GTPL Hathway shares crash 11% on Rs 124-million loss in March quarter

GTPL Hathway posted a consolidated loss at Rs 124 million in the quarter ended March as compared to a net profit of Rs 522 million a year ago. Though, revenue was up 13 percent YoY to Rs 7,017 million in the quarter under review.

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Poor earnings drove a sell-off in GTPL Hathway with the scrip plunging 11 percent on April 17.

At 11:55am, shares of the company traded 10.8 percent lower at Rs 100.73 on the BSE.

The company posted a consolidated loss at Rs 124 million in the quarter ended March as against a net profit of Rs 522 million a year ago. Though the revenue was up 13 percent on-year to Rs 7,017 million in the quarter under review.

On a quarter-on-quarter basis, its revenue from cable TV business declined marginally but other sales contributed to higher overall sales.

GTPL Hathway’s operating margin came in at 15.9 percent in the March quarter from 18.6 percent in the previous quarter and 22.3 percent in the year ago quarter.

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The company saw an increase in trade payables, while other financial liabilities also shot up mainly due to capital expenditure payables.

“The company has further strengthened its presence across all other markets, especially in the southern states. We continue to expand our presence in the digital cable TV market and have entered the states of New Delhi, Haryana and Uttarakhand,” said Anirudhsinh Jadeja, Managing Director of GTPL Hathway.

The company claims to be India’s largest MSO providing Digital Cable TV services and sixth largest private wireline broadband service provider in India.