GTPL Hathway Ltd: Revenue Growth Amidst Industry Challenges in Q3 2025

GTPL Hathway Ltd (BOM:540602), India's largest Multi-System Operator (MSO) and a leading broadband service provider, reported its Q3 2025 earnings on January 10, 2025. Despite the challenging industry landscape, the company demonstrated steady revenue growth, driven by subscriber base expansion and increased average revenue per user (ARPU). However, profitability metrics showed a decline, indicating potential headwinds for the company.

Revenue Growth Amidst Industry Challenges

GTPL Hathway's total revenue in Q3 2025 stood at ₹8,957 million, marking a 4% year-over-year (YoY) growth. This growth was primarily driven by an increase in active subscribers and higher ARPU for broadband services. The company's digital cable TV subscriber base grew by 200K YoY to 9.60 million, while broadband subscribers increased by 37K YoY to 1.04 million. Additionally, the broadband ARPU rose by ₹5 YoY to ₹465 per month per subscriber.



Profitability Metrics Show Decline

While revenue growth was encouraging, GTPL Hathway's profitability metrics showed a decline in Q3 2025. The EBITDA margin decreased from 15.2% in Q3 FY24 to 12.7% in Q3 FY25, and the operating EBITDA margin fell from 24.2% to 21.8% during the same period. This decline in profitability could be attributed to increased competition, regulatory pressures, or higher input costs.

Looking Ahead

GTPL Hathway's revenue growth in Q3 2025 was driven by an expanding subscriber base and increased ARPU. However, the decline in profitability metrics suggests that the company may be facing headwinds in the form of increased competition or higher input costs. As the company continues to navigate the challenging industry landscape, investors will be watching closely to see if GTPL Hathway can maintain its revenue growth momentum while improving its profitability.

In conclusion, GTPL Hathway's Q3 2025 earnings report highlights the company's ability to grow its revenue amidst industry challenges. However, the decline in profitability metrics raises concerns about the company's ability to maintain its competitive edge in the long run. As the company continues to evolve in the dynamic media and entertainment landscape, investors should monitor its financial performance closely to make informed investment decisions.