{"id":154944,"date":"2023-10-16T09:40:57","date_gmt":"2023-10-16T13:40:57","guid":{"rendered":"https:\/\/44.250.171.167\/?p=154944"},"modified":"2023-10-16T09:40:58","modified_gmt":"2023-10-16T13:40:58","slug":"gtpl-hathway-ltd-q2-fy24-earnings-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/gtpl-hathway-ltd-q2-fy24-earnings-conference-call-insights\/","title":{"rendered":"GTPL Hathway Ltd Q2 FY24 Earnings Conference Call Insights"},"content":{"rendered":"<p><strong>Key highlights from GTPL Hathway Ltd (GTPL) Q2 FY24 Earnings Concall<\/strong><\/p>\n<ul>\n<li><strong>Financial Performance<\/strong>\n<ul>\n<li>The company reported strong financial performance for Q2 FY24, beating previous quarters.<\/li>\n<li>Revenue grew 19% YoY to INR7,900 million.<\/li>\n<li>Consolidated EBITDA was INR1,351 million with 17.1% margin.<\/li>\n<li>Profit after tax stood at INR344 million.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Subscriber Growth<\/strong>\n<ul>\n<li>Added 800K digital cable TV subscribers YoY, total now 9.4 million.<\/li>\n<li>Paying cable subscribers increased 400K QoQ and 700K YoY, now at 8.70 million.<\/li>\n<li>Broadband subscribers reached 990K, up 120K YoY, a 14% increase.<\/li>\n<li>Homepass subscribers grew 550K YoY and 150K QoQ, now at 5.55 million.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Margin Improvement<\/strong>\n<ul>\n<li>Margins improved from 16.1% to 17.1% in Q2.<\/li>\n<li>Cost increases have stabilized after NTO 3 implementation.<\/li>\n<li>Expect to achieve 20% EBITDA margin target by Q4.<\/li>\n<li>New projects will help drive margin improvement.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Pay Channel Costs<\/strong>\n<ul>\n<li>Pay channel costs increased in Q1 and Q2 due to NTO 3.<\/li>\n<li>These costs have now stabilized and will not increase significantly going forward.<\/li>\n<li>Revenue growth expected to outpace any increase in pay channel costs.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Broadband Business Growth<\/strong>\n<ul>\n<li>Broadband revenue was INR1,317 million, up 10% YoY.<\/li>\n<li>Average broadband ARPU was INR 460 with 25% higher data consumption YoY.<\/li>\n<li>Added 30k broadband subscribers in Q2.<\/li>\n<li>25k were B2C, 5k were B2B.<\/li>\n<li>Growth slowed to 10% vs 15-20% previously.<\/li>\n<li>Expect growth to return to 15% rate.<\/li>\n<li>Focus is on volume gains rather than price increases.<\/li>\n<li>ARPU has remained steady around Rs. 450-460 range.<\/li>\n<li>Significant headroom for growth in India with low broadband penetration currently.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Depreciation and Interest<\/strong>\n<ul>\n<li>Increase in Q2 due to consolidation of MetroCast.<\/li>\n<li>Led to higher depreciation and interest costs.<\/li>\n<li>Current levels expected to remain steady going forward.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Cable TV Business Growth<\/strong>\n<ul>\n<li>The cable TV business is still growing for the company even though the industry may be stagnant.<\/li>\n<li>The company is consolidating and grabbing market share from smaller MSOs.<\/li>\n<li>There is still growth in the TV industry with new TV sales and 100-150 million households without a TV.<\/li>\n<li>The company&#8217;s cable TV subscription revenue has grown 8% in Q1 and Q2<\/li>\n<\/ul>\n<\/li>\n<li><strong>Broadband Outlook and Expansion Plans<\/strong>\n<ul>\n<li>Broadband subscribers are expected to reach 1.05-1.07 million by year end.<\/li>\n<li>New innovative products can attract more customers, especially from social media and the youth demographic.<\/li>\n<li>Looking to expand to 1 more state and 2 more union territories in the next 2 quarters for cable business.<\/li>\n<li>Main focus for broadband expansion is B2B, looking to expand presence from current 9 states to all states where cable business is present.<\/li>\n<li>Specific strategies differ by state based on dynamics, number of players, packages etc.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Guidance<\/strong>\n<ul>\n<li>Aiming to get back to historical revenue CAGR of 18-20% for cable and 15-16% for broadband over next 2 years.<\/li>\n<li>Targeting EBITDA growth of 12-13%.<\/li>\n<li>Expect to cross 10M cable subscribers this year and add 1-1.5M more over next 2 years.<\/li>\n<li>Expect to reach 1.2-1.25M broadband subscribers driven by B2B business.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key highlights from GTPL Hathway Ltd (GTPL) Q2 FY24 Earnings Concall Financial Performance The company reported strong financial performance for Q2 FY24, beating previous quarters. Revenue grew 19% YoY to INR7,900 million. Consolidated EBITDA was INR1,351 million with 17.1% margin. Profit after tax stood at INR344 million. Subscriber Growth Added 800K digital cable TV subscribers [&hellip;]<\/p>\n","protected":false},"author":1767,"featured_media":154818,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9825,392,5,8],"tags":[8592,10169,8156],"class_list":["post-154944","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-call-highlights","category-earnings","category-latest","category-technology-stocks","tag-cable","tag-earnings","tag-internet"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":128429,"url":"https:\/\/alphastreet.com\/india\/gtpl-hathway-q4-fy-2022-research-tear-sheet\/","url_meta":{"origin":154944,"position":0},"title":"GTPL Hathway Q4 FY 2022 Research Tear Sheet","author":"sreerupa","date":"April 11, 2022","format":false,"excerpt":"GTPL Hathway is a\u00a0cable TV distribution company in India. 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