GTPL Hathway Limited — Investor Meet, 22-04-2025: Analysts/Institutional Investor Meet/Con. Call Updates

1. **Financial Performance:** For Q4 FY '25, GTPL Hathway reported a consolidated revenue of INR 8,989 million, marking a 10% year-over-year increase. Subscription revenue rose to INR 2,982 million while broadband revenue grew 4%, reaching INR 1,358 million. The reported EBITDA was INR 1,144 million, which translates to a margin of 12.7%. The net profit attributable to the parent stood at INR 105 million, down from previous figures due to increased depreciation and costs. For the fiscal year, total consolidated revenue reached INR 35,072 million, with net profit attributable to the parent at INR 479 million.

2. **Future Outlook and Growth Drivers:** Management aims to enhance subscriber addition in both cable TV and broadband segments in FY '26, targeting a return to historical revenue growth rates of 18% and EBITDA growth of 9%. A significant focus is on expanding the broadband subscriber base through strong partnerships and organic growth opportunities.

3. **Order Book and Operational Updates:** GTPL has been awarded the highly anticipated HITS license, expected to improve operational efficiency and market reach. The company is optimistic about upcoming government initiatives, particularly the BharatNet project, which could bolster their broadband infrastructure.

4. **Analyst Q&A Insights:**

- **Revenue and Profitability:** Analysts inquired about future revenue guidance, and management expressed confidence in achieving growth similar to their historical averages, despite recent challenges.

- **Market Position and Competitive Landscape:** The team acknowledged increased competition from telcos and OTT providers but remains bullish on adapting service offerings to match market demands.

- **Operational Challenges or Risks:** Fluctuations in subscription income and heightened competitive pressures have been noted, but management remains optimistic about subscriber recovery.

- **Capex and Capital Allocation:** Analysts discussed the company's capex of INR 355 crore focused on both CATV and broadband, underscoring a commitment to infrastructure development to support growth.

- **Strategic Priorities and Long-Term Vision:** Management emphasized a commitment to maintaining operational efficiency while exploring both organic and inorganic growth paths.

5. **Market or Regulatory Updates:** Government efforts to enhance digital infrastructure through the National Broadband Mission are expected to positively impact GTPL’s growth trajectory by broadening access to underserved regions.

6. **Strategic Focus Areas:** GTPL's strategy appears centered on innovation in service delivery while driving cost efficiencies, suggesting a proactive approach to navigating current market challenges.

7. **Investor Insight:** The company's solid financial health and strategic foresight, combined with ongoing investments in infrastructure and subscriber growth, suggest a favorable outlook aligning with a 'buy' position, contingent on executing its growth plans amidst competitive pressures.