ICICI Direct's research report on GTPL Hathway
GTPL Hathway (GTPL) reported a robust operating performance in Q4FY21. Revenues at Rs 748.7 crore were down 14.2% YoY. However, ex-EPC, revenues were at Rs 560.1 crore, up 18.2% YoY, led by growth broadband and placement income. Subscription and broadband revenues were at Rs 266.5 crore and Rs 81.7 crore, respectively. Reported EBITDA increased 2.4% YoY to Rs 116.4 crore. EBITDA margins at 15.5% were down 180 bps YoY post increase in operating expenses. Core EBITDA was up 1.5% YoY to Rs 102.5 crore with margins at 18.3%, down 300 bps YoY. Subsequently, PAT was at Rs 56.9 crore against net loss of Rs 13.6 crore in Q4FY20.
Outlook
We maintain BUY rating with a revised target price of Rs 165/share (previous TP: Rs 175) at 10x FY23E EPS.
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