Current/ Expected Orderbook/ Pending Orders?

GTPL Hathway currently does not have any active EPC (Engineering, Procurement, and Construction) contracts; their previous EPC contracts have lapsed. They continue to handle Operation and Maintenance (O&M) for the Bharat Net Project, with about 4 years remaining. The government has recently sanctioned funds for the Bharat Net Project, with new tenders expected to be issued around December 2023 - January 2024. GTPL aims to be a prominent bidder for these upcoming Bharat Net tenders. They are also targeting other government projects expected in Q3 and Q4 of the fiscal year. The company has the c

Any current/future new fundraising through debt or equity?

There is no specific mention of any current or upcoming fundraising through debt or equity in the provided transcript. The company continues to maintain a negligible net debt-equity ratio, indicating cautious capex and leveraging efforts. The management has not disclosed plans for new fundraising in equity or debt during this earnings call. Focus appears to be on organic growth, acquisitions, and consolidating market presence rather than raising capital through external fundraising. There is mention of upcoming government project tenders (such as Bharat Net Project), which the company plans to

Any current/future capex/capital investment/strategic investment?

GTPL Hathway is conscious of its capex and leveraging efforts, maintaining negligible net debt-equity. The company is looking at new projects to come into the fold, which are outsourced (details not disclosed), expected to improve margins. They plan expansion into one more state and two more Union Territories in the next two quarters. Broadband expansion is focused on scaling B2B business across 22-23 states. The company anticipates participating in upcoming government projects and Bharat Net tenders expected from December/January. No current EPC contracts, but O&M work of Bharat Net Project c

Future growth expectations in sales/revenue/volumes?

GTPL Hathway aims to maintain a total revenue growth in the range of 18% to 28%, with TV revenue growing 18%-20% and broadband revenue around 15%-16% over the next two years. EBITDA growth target is around 12%-13%, maintaining a CAGR similar to past years. The subscriber base is expected to cross 10 million in cable TV this year, with an additional 1 million subscribers expected in the next two years. Broadband subscribers are projected to grow from approximately 1.05-1.07 million currently to around 1.2-1.25 million in two years. Expansion includes organic growth and acquisitions, esp

Future growth expectations in earnings/operating earnings/profits/EPS?

GTPL Hathway aims to return to historical growth rates: revenue growth between 18%-28%, TV segment growth 18%-20%, broadband growth around 15%-16% over the next two years. EBITDA growth guidance is around 12%-13% CAGR, with a target to maintain or improve margins to 20% by Q4 FY2024. The company expects consolidated EBITDA to grow, targeting around Rs. 135 Crores quarterly and expansion of subscriber base to cross 10 million in cable and 1.2-1.25 million in broadband within two years. Profit after tax for Q2 FY2024 was Rs. 344 million, with positive outlook on sustaining and improving pr

GTPL HathwayQ2 FY24Entertainment

GTPL Hathway Q2 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹56.06Market Cap: ₹630 CrSector: Entertainment

Management growth scorecard

Revenue

Category 3

Margin

Category 2

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

GTPL Hathway aims to maintain a total revenue growth in the range of 18% to 28%, with TV revenue growing 18%-20% and broadband revenue around 15%-16% over the next two years.
EBITDA growth target is around 12%-13%, maintaining a CAGR similar to past years.
The subscriber base is expected to cross 10 million in cable TV this year, with an additional 1 million subscribers expected in the next two years.
Broadband subscribers are projected to grow from approximately 1.05-1.07 million currently to around 1.2-1.25 million in two years.
Expansion includes organic growth and acquisitions, especially in states like Delhi, Tamil Nadu, Andhra, Haryana, and Maharashtra.
The company plans to enter one additional state and two union territories within the next two quarters.
Broadband growth is focused on volume gains rather than ARPU increases, expecting a 10%-15% Y-o-Y growth rate.

Margin guidance

Category 2

GTPL Hathway aims to return to historical growth rates: revenue growth between 18%-28%, TV segment growth 18%-20%, broadband growth around 15%-16% over the next two years.
EBITDA growth guidance is around 12%-13% CAGR, with a target to maintain or improve margins to 20% by Q4 FY2024.
The company expects consolidated EBITDA to grow, targeting around Rs. 135 Crores quarterly and expansion of subscriber base to cross 10 million in cable and 1.2-1.25 million in broadband within two years.
Profit after tax for Q2 FY2024 was Rs. 344 million, with positive outlook on sustaining and improving profitability.
Broadband ARPU is stable with growth expected more from volume gains rather than value; targeting ARPU between Rs. 400-460.
Continued focus on acquisitions and organic growth expected to support earnings growth.
No major losses on newer ventures like GTPL Genie, though currently low margin; potential for improvement after product rejig.

See what GTPL Hathway management said on margin guidance — free account, 30 seconds.

Fundraise plans

There is no specific mention of any current or upcoming fundraising through debt or equity in the provided transcript.
The company continues to maintain a negligible net debt-equity ratio, indicating cautious capex and leveraging efforts.
The management has not disclosed plans for new fundraising in equity or debt during this earnings call.
Focus appears to be on organic growth, acquisitions, and consolidating market presence rather than raising capital through external fundraising.
There is mention of upcoming government project tenders (such as Bharat Net Project), which the company plans to bid on, but no indication that capital raising is planned to finance such projects.

Order book

GTPL Hathway currently does not have any active EPC (Engineering, Procurement, and Construction) contracts; their previous EPC contracts have lapsed.
They continue to handle Operation and Maintenance (O&M) for the Bharat Net Project, with about 4 years remaining.
The government has recently sanctioned funds for the Bharat Net Project, with new tenders expected to be issued around December 2023 - January 2024.
GTPL aims to be a prominent bidder for these upcoming Bharat Net tenders.
They are also targeting other government projects expected in Q3 and Q4 of the fiscal year.
The company has the capability and is actively looking to secure significant government contracts in the near future.

See what GTPL Hathway management said on order book — free account, 30 seconds.

Capex plans

Yes

GTPL Hathway is conscious of its capex and leveraging efforts, maintaining negligible net debt-equity.
The company is looking at new projects to come into the fold, which are outsourced (details not disclosed), expected to improve margins.
They plan expansion into one more state and two more Union Territories in the next two quarters.
Broadband expansion is focused on scaling B2B business across 22-23 states.
The company anticipates participating in upcoming government projects and Bharat Net tenders expected from December/January.
No current EPC contracts, but O&M work of Bharat Net Project continues.
Acquisitions remain part of the growth strategy, targeting consolidation with a minimum IRR above 14%.
Investment focus includes organic growth and acquisitions to increase subscriber bases in cable and broadband.
Broadband business is treated as a sunrise sector with planned innovative product launches and portfolio layering.

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