GTPL Hathway Ltd

- There is no mention of any new fundraising through debt or equity in the transcript for Q2 FY25. - Short-term borrowings increased during the quarter due to utilization of overdraft facilities primarily for vendor payments and HITS project preparations. - Management expects these overdraft borrowings to taper down in coming quarters and return to earlier levels. - Total capex for FY25 is planned around INR 350 crores, split between Cable TV (INR 200 crores) and Broadband (INR 150 crores), with no indication of raising new funds beyond normal operations. - No specific plans for fresh equity issuances or large-term debt fundraising were disclosed during the call.

- Total capex planned for FY25 is around INR 350 crores. - INR 185 crores capex spent in H1; for H2, capex planned remains similar (~INR 185 crores). - Capex split: Approximately INR 200 crores for Cable TV and INR 150 crores for Broadband for the full year. - Broadband capex is expected to come down from INR 200 crores last year to INR 150 crores this year. - Company is focusing on both maintenance and growth capex within the planned budget. - Strategic investments include ramping up of the HITS project and Phase 2 of GTPL Buzz, aiming for service layering and cost savings. - Exploring B2B growth in broadband, contributing to optimized capex. - Potential cost savings expected from new initiatives like opening international data at Mundra.

- Year-on-year (Y-o-Y) revenue growth for Q2 FY25 was 9%, but quarter-on-quarter (Q-o-Q) growth was a muted 1%. - Based on Q2 performance, the company has revised its full-year revenue growth guidance from ~20% to around 15-17%. - Management is optimistic about Q3 and Q4, expecting to regain growth momentum. - For FY25, consolidated revenue is expected to increase by 12% to 15% over the previous year (~INR 32 billion last year). - Broadband segment expects annual subscriber additions of 100,000 to 120,000 over the next 3-4 years, aiming for around 1.5 million subscribers total. - Cable TV subscriber base is stable at 8.8 million paying subscribers with challenges in customer retention due to churn but expected recovery driven by content and services. - New initiatives like HITS project and Phase 2 of the GTPL Buzz app are expected to boost future growth and business mix.

- Revenue growth guidance for FY '25 is around 12%-15% on a consolidated basis, lowered from an earlier 20% due to a weak Q2 performance. - EBITDA is expected to be close to last year's level of INR511 crores, with operating margins aimed to be maintained around 24%. - Broadband segment targets to add 100,000 to 120,000 subscribers annually over the next 3-4 years, contributing to revenue growth. - Margin improvements are expected through ARPU increases, subscriber additions, and service bundling (entertainment plus connectivity). - Short-term setbacks in subscriber growth and revenue in Q2 due to lack of major events and adverse weather are expected to reverse in H2. - Investments in new projects like HITS and Phase 2 of GTPL Buzz aim to drive faster, more cost-effective expansion and open new markets. - Overall, earnings and profitability are anticipated to recover in the second half of FY '25 with a return to growth momentum.

- GTPL Hathway is actively bidding for BharatNet Phase-III projects as a consortium. - The company has participated in technical bids but has not disclosed which specific projects it has bid for. - Management is hopeful of securing some projects from BharatNet Phase-III but is awaiting the financial bid results. - For now, the orderbook status is uncertain, pending clarity on final project awards.