Ladies and gentlemen, good day, and welcome to the GTPL Hathway Limited Earnings Conference Call hosted by Emkay Global Financial Services Limited. As a reminder, all participant lines will remain in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal the operator by pressing star then zero on your touch-tone telephone. Please note that this conference is being recorded. I will now hand the conference to Mr. Pranav Kshatriya from Emkay Global Financial Services Limited. for opening remarks. Thank you, and over to you.
Thank you, Ryan. Good evening, everyone. I would like to welcome the management and thank them for this opportunity. We have with us today Mr. Anirudhsinh Jadeja, Promoter and Managing Director, Mr. Piyush Pankaj, Business Head, B2B, and Chief Strategy Officer, and Mr. Saurav Banerjee, Chief Financial Officer. I'll hand over the call to Mr. Anirudhsinh Jadeja for his opening remarks. Over to you, sir.
Thank you, Pranav. Good evening, everyone. Warm welcome to everybody to the earnings call of GTPL Hathway to discuss the financial and operational performance of quarter one FY 2026. We continue to lead as India's largest MSO providing Digital Cable TV service in India, and we are proud to be amongst the country's leading private wireline broadband providers. We have sustained our subscriber base in the cable TV division and have grown our base in the government business in the face of a dynamic and competitive landscape. This constantly reflects the strength of our customer relationships, the reliability of our service offering, and the agility of our team to adapt in a challenging environment. I'll now hand over to Mr. Piyush Pankaj, who will walk you through the KPI of our cable TV and broadband segment and share insights on our achievements in the first quarter.
Thanks, Mr. Jadeja. Good evening, everyone. The usual KPIs for the whole business are as follows: First, Cable TV segment. Our Digital Cable TV subscriber base as of 30th June 2025, stood at 9.60 million. Among the total subscriber base, paying subscribers stood at 8.90 million. The total business partner count now stands higher at more than 48,000, and they remain key enablers of our quest for expanding our pan-India presence. In the broadband business, active subscriber base at the end of the quarter stood at 1.05 million, adding 20,000 new subscribers, which is an increase of approximately 2% on a YoY basis. Home pass stood at 5.95 million, having added 50,000 new Home pass on a YoY basis as of 30th June 2025. Of all available Homepasses , 70%- 75% are available for FTTX. The broadband ARPU for quarter one FY 2026 stood at INR 465, increased by INR 5 as compared to quarter one FY 2026 .
Average data consumption per month stood at 410 GB, a 17% increase YoY. We constantly keep evaluating options for either organic or inorganic avenues for growth in both the business segment and bundled products of cable, broadband, and OTT. We continue with our expansion plan in other states across India and want to increase our total addressable market. Regarding the HITS platform, we are on the verge of obtaining all necessary regulatory approvals for the optimization of the platform. We are looking forward to starting the operations in the coming quarters. We will provide details of the same at the time of optimizing the platform. I will now hand over the call to Mr. Saurav Banerjee, who will take you through the financial performance of the company.
Thank you, Mr. Piyush. Good evening to all the participants. For the quarter, on a consolidated level, our total income grew by 7% year-on-year and 1% on a quarter-on-quarter basis to INR 9,091 million. Subscription revenue saw an increase of 1% sequentially to INR 3,018 million. The broadband revenue stood at INR 1,590 million and registered a growth of 1% on a yearly basis and is stable sequentially. Consolidated EBITDA stood at INR 1,123 million with an EBITDA margin of 12.4%. Net profits for Q1 FY 2026 stood at INR 1,050 million. Now, looking at the standalone performance for the quarter, our total revenue grew by a healthy 10% YoY and 5% sequentially to INR 5,990 million. Subscription revenue saw an increase of 8% Q-on-Q and largely unchanged YoY on INR 2,250 million. Standalone EBITDA stood at INR 592 million with an EBITDA margin of 9.9%.
Net profit for Q1 FY 2026 stood at INR 56 million on a stand-alone basis. Overall, our consolidated operating EBITDA stood at INR 1,042 million in Q1 FY 2026, registering an operating margin of 22%. I would now request the moderator to open the floor for the Q&A session.
Thank you. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use their handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Kunal Tokas from Fair Value Capital. Please go ahead.
Hello, am I audible?
Yes, Kunal, please go ahead.
A bit loud, Kunal.
Yes, sir. The first question is, if you can, please tell me what your ranking in terms of size in the wired broadband market in Gujarat would be.
Ranking in the size of the wired broadband?
Yes.
I mean, how large would you be in that market? Would you be number one, number two, or three?
We are number one. The last report which we got, which is in 2022-2023, we are number one. Still, we are number one, which is there.
In the wired broadband market, right?
Yes, in the wired broadband market.
Is there a large gap between number one and number two, or are the top three pretty close together?
Not pretty close because out of 1 million subscribers which we have, we are mainly in Gujarat, as we always say.
Okay. Most of the 1 million are in Gujarat?
Yes, that's the people.
Okay, sir. The next question is about CapEx. We can see very large CapEx figures over the years. I just wanted to confirm if all of this, most of this, relates to set-top boxes?
No, the CapEx for the quarter one, as we revealed the guidance in the last call also, the CapEx for the first year, we see that it's going to be somewhere between INR 350 crore- INR 400 crore, which we do. This quarter, we did around INR 79 crore for CapEx. Where we did in the broadband, it is around INR 30 crore has gone into broadband and INR 50 crore has gone into the CATV.
What exactly is this CapEx ? I mean, what are you spending on it?
Come again? Sorry to interrupt.
What exactly is this CapEx ? What are the things that you are interested in?
CATV business, let's say, is STB and other network materials. In the broadband, it is the CPE and the Homepass materials which we use.
Okay. Total income is on STB?
Yes, sir.
As mentioned, is it because of the shift?
Because of the end of payments, capital has gone up. The whole is.
Is this one large case which we see? Who does pay in cable?
Yeah, we. The whole is.
How many of?
About 40%.
40%.
Currently.
Why do you say other teams would be availing of?
They say, "We don't have for other, at least in the urban areas, they're not allowed to have the broadband. We don't have.
Do you get any cost benefits to having cable into customers' homes, especially in the rural and urban areas?
Oh, that's on the CapEx side. CapEx side is there that we get some CapEx benefit. Plus, we get the office, manpower, administrative, all those things, benefits because we are already present there in the cable side. We already have the size in the market. We already have manpower over there. We already have the knowledge of those markets. Those are the cost benefits which we get. Plus, if our network is good on that market, with some improvement, we can provide the internet also on that. Yes, we get benefits.
That should mean you all, you should also be the cheapest provider in those markets, right, where you have cable customers and the entire setup?
Not going on that way, yes, if we want to leverage that, we are. We are leveraging it a lot of places.
Okay, thank you very much, sir. Have a good day.
Thank you. The next question comes from the line of Nisha Murthy from MI Capital . Please go ahead.
Hello, sir. In the light of rapidly evolving the digital infrastructure landscape in GTPL , is GTPL actively exploring strategic alliances or acquisitions aimed at strengthening its regional footprint and accelerating technological advancements?
Yeah, technology is, we have our partners. As you see here, there's the slide, which we have zero. What partnerships we have is the technology partners, which are best in the industry. That is slide number seven in the investor presentation. Yes, we look forward for best for technology partners in different areas in, you can say, different areas of technology. Yes, we are looking forward and always ready to partner with good technology players in the market.
Also, are there plans to partner with start-ups or OTT platforms or broadband innovators to enhance the delivery mechanisms and diversify offerings or improve last-minute connectivity?
Yeah, we are already doing it with the digital service partners. It's like Blacknut is there, DistroTV is OTTplay is there. We have given the details, and we are exploring for others also who can give us better services for others. Because here, we are not the OTTplay. We have to aggregate that. The same is for the channel also. As you know, the channel belongs to Star TV or Zee TV and all. We are the aggregators of those channels and distribute it to the customer. The same way is for the gaming services and all. This is Blacknut, which is really. Different service providers are different. We have really become the aggregators there. The same like on the OTT side, we become the aggregators there, and we provide it to our customers. In the last, we have the price, which is going into the customer household.
We have to see that we can aggregate all types of services which are required for the customers and provide it to them.
Okay, okay. How are these growth levers being evaluated in the context of, it has been seen that there's a rising demand for high-speed internet and personalized content consumption?
This is not the platform to do that, which is it depends on a lot of criteria we can understand. Our technology team gets involved in this. Our expert gets involved in this. The CTO, the CIO, the digital expert, all those get involved in this. We have a standard process for how we can do it. It's based on the industry, I would say. We do evaluate on that one. I don't think this is the platform to talk about those criteria.
Yeah, okay. Also, as OTT platforms continue to redefine content consumption across India, how is GTPL evolving its business model and services offering to a competitor in the environment? Particularly, I'm talking about in tier two and tier three markets, which traditional cable still holds a major part.
See, the world is going towards these layered services, and you have to go for them. Depending upon the consumer demand, you have to provide what they want. You have to study because already that changes have started happening in the urban areas and all. That will continue to do in India, in the semi-urban and rural areas also. You have to be prepared for that. That's what we are doing. We are combining entertainment, broadband, OTT, gaming, other services all together, and that's the way to go. That's the transformation which our product plan. That is the case. Yes, we are prominent as a CATV provider, number one in India. We are going to exploit that for adding the layer of provision.
Okay, sir. Thank you.
Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and one. The next question comes from the line of Anubhav Goel from Cosma Ventures. Please go ahead.
Yeah, hi, sir. Just wanted to confirm, 9 million cable customers and 1 million broadband customers, so 99.5%+ would be from Gujarat, right?
No, no, no. In the cable side you talked about, in the 9 million, we are all over India. The 9 million, hardly 1.7 million or 1.8 million is in the Gujarat side, which is hardly 40%. The 20% is in Gujarat, rest is in all over India. We are talking 26 states. In the broadband, if you see, we are presenting 11 states. Yes, around 77 %-78%, close to 80% customers are from Gujarat in the broadband side. Rest are from other sides. In other states, we have started just now. It's like a one-year bank, one-year size, four-quarter to five-quarter band. That's right.
You said 20% in Gujarat for cable. Can you give the share for the next two states?
Next states you're talking about?
In terms of share, in terms of higher share.
Higher share, we have around 12%-1 3%. Andhra and Telangana together, we have around 13%- 14%. South and Karnataka, we have around 4%- 5%. Maharashtra, we have around 8 %- 9%. We talked about Northeast. Northeast in overall scenario, we have around 7%- 8%. We have South and we have 8%- 9%. Like that, it is all over India.
Got it, sir. In terms of the growth outlook, from a very long-term point of view, is it fair to say that the growth we expect will largely come from broadband? Over time, as people opt for fibers, cable, this 1 million number which we have can go up higher. This would be the prime growth driver for us, right?
No, you look into another way that out of around 340 million- 350 million households, only 200 million households are, around 200 million households are TV households. It's because there are 140 million- 150 million households where the TV is not there at all. They are to the rural areas or cable dark areas and TV dark areas in India. That's why one of the strategies which we have gone for is the Headend-In-The-Sky, which is the satellite, so that we can cover all over India footprint in one go. We can start providing the CATV services all over India. That's on the CATV side. Still, you have a very big opportunity. Apart from that, you have the opportunity that, out of around 80 million cable numbers, only organized care just has around 35 million- 40 million.
Still, 40 million- 45 million average are smaller MSOs and smaller players, where the opportunity is large for the consumer. It's a large-range opportunity which is there in the cable side. Also, the second, we come into the broadband side. Broadband, if I talk about out of 350 million households, it's 40 million- 50 million households. I'll be 37 million-38 million . Maximum 40 million households are there in the wired broadband, which is hardly 12%- 13%. There is a large scope that it will go up for the decades, and it will go up in a very good way. Wired broadband, which is more sustainable and which will remain cost-effective for the household. Both the businesses have a lot of opportunities right now.
Plus, as you combine both that broadband plus entertainment, plus you bring more context on that, OTT, start putting more of layering of the services on that, more services on that, then you can make more customers effective. That's the strategy which you have to go. The opportunity is in India both sides, both the businesses' opportunity is very large. You just have to tap that in the right way and the right strategy, and both businesses will grow.
Got it, sir. Between the two, over time, we would expect the broadband ARPU from INR 460 to at some point start going up.
I see.
No thoughts of other concerns?
I can't say that this business, that business, both the businesses will grow. Yes, the CAGR will be more in the growth. CAGR will be more in broadband, as you know. As I say that it is just 10%-1 2%, 10%, 12% benefit is in the market price now in the year. Yes, CAGR is going to be higher in the broadband.
Sir, I hear you mentioned, and I've heard you in the previous two calls talk about it. Can you, are we now comfortable sharing more details on this? On what is the technology, what cost savings do we expect?
I think this is not a platform, as you know. We just have a limited time to do that. I think if you want to go to that technology and all, we should do it half-time. That's what technology will prevail and what will mark, or how it's going to move the whole industry.
All right, sir. All right. Thank you. Thank you, sir.
Thank you. The next question comes from the line of Shaurya Punyani from Arjav Partners. Please go ahead.
Sure. Hi, am I audible?
Yeah, yeah.
Sir, given the growth prospects, what kind of revenue growth can we expect? Can we grow 8% to 20% this year?
See, as you see, this quarter, we have grown around the YoY. As you see, we have grown around 7% in this quarter. Last year, year-wise, as you see, we had grown around 10% to 11%. Yes, in double figure is going to be there in both in the revenue side and all. Achieving straight past to 20%, which we did around two years, two to three years back, is still, still we have to watch. We have to see that how we can do it. Yeah, it's going to be going double digits for us in the business.
What is regarding margins? We have seen few of year-on-year margins have declined. What's your view regarding margins and why they have declined?
The operating margin, if you say, if it's operating margin, which you can see in the slide number 22 in our investor presentation, the margin has not gone down. Yeah, you can say by 100 basis point, it has gone down from 23% to somewhere 22% quarter- to- quarter. Yes, we are looking forward, but as because, as you know, that some of our CapEx is going into the Headend-In-The-Sky on the platform because we are doing it through the internal tools and all. Once the new platform will be launched, and then we start getting more subscriber base, and we start putting more of the money towards that acquisitions and all, we are looking forward that again, we are going to have a healthy margin between 23%- 25%, which was there, of the operating margin of 23%- 25% again back to that.
Right now, we are at 22%.
Sir, when will this new platform be live?
As I said, on the HITS side, on a regulatory front, we had already signed a Grant of Permission Agreement with the MIB for operating footprint areas and already submitted license fee of at least INR 10 crore, bank guarantee of at least INR 40 crore. We have already taken NOC for that high sound quantum frequency. We are at the last stage of taking wireless operation license, which is, and with them, we will go into the platform of services. We are looking forward that somewhere we are going to launch by the end of this quarter only, which we are looking forward to. We will see that either this quarter or early next quarter, we are going to reach the CTR. That is the case.
Okay, sir. Okay, that's it. Thank you.
Thank you. The next question comes from the line of Vivek Gupta from Star Investments. Please go ahead.
Yeah, hi. Am I audible?
Yes, Vivek, please go ahead.
My first question is to the CFO. Usually, the trend is that our consolidated stats expenses are in the range of 24% - 26% of PBT.
I do apologize. I interrupt you, Vivek. We have lost a line of the management. Please take a message while I rejoin the management.
Sorry.
Thank you.
Yeah.
Hello.
Ladies and gentlemen, we have the management reconnected. Vivek, if you can please ask a question once again.
Sure. Yeah. My first question is to the CFO. Usually, the trend is that our consolidated tax expenses are in the range of 24%-2 6% of PBT. However, any particular reason why the tax expense has gone so up during the June 2025 quarter? That was almost 40% of the PBT.
Yes, yes, sir.
Normally, the tax rate is, as you have just mentioned, or is the range that the tax rate is there normally. In this quarter, the profitability has increased to a certain extent because of broadband. There are some impacts that have been taken of record tax. A combination of that factor is leading to, you know, arithmetically, that percentage is looking high. On an overall basis, if I were to, you know, look at the tax percentage, it is in the range of 15%, 25%, 26% that we usually. There's no real increase in the percentage.
Okay, okay. Can you just give me an idea? Why was it unusually low in the last quarter, that is Q4 FY 2025, which was 3% of the PBT?
Yes, sir. As I said, there are always some tax adjustments on the default tax front. We cannot just unilaterally look at a percentage on a plain arithmetical basis. We have to consider the entire tax workings. Accordingly, whatever is the percentage or actual amount which comes out at the tax, it is not the percentage which determines the amount. It is the amount which determines the percentage.
If you could refer to the presentation slide number 21, you will see that we have given finance cost as in two parts. Just for that clarification, what is the finance cost in borrowing and what is the as per the Ind AS 116, which is more for default, taking care of default and all. Just to give that concourse.
It's a clarity.
Let me add clarity to everyone. Refer to that slide, slide number 21 in the investor presentation page.
Slide number 21?
Yes.
6:00 P.M. A.M.
Yeah.
On slide number 18.
Yeah.
So.
Yeah.
Yeah.
I'm talking about 3 and 49. Yes, we can go for the next question.
Yeah, we can go for the next. My next question was the broadband ISP revenue has remained the same quarter- on- quarter and largely same on YoY basis too. Given that presentation mentions subscriber growth of 2%, taking an average of 1%, largely the broadband growth is due to subscriber growth, then it's seen. Where does the ARPU gain fit into the equation? Is it that the gain was due to ARPU and that bulk of new subscribers were added closer to the end of the quarter?
No, no, ARPU remains the same as we are providing. We have not increased the price or decreased the price in the market. Whatever some ARPU here and there is happening because of a change in subscribers from lower packets to upper packets or upper packets to lower packets, something like that. ARPU remains the same. We have not decreased or increased the price.
What measures are being taken to increase the revenue from this segment?
Measures to increase the revenue in this segment is more of how you're going to increase the volume and how you're going to increase the volume, the number of subscriber base, and all in this market. That's why, see, the growth strategy is that already we are present in Gujarat, and we have around out of 5.95 million Homepasses . We have around 5 million Homepasses in Gujarat. In Gujarat, we have the penetration of around somewhere around 17%- 18%, you can say. 17%. 17%- 18% penetration is there in the market. This business is totally B2C business. We are giving the solutions directly to the consumer. It's a B2C business we're doing. Still, there is a lot of scope that we can extract for more from those 5 million, which we are trying to do.
We are hopeful that as the things will improve, we will do it. The second is that to launch, right now, we are in 10 states, more 10 states. We have just launched. We still have, as you see, in the cable side, we are in 26 states. Still, around 15 states are left where we have to launch. Plus, we have to penetrate more on those markets. We are doing the B2B and B2C both on those markets. Privileged is B2B. As you said, we have 48,000+ operators with us. We have to explore that that's true operators, how much you can bring it from a broadband and how you can provide a combo to those combo products to those customers. That's the way we have to go. Gujarat market, we are going to put more money in the CapEx and all and bring more customers and all.
Outside, we have the dual strategy for going into the putting some of the CapEx also and going to our partners. That's the way we are looking forward for the broadband business. We are pretty sure that we will get into that growth mode again on that day. Right now, yes, as we are investing in the new platform. We are losing the money from that platform on the CapEx side. Once that will be over, which is this is the last quarter, I think, then the more focus will be on the running float side.
Okay, thank you.
Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and one. The next question comes from the line of Rahul from Crown Capital. Please go ahead.
Hi, sir. Good afternoon. Can you hear me?
Yeah, I am. Please.
Yes, yes. Hi, good evening. In the previous call, quarter four, we had mentioned, you know, FY 2026, it seems to be like we can touch that 500,000 subscriber addition. Is that something you see happening?
Yeah, we are looking forward to that. Things are already in place. We have waited for this quarter so that we can complete our 11% platform. Although things are already in place, we are looking forward that we will achieve that.
Okay. If you could, you know, speak about the BharatNet opportunity for GTPL Hathway, what's the current outlook and our position there?
BharatNet, right now, we are hopeful for the Gujarat one. That is, we are looking forward that case opens in the next one month, a month and a half instead. We are hopeful for that. We have the capability. We already did the BharatNet phase. We are looking forward that we will participate there, still keeping up in the cost.
Okay. That would currently be focusing in Gujarat, right, for the BharatNet?
Yes.
Yeah. Okay. The EBITDA margins, they have consistently stayed around 11.8%, almost 12% the last three quarters. Even this first quarter, same EBITDA margins. What kind of improvement do you see going ahead coming three quarters? Can we end on a higher level for FY 2026 compared to the last year?
We are looking forward that EBITDA margin will go up. I will say that it's better to look at the official EBITDA margin, which we are at 22%, which I said in the investor presentation, that's slide number 22. That gives the better health of the business, which is there. We are there, if you see that we are still at 22%. We are looking forward that we go up to between 23% - 25%. This 11%, 12% also, we are looking forward that we go up.
For 22%, you're currently at operating EBITDA, and you see it going to 24%, 25% by year- end, you're saying?
Yeah, yeah.
By year- end. Okay, okay. Lastly, if you could just repeat for me the CapEx, which you are planning, right? You've INR 350 crore, right? I believe you mentioned for the year.
Yes, sir.
Already spent around INR 80 crore, I guess. The remaining, can you just tell me where will you be spending the majority of it?
Yeah, yeah. The majority is going to be on the CATV as it improves the HITS also. Out of INR 350 crore, we are looking forward that somewhere around INR 200 crore will be on the CATV side, and INR 150 crore will be on the broadband side.
CATV, sorry, INR 150 crore on the what side?
The broadband.
Platform.
That's on the broadband.
Okay, broadband. Okay, okay.
Broadband business is INR 150 crore. INR 200 crore is going to be the CATV, which includes.
Right. Okay. Okay, sir. Thank you and all the best to you.
Thanks. Thanks, sir.
Thank you. The next question comes from the line of Radhi Shah from SAS Capital. Please go ahead.
Hello. Thank you for the opportunity. My first question is, why did we see a revenue of big growth in this segment? Did GTPL use it not in the segment?
You're talking about which segment, sorry, Radhi? Why?
We want to know about the cable TV revenue or big growth.
Big growth in the cable TV revenue. Yeah, to see, if you talk about YoY, quarter- to- quarter, we have gone up by 1%. The persistent income is down by INR 18 crore, which is 5% YoY. The industry witnessed a higher churn during FY 2024, FY 2025. I'll say, in the event of expansion of different content providers in the industry, including telcos, multiple players, social media sites, etc. GTPL, we have increased our revenue by 1% in this quarter- to- quarter. We are hopeful that the coming quarter will be more positive in that way. The last quarter, the churn was higher because we have seen the telcos have come out with the schemes, rich entertainment and all, and the ring. That has put some pressure on that.
Plus, we have seen that the free DTH is gaining the market in the liberal side because they have started providing more and more channels. Again, some of the broadcasters, KPL broadcaster channels have come back in the last four years. Those are the factors. Yes, we are hopeful that it is marginally, it has gone down. We are going to recover this in the third quarter.
Okay. My next question is, while revenue growth in subscription income of CATV was flat on stand-alone basis, it was down on consolidated basis also. I want to understand which subsidiary and what geography is seeing some pain.
Yeah. As you know, we have presence in Karnataka and Maharashtra markets. One of our subsidiaries, there we have lots of breadth of market. We have gained in the GTPL side, but we have lost in the JV side. Some of the revenue, which you will see on the control side, is going down. Yes, stand-alone, it is flat. It is 0% of that. One or two subsidiaries have not done well, especially in the Karnataka market. Because of that, we have seen this 5% down in the float side.
How do you plan to achieve growth in this Cable TV segment?
Cable segment is, as you know, as we talked about the Headend-In-The-Sky platform. I explained that there are cable dark areas, there are rural areas where we are not present, and there are a lot of big opportunities on that all over India. Plus, I talked about that there is an imminent consolidation in the market where you can get 40 million , 45 million of subscribers basically. All those big opportunities are there, which we have to explore, and we have to start in the market.
Okay, okay. Now, when I do a graph bridge between the profitability on a standalone and consolidated level, right from the EBITDA level to the PBT and then a PAT level, the incremental numbers from subsidiary show the marked improvement on a sequential basis and on a year-on-year basis. Incremental EBITDA contribution in subsidiary for Q1 FY 2026 is like INR 531 crore, which is up to 10% by YoY, and PBT is around INR 1.10 or INR 44 crore. Almost 3.5x higher the contribution by subsidiary in Q4 FY 2024. Can you share what the change is in the subsidiary operation? Why such a difference in performance of standalone business profitability and subsidiary?
You are talking about that subsidiary is just better in the last one year.
Yeah. Now we can see that there is some change in the subsidiary operation. Why is there a difference in performance of the stand-alone business profitability and subsidiary?
See, what is happening here is that a lot of synergies benefit which subsidiaries are getting once they are into the apps with us. Those synergy benefits, you will see that in their books, they are getting it. Being associated with GTPL , those subsidiaries and those who are getting a lot of benefits out of that. That's the reason that we are seeing that if you compare on that, they should say our performance are better, but their performance are better because they are associated with GTPL . They are part of the GTPL growth. That's the way. Yes, we look at it in the holistic way rather than individual books level.
That's why we always prefer to go on the consolidated the sites rather than the standalone concentration on that side because if it is going into the JV chips also, we are happy to do that because the synergies, you can say the synergy benefits are going over there. That is quite a good thing.
Okay, okay. Thank you.
Thank you. We take the next question from the line of Rahul Jain from KB Securities. Please go ahead.
Hello. Am I audible?
Yes, Rahul. Please go ahead.
Yes. My question was with regards to GTPL 's partnership OTTplay Premium with OTTplay's curation sets and personalization engine. How do we differentiate our value proposition from other streaming aggregators in the market since we have also been offering access to OTT already on GTPL Genie app?
Yeah, yeah. Genie app , we had, see, Julia app also, we have aggregated all the different OTTplays. We have aggregated and started putting the Genie and Genie+ . Right now, a lot of agreements are getting expired with the individual OTTplays. That's why we wanted to go for the aggregator, like an OTTplay, who is providing the whole thing together. That's why we have gone for the OTTplay in that way and replaced a lot of things on the Genie . Whoever has split on the Genie+ and all, the subscription, they are on. Whoever is covering the due, they are into the OTTplay because the agreement with the individual OTT or thing is getting expired.
Could this partnership pave the way for more intelligent recommendation systems tailored to regional viewing preferences?
Yes, yes. Yeah, they are going to do that. All those benefits will come to us.
Is there potential for strategic cross-industry tie-ins like telecoms or retail to boost subscriber acquisition through bundled offerings?
Yeah, yeah. That's what we are doing. We are doing the bundled one. Even we are in touch with other cross-bundling and everything with other players.
Okay. On a different note, can you share some KPIs related to your latest announcement? How many downloads of the consumer app and how many people have used the Samsung TV key Cloud OTT subscription through our application? Finally, how has that translated to you in terms of subscribers' churn? Have you seen some slowing down in that churn?
I got your point. I think you have to, we have to offline, you have to do this because we don't have the residual data available for those downloads now.
Okay. All right. That's all from my side. Thank you for taking my questions.
Thank you.
Thank you. Ladies and gentlemen, if you wish to ask a question, please press star and one. As there are no further questions, I will now hand the conference over to the management for their closing comments.
Thank you.
Thanks.
I would like to express my thanks to every participant who took their time out to attend the call. I would like to thank Emkay for organizing this call. For any queries, feel free to contact with MUFG IR , who are our Investor Relations Advisor. Thank you and have a good day.
Thank you. On behalf of Emkay Global Financial Services Limited, that concludes this conference. Thank you for joining us, and we will now disconnect your line.