this the GTPL Genie new set-top box and how — so, forget about the broadband part, how will it help you to convert some of the standard cable customers into this and there is a second question, which is when your depreciation numbers are quite high, so, these are real depreciations or they are accelerated depreciations?. So, there are two questions.

Piyush Pankaj — Business Head CATV & Chief Strategy Officer

Yeah. So, just to give you, thank you, Shailendra. You are right, that quarter four to quarter one is flat and if you see from Y-o-Y basis, the growth is there as you know that as we have appointed Deloitte as a statutory auditors of the Company, the provision policy has been made consistent with the peer group and revenue streams and one-time provisions have been taken in quarter one FY ’23 [Phonetic], which is part of other operating admin and selling expenses. That’s why you are seeing flat results in comparison to Q-o-Q. See [Speech Overlap].

Shailendra M — Veda financials — Analyst

How much are those provisions, can you please, which we may not expect in future? What — how much is the quantum?

Piyush Pankaj — Business Head CATV & Chief Strategy Officer

It is around 5 crore, which is there, which we are not expecting in the future. So, on the Genie box, the initial customer response is very favorable and we have seen surge in hybrid STBs inquiring. Being the new product, the initial response and consumer adaptability is moderate and that is owing to larger validity packs of 6 and 12 months and giving all media [[Phonetic], we are giving the 15 apps in the offering. As many customers have already subscribed to some of these apps, we get — got the feedback that they want to go for hybrid upon completion of their existing subscription period now. So, based on the market feedback, we will be coming out with the lower validity packs and introduce small bundles of OTT packs to cater to larger customer demands better. We also plan to offer the OTT bundles to our broadband customers and the existing cable TV customers in their regular construction plan. This would enable us to expand our horizon in terms of customer base or OTT offerings and customer stickiness. During the quarter, we have seeded around 5,000 hybrid STBs till date, and we are looking forward that as we will make it more attractive for the consumer in the coming days, the more adoption will happen towards the GTPL Genie boxes. [Speech Overlap]. So, Shailendra, can you repeat the last question on the accelerated depreciation, if you can?

Shailendra M — Veda financials — Analyst

So, just wanted to understand your depreciation is quite high. So, is it basically the set-top, whatever you’re providing free of cost, you are depreciating that, so what is the policy and can we add the depreciation back to the cash flow with a non-cash item or it’s actually a real depreciation it has to be written off? I needed to understand that.

Piyush Pankaj — Business Head CATV & Chief Strategy Officer

As you know that we have procured our hybrid boxes last year only, but the capitalization of those boxes have started in this quarter, and that is the way. So, already, the cash, you can see that the cash has not happened. It is more of an accounting policy, but the decision has started coming from this quarter.

Shailendra M — Veda financials — Analyst

Okay. So these are basically your set-top boxes you are depreciating right?

Piyush Pankaj — Business Head CATV & Chief Strategy Officer

That’s right.

Shailendra M — Veda financials — Analyst

So, how much do you spend annually on — at — let’s say, quarterly on set-top boxes currently?

Piyush Pankaj — Business Head CATV & Chief Strategy Officer

As we have given in earlier call also, the total capex for the — we are looking forward for around 450 crore in this financial year. And out of that, right now, we did spend around 86 crore, 46 crore is in the broadband and 44 crore [Phonetic] is attributable to the cable TV currently. On cable TV, I will say around 90% capex goes into the set-top boxes.

Shailendra M — Veda financials — Analyst

So, it’s approximately 35 crores, 39 crores, something like that on set-top boxes?

Piyush Pankaj — Business Head CATV & Chief Strategy Officer

Yeah.

Shailendra M — Veda financials — Analyst

That’s for a quarter?

Piyush Pankaj — Business Head CATV & Chief Strategy Officer

Yeah. That’s for a quarter.

Shailendra M — Veda financials — Analyst

And how much — over how many years do you depreciate the set-top boxes?

Piyush Pankaj — Business Head CATV & Chief Strategy Officer

It’s the depreciation policy, which is going on from the long. It is eight years.

Shailendra M — Veda financials — Analyst

Eight years. And is it approximately 12.5% straight-line basis or it is the written down value method?

Piyush Pankaj — Business Head CATV & Chief Strategy Officer

This is on a straight-line basis.

Shailendra M — Veda financials — Analyst

Okay. Thank you.

Operator

Thank you. The next question is from the line of our Arjun Shah, an Individual Investor. Please go ahead.

Arjun Shah — Individual Investor — Analyst

Yeah, hi, sir. Congratulations on a good quarter. So, I just wanted to talk a bit about NTO that is been rolling out — as it’s going to be rolled out soon. So, I think the industry generally [Technical Issues] broadcasters have been quite pessimistic about the whole thing. I think our team has been quite optimistic. So, is it because of the revenue split between the LCO broadcasters that are not changing or what is the nature behind the optimism? It is what I’m trying to get, sir.

Piyush Pankaj — Business Head CATV & Chief Strategy Officer

Rajan, sir, will you take this question, please?

Rajan Gupta — Chairman and Non-Executive Director

Piyush, can you briefly repeat the question please?

Piyush Pankaj — Business Head CATV & Chief Strategy Officer

He is talking about the implementation on NTO and what is going to be — how it is going to be favorable for us or LCOs or broadcasters and what is the split and how we look forward on this.

Rajan Gupta — Chairman and Non-Executive Director

So, essentially as of now, I think contours are still taking shape. So, I don’t think so. We are into implementation phase and current deadline is for the December for implementation, and I think as of now, we are neutral about that. Okay. So, as of now, we remain neutral and wherever possible anyway ARPU increased opportunity we are trying, but from an NTO perspective, as of now, we are neutral.

Arjun Shah — Individual Investor — Analyst

Okay, fair enough. And yeah, I just wanted — I think there were questions about [Technical Issues] on the cable TV front, we saw margins shrinking a bit this quarter. Is that something we expect to continue in the future or it also has a lot to do with DTH and I assume, but other factors as well as [Phonetic] provision. Is there anything else that we should keep an eye on?

Piyush Pankaj — Business Head CATV & Chief Strategy Officer

Arjun, I will always — I will repeat myself that whenever you see the cable business margin, you have to net pay [Phonetic] channel and carriage and placement income. On that basis, if you see the margins, we are at the same margin. We have not reduced on the margin side. Yes. As you know that as the free channel increases, your placement and carriage income also increases. And on that basis, denominator increases. The net, if you do the net of that, we will find that our margins [Phonetic] and we are expecting that from here onwards, the margin will improve. Margins should improve.

Arjun Shah — Individual Investor — Analyst

Okay. Understood. Thank you, sir.

Operator

Thank you. The next question is from the line of Hardik Jain from ISJ Securities. Please go ahead.

Hardik Jain — ISJ Securities — Analyst

Hello. Can you hear me?

Operator

Yes.

Hardik Jain — ISJ Securities — Analyst

Yeah, hi. So, thank you for the opportunity. So, like the question was asked before also. I just want to repeat it. So, we have around 30,000, we added around 29,000 broadband customers this quarter, but I don’t want you to give us a guidance, but if you can share with us what is your aspiration, how many customers, how are you preparing the organization, how many customers as an organization you want to reach in broadband, say in next three years, from say 8 lakh odd numbers today. Do we see ourselves reaching 15 lakh, 20 lakh customers in next three to four years?

Pulkit Chawla — Emkay Global Financial Services — Analyst

Yeah, Hardik. We are, as you know that from last five years when we did the IPO, we are at around 200k and we have grown around 4 lakh in the last five years. We want to do the additions on the same level or increased level of that and that’s the endeavor on which company is working. This quarter we have maintained that as I already explained that the gross additions are happening, gross additions are increasing. If we are seeing that the gross additions are increasing, that is very encouraging for the management and for the company as we will see that the — we have to adopt or we have to get out of that adoption that’s already happened as the situations [Speech Overlap].

Hardik Jain — ISJ Securities — Analyst

And what would have been the gross additions, sir, this quarter?

Pulkit Chawla — Emkay Global Financial Services — Analyst

It’s close to around 76,000 this quarter.

Hardik Jain — ISJ Securities — Analyst

That’s nice.

Piyush Pankaj — Business Head CATV & Chief Strategy Officer

Yeah. So, that’s way we are hopeful or we are confident that the additions numbers will be of the same trend as we are doing from last three to four years.

Hardik Jain — ISJ Securities — Analyst

And out of this 76,000, if you can bifurcate, say, Gujarat and non-Gujarat in this?

Piyush Pankaj — Business Head CATV & Chief Strategy Officer

90% will be Gujarat.

Hardik Jain — ISJ Securities — Analyst

90% will be Gujarat. Okay. And sir, one of our main cost items is bandwidth cost that we have to purchase bandwidth. So, I just wanted to understand. Please pardon me for my ignorance, so whom do we purchase this bandwidth from typically?

Piyush Pankaj — Business Head CATV & Chief Strategy Officer

So, all telecoms like Airtel, Vodafone, Reliance Jio.

Hardik Jain — ISJ Securities — Analyst

And as our scale increases, do we have the benefit of scale in the sense that the per unit cost of these bandwidth decreases for us as we grow in size or it does not matter?

Piyush Pankaj — Business Head CATV & Chief Strategy Officer

Rajan, sir. Can you take this?

Rajan Gupta — Chairman and Non-Executive Director

Yeah, Piyush. Essentially, I’ll also put some light on the first question you asked, so in terms of growth potential, etc. Okay. So, broadband consumer number growth is directly linked to homepass growth. Okay. Typically, what we are seeing in the competitive market, 20% [Phonetic] penetration of homepass is what we are able to get, okay, in an urban area, because urban area, typically three players competing and 60% of the market typically is subscribing to broadband, so we are able to take one-third. Okay. So, typically 20% is what we are able to take in a metro kind of end market. Of course, in the rural and semi-urban markets, penetrations are lower, but your market share is higher. So, essentially 20% to homepass is what we are able to get. So, as we keep on investing in more and more homepasses, like Gujarat itself, for example, there is no reason why Gujarat can’t be [Technical Issues] itself for GTPL.

Hardik Jain — ISJ Securities — Analyst

Right.

Rajan Gupta — Chairman and Non-Executive Director

I mean we had done a project also sometime back, which means that up to every panchayat, fiber is there. Okay. Only issue is that the whole homepass to be created. Okay. And fiber is a trunk line, which is available. Okay. But then whole homepass till consumer home has to be created. Okay. I think this quarter, we have done 1.5 lack homepasses, Piyush, if I’m correct, and so we have to add more homepasses okay. And then, from a long-term perspective, as you mentioned, from three- to five-year perspective, Gujarat itself can be a 2 million market with the way broadband demand in second level cities and third level cities are increasing and essentially we are working a model at a very low ARPU of INR450 itself, I know there is a very healthy EBITDA greater than 40% we can deliver. So, essentially model is very workable model. You will appreciate even at INR450 ARPU even in a semi-urban area or a sea level town, affordability is there. We are talking about FTTH kind of high-speed broadband, unlimited data, that kind of price point with a very profitable proposition, so it’s a matter of now, we have to see how much cash flow we have and how much we can roll it out, so that is the whole endeavor, which management team is trying.

Coming to bandwidth, of course, there is a scalability as with scale increasing in, bandwidth cost can come down to as low as 8% to 10%. There are companies where bandwidth cost of the scale is reaching to as low as 8% to 10% of the revenue.

Hardik Jain — ISJ Securities — Analyst

Okay. Okay. And yeah, so that was my questions. Thanks. Thanks for answering.

Operator

Thank you. The next question is from the line of Parth Kotak from Alpha Plus Capital. Please go ahead.

Parth Kotak — Alpha Plus Capital — Analyst

Hi, thanks for taking my question, sir. So, I have a couple of questions and please — I would be sorry if I’m repeating any of the questions, so CATV revenue as we’ve seen the paying subscribers have increased and subscription revenue would have increased, but I think our average revenue per customer on the digital cable business would have gone down. One, is that the right reading and why is it?

Piyush Pankaj — Business Head CATV & Chief Strategy Officer

Are you talking about the ARPU?

Parth Kotak — Alpha Plus Capital — Analyst

Yes, that’s correct. ARPU on the digital cable business.

Piyush Pankaj — Business Head CATV & Chief Strategy Officer

Yeah. ARPU in digital cable TV business in this quarter, we have seen around 1 rupee that has come down because of some of — you can say the market, which was in the higher side and gotten [Phonetic] to the lower ARPU side, but that will be get connected within a quarter or two quarter time.

Parth Kotak — Alpha Plus Capital — Analyst

Right. Perfect. And it would be helpful [Technical Issues].

Operator

Mr. Parth Kotak, you are not audible. Can you please repeat your question?

Parth Kotak — Alpha Plus Capital — Analyst

Yes, is this better?

Operator

Yes. It is a better. Please proceed.

Parth Kotak — Alpha Plus Capital — Analyst

Thank you. Yeah, my question was, if you could give — throw some light on your performance in newer geographies?

Piyush Pankaj — Business Head CATV & Chief Strategy Officer

Newer geographies, we have entered into Madhya Pradesh. We have entered into the markets, Tamil Nadu on this, on the four, five markets we have entered. And there, the progresses are very well. Already in Tamil Nadu, we are talking about half a million [Phonetic]. In Northeast also, we have entered into Manipur and Tripura and all. We have — already the numbers are increasing at a very good rate. Same is happening in the MP, and we are looking forward that we will enter into new geographies in the coming quarters.

Parth Kotak — Alpha Plus Capital — Analyst

That is very encouraging, sir. Sir, my last question is our revenue from EPC contract is zero, do we expect it to remain zero for the coming years or how do we see it?

Piyush Pankaj — Business Head CATV & Chief Strategy Officer

Yeah, EPC contract is a one-time contract, which we did for the GFGNL, which is BharatNet project. We are — O&M, the operation and maintenance of that network is still continuing, which is coming in other operating revenue in our books. And it’s a general business because it is a five-year contract, which is there with the Gujarat Government, GFGNL. We are looking forward for this type of project as we have developed those capabilities and we want to encash those capabilities. So, we are looking for the BharatNet type of projects in other states and plus we are looking forward for some other government projects, smaller or bigger in Gujarat and smaller states also — other states also.

Parth Kotak — Alpha Plus Capital — Analyst

Okay, okay. Thanks for answering all my questions. That’s all from my side.

Operator

Thank you. The next question is from the line of Riya from Aequitas Investment. Please go ahead.

Pratiksha — Aequitas Investment — Analyst

Good evening, sir. This is Pratiksha here. Sir, my first question is on cable TV, you mentioned that our gross addition was 76,000. Sir, how much of this would be basically migration to Genie and how much of this is inorganic growth? If you could give those numbers?

Piyush Pankaj — Business Head CATV & Chief Strategy Officer

Hi, Pratiksha. Pratiksha, 76,000 gross addition is in the broadband, which we have mentioned.

Pratiksha — Aequitas Investment — Analyst

Okay. Okay. So [Speech Overlap].

Piyush Pankaj — Business Head CATV & Chief Strategy Officer

I have already given that we have seeded around 5,000 hybrid boxes in this quarter.

Pratiksha — Aequitas Investment — Analyst

Okay. 5,000 in this quarter. Okay. And do we have any other inorganic growth on cable TV front? Gross basis.

Piyush Pankaj — Business Head CATV & Chief Strategy Officer

Those are in the pipeline that will come into the next or next quarter, the other quarter.

Pratiksha — Aequitas Investment — Analyst

Okay. I think for this quarter, right?

Piyush Pankaj — Business Head CATV & Chief Strategy Officer

Nothing for this quarter.

Pratiksha — Aequitas Investment — Analyst

Okay. And the ARPU in cable TV for this quarter would be?

Piyush Pankaj — Business Head CATV & Chief Strategy Officer

It’s close to around INR119.

Pratiksha — Aequitas Investment — Analyst

Okay, so, basically if we started deploying Genie, we would have [Ends Abruptly].