ICICI Direct, one of the largest retail brokers and financial product distributors in India on Monday said that the “growth momentum” in the broadband segment continued for GTPL Hathway. The firm in a report highlighted that GTPL Hathway registered over 50,000 new broadband users during the quarter ended December 31, 2020. GTPL Hathway, a leading Digital Cable TV and broadband service provider in India on Wednesday announced the financial results for its third quarter and nine months period ended December 31, 2020. The operator reported that its internet services generated Rs 77.8 crore revenues for the period ended December 31, 2020, up 84% year-over-year (YoY).
GTPL Hathway Users Consumed 205GB Per Month
GTPL Hathway said that it has added 55,000 net broadband users in its third quarter with the total additions hitting 185,000 in the first nine months of the current financial year.
“Our Broadband business picked up pace owing to e-learning and work from home resulting in additional 1,85,000 Broadband subscribers during 9M FY21,” Anirudhsinh Jadeja, managing director of GTPL Hathway, said in a release on Wednesday. “We are looking forward to close FY21 on a high note coupled with our planned launch of new products and services in Q4 FY21 along with expanding GTPL’s footprints in existing and new markets.”
The operator also highlighted that the data consumption per user touched 205GB per month as on December, 2020, up 63% YoY. In the same period in the previous year, the operator said that the data consumption per user was at 126GB per month.
GTPL Hathway Users Opted for Higher Priced Broadband Plans
GTPL Hathway said that the average revenue per user (ARPU) in the broadband segment hit Rs 445 for the period ended December 31, 2020, up 7% YoY. ICICI Direct said that the increase in the ARPU was largely due to the GTPL Hathway users opting for the high priced broadband plans.
The financial product distributors also highlighted that GTPL Hathway is targeting 100% increase in users over the next three year period. Crucially, ICICI Direct said that GTPL Hathway would roll out its hybrid Set-Top Box (STB) in the fourth quarter of the current financial year.
Meanwhile, GTPL Hathway also said that it has seeded 10.61 million STBs as on December 31, 2020, with the total paying subscribers hitting 7.35 million.
“The successful implementation of the New Tariff Order (NTO) in India has opened avenues for expansion in existing markets & lifted entry barriers in untapped markets,” GTPL Hathway said in a release on Wednesday. “GTPL continues to widen its footprints in its existing market and penetrate new markets through inorganic route.”
The operator also highlighted that it is in a “sweet spot” in terms of converting its existing cable TV households into its broadband ecosystem “directly or through operators.”
“GTPL’s resilient operating performance has been a result of solid traction in [the] broadband segment,” ICICI Direct said in its report. “The company’s consistent debt reduction provides comfort and expansion in newer markets with stronghold in Gujarat provides growth opportunities.”