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Hathway Cable net profit fell 73% YoY to Rs 6.4 Cr; 780K broadband subscribers

Hathway Cable recorded an operational revenue of Rs 134.8 crore in the quarter ended 31 December 2018. This is stagnant YoY from an operational revenue of Rs 138.6 crore in the same quarter last year (Q3FY18), and Rs 130 crore in the preceding quarter (Q2FY19).

The company’s net profit has drastically fallen by 73% YoY to Rs 6.4 crore in this quarter from Rs 23.8 crore in Q3FY18. In the preceding quarter, the company recorded a loss of Rs 5.9 crore.

Net Profit/(Loss) since FY18 to present

  • Q3FY19: Rs 6.4 crore
  • Q2FY19: (Rs 5.9 crore)
  • Q1FY19: (Rs 2.6 crore)
  • Q4FY18: Rs 12.6 crore
  • Q3FY18: Rs 23.8 crore
  • Q2FY18: Rs 14 crore
  • Q1FY18: Rs 27.1 crore

Earlier this week, the CCI approved Reliance Industries’ acquisition of a 51% majority stake in Hathway Cable, and 66% stake in DEN Networks. RIL can now subscribe to preferential issue of equity in Hathway Cable and DEN Networks.

Metrics

Broadband 

  • EBITDA was Rs 51.3 crore, EBITDA margin was 38%
  • 5.54 million two-way broadband homes passed
  • 780,000 broadband subscribers, 5% YoY growth
  • Claims more than 52% of MSO (multi system operator) cable broadband market
  • 15,000 net adds
  • Customer ARPU of Rs 700 (excluding tax) (unspecified if monthly, appears to be monthly)
  • 40% increase in bandwidth/consumer over the last 9 months, with “substantial addition” this quarter
  • National average data consumption is 113 GB per month
  • 50% customers consume over 80 GB per month on an average
  • 75% consumers pay online, as compared to 65% in the beginning of 2018

Hathway Play box on Android was launched for broadband customers in Chennai earlier this month. Being a FTTH (fiber-to-home) market, Chennai’s data consumption was higher than the national average at 167 GB per month.

Cable TV

  • Subscription Revenue was Rs 166.3 crore, reporting 12% YoY growth from Rs 148.3 crore in Q3FY19
  • 7.1 million cable subscribers, 298,000 HD subscribers
  • 67% subscribers served through Hathway Connect, 57% online payments via LCOs (local cable operators)

Download: Financials | Presentation

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