GTPL Hathway (GTPL) Q3 24/25 earnings summary

Executive summary

• Maintained leadership as India's largest MSO and key fixed broadband provider, with presence in 1,500+ towns across 23 states and over 12 million households, leading in Gujarat and West Bengal.

• Achieved consistent growth: 1.6x in Digital Cable TV and 4.2x in Broadband over 7 years, with a 17% revenue CAGR and 7% EBITDA CAGR.

• Focused on organic and inorganic growth, leveraging LCO and B2B networks for subscriber additions and expanding into new states.

• Launched new digital services: GTPL Buzz app, AI chatbot Jiva, and TVkey Cloud, enhancing customer engagement and retention.

• Board reviewed and approved unaudited financial results for Q3 and 9M FY25; statutory auditors found no material misstatements.

Financial highlights

• Consolidated Q3 FY25 revenue grew 4% YoY to INR 8,957 million; 9M FY25 revenue up 7% YoY.

• Standalone Q3 FY25 revenue at INR 5,652 million, up 8% YoY; standalone net profit at INR 107 million.

• Consolidated EBITDA at INR 1,138 million (13% margin) for Q3 FY25; 9M FY25 EBITDA at INR 3,481 million (13.3% margin).

• Net profit attributable to parent: INR 102 million for Q3; INR 374 million for 9M FY25.

• EPS (consolidated, Q3 FY25): INR 0.90, down from INR 2.11 YoY.

Outlook and guidance

• Anticipates positive impact from Headend in the Sky (HITS) project, targeting nationwide reach and operational savings.

• Expects recovery in subscription revenue in Q4 as new customer additions from Q3 are fully reflected.

• Large addressable market: ~180 million TV households and ~150 million broadband households in India, with current penetration at 14%.

• Industry consolidation and rural demand expected to benefit organized players; broadband market projected to grow at 15.43% CAGR (FY23–FY28).

• Management remains confident in defending ongoing regulatory demands and has not made provisions for contingent liabilities.