GTPL hathway profits fall 24% in Q2

GTPL Hathway Ltd.’s second-quarter profit declined amid a rise in expenses.

The company’s net profit fell 24.4% year-on-year to Rs 35.8 crore in the quarter ended September, according to an exchange filing on Wednesday. Ebitda fell 5.34% year-on-year to Rs 124.3 crore.

The digital cable TV services provider saw a 14% increase in its broadband active subscribers, while its digital cable TV active subscribers grew 9% year-on-year.

The average revenue per user stood at Rs 460 per month per subscriber in its broadband segment, and the average data consumption per user per month rose 25% year-on-year, it said in the filing.

GTPL Hathway Q2 FY24 Highlights (YoY):

• Revenue up 18.97% at Rs 779.19 crore
• Ebitda down 5.34% at Rs 124.32 crore
• Margin at 15.95% vs 20.05%
• Net profit down 24.44% at Rs 35.87 crore

The company expanded its footprint in Andhra Pradesh, Telangana, Tamil Nadu, North-East, Delhi, Haryana and Uttarakhand, it said.

“GTPL strengthened its leadership position and continued to be the largest MSO and a leading wireline broadband service provider in the country during the quarter,” Managing Director Anirudhsinh Jadeja said.

The company is continuously expanding and working towards further strengthening its market leadership across its areas of operation, Jadeja said.

Shares of the company closed 1.21% lower at Rs 179.15 apiece, compared with a 0.22% decline in the benchmark Nifty 50 on Friday. BQ Prime