Cable TV
GTPL Hathway navigates challenging quarter, eyes future growth
MUMBAI: GTPL Hathway has unveiled its unaudited financial results for the first quarter ended 30 June 2025, revealing a mixed bag for the entertainment and broadband major. While the company saw an uptick in its top line, profitability faced a squeeze during the period.
The consolidated revenue from operations for Q1 FY26 stood at Rs 5,946.79 million, a healthy increase from Rs 5,359.94 million reported in the same quarter last year. Total income also reflected this growth, climbing to Rs 5,990.20 million from Rs 5,432.95 million year-on-year. On a consolidated basis, total income for the quarter reached Rs 9,091 million, marking a 7 per cent rise year-on-year and a 1 per cent increase quarter-on-quarter.
However, the spotlight falls on the company’s profitability. Net profit after tax (Pat) saw a significant decline, coming in at Rs 56.25 million for Q1 FY26, a stark contrast to Rs 150.23 million in Q1 FY25. Consolidated PAT was Rs 105 million, consistent with the previous quarter but down from Rs 143 million in Q1 FY25. Consolidated earnings before interest, taxes, depreciation, and amortisation (EBITDA) was recorded at Rs 1,123 million, with an EBITDA margin of 12.4 per cent. This is a decrease from Rs 1,205 million and a 14.2 per cent margin in the corresponding quarter of the prior fiscal year.
Operationally, GTPL Hathway continues to expand its reach. The cable television business maintained a strong subscriber base, with 9.60 million active set-top boxes and 8.90 million paying subscribers as of Q1 FY26. The broadband segment also showed progress, reaching 1.05 million active subscribers and a home-pass count of 5.95 million. Average data consumption per customer soared to 410 GB per month, a 17 per cent increase year-on-year, while average revenue per user (ARPU) held steady at Rs 465..
In a strategic move, the board of directors approved the re-appointment of Anirudhsinh Jadeja as managing director for a further three-year term, effective from 8 December 2025.
The company also highlighted a contingent liability related to a demand from the Department of Telecommunications (DOT) for licence fees totalling Rs 9,754.15 million. GTPL Hathway remains confident in its legal position and has not recognised any provision for this matter.
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MUMBAI: When margins wobble, liquidity talks and in Q3 FY25-26, cash did most of the talking. Den Networks Limited closed the December quarter with consolidated revenue of Rs.251 crore, marginally higher than the previous quarter but down 4 per cent year-on-year, even as profitability stayed resilient on the back of strong cash reserves and disciplined cost control.
Subscription income softened to Rs.98 crore, slipping 3 per cent sequentially and 14 per cent from last year, while placement and marketing income offered some cheer, rising 15 per cent quarter-on-quarter to Rs.148 crore. Total costs climbed faster than revenue, up 7 per cent QoQ to Rs.238 crore, driven largely by higher content costs and operating expenses. As a result, EBITDA dropped sharply to Rs.13 crore from Rs.19 crore in Q2 and Rs.28 crore a year ago, pulling margins down to 5 per cent.
Yet, the bottom line refused to blink. Profit after tax stood at Rs.40 crore, up 15 per cent sequentially and only marginally lower than last year’s Rs.42 crore. A healthy Rs.57 crore in other income helped cushion operating pressure, keeping profit before tax at Rs.48 crore, broadly stable quarter-on-quarter despite the tougher cost environment.
The real headline-grabber, however, sits on the balance sheet. The company remains debt-free, with cash and cash equivalents swelling to Rs.3,279 crore as of December 31, 2025. Net worth rose to Rs.3,748 crore, while online collections accounted for 97 per cent of total receipts, underscoring strong cash discipline across operations, including subsidiaries.
In short, while Q3 showed signs of operating strain, the financial backbone remains solid. With zero gross debt, steady profits and a formidable cash war chest, the company enters the next quarter with flexibility firmly on its side proving that in uncertain markets, balance sheet strength can be the best growth strategy.
