GTPL Hathway Ltd

About [ edit ]

GTPL was established in 2006, by Mr. Anirudhsinhji Jadeja, Mr. Kanaksinh Rana, and other MSOs, such as Gujarat Telelink Pvt Ltd. It provides services such as analogue cable TV, digital cable TV, and broadband internet in states such as Gujarat, West Bengal, and Maharashtra. The company got its present name after Hathway Cable & Datacom Ltd (HCDL) bought a 50% stake in fiscal 2008. The company got listed on the BSE & NSE in July 2017. ^#

Key Points [ edit ]

Leadership in Gujarat & WB:
Grew to National MSO with footprints in 800+ towns across 13 states in India in 14 Years, providing both Cable TV & Broadband Services. GTPL is currently the no. 2 multisystem operator in India, no. 1 multisystem operator in Gujarat with 67% of market share, no. 2 player in West Bengal with 24% market share, and no. 6 private wireline broadband player in India offering High speed & Truly unlimited data.

GTPL Joins With Reliance Group: ^#
Currently, the public holding in GTPL Hathway is around 26.2%, with balance equity being held equally held by its initial promoters Anirudhsinhji + Kanaksinh (37.04%) and HCDL (37.32%). Reliance group acquired a 51.35% stake in HCDL by issuing shares on a preferential basis, and an additional 26% from public shareholders. HCDL holds a 37.32% stake in GTPL.

Future Prospects of the Company: ^#
The company is currently expanding aggressively in Andhra Pradesh, Maharashtra, North East, Telangana, Tamil Nadu, and other operating States. The company is also trying to provide CATV services along with Broadband & OTT services as a bundle by tying up with different service providers with attractive rates to convert current customers & add new customers.

Huge growth opportunities going ahead as only 6% of homes in India are currently connected through wireline broadband.

Website BSE NSE

Market Cap ₹ 1,375 Cr.
Current Price ₹ 122
High / Low ₹ 163 / 32.4
Stock P/E 8.58
Book Value ₹ 69.4
Dividend Yield 2.45 %
ROCE 27.8 %
ROE 16.5 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company has delivered good profit growth of 47.07% CAGR over last 5 years
Company has been maintaining a healthy dividend payout of 40.45%
Debtor days have improved from 78.55 to 42.65 days.

Cons

Company has a low return on equity of 10.99% for last 3 years.

Peer comparison

Sector: Entertainment Industry: Entertainment / Electronic Media Software

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020
	281	297	312	314	322	447	620	682	635	495	576	647
	207	220	227	237	245	340	501	560	522	374	446	507
Operating Profit	73	77	85	78	77	107	119	121	114	122	129	140
OPM %	26%	26%	27%	25%	24%	24%	19%	18%	18%	25%	22%	22%
Other Income	7	7	5	6	-38	9	7	14	-57	7	9	8
Interest	13	16	18	6	11	12	9	10	13	8	6	5
Depreciation	45	48	50	47	58	53	57	60	62	63	63	69
Profit before tax	23	20	23	31	-30	50	61	65	-18	57	70	75
Tax %	47%	37%	29%	36%	23%	34%	42%	40%	-6%	19%	28%	30%
Net Profit	14	13	15	19	-28	29	29	33	-14	41	45	45
EPS in Rs	1.22	1.19	1.30	1.65	-2.46	2.62	2.57	2.94	-1.21	3.63	4.01	4.02
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	TTM
	358	453	577	623	736	908	1,091	1,246	2,384	2,354
	287	346	421	474	583	698	797	905	1,920	1,848
Operating Profit	71	107	156	149	154	210	294	340	464	506
OPM %	20%	24%	27%	24%	21%	23%	27%	27%	19%	21%
Other Income	1	2	2	9	8	34	17	-44	-30	-33
Interest	10	20	40	42	47	64	42	51	45	32
Depreciation	17	29	72	84	107	139	171	202	232	257
Profit before tax	45	60	46	33	8	41	98	43	158	184
Tax %	29%	31%	47%	39%	54%	36%	42%	43%	44%
Net Profit	30	38	24	17	7	40	61	19	78	118
EPS in Rs	203.50	226.05	120.10	83.50	0.75	4.10	5.43	1.68	6.91	10.45
Dividend Payout %	-0%	-0%	-0%	-0%	7%	24%	18%	60%	43%

Compounded Sales Growth
10 Years:	%
5 Years:	31%
3 Years:	38%
TTM:	14%

Compounded Profit Growth
10 Years:	%
5 Years:	47%
3 Years:	42%
TTM:	19%

Stock Price CAGR
10 Years:	%
5 Years:	%
3 Years:	-10%
1 Year:	99%

Return on Equity
10 Years:	%
5 Years:	10%
3 Years:	11%
Last Year:	17%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Sep 2020
	1	2	2	2	98	98	112	112	112	112
Reserves	190	254	316	331	282	289	545	552	616	668
Borrowings	84	230	282	240	466	546	328	345	223	150
	211	308	458	542	628	776	916	1,004	1,194	1,343
Total Liabilities	486	793	1,058	1,115	1,474	1,709	1,902	2,014	2,145	2,274
	303	480	674	696	904	1,054	1,210	1,214	1,325	1,331
CWIP	4	23	22	11	61	60	38	32	32	64
Investments	5	4	9	15	19	10	14	15	14	11
	174	286	354	393	491	585	639	754	773	867
Total Assets	486	793	1,058	1,115	1,474	1,709	1,902	2,014	2,145	2,274

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
	209	225	266	412	284	394
	-96	-366	-272	-334	-235	-254
	-92	166	21	-64	-5	-187
Net Cash Flow	21	25	14	13	44	-47

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
ROCE %		21%	16%	13%	8%	12%	15%	18%	28%
Debtor Days	89	98	126	134	122	119	109	84	43
Inventory Turnover								0.61	0.35

Shareholding Pattern

Numbers in percentages

Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020
73.85	73.85	74.36	74.36	78.83	78.83	78.83	78.83	75.00	75.00	75.00	75.00
12.03	11.54	11.40	11.49	11.40	11.40	11.36	12.34	11.67	11.18	10.76	10.48
2.84	3.66	3.24	3.49	0.28	0.28	0.37	0.13	0.06	0.09	0.00	0.52
11.28	10.95	11.00	10.67	9.49	9.48	9.43	8.70	13.27	13.73	14.24	14.00

GTPL Hathway Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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