GTPL Hathway acquires SCOD18 Networking to expand footprint in Maharashtra

MUMBAI: Cable TV and broadband service provider GTPL Hathway has acquired 100 per cent shares of SCOD18 Networking Pvt Ltd on Monday. The company informed the exchanges about the acquisition in a filing on Tuesday.

While the company has a strong presence in Gujarat, the acquisition has been done with an object of enhancing its footprint in neighboring state Maharashtra. SCOD18 which has now become wholly-owned subsidiary of GTPL Hathway, had a turnover of Rs 305.64 million as on 31 March.

GTPL Hathway posted a net profit of Rs 29.4 crore for the quarter ended 30 June as against a net loss of Rs 28.1 crore in the trailing quarter ended 31 March. EBITDA was up 6 per cent at Rs 115.6 crore compared to Rs 103.6 crore in Q4 FY19.