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Hathway had 0.86M broadband subscribers in Q3FY17

Internet service and cable TV provider Hathway Cable added 40,000 broadband subscribers during the quarter ended December 31st, 2016 (Q3 FY17), taking the total broadband subscriber base to 8.6 lakh users. This is a slower growth compared to 1 lakh user additions in the previous quarter. Broadband subscriber base was up by 50% Year-on-Year (YoY) from 5.7 lakh subscribers in Q3 FY16. The company has a multi-system operator (MSO) license and operates under the Hathway Cable brand. It also runs a broadband business under Hathway Broadband, a wholly owned subsidiary of Hathway Cable.

For Q3 FY17, Hathway posted overall revenue of Rs 337.6 crore, up 5% QoQ from Rs 302.1 crore in the previous quarter, and up 20% YoY from Rs 281.2 in the same quarter last year. The company suffered a net loss of Rs 44.3 crore for the period, which widened from Rs 40.8 crore in the same quarter last year. In the preceding quarter, net loss stood at Rs 41.1 crore.

Revenue from broadband services stood at Rs 127.8 crore during the quarter, which is up 6% QoQ from Rs 120.3 crore. On a YoY basis, broadband revenues were up 62% from Rs 78.7 crore. Revenue from Cable TV operations stood at Rs 114.1 crore for the quarter, up 3% QoQ from Rs 110.4 crore, and up 17% YoY from Rs 97.7 crore.

Other Financials

-Broadband ARPU was at Rs 740, up 8/% year-on-year

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-Cable TV ARPU was at Rs 245, up 32% year-on-year

–Standalone EBITDA was Rs 66.6 crore, up 47% YoY, and up 21% QoQ

-The company had 12.2 million set-top boxes (STBs) on its Cable TV segment during the quarter, out of which 92% of them are digitized.

– The company claims to have fiber services in Bangalore, Kolkata, Delhi and recently launched fiber services in Chennai as well.

De-merging broadband business and plans for IPO

In September last year, Hathway Cable said that its board of directors would consider demerging its broadband business from the Cable TV entity. The company had been mulling hiving off the business since October 2015 . But at the time, the definitive terms and conditions of the demerger were still being evaluated.  In August last year, Hathway’s board approved an Initial Public Offering for its subsidiary GTPL (Gujarat Telelink Pvt Ltd). The IPO for GTPM will be distributed via fresh issue of shares. The company, however, did not provide a timeline for the IPO launch.

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Download: Financial results

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