GTPL Hathway Ltd

About

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. [1]

Key Points

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.

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  • Market Cap 2,774 Cr.
  • Current Price 248
  • High / Low 314 / 109
  • Stock P/E 13.8
  • Book Value 82.2
  • Dividend Yield 1.61 %
  • ROCE 32.3 %
  • ROE 24.3 %
  • Face Value 10.0

Pros

  • Company has delivered good profit growth of 92.68% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 42.29%

Cons

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
314 322 447 620 682 635 495 576 647 749 602 596
237 245 340 501 560 522 374 446 507 632 473 461
Operating Profit 78 77 107 119 121 114 122 129 140 116 129 135
OPM % 25% 24% 24% 19% 18% 18% 25% 22% 22% 16% 21% 23%
Other Income 6 -38 9 7 14 -57 7 9 8 39 9 -3
Interest 6 11 12 9 10 13 8 6 5 4 2 3
Depreciation 47 58 53 57 60 62 63 63 69 65 61 63
Profit before tax 31 -30 50 61 65 -18 57 70 75 86 75 66
Tax % 36% 23% 34% 42% 40% -6% 19% 28% 30% 28% 29% 24%
Net Profit 19 -28 29 29 33 -14 41 45 45 57 47 43
EPS in Rs 1.65 -2.46 2.62 2.57 2.94 -1.21 3.63 4.01 4.02 5.06 4.22 3.83

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 Mar 2021 TTM
358 453 577 623 736 908 1,091 1,246 2,384 2,467 2,594
287 347 421 474 583 697 797 905 1,921 1,947 2,072
Operating Profit 71 106 156 149 154 211 294 340 464 520 521
OPM % 20% 23% 27% 24% 21% 23% 27% 27% 19% 21% 20%
Other Income 1 2 2 9 8 33 17 -44 -30 51 53
Interest 10 20 40 42 47 64 42 51 45 23 14
Depreciation 17 29 72 84 107 139 171 202 232 260 258
Profit before tax 45 60 46 33 8 41 98 43 158 288 302
Tax % 29% 31% 47% 39% 54% 36% 42% 43% 44% 27%
Net Profit 30 38 24 17 7 40 61 19 78 188 193
EPS in Rs 203.50 226.05 120.10 83.50 0.75 4.10 5.43 1.68 6.91 16.73 17.13
Dividend Payout % 0% 0% 0% 0% 7% 24% 18% 60% 43% 24%
Compounded Sales Growth
10 Years: %
5 Years: 27%
3 Years: 31%
TTM: 9%
Compounded Profit Growth
10 Years: %
5 Years: 93%
3 Years: 47%
TTM: 36%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 43%
1 Year: 106%
Return on Equity
10 Years: %
5 Years: 14%
3 Years: 16%
Last Year: 24%

Balance Sheet

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 Mar 2021 Sep 2021
1 2 2 2 98 98 112 112 112 112 112
Reserves 190 254 316 331 282 289 545 552 616 768 812
Borrowings 84 230 282 240 466 546 328 345 223 165 221
211 308 458 542 628 776 916 1,004 1,194 1,273 1,256
Total Liabilities 486 793 1,058 1,115 1,474 1,709 1,902 2,014 2,145 2,318 2,401
303 480 674 696 904 1,054 1,210 1,214 1,325 1,393 1,434
CWIP 4 23 22 11 61 60 38 32 32 71 99
Investments 5 4 9 15 19 10 14 15 14 10 9
174 286 354 393 491 585 639 754 773 844 859
Total Assets 486 793 1,058 1,115 1,474 1,709 1,902 2,014 2,145 2,318 2,401

Cash Flows

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 Mar 2021
209 225 266 412 284 394 548
-96 -366 -272 -334 -235 -254 -375
-92 166 21 -64 -5 -187 -163
Net Cash Flow 21 25 14 13 44 -47 10

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 Mar 2021
Debtor Days 89 98 126 134 122 119 109 84 43 57
Inventory Days
Days Payable
Cash Conversion Cycle 89 98 126 134 122 119 109 84 43 57
Working Capital Days -38 -43 -77 -102 -76 -62 -100 -98 -77 -84
ROCE % 21% 16% 13% 8% 12% 15% 18% 28% 32%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
74.36 78.83 78.83 78.83 78.83 75.00 75.00 75.00 75.00 75.00 75.00 75.00
11.49 11.40 11.40 11.36 12.34 11.67 11.18 10.76 10.48 9.92 9.90 10.16
3.49 0.28 0.28 0.37 0.13 0.06 0.09 0.00 0.52 0.52 0.52 0.52
10.67 9.49 9.48 9.43 8.70 13.27 13.73 14.24 14.00 14.56 14.58 14.32

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