Cable TV
Hathway reports lower income, lower loss for Q1-2015
BENGALURU: The multi system operator (MSO), Hathway Cable and Datacom (Hathway), reported a 14.5 per cent drop in standalone operating income to Rs 250.22 crore in Q1-2015 as compared to the Rs 292.72 crore in Q4-2014, but 7.6 per cent more than the Rs 232.65 crore in Q1-2014.
The company has been reporting loss for the past few quarters. In Q1-2015, Hathway reported loss of Rs 0.93 crore as compared to a loss of Rs 42.27 crore in Q4-2014 and a profit after tax of Rs 5.32 crore in Q1-2014.
Based on the figures submitted by Hathway, the company’s EBIDTA in Q1-2015 works out to Rs 43.87 crore (17.5 per cent of TIO). Comparative figures for Q4-2014 are Rs 40.70 crore (13.9 per cent of TIO) and Rs 76.09 crore (32.7 per cent of TIO).
Let us look at the other Q1-2015 numbers reported by Hathway
Total expense in Q1-2015 at Rs 254.10 crore (107.1 per cent of TIO) was 19 per cent lower than the Rs 313.53 crore in Q4-2014 (107.1 per cent of IO) in Q4-2014 and 28.3 per cent more than the Rs 198.1 crore in Q1-2014.
Hathway’s pay channel cost at Rs 85.81 crore (34.3 per cent of TIO) in Q1-2015 was 25.7 per cent lower than the Rs 115.41 crore (39.4 per cent of TIO) in Q4-2014 and 46.8 per cent more than the Rs 58.45 crore (17.9 per cent of TIO) in Q1-2014.
Hathway reported other income of Rs 2.05 crore in Q1-2015; Rs 2.54 crore in Q4-2014 and Rs 0.95 crore in Q1-2014. The company reported forex gain of Rs 1.58 crore in Q1-2015; forex gain of Rs 4.71 crore in Q4-2014 and a forex loss of Rs 8.32 crore in Q1-2014.
The company’s finance costs have gone up in Q1-2015, both in terms of actual amounts and in terms of percentage of TIO. In Q1-2015, finance cost at Rs 29.17 crore (11.7 per cent of TIO) was 18 per cent more than the Rs 24.71 crore (8.4 per cent of TIO) in Q4-2014 and 34.9 per cent more than the Rs 21.61 crore (9.3 per cent of TIO) in Q1-2014.
Once the company’s finance costs were accounted for, its loss would have been wider in Q1-2015, but for a change in accounting practices, which after providing for doubtful advances/investments/receivables from entities under control/ significant control have resulted in exceptional item of Rs 28.87 crore and reduced the loss accordingly.
As mentioned in our report last week, Hathway got board approval to raise Rs 300.80 crore through a preferential allotment to two foreign institutional investors – the SmallCapWorld Fund (SWF) and American Funds Insurance Series. While it is proposing to allot 70,50,000 shares to SmallCapWorld Fund, American Funds Insurance is expected to mop up 23,50,000 equity shares.
Cable TV
Hathway Cable appoints Gurjeev Singh Kapoor as CEO
Leadership change comes as cable TV faces shrinking subscriber base and modest earnings pressure
MUMBAI: Hathway Cable and Datacom has tapped industry veteran Gurjeev Singh Kapoor as chief executive officer, marking a leadership pivot at a time when India’s cable television business is under mounting strain.
Kapoor will take over from Tavinderjit Singh Panesar, who is set to retire in August after a long innings with the company. Panesar, chief executive since 2023, has held multiple leadership roles at Hathway, including his latest stint beginning in 2022.
Kapoor brings more than three decades of experience in media and entertainment. He most recently led distribution at The Walt Disney Company’s Star India business, now part of JioStar. His career spans television distribution and affiliate partnerships, with stints at Sony Pictures Networks India, Discovery Communications and Zee Entertainment.
Panesar, with over three decades in the industry, has worked across strategic planning, distribution and business development in media, broadcasting and manufacturing. His past associations include ESPN Star Sports, Star India, Apollo Tyres and JK Industries.
The transition lands as the cable sector grapples with structural disruption. Traditional operators are losing ground to streaming platforms, while telecom and broadband players tighten the squeeze with bundled offerings.
An EY report estimates India’s pay-TV base could shrink by a further 30 to 40 million households by 2030, taking the total down to 71 to 81 million. The slide follows a loss of nearly 40 million homes between 2018 and 2024, a contraction that has already wiped out more than 37,000 jobs in the local cable operator ecosystem.
Hathway’s numbers reflect the strain. The company reported a consolidated net profit of Rs 93 crore for FY25, down from Rs 99 crore a year earlier. Revenue inched up to Rs 2,040 crore from Rs 1,981 crore. As of December 2025, it had about 4.7 million cable TV subscribers and roughly 1.02 million broadband users.
Kapoor steps in with a familiar brief but a shrinking playbook. In a market where viewers are cutting cords faster than companies can reinvent them, the new chief executive inherits a business fighting to stay plugged in.
