Future growth expectations in sales/revenue/volumes?

GTPL Hathway expects continued revenue growth driven by both Cable TV (CATV) and broadband segments. Broadband subscriber base reached 1.02 million in FY24 and is projected to grow by 100K to 150K subscribers annually, targeting 1.2 to 1.5 million subscribers in 3 years. The wired broadband market in India is rapidly expanding—from 38 million subscribers now to an anticipated 100-150 million over the next 4-7 years. Digital cable TV subscribers increased by 550K YoY; the company continues to pursue organic and inorganic growth through market penetration and acquisitions. The broadband ARPU is

Any current/future new fundraising through debt or equity?

GTPL Hathway's borrowings increased recently primarily due to project-related margin money and full utilization of overdraft limits. The company expects the borrowing levels to come down by FY25 as project expenses and related cash outflows stabilize. No explicit mention in the call transcript of any new fundraising through equity or fresh debt planned in the near term. The company is currently managing CAPEX between Rs. 350 to 400 crores annually for business maintenance and growth. Interest costs include both debt interest (~8.5%) and operating lease accounting entries; no indication of new

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

FY24 CAPEX was ₹396 crore, split roughly as ₹200 crore for cable and ₹196 crore for broadband. Metro Cast acquisition is accounted as an investment currently, not included in FY24 CAPEX. FY25 CAPEX guidance is ₹350-400 crore, including maintenance and growth investments. Incremental CAPEX return is currently around 10%, expected to improve from FY25. Increased CAPEX partly driven by higher churn (now 15% vs. pre-COVID 7-8%) requiring maintenance and upgrades. Future CAPEX will support broadband subscriber growth (adding 100K-150K annually) and improved service offerings like new apps integrati

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

Revenue growth expected at a CAGR of approximately 17%. Operating EBITDA growth CAGR currently at 7%-8%, with plans to improve through cost reduction and revenue enhancement. Operating margin (EBITDA margin net of payments to broadcasters) maintained consistently between 24%-26%, with plans to increase to about 26%-27% in FY25. EBITDA growth projected to pick up to 10%-12% starting FY25. Net profit expected to improve alongside margin expansion in FY25. Broadband subscriber base expected to grow from 1 million to 1.2-1.5 million over the next three years, supporting revenue growth. Capex of Rs

Current/ Expected Orderbook/ Pending Orders?

GTPL Hathway has undertaken a significant project awarded by Gujarat ISP Private Limited (GISL) valued at Rs. 46 crores. This project involves making 8,000 Gram Panchayats in Gujarat Wi-Fi enabled under phases one and two of the BharatNet project. The project is nearly complete, with revenues and costs largely recognized in the last quarter. Some pending revenues remain to be booked. The project has thin profitability currently, with net profits low relative to costs. No specific mention of the broader order book or additional pending orders beyond this BharatNet-related project was provided i

GTPL HathwayQ4 FY24Entertainment

GTPL Hathway Q4 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 3

Fundraise

Order

N/A

Capex

Yes

1 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

GTPL Hathway expects continued revenue growth driven by both Cable TV (CATV) and broadband segments.
Broadband subscriber base reached 1.02 million in FY24 and is projected to grow by 100K to 150K subscribers annually, targeting 1.2 to 1.5 million subscribers in 3 years.
The wired broadband market in India is rapidly expanding—from 38 million subscribers now to an anticipated 100-150 million over the next 4-7 years.
Digital cable TV subscribers increased by 550K YoY; the company continues to pursue organic and inorganic growth through market penetration and acquisitions.
The broadband ARPU is stable at Rs.460; focus is on volume-driven growth rather than price hikes.
Overall revenue CAGR target is approximately 17%, with broadband and CATV subscription growth as key drivers.
The company aims to maintain operating EBITDA margins around 24%-26% while growing revenue.

Margin guidance

Category 3

Revenue growth expected at a CAGR of approximately 17%.
Operating EBITDA growth CAGR currently at 7%-8%, with plans to improve through cost reduction and revenue enhancement.
Operating margin (EBITDA margin net of payments to broadcasters) maintained consistently between 24%-26%, with plans to increase to about 26%-27% in FY25.
EBITDA growth projected to pick up to 10%-12% starting FY25.
Net profit expected to improve alongside margin expansion in FY25.
Broadband subscriber base expected to grow from 1 million to 1.2-1.5 million over the next three years, supporting revenue growth.
Capex of Rs. 350-400 crores annually aimed at maintaining and expanding business, with incremental returns expected to improve over time.
Dividend payout with 40% recommended for FY24, indicating steady shareholder returns.

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

Fundraise plans

GTPL Hathway's borrowings increased recently primarily due to project-related margin money and full utilization of overdraft limits.
The company expects the borrowing levels to come down by FY25 as project expenses and related cash outflows stabilize.
No explicit mention in the call transcript of any new fundraising through equity or fresh debt planned in the near term.
The company is currently managing CAPEX between Rs. 350 to 400 crores annually for business maintenance and growth.
Interest costs include both debt interest (~8.5%) and operating lease accounting entries; no indication of new debt cost escalation.
Overall, based on available discussion, no immediate new fundraising through debt or equity has been indicated.

Order book

GTPL Hathway has undertaken a significant project awarded by Gujarat ISP Private Limited (GISL) valued at Rs. 46 crores.
This project involves making 8,000 Gram Panchayats in Gujarat Wi-Fi enabled under phases one and two of the BharatNet project.
The project is nearly complete, with revenues and costs largely recognized in the last quarter.
Some pending revenues remain to be booked.
The project has thin profitability currently, with net profits low relative to costs.
No specific mention of the broader order book or additional pending orders beyond this BharatNet-related project was provided in the transcript.

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

Capex plans

Yes

FY24 CAPEX was ₹396 crore, split roughly as ₹200 crore for cable and ₹196 crore for broadband.
Metro Cast acquisition is accounted as an investment currently, not included in FY24 CAPEX.
FY25 CAPEX guidance is ₹350-400 crore, including maintenance and growth investments.
Incremental CAPEX return is currently around 10%, expected to improve from FY25.
Increased CAPEX partly driven by higher churn (now 15% vs. pre-COVID 7-8%) requiring maintenance and upgrades.
Future CAPEX will support broadband subscriber growth (adding 100K-150K annually) and improved service offerings like new apps integrating OTT platforms.
Debt and borrowings increased to fund projects, including margin money and utilization of overdraft limits.
Strategic focus on infrastructure investment tied to BharatNet projects, enhancing rural and tier 2 city penetration.

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GTPL Hathway Q4 FY24 Earnings Call Analysis

Revenue guidance

Fundraise plans

Capex plans

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What GTPL Hathway's management said in earlier quarters

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