External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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Equity Bottom-Up

<ul><li>GTPL Hathway (GTPL) is a leading MSO (No. 1 in terms of subscribers) offering cable television (CATV) and broadband services</li><li>Expansion into new states and digitisation has led to strong topline and earnings growth of ~27% and ~86% CAGR, respectively, over FY16-21</li><li>We roll over to FY24 and value GTPL at Rs 290 i.e. 14x FY24E P/E</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

GTPL Hathway (GTPL) is a leading MSO (No. 1 in terms of subscribers) offering cable television (CATV) and broadband servicesExpansion into new states and digitisation has led to strong topline and earnings growth of ~27% and ~86% CAGR, respectively, over FY16-21We roll over to FY24 and value GTPL at Rs 290 i.e. 14x FY24E P/EContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GTPL Hathway: Broadband to Be Key Growth Driver Ahead

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Forensic Accounting

Hathway Cable And Datacom / Forensic Accounting

<p>We have analyzed financials of Indian Cable Industry majors: <a href="https://www.smartkarma.com/entities/9895" target="_blank" data-smartkarma-citation="entities:9895:1">Den Networks (DEN IN)</a> , <a href="https://www.smartkarma.com/entities/952" target="_blank" data-smartkarma-citation="entities:952:1">Hathway Cable And Datacom (HATH IN)</a> (Hathway), <a href="https://www.smartkarma.com/entities/27886" target="_blank" data-smartkarma-citation="entities:27886:1">GTPL Hathway (GTPL IN)</a> and found out following key issues:-</p><ul>
<li>Possible impairment of investment in subsidiaries (whose net worth is fully eroded) of Den Networks and GTPL will significantly erode the net worth of these companies.</li>
<li>Non-recognition of deferred tax assets on tax losses by Den Networks confirms our hypothesis of an impairment of investment in subsidiaries.</li>
<li>Hathway and GTPL follow aggressive accounting policy of measuring receivables pursuant to the introduction of Digital Addressable System (DAS).</li>
<li>Consolidated financial statements may not be trustworthy as unaudited, management certified financial statements of few of the subsidiaries, associates and joint ventures had been consolidated.</li>
<li>Non – consolidation of few subsidiaries, associates and Joint venture gives an incomplete picture of financial statements.</li>
</ul>

We have analyzed financials of Indian Cable Industry majors: Den Networks (DEN IN) , Hathway Cable And Datacom (HATH IN) (Hathway), GTPL Hathway (GTPL IN) and found out following key issues:-
Possible impairment of investment in subsidiaries (whose net worth is fully eroded) of Den Networks and GTPL will significantly erode the net worth of these companies.
Non-recognition of deferred tax assets on tax losses by Den Networks confirms our hypothesis of an impairment of investment in subsidiaries.
Hathway and GTPL follow aggressive accounting policy of measuring receivables pursuant to the introduction of Digital Addressable System (DAS).
Consolidated financial statements may not be trustworthy as unaudited, management certified financial statements of few of the subsidiaries, associates and joint ventures had been consolidated.
Non – consolidation of few subsidiaries, associates and Joint venture gives an incomplete picture of financial statements.


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GTPL Hathway Limited (GTPL IN)

GTPL Hathway: Broadband to Be Key Growth Driver Ahead

Reported PAT was at Rs 54.6 crore, up ~21% YoY, mainly aided by lower depreciation and higher other income What should investors do? GTPL's...

ICICI Securities Limited

Cable Giants: An Accounting Review

We have analyzed financials of Indian Cable Industry majors: Den Networks (DEN IN) , Hathway Cable And Datacom (HATH IN) (Hathway), GTPL Hathway...

Nitin Mangal

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GTPL Hathway: Broadband to Be Key Growth Driver Ahead

Reported PAT was at Rs 54.6 crore, up ~21% YoY, mainly aided by lower depreciation and higher other income What should investors do? GTPL&#x27;s...

ICICI Securities Limited

Cable Giants: An Accounting Review

We have analyzed financials of Indian Cable Industry majors: Den Networks (DEN IN) , Hathway Cable And Datacom (HATH IN) (Hathway), GTPL Hathway...

Nitin Mangal

Reported PAT was at Rs 54.6 crore, up ~21% YoY, mainly aided by lower depreciation and higher other income What should investors do? GTPL's...