Hathway Cable & Datacom Ltd

About

Hathway Cable & Datacom is engaged in distribution of internet services through cable and has strategic stake in entities engaged in Cable Television business.(Source : 202003-01 Annual Report Page No:103)

Key Points

Acquired By Reliance Industries [1]
Reliance Industries through its subsidiary Reliance Jio Infocomm Pvt Ltd acquired a 72% stake in the company during FY19 for 4100 Cr. The acquisition of Hathway is the second largest investment made by Reliance Industries and the first being RJio, Hathway plays strategic importance for the growth of RJIO as the company gives the acquirer access to 6 Million households [2]

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  • Market Cap 3,531 Cr.
  • Current Price 20.0
  • High / Low 36.7 / 19.6
  • Stock P/E 16.5
  • Book Value 23.0
  • Dividend Yield 0.00 %
  • ROCE 5.33 %
  • ROE 5.16 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Stock is trading at 0.87 times its book value
  • Company has delivered good profit growth of 23.71% CAGR over last 5 years

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • The company has delivered a poor sales growth of 8.78% over past five years.
  • Tax rate seems low
  • Company has a low return on equity of 4.81% for last 3 years.
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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
401 381 450 442 451 456 420 431 442 439 441 448
322 305 357 337 334 337 301 311 319 325 332 359
Operating Profit 79 76 93 105 116 119 118 120 123 114 110 89
OPM % 20% 20% 21% 24% 26% 26% 28% 28% 28% 26% 25% 20%
Other Income 13 -370 68 73 74 59 89 46 53 24 41 29
Interest 51 55 82 52 50 43 33 4 0 0 0 0
Depreciation 98 83 81 121 89 80 94 93 92 93 92 92
Profit before tax -58 -432 -2 6 51 54 80 69 84 45 59 26
Tax % 0% 102% -455% 143% -32% 9% 18% 25% 26% -62% 17% 26%
Net Profit -58 7 -10 -3 67 49 66 52 63 72 49 19
EPS in Rs -0.67 0.04 -0.05 -0.01 0.38 0.28 0.37 0.30 0.35 0.41 0.28 0.11

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
733 883 1,012 1,133 1,583 1,832 1,137 1,344 1,535 1,558 1,798 1,732 1,770
617 745 852 857 1,282 1,567 1,012 1,143 1,197 1,239 1,352 1,239 1,335
Operating Profit 116 138 160 275 301 265 125 202 337 319 447 493 436
OPM % 16% 16% 16% 24% 19% 14% 11% 15% 22% 20% 25% 28% 25%
Other Income -7 24 12 4 3 76 -13 22 42 -368 263 196 147
Interest 56 46 52 62 138 159 91 112 153 225 229 38 0
Depreciation 104 128 144 162 291 328 259 306 335 352 371 371 369
Profit before tax -51 -12 -24 55 -124 -147 -238 -194 -108 -627 110 279 214
Tax % -31% -109% -65% 32% -13% -19% 0% 0% 0% 70% 4% 9%
Net Profit -75 -31 -49 16 -111 -180 -238 -193 -99 -188 104 253 202
EPS in Rs -1.06 -0.44 -0.69 0.22 -1.46 -2.17 -2.86 -2.32 -1.19 -1.06 0.59 1.43 1.15
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 7%
5 Years: 9%
3 Years: 4%
TTM: 1%
Compounded Profit Growth
10 Years: 24%
5 Years: 24%
3 Years: 60%
TTM: -9%
Stock Price CAGR
10 Years: -1%
5 Years: -11%
3 Years: -13%
1 Year: -35%
Return on Equity
10 Years: -2%
5 Years: 2%
3 Years: 5%
Last Year: 5%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
143 143 143 143 152 166 166 166 166 354 354 354 354
Reserves 738 709 660 679 807 1,044 923 727 626 3,285 3,389 3,642 3,712
Borrowings 461 375 410 988 1,468 1,419 1,577 1,688 1,667 1,973 1,975 0 0
503 522 562 811 985 1,056 688 831 810 811 654 523 588
Total Liabilities 1,844 1,749 1,774 2,621 3,412 3,685 3,353 3,412 3,269 6,424 6,371 4,519 4,654
950 1,030 1,116 1,643 2,129 2,273 1,557 1,755 1,812 1,632 1,571 1,602 1,572
CWIP 27 51 101 213 258 168 278 121 56 104 81 82 101
Investments 418 186 16 8 9 104 718 719 644 3,636 703 1,795 2,021
449 481 542 757 1,017 1,141 800 817 758 1,052 4,016 1,041 961
Total Assets 1,844 1,749 1,774 2,621 3,412 3,685 3,353 3,412 3,269 6,424 6,371 4,519 4,654

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
137 107 164 66 234 226 83 325 293 246 440 467
-564 78 -152 -454 -829 -522 -521 -332 -153 -3,295 790 530
483 -171 -15 338 580 356 428 -4 -166 3,098 -244 -2,003
Net Cash Flow 55 14 -3 -50 -15 60 -10 -11 -26 49 986 -1,005

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 97 100 87 112 120 113 92 94 93 28 6 1
Inventory Days
Days Payable
Cash Conversion Cycle 97 100 87 112 120 113 92 94 93 28 6 1
Working Capital Days -8 1 -8 -11 7 10 -36 -14 -31 -92 -50 -75
ROCE % 2% 3% 3% 8% 1% -2% -5% -3% 2% -0% 5% 5%

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
45.50 94.09 94.09 94.09 94.09 94.09 94.09 94.09 94.09 86.61 75.00 75.00
16.67 2.03 2.02 1.91 1.90 2.56 2.46 2.41 2.40 3.28 5.84 6.29
10.22 0.21 0.21 0.32 0.32 0.33 0.19 0.17 0.17 5.62 6.96 5.71
27.61 3.66 3.67 3.67 3.69 3.02 3.26 3.33 3.34 4.50 12.20 13.00

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