GTPL Hathway Ltd (NSE: GTPL) Q2 2025 Earnings Call dated Oct. 10, 2024
Corporate Participants:
Anirudhsinh Jadeja — Promoter and Managing Director
Piyush Pankaj — Business Head, CATV and Chief Strategy Officer
Saurav Banerjee — Chief Financial Officer
Analysts:
Pulkit Chawla — Analyst
Sahil Vora — Analyst
Aditya Jain — Analyst
Disha Shah — Analyst
Mausam Agarwal — Analyst
Sahil Bambade — Analyst
Ketan Athavale — Analyst
Rahil Shah — Analyst
Presentation:
Operator
Ladies and gentlemen, good day, and welcome to the Q2 FY ’25 Results Conference Call of GTPL Hathway, hosted by Emkay Global Financial Services. [Operator Instructions] Please note that this conference is being recorded.
I would now like to hand the conference over to Mr. Pulkit Chawla from Emkay Global Financial Services. Thank you, and over to you, sir.
Pulkit Chawla — Analyst
Thank you, Sejal. Good evening, everyone, and welcome to the Q2 FY ’25 earnings call for GTPL Hathway. From the management, we have with us today Mr. Anirudhsinh Jadeja, Promoter and Managing Director; Mr. Piyush Pankaj, Business Head B2B and Chief Strategy Officer; and Mr. Saurav Banerjee, Chief Financial Officer.
Without any further delay, I shall now hand over the call to the management for their opening remarks. Over to you, sir.
Anirudhsinh Jadeja — Promoter and Managing Director
Thank you, Pulkit. Good evening, everyone. A warm welcome to everybody to the earning call of GTPL Hathway to discuss financial performance of quarter two FY 2025. We continue HITS market leadership in terms of our customer base across both segments. Both the business segments cable and broadband present a vast opportunity for growth as we work on achieving the same by providing quality service enabled through the — using best-in-class of technology. In line with our vision of enhancing customer experience, we launched a consumer-centric GTPL Buzz application, which provides suits of service to our customer, including TV everywhere, Black Knights and TV integrated to GTPL Chatbot GIVA.
I will now hand over to call Mr. Piyush Pankaj who will take you through the KPI for cable TV and broadband segments.
Piyush Pankaj — Business Head, CATV and Chief Strategy Officer
Thank you, Mr. Jadeja. Good evening, everyone. Let me start off by mentioning key KPIs for both our business segments. First, the cable TV segment. Our digital cable TV subscriber base as on 30 September, 2024 stood at 9.5 million. Among the total subscriber base, paying subscribers stood at 8.8 million. On a Y-o-Y basis, the increase in both active and paying subscriber is 100,000, respectively. In the broadband business, active sustainable base at the end of the quarter stood at 1.04 million adding 50,000 new subscribers, an increase of 5% on a Y-o-Y basis. Homepass stood at 5.95 million as on 30 September, 2024, of which 75% are available for FTTX. Homepass grew by 7% on a Y-o-Y basis.
The broadband ARPU for quarter two FY ’25 remained stable at INR460. Average data consumption per month stood at 350 GB, a 13% increase Y-o-Y. This quarter was muted for the whole industry due to end of mega events like IPL and T20 World Cup in last quarter. No major events happened in this quarter and extended rain and flood marked this quarter due to which the customer addition and retention becomes difficult and the whole industry faced this problem. In the cable business, our efforts are focused on growing our subscriber base through a mix of organic growth and industry consolidation via acquisitions of existing operators and MSOs. Broadband business is witnessing healthy subscriber growth propelled by both direct customer additions and with the strategic use of our extensive partner network to expand. This dual strategy in both business segments will strengthen our market position.
I will now hand over the call to Mr. Saurav Banerjee, CFO, who will take you through the financial performance of the company.
Saurav Banerjee — Chief Financial Officer
Thank you, Mr. Piyush, and good evening to all the participants. On a consolidated basis for the quarter, total revenue grew by 9% Y-o-Y to INR8,620 million. Consolidated reported EBITDA stood at INR1,138 million and net profit stood at INR129 million. On to the standalone results, total revenue grew by 6% Y-o-Y to INR5,452 million. Standalone reported EBITDA stood at INR651 million and net profit for Q2 ’25 stood at INR141 million. Balance sheet of the company remains healthy with a net debt to equity of 0.1 times as on 30 September.
I would now request the moderator to open the floor for the Q&A session.
Questions and Answers:
Operator
[Operator Instructions] The first question is from the line of Sahil Vora from MS Associates. Please go ahead.
Sahil Vora
Hi, good afternoon. Am I audible?
Piyush Pankaj
Yes, Sahil. Please go ahead.
Sahil Vora
Yes, sir. Can you share how much of the subscriber addition in broadband have been through the B2B route in this quarter?
Piyush Pankaj
Yeah. So in this quarter, if you see the total subscriber addition is of 10,000 of which 2,000 is B2C and an 8,000 is around B2B subscribers. In total, 1.04 million and around 100,000 subscriber is B2B right now.
Sahil Vora
Okay, sir. And which states are we actively pursuing B2B for — in terms of broadband growth?
Piyush Pankaj
Three states, Delhi, UP and Bihar right now.
Sahil Vora
Okay. Got it. So a follow-up question would be, can you walk me through how the economics work for your B2B partnership in broadband in terms of revenue sharing and margin? Are the margins on similar margins with your organic broadband business or should we expect segment margin to be lower going ahead?
Piyush Pankaj
So there are two models, one model where the main investment is coming from the operators and we are doing the investment at the CPE level only. That is there we are saying 60/40. 60% is in the favor of operator, 40% is in the favor of us. And if I talk about the margin basis of the revenue which we are getting, the margin is at the same level of B2C. Yeah, if you go for the gross revenue, it is like somewhere down by — the margin is down by around 30%, 35% from the B2C.
Sahil Vora
Okay. Got it. And sir, my last question would be our cable TV business has seen a decrease in subscribers compared to the previous quarter. Can you provide some light on what happened to subscriber base during the quarter?
Piyush Pankaj
Yeah. So this quarter, as I said on my opening sentence that the no major event was there in this quarter, plus there was extended rain and flood all over the country. I will say that if we stop in one place, it started in another place. Now we are in 23 states and we face this problem throughout. So the churn is a bit higher than what we have expected. So our addition is on the line, but our churn is a bit higher than what we expected. And that given us that we have lost some of the subscriber and we declined in this quarter — quarter-to-quarter, if you see, but we are hopeful that we will recover it very fast. Already we have seen the effect of India, Bangladesh and Women T20 and already we are up by around 70,000 in this 10 days of October only. So we are looking forward that we will recover the subscriber base and related all the revenues and cost of that.
Sahil Vora
Okay. That’d be all from my side. I’ll join the queue if I have further questions. All the best, sir, for the next quarter.
Operator
Thank you. The next question is from the line of Aditya Jain from SM Capital. Please go ahead.
Aditya Jain
Hi, sir. Thank you for the opportunity. Am I audible?
Piyush Pankaj
Yeah, Aditya. Please go ahead.
Aditya Jain
Yeah. So a few things that I wanted to understand. So one is like any specific reason for like rise in the short-term borrowings? So like although our cash levels remain healthy, but I think like you may appreciate my concern that like rising short-term debt levels have caused kind of an increase in interest expense, which is in turn like hurting the PAT growth.
Saurav Banerjee
Yeah. Saurav here. Yes, absolutely right. Your observation is correct. Let me just very briefly explain to you. The short-term borrowings that you are seeing an increase is actually the overdraft facilities that we have with the various banks. And in this quarter, we have utilized those facilities to a higher extent compared to the earlier quarters, primarily to pay some of our vendors or to pay some advances to the vendors. With respect to the HITS project for which we are — the company is gearing up, of course, there is still enough time to reach final stage of that. But the gearing up, the preliminary activities, the preparatory activities needs to be done right now and to that extent, we have utilized some of these limits. As we all know, overdraft facilities are always moving in nature. So this increase will again taper down gradually over the next couple of quarters and will come back to the — nearly to the original levels, which we had earlier.
Aditya Jain
Okay. So can I assume that like do we — like our borrowings and our overdraft being paid down during the end of the year or do we see it in the next quarter?
Saurav Banerjee
Yes, correct. That’s right. That’s exactly what is most likely to happen. It will taper down as we again we start generating enough cash and we reduce the overdraft borrowings. So overdraft is usually meant for these purposes only and that is how it has been used currently in this quarter.
Aditya Jain
Okay. And homepass opportunity like continues to rise, but when I look at active broadband subscribers as a percentage of homepass that has either remained constant or has been on a slight decline. So like — so any reason for this thing being constant?
Piyush Pankaj
You’re talking about the broadband subscribers?
Aditya Jain
Active broadband subscriber, yes.
Piyush Pankaj
We don’t give active broadband, we give active cable subscribers, which is 8.8%.
Aditya Jain
8.8%.
Piyush Pankaj
Yeah. So cable subscribers, if you see it is — yeah, you’re right that it is just a 100,000 increase over the Y-o-Y basis. And this quarter, we have gone down by around 100,000 on that and that is because this quarter was a bit unprecedented for us on that basis. We have gone down from 8.9% to 8.80%. Earlier from 8.7% we have gone up to 8.9%, which is more of a 200,000 added. But yeah, again, we are very confident that the subscribers will come back and we will again going to be on the growth plan.
Aditya Jain
Okay. And what are the steps that like you are talking convert a higher percentage of homepass to company subscriber base?
Piyush Pankaj
Yeah. So 8.7% to 8.9%, it is varying right now. If you see that last two quarters, we have grown and this quarter we have gone down, but it will go up and again we’ll be on the growth path on that.
Aditya Jain
Okay. And just a last question, sir. So is my fundamental understanding correct that homepass is the total people available to convert to subscribers?
Piyush Pankaj
Homepass is the infrastructure ready, you have the infrastructure ready. You can connect any subscribers within 24 to 48 hours if you get the subscriber on those areas.
Aditya Jain
Okay. Thank you. Thank you, sir. Thank you, sir for the opportunity. All the very best.
Piyush Pankaj
Thank you.
Operator
[Operator Instructions] The next question is from the line of Disha Shah from PVC Capital. Please go ahead.
Disha Shah
Hi, thank you for the opportunity. So my question is like in the Q1 FY ’25 call, you had guided us that you may take some price hike in some markets. However, when I look the ISP growth, it’s largely in line with your broadband subscriber growth. So how would we look at the ISP revenue growth in future? And will it be in-line with your subscriber growth or will you increase prices so that the broadband achieve the higher growth?
Piyush Pankaj
Yeah. You’re talking about the broadband growth, the subscriber base? Yes, subscriber base, if you see, we have added around 50,000 Y-o-Y. Yearly, we are keeping at that it should be at 100,000, but it is a bit muted and 50,000 we added, but future, yes, as we are expanding and we are expanding fast in B2B now also, B2B is a little geared up and we are adding good subscribers over there. So we are hopeful that between INR80 crore to INR100 crores we will achieve. Plus as the data cost is increasing in the wireless now as the prices have hiked and we are the — we hope — that is also giving us some traction in the market. But yes, the full traction for that benefit is still to come for the wired broadband.
Disha Shah
Okay. Sir, my second question is like the data centers is a rising trend in the country with a higher need for localized data storage. So like this centers require high speed data, which is usually delivered through fiber optic cables. So in this regard, are we in contact with any entity engaged in data center business for their connecting teams?
Piyush Pankaj
No, this is data center, if you talk about we are creating the — from the GPX in Mumbai right now. From there what we are getting all the data and all type of technology we are using, we are in caching technology, which is taking the benefit of all type of technology to reduce our broadband costs. Yes, we are looking forward that international data is going to get open at Mundra, which is which is the plan and if that will happen, that will going to save us cost in the bandwidth side. So we are looking forward to that, but no, we are not in touch with any data center. We are using the very reliable data centers from Mumbai and we are doing that only.
Disha Shah
Okay. Fair enough. Sir, follow-up to this like do we also engage with enterprise clients with the corporates to provide them with our broadband services if customers may prove to be a large consumer of 5G data? Like are there any plans to engage with such client base in future and if you do so, then at what moment?
Piyush Pankaj
Yes, you’re right. We have the enterprise team in place. We have two team in place. One is for the government projects and one for the enterprise team, which is general enterprise and both teams we have formed and they are giving the results to us. We are giving that all type of solutions to our clients. Already we have big clients like Axis Bank, HDFC Bank and Indian Oil, Bank of America and all. So those clients are there already and we are taking that business to the next level right now. Same with the government projects as you know that we were involved in different government projects throughout in Gujarat and outside Gujarat. So we are taking up with those government projects also wherever we are getting the opportunity.
Disha Shah
Okay. Fair enough. Thank you for the opportunity, sir. That’s all from my side.
Operator
Thank you. The next question is from the line of Mausam Agarwal, who is an Individual Investor. Please go ahead. MR. Mausam, I would request you to unmute your line and speak, please.
Mausam Agarwal
Hello.
Piyush Pankaj
Hi, Mausam.
Mausam Agarwal
Hi. Good evening, everyone. So my question is regarding the PV business recently saw a degrowth on EBIT level. So despite we have seen a healthy 12% growth on the revenue front. So when we calculate the segment margin based on segment results of your report — of your reported results, so the margin comes around 1.4% versus 4.2% year-on-year. So basically what led to this fall in the segment contribution of cable TV? And like what are your expectations for the segment margin like the end of this financial year?
Piyush Pankaj
Yeah. So segment margin is more on the PBT — on the PBT level. So I’ll just say that if you see our subscription revenue on that, if I talk about, Q-to-Q the subscription revenue is down by around INR6 crores Q-o-Q as we have witnessed higher industry churn during the quarter. That is because of the major television events like IPL and T20 have ended and there is continued strength and flat and all and the — which affected our efforts towards customer retention and new customer additions. And during the quarter, we have also curtailed our operating and administrative costs by around INR6.5 crore in line with the core cable TV revenue. Revenue is down by INR6 crores and INR6.5 crores is the main operating and administrative cost is down. But the main reason for decrease in EBITDA Q-o-Q basis is INR6.5 crores which we got lesser in the advertisement income during last quarter.
So advertisement income during last quarter is on account of major events on IPL and World Cup. We have got higher revenues on that. This quarter around INR6.5 crores is down. If you see our other operating income, it is a part of other operating income, which is down by 26%. That is mainly down by the INR6.5 crores of revenues down in the advertising and that has affected our EBITDA and EBITDA margins. We are hopeful that we will start going to recover in the subscription revenue also and we’re going to recover in the advertisement revenue also as the major events will come and we will start seeing that again we are at the same level of segment margins as you witnessed earlier.
Mausam Agarwal
And also a follow-up question. I have observed the same phenomena for broadband business too. So like when we calculated our segment margin based on reported segment results have fallen from 8.9% in Q2 FY ’24 to 3.4% in Q2 FY ’25. So basically what has led to fall in broadband margin despite us recording both subscriber growth and revenue growth here?
Piyush Pankaj
Yeah. So broadband side, as I just mentioned just before in the call that there is an increase — the rate of increase of subscriber addition is more in the B2B segment, which is a bit of lower margin than the B2C segment. So B2C segment has a bit slowed down as we are doing the B2C, mainly in Gujarat and the growth is there, but the rate of growth is more in the B2B business, which is more of we are doing in all 22 — trying to do in all 22 states. Yes, concentration is right now in Delhi, UP and Bihar and we are going to expand that in other states also, which we are doing it. Because of that, you will see there is a big dip in the segment side, plus from — if you see as we are doing it with the Y-o-Y basis. In the last call, we have said that we have changed the depreciation policy to more conservative side in the broadband business going as per the marketing and seeing the technical evaluation, technical obligations of the company. So the depreciation policies has been changed and made more conservative on that side, which we explained in I think FY 2024 results time. And that is also a bit of reason that PBT has a bit down from the last year. But yes, once you will start seeing in the Q-o-Q basis and you will see that, okay, it is at the same line.
Mausam Agarwal
Also, can you specify the amount of capex done during the quarter and H1 for both broadband and cable TV?
Piyush Pankaj
Yeah. So total capex for last six months, we did around INR185 crores and the CATV capex is INR110 crores and broadband capex is INR75 crores. In quarter one, we did around INR90 crores, INR50 crores of CATV and broadband was INR40 crores. Now it has increased to INR185 crores. CATV is INR110 crores and broadband is INR75 crores.
Mausam Agarwal
Okay. Thank you, sir. Thank you for answering all the questions. Thank you for this opportunity.
Piyush Pankaj
Thanks, Mausam.
Operator
[Operator Instructions] The next question is from the line of Sahil from Sirius Advisors Private Limited. Please go-ahead.
Sahil Bambade
Hello. Good afternoon, sir.
Piyush Pankaj
Hi, Sahil.
Sahil Bambade
Good afternoon, sir. Thanks for this opportunity. I think most of the questions have already been covered. I have one more question that is during BharatNet Phase II, GTPL secured a contract worth INR1,246 crores and that led to a generation of significant revenue and profit. So for BharatNet Phase III, could you please confirm whether a bid was submitted or not? And if not, could you please provide the reasons we are in that decision of not submitting a bid?
Piyush Pankaj
Yeah. You are right that we are bidding as a consortium. We are bidding for the project. I can’t disclose which I’ve bided and which I have not bided. Yes, right now, the technical has already been done, technical bit, we have participated and we are hopeful that some of the projects should come to our marketing, but we have to see that how the financial bid gets — when the financial bids get over and how that goes.
Sahil Bambade
So hopefully we get this project, then how much margin expansion you are seeing from that project?
Piyush Pankaj
Sahil, right now, we can’t describe and say that because it depends on which market you get, whether you are getting — which state you are getting the projects because real state has their real estate. And based on that, we can we can finalize that what is the market and all. So I think that we should wait once whether we will get the project or not. If we get the project, we’ll disclose it.
Sahil Bambade
Okay, sir. Thank you, sir. Thank you for this opportunity.
Operator
Thank you. The next question is from the line of Ketan Athavale from RoboCapital. Please go-ahead.
Ketan Athavale
Hello, sir. Thank you for the opportunity. Sir, I wanted to know revenue and margin guidance for FY ’25 and FY ’26?
Piyush Pankaj
Can you repeat, Ketan, your voice was a bit cracking, sorry.
Ketan Athavale
Hello. Am I audible?
Piyush Pankaj
Yeah, audible now, please.
Ketan Athavale
Yeah. Thank you for the opportunity, sir. I wanted to know revenue and margin guidance for FY ’25 and FY ’26?
Piyush Pankaj
Yeah. So on [Indecipherable] as you see that we are already at — we did INR32 billion revenues in last year. We are going to have somewhere 12% to 15% increment on that. That’s what we are expecting, around 15% on the total revenue side. And in the margin, I will say that we did around INR511 crores of our EBITDA of last year — last financial year. We are hopeful that we will be close to that or cross that EBITDA this year. That’s the way we are looking-forward. If you talk about the slide number I will say 24 in my investor presentation which gives you the analysis in the operating margin way, which if you see FY ’24, we did around 24% of operating margin. This quarter, we are down 22%. Last quarter, we were at 23%. We’ll look forward that next two quarters will give us and we will be going to maintain our operating margin of 24% that way.
Ketan Athavale
Okay. Got it. And on the broadband side, so this is our major focus right now, if I understand correctly. So how will be our broadband growth trajectory for next three to four years?
Piyush Pankaj
Broadband, we are looking forward, we already crossed 1 million. We are looking forward that we are going to add every year around to 100,000 to 120,000. That’s the average I’m talking about next four years. So it’s going to be somewhere around 0.5 million more in the next four to five years. So we are looking forward that we will be close to 1.5 million in the net addition in the broadband segment.
Ketan Athavale
Okay. And one last question, if I may ask. So for our profitability to come back, what will be the triggers for that?
Piyush Pankaj
Triggers is that we have to increase our ARPUs in the market and with the subscriber additions, we have to see the opportunity given we can increase our ARPUs both — in the both business segment or we can layer the services more and more do the bundling of the services, which we have started doing, that entertainment plus connectivity plus. As you know, we have just launched our new app which is with the gaming TV everywhere. We already launched OTT. So all things together we have to do and do the layering of the services where we get more and more revenues from household. So those are the strategies on which we have to work so that we can increase our profitability and margins in the business. Yes, as you grow more and you leverage your ecosystem, then you can negotiate better with the vendors and which we are also trying to do. Somewhere the cost rationalization and all also are on the way. So all those things, all the combination of those things will help us in increase the margin and the profitability.
Ketan Athavale
Got it. Thank you so much. All the best.
Operator
[Operator Instructions] The next follow-up question is from the line of Sahil Vora from M&S Associates. Please go-ahead.
Sahil Vora
Hi. I just had a couple of follow-up questions. Looking at the opportunity size for cable TV service, there exists massive opportunity just from the TV dark homes. However, our subscriber growth has been slow. So what exactly do we attribute this slow growth to? Is it the higher competition from the DD Free Dish and other players or the under penetration in many states beyond Gujarat and West Bengal?
Piyush Pankaj
So Sahil, two things that if you see in the pyramid, there is a pressure from OTT in the tip of the pyramid, but yes, that is not much of concern on that way because the affluent houses is not going away from the TV. Yes, their viewing pattern is getting changed, but TV is there at the home. Very few houses where the TV is totally going out. So that’s on the industry level. It’s more of the viewing pattern is getting changed that type. At the lower level, you are right that the affordability to get into a village or get into the rural areas versus the free dish TV which is more of from the Prasar Bharati side and the government side which is going on that is affecting us because Prasar Bharati is giving private channels also right now which are free to air and those are the — that is becoming competition in the rural areas.
And second is the lower affordability to go into those markets because we are in the cable business and I have to reach that village through my connectivities and all. And that is one of the region that we are going into the headed in the sky HITS project, which Saurav ji has mentioned. I’ll give you more and more perspective of HITS in the next call when we are close to launch, we want to give that because it has many, many benefits. And one of the main benefit is what you would say is the cable dark areas and ruler areas, which is going to get totally available for us and we will have a very good competition with that. So that’s one of the aspect of that HITS. So yes, we are working towards that and that’s the way we have to go towards that and increase the potential of giving services in the whole country.
Sahil Vora
Okay, sir. That’s good to hear. I had a question about the app. So is it free for all or can you monetize it with different plans?
Piyush Pankaj
See, this is — right now, this is free for my subscribers, which is the cable and my broadband subscribers. They can — whether it is a cable or whether it is broadband, they can see the TVs and all, which they have subscribed and all that TV everywhere. Plus the gaming is the subscription, they have to subscribe as well. Digital TV is free right now, a lot of channels. Some channels are — they have to pay, but it is kind of like additional channels they are getting without any cost that is more to increase the stickiness plus the level of services I will say the OTT, the JV product also we are going to get into this app, which the integrations and all are going to happen right now and that’s the second phase which is there. So OTT will come also on this app only. And so all type of entertainment and all and this is available for my own customers that’s cable and all and any new customer which is coming there.
Sahil Vora
Okay. Got it. Also wanted to understand the rationale behind the customer retention. Is there a correlation between the greater number of content and subscribers retained or some kind of thing?
Piyush Pankaj
Yes, you’re right that as you — you have to give what customer wants so that they should not look for going out of your platform. That is what is happening right now, if I’m saying that the churn is higher. This means it’s not that customer is not — because they already are having the entertainment. So they are not — it’s not averse from the entertainment. They are going somewhere, some other platforms or three platforms or I will say free OTTs or some other DTH and all where they are going for the better services, for the better content and all. So you have to make your customer that whatever customer wants, whether he wants TV entertainment, he wants the — on OTT type of, he wants different digital TV has lot of channels which is not there in India, it’s in the streaming, those type of content, whether he wants the gaming services, whether he wants the OTTs, all those type of things you have to start providing to the customer so that the customer stickiness increases. And that’s what we are increasing to what we are trying to do because the main concern is that it’s not the additions. We are doing healthy additions in the whole organization. But always we are seeing that whenever there is no event or the end of one event, we are seeing the churn increases. So we have to contain that churn by giving the other attractive services at those periods to the customers.
Sahil Vora
Okay. Thank you, sir, for the detailed response. I just have one last follow-up on the capex question of the previous participant. Is this split still equal among maintenance capex and growth capex? And what are your plans for capex for H2 in general?
Piyush Pankaj
Yeah. H2 capex, I will say, yeah, you are right that we are doing the maintenance capex also and growth capex also in the same INR185 crores. Total capex we are looking forward for the year is around INR350 crores where INR200 crore is going to be in the cable TV and around INR150 crore is going to be in the broadband. So that’s the capex we are looking forward to.
Sahil Vora
Okay. Sir, given the company is actively exploring B2B mode of growth in broadband, how much of capex savings will that help us going forward?
Piyush Pankaj
I will say that last year if you see around where they spent INR200 crores in the broadband capex. Last year, we have given you INR400 crores of the capex for the board, INR200 crore in the both segment. Now it is coming down to INR350 crores. So you can calculate on that basis based on our projections and all, broadband capex is about INR50 crores this year estimated.
Operator
[Operator Instruction] The next question is from the line of Rahil Shah from Crown Capital. Please go ahead.
Rahil Shah
Hello. Hi, can you hear me?
Operator
Yeah.
Piyush Pankaj
Hi, Rahil. Yes, you’re audible. Please, Rahil go ahead.
Rahil Shah
Sir, just one question with regards to the outlook you have given on the revenue front. I believe in the last call, you had mentioned that you will be able to do the same growth as FY ’24, which was 20% or so. But you’re saying that this year you’ll be looking at 15% — in the region of 15%. Is this solely based on the fact that Q2 was weak and you don’t see that H2 will be able to cover the rest of it. So if you can just explain how you expect it to be in?
Piyush Pankaj
Yeah, you’re right, but if you see Y-o-Y basis, we are 9% up, but Q-o-Q basis, we are just 1% up in the revenue side in the consolidated. So based on that, we have lowered our revenue projections, which was earlier given a 20% based on the quarter one what we did. Now, yes, it is coming down to somewhere around 15% seeing the quarter two performance right now. Quarter three and quarter four, we are very hopeful and we are seeing that we are going to be back into the game. But yes, somewhere we are going to close 15% to 17% somewhere because of the setback in this quarter.
Rahil Shah
Okay. And any other new exciting product we should be looking forward to in H2?
Piyush Pankaj
Yes. H2 is mainly I’ll come back with you on the HITS project plus I’ll come back with the Phase 2 of GTPL Buzz, which we are going to go in a very big way that how we are combining and we are trying to transform the whole company’s mix and how we are going to the layering of the services, plus how HITS is going to help us in expanding the business very fast and a very effective basis where we are going to save a lot of cost also and the lot of market is going to get open for us. So all those things are which I will — most probably we are going to cover in the next quarter call.
Rahil Shah
Okay, sir. Got it. Thank you and all the best.
Operator
[Operator Instructions] As there are no further questions from the participants, I would now like to hand the conference over to the management for closing comments.
Piyush Pankaj
Thanks. I would like to express my thanks to every participant who took their time out to attend the call. I would like to thank Emkay for organizing this call. For any queries, please feel free to contact with Orient Capital who are our Investor Relations Advisors. Thank you and have a good day.
Operator
[Operator Closing Remarks]