Cable TV
Hathway in the red due to higher expenses, forex loss in second quarter
BENGALURU: In the first quarter of the previous fiscal, restructuring at Indian multi system operator (MSO) Hathway Cable and Datacom Ltd (Hathway) had brought for it a positive bottomline. The pared company reported a profit of Rs 2.716 crore (including an exceptional item –gain from the sale of shares of Rs 1.713 crore) for the quarter ended 30 June 2017 (Q1 2018). The company improved its performance in the second quarter of the previous fiscal (Q2 2018) and reported profit after taxes of Rs 14.01 crore. However, in the quarter ended 30 September 2018 (Q2 2019, quarter under review), the company reported a loss of Rs 5.90 crore as compared to a loss of Rs 2.63 crore in the immediate trailing quarter (Q1 2019).
Higher expenses which included higher finance costs and higher forex losses were chiefly responsible for the loss, besides of course, the fact that the Jio juggernaut has steamrolled all kinds of broadband internet service providers. The company reported almost same operating revenue (0.5 percent lower) for Q2 2019 at Rs 130.55 crore as compared to Rs 131.15 crore in Q2 2018. Due to higher other income of Rs 7.63 crore in the quarter under review as compared to Rs 5.93 crore in Q2 2018, Hathway’s total income was 0.8 percent more y-o-y at Rs 138.18 crore as compared to Rs 137.08 crore.
Operating EBITDA during Q2 2019 at Rs 46.58 crore (35.6 percent of operating revenue) was 11.5 percent down y-o-y as compared to Rs 52.66 crore (40.2 percent of operating revenue).
Let us look at the other numbers reported by Hathway
Total expenditure in Q2 2019 was 144.08 crore or 110.4 percent of total income, 17.1 percent more than the Rs 123.07 crore (93.8 percent of operating revenue). Operating expenses in Q2 2019 was 5.4 percent lower y-o-y at Rs 31.10 crore (23.8 percent of operating revenue) as compared to Rs 32.89 crore (25.1 percent of operating revenue).
Employee benefits expense for the quarter was Rs 11.29 crore (8.6 percent of of operating revenue) which was 7.2 percent higher y-o-y as compared to Rs 10.53 crore (8 percent of of operating revenue). Finance costs in Q2 2019 at Rs 32.22 crore (24.7 percent of operating revenue) was 32.2 percent higher y-o-y than Rs 20.19 crore (15.4 percent of operating revenue) in Q2 2018.
Other expenses at Rs 41.48 crore (31.8 percent of operating revenue) was 18 percent higher y-o-y than Rs 35.07 crore (26.7 percent of operating revenue). Other expenses included a higher forex loss of Rs 7.2 crore in Q2 2019 as compared to a forex loss of Rs 1.28 crore in Q2 2018.
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.
