GTPL Hathway’s Shares Fall Most In 10 Months After Q3 Results
Shares of GTPL Hathway Ltd. fell the most since March after the digital cable and television service provider reported a decline in revenue in the quarter ended December.
The company’s revenue fell 5% year-on-year to Rs 647.1 crore in the October-December period, according to an exchange filing. The overall top-line was dragged by the EPC business, which saw a 57% slump in revenue at Rs 102.5 crore.
Net profit, however, rose 37% over the year-earlier to Rs 45.2 crore during the reported period.
The company’s operating profit, or earnings before interest, tax, depreciation and amortisation, increased 16% to Rs 466.7 crore. Ebitda margin expanded 400 basis points to 21.8%.
GTPL Hathway’s finance costs declined 51% year-on-year and 11% sequentially, aiding the operational performance during the quarter. The company has also managed to reduce its gross debt to Rs 159 crore from Rs 244 crore a year ago.
Other highlights (year-on-year)
- Revenue from cable TV business rose 16% to Rs 466.7 crore.
- Revenue from internet services business surged 84% to Rs 77.8 crore.
- Subscription revenue rose 5% to Rs 271.8 crore.
The company plans to provide CATV (community antenna television) services, along with broadband and over-the-top, as a bundle by tying up with different services providers. It aims to launch this in the fourth quarter of FY21.
Shares of GTPL Hathway fell as much as 15.3% — the most since March 23, 2020 — to Rs 132.5 apiece on Thursday. The stock has declined on volumes that are almost triple its 20-day average.