GTPL Hathway Q1 FY27 Results (NSE: GTPL)
Signal: Margin pressure
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹101.54 Cr | 12.4% | 9.9% |
| Net profit | ₹0.14 Cr | -81.2% | |
| EPS | ₹0.21 | ||
| EBIT margin | 4.11% |
P&L walk
Revenue growth of 12.4% YoY driven by operating expense pass-through, but EBITDA margin contracted 310bps YoY to 4.11% as operating expenses grew 17% YoY (vs revenue +12.4%); depreciation and finance cost rose, while other income fell; PAT slumped 81.2% YoY to ₹1.38 Cr.
Segments
Single operating segment (Cable TV & Broadband) reported segment PBIT of ₹28.88 Cr, down 76.4% from ₹122.36 Cr in Q1FY26, reflecting the sharp margin compression in the consolidated entity.
Key positives
- Consolidated revenue grew 12.4% YoY to ₹1,015.41 Cr, the highest quarterly revenue on record.
- Sequential EBITDA margin improved 240bps from Q4FY26's trough of 1.71%.
- Standalone revenue grew 15.6% YoY, outpacing the consolidated rate, indicating strong cable TV performance.
Key concerns
- Consolidated PAT collapsed 81.2% YoY to just ₹1.38 Cr, the lowest quarterly profit in recent history.
- Operating expenses grew 17.0% YoY, significantly outpacing revenue growth, eroding margins.
- EBITDA margin at 4.11% is extremely thin for a business with high depreciation and interest burden.
- Standalone PAT fell 64.2% YoY despite double-digit revenue growth, showing cost pressures across the group.
- Contingent liability of ₹975.42 Cr from DoT license fee demands remains unresolved; any adverse outcome would be material.
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