GTPL Hathway financial performance Q1 FY24: Revenue and subscriber growth highlighted

India’s leading cable TV and broadband service provider, GTPL Hathway Limited, released its Q1 FY24 financial results, revealing significant growth both in revenue and active subscribers for the quarter ending June 30, 2023.

The company announced a quarter-over-quarter revenue growth of 11%, reaching ₹ 7,806 million, and an annual growth rate of 21%.

The results underscored a consistent rise in subscription revenue, marking an 8% quarter-over-quarter and a 9% year-over-year increase. GTPL’s profit after tax for Q1 FY24 reached ₹ 360 million, further confirming its stable financial performance.

The company’s active subscriber base in its cable television (CATV) business saw a notable increase of 650,000 year-on-year, reaching a total of 9.05 million as of June 30, 2023. Concurrently, the broadband segment also demonstrated growth, adding 115,000 new active subscribers year-on-year, totaling 960,000, with the homepass figure standing at 5.4 million.

GTPL Hathway also reported an increase in the average revenue per user (ARPU) for its broadband business, which now stands at ₹ 460 per month per subscriber, marking a ₹ 10 year-over-year increase. The average data consumption per user per month reached 310 GB, reflecting a 19% growth compared to the previous year.

In a strategic move to expand its market presence, the company acquired a 34.34% stake in Metro Cast Network India Private Limited, boosting its footprint in the key markets of Maharashtra and Karnataka. The company also noted active expansion in other regions including Andhra Pradesh, Telangana, Tamil Nadu, North-East, Delhi, Haryana, and Uttarakhand.

Anirudhsinh Jadeja, the Managing Director of GTPL Hathway Limited, commented on the results, “GTPL continues to be the largest MSO in the country and the largest Digital Cable TV & Broadband player in Gujarat. We are consistently adding active subscriber base in both business segments and our goal will be to ensure that the Company stays firmly on this path of growth while ensuring we serve our customers’ expectations well”.