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Hathway registers losses of Rs 5.9 Cr, Reliance’s open offer for majority acquisition

Hathway released its quarterly earnings for Q2FY19:

  • Revenues: Rs 138 crore, increasing marginally by 6% YoY from Rs 130 crore in Q2FY18
  • PAT: Loss of Rs 5.9 crore, from a profit of Rs 14 crore in Q2FY18

Hathway Broadband made no net subscriber additions in the quarter; the total number of broadband subscribers is stable at 770,000. Last quarter, the company had lost 30,000 subscribers. 72 lakh shares of Hathway’s parent company GTPL Hathway were sold, reducing the company’s stake in Hathway Cable to 37.2% from 50%.


Total revenues from the segment remained more or less flat YoY at Rs 1,30 crore in the quarter. The broadband business has 770,000 subscribers in 16 cities, it gained 71,000 net subscribers in a year. The division registered losses ofRs 5.9 crore, from a Profit after Tax (PAT) of Rs 14 crorein Q2FY18.

  • Homes passed: 25,000 in this quarter, 5.5 million homes passed in total. The company investor presentation says the company will not expand home passes, and instead will focus on monetization of existing home passes.
  • Average speed of broadband service was 60 Mbps
  • ARPU: Fell to Rs 672 from Rs 717 in Q2FY19


Cable subscription revenues rose 18% YoY to Rs 1,66 crorefrom Rs 140 crore. The division earned a revenue of Rs 262 crore, marginally up from Rs 245 million in Q2FY18. The company has 7.1 million set-top-units (subscribers) in 350 locations in the country.

  • Operating EBITDA: Rs 37 crore, up by 13% YoY from Rs 33 crorein Q2FY18.

Reliance stake in Hathway

Reliance Industries (RIL) acquired a majority stake (51%) in Hathway (HCDL) for Rs 2,045 crore via preferential issue last month. It also acquired Den Networks.

RIL has now announced an open offer (pdf) via several of its subsidiaries (Jio Content Distribution Holdings Pvt. Ltd., Jio Internet Distribution Holdings Pvt. Ltd., and Jio Cable and Broadband Holdings Pvt. Ltd., RIL, among others) for acquisition of 46 crore equity shares of Hathway Cable & Datacomm Ltd., which comprises a stake of 26%. The offer was made for Rs 32.25 per share, and the total consideration stands at Rs 1488.83 crore.

Financials | Investor Presentation

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