GTPL Hathway Limited — Q3 FY26

GTPL Hathway Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=ObwGIsJTJtM Published: 4 months ago

0:01 1 second Ladies and gentlemen, good day and welcome to GTL heads Q3 FI26 earning conference call hosted by Anke Global 0:09 9 seconds Financial Services Limited. As a reminder, all participant line will be in the listen only mode and there will be an opportunity for you to ask 0:17 17 seconds questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then 0:25 25 seconds zero on your test phone. Please note that this conference is being recorded. I now hand the conference over to Mr. 0:32 32 seconds Pran Chhatti MK Global Financial Services Limited. Thank you and over to you sir. 0:39 39 seconds Good afternoon everyone. I would like to welcome the management and thank them for this opportunity. We have with us today Mr. Aneruda Singh Jadea promoter 0:48 48 seconds and managing director. Mr. Pankage business head B2B and chief strategy officer and Mr. Sra Banerjee, Chief 0:56 56 seconds Financial Officer. I shall now hand over the call to Mr. Anmud Basin Ta for his opening remarks. Over to you, sir. 1:03 1 minute, 3 seconds Thank you. Good evening everyone. Thank you for joining us today as we discuss GTPL's performance for third quarter of FI26. 1:14 1 minute, 14 seconds At GDPL halfway, our journey has always been driven by clear purpose to build scalable future ready platform that 1:22 1 minute, 22 seconds expand access, create value and strengthen India's digital infrastructure. 1:26 1 minute, 26 seconds The launch of GDPL infinity are hidden in the sky platform marks as decisive step forward in the journey. The details 1:36 1 minute, 36 seconds of which will be given by Mr. Fuse in his speech. 1:40 1 minute, 40 seconds This quarter underscored our strong operational momentum and reinforcement our leadership in both digital cable TV 1:47 1 minute, 47 seconds and broadband services. In digital cable TV, we sustain our market share and on the broadband we continue grow our 1:54 1 minute, 54 seconds subscriber base and strengthen our presence in key market. I now invite Mr. 1:59 1 minute, 59 seconds Punka to share deeper insight into the key performance indicator of our cable TV and broadband segment and highlights 2:06 2 minutes, 6 seconds of our achievement in the current quarter. Thanks Mr. Ja. Good evening everyone. 2:15 2 minutes, 15 seconds It gives me immense pride to share with you a landmark development in India's digital broadcasting journey. GTPL 2:23 2 minutes, 23 seconds limited unveiled its re revolutionary hidden in the sky platform GTPL infinity 2:31 2 minutes, 31 seconds built on one of the world's largest Cband teleport infrastructure. The platform is designed to support a 2:39 2 minutes, 39 seconds planned capacity of nearly 800 channels including around 100 channels and enables partners to go live within as 2:49 2 minutes, 49 seconds little as 24 hours using minimal infra infrastructure. 2:56 2 minutes, 56 seconds This significantly reduces deployment time, enhances uptime and lowers operating costs while enabling true pan 3:05 3 minutes, 5 seconds India reach. The benefits of this platforms are transformative. 3:11 3 minutes, 11 seconds It reduces delivery costs, opens new monetization opportunities and empowers digital service providers, whether LMOS, 3:20 3 minutes, 20 seconds LCOS, MSOs or commercial establishments to go to market faster with just a single antenna and minimal investment. 3:30 3 minutes, 30 seconds Partners can be operational within 24 hours. A true game changer for undeserved reasons. 3:38 3 minutes, 38 seconds GDPL is going beyond television and enabling bundle services like highspeed broadband, ODT and cloud gaming. From 3:48 3 minutes, 48 seconds metros to rural villages, it delivers worldclass entertainment and connectivity. Now let me start off by 3:56 3 minutes, 56 seconds mentioning KPIs for both our business segments. First cable TV segment. Our digital cable TV subscriber base as on 31st December 25 stood at 9.40 million. 4:09 4 minutes, 9 seconds The total business partners count stand at more than 48,000 plus and they remain key enablers for our quest on expanding our pan India business. 4:22 4 minutes, 22 seconds In the broadband business the access to cyber at the end of quarter stood at 4:28 4 minutes, 28 seconds 1.06 6 million adding 18,000 new subscribers. Home pass stood at 5.95 million as of 31st December 2025. 4:40 4 minutes, 40 seconds The broadband R2 for quarter 3 as for 26 stood at INR 465. 4:47 4 minutes, 47 seconds Average data consumption per month stood at 410 GB, a 12% increase Y. As part of 4:55 4 minutes, 55 seconds our strategic road map, we remain focused on both organic and inorganic opportunities to drive sustainable growth across our core business. 5:06 5 minutes, 6 seconds I will now hand over the call to Mr. S of Energy who will take you through the financial performance of the company. 5:14 5 minutes, 14 seconds Thank you Mr. P. Good evening to all participants for the quarter. On a consolidated 5:21 5 minutes, 21 seconds level, our total revenue grew by 5% YI to INR 9382 million. Subscription 5:30 5 minutes, 30 seconds revenue for quarter 3 FI26 is at INR 2970 million. The broadband revenue stood at 5:38 5 minutes, 38 seconds INR 1433 million and registered a growth of 4% on a yearly basis and 3% on a 5:47 5 minutes, 47 seconds sequential basis. Consolidated AITA INR189 million with an AITA margin of 12.7%. 5:57 5 minutes, 57 seconds Net profit for Q3 FY26 to INR triple 1 million a decrease uh sorry an increase 6:06 6 minutes, 6 seconds of 19% Q and 9% Y. 6:12 6 minutes, 12 seconds our consolidated operating EVA suit at INR 11109 million in Q3 FY26 6:20 6 minutes, 20 seconds registering an operating margin of 23.9%. 6:25 6 minutes, 25 seconds On the standalone front, total revenue grew by 9% YI to INR 6148 million. 6:34 6 minutes, 34 seconds Subscription revenue saw an increase by 2% YI to INR 2165 million. Standalone 6:42 6 minutes, 42 seconds AITA stood at INR 587 million with an AITA margin of 9.6%. 6:49 6 minutes, 49 seconds The standalone net profit of Q3 FI26 stood at 10 million. During the quarter, 6:58 6 minutes, 58 seconds employee costs were impacted by a one-time expense of rupees 22 million 7:05 7 minutes, 5 seconds due to the new wage code which has been implemented recently. 7:09 7 minutes, 9 seconds While the hit right of use resulted in an additional rupees 55 million impact across amotization and finance costs. 7:20 7 minutes, 20 seconds I would now request the moderator to open the floor for the Q&A session. 7:28 7 minutes, 28 seconds Thank you so much sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may press star 7:36 7 minutes, 36 seconds N1 on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use 7:44 7 minutes, 44 seconds handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question assembles 8:05 8 minutes, 5 seconds Our first question comes from the line of 8:17 8 minutes, 17 seconds Pritia Garwal from SK Associates. Please go ahead. 8:22 8 minutes, 22 seconds Hello. Yeah, thank you so much for the opportunity. Um so you know as I see the presentation highlights uh upon the 8:31 8 minutes, 31 seconds opportunities from industry consolidation uh with MSO count declining sharply and uh like around 40 8:39 8 minutes, 39 seconds million households potentially up for grabs but like are you finding acquisition to be a challenge or is it 8:47 8 minutes, 47 seconds the valuation being asked or the quality of subscribers or you know even the presence which is a hurdle in organic growth. 8:59 8 minutes, 59 seconds as you know as a part of 9:09 9 minutes, 9 seconds the person you are speaking with has put your call on hold please stay on the line 9:23 9 minutes, 23 seconds hello So as part of our strategy uh we are increasing our subbase and increasing 9:31 9 minutes, 31 seconds our market share through inorganic and organic both in inorganic the opportunities is very large as as we 9:40 9 minutes, 40 seconds mentioned about 40 million subscriber base is here in the graph in the whole country. Yes, we are going ahead and 9:48 9 minutes, 48 seconds doing the different deals uh for uh independent 9:54 9 minutes, 54 seconds uh MSOs or uh uh different uh partners in the market. 10:01 10 minutes, 1 second Yes, the valuations and all we have to go according to the which market it is what is the offer which is coming up and 10:09 10 minutes, 9 seconds uh what is the quality of that network depends on all those things and the opportunities are large and we are 10:18 10 minutes, 18 seconds exploring it it's uh I will say not easy or uh difficult it is uh it's the uh uh 10:29 10 minutes, 29 seconds matching of the right fit with our network the quality and all and which is one of the priorities which we hit that 10:36 10 minutes, 36 seconds whether this uh qualitative uh analysis of that network and then we go ahead for the any acquisitions or any inclusion in 10:45 10 minutes, 45 seconds our network. So yes, the opportunities are large and uh we are exploring it and uh this is part of our strategy plan. 11:03 11 minutes, 3 seconds Thank you. Our next question comes from the line of Vir from FNG Finance. Please go ahead. 11:11 11 minutes, 11 seconds Yeah. Hi. Am I audible? Yes. 11:16 11 minutes, 16 seconds Yeah, thank you for the opportunity. Uh, so my first question was with so as we can see from the uh results, the Q3 11:25 11 minutes, 25 seconds consolidated revenue stood at uh 9,382 million which was up by 5% yearon year 11:31 11 minutes, 31 seconds and uh with uh CATV subscription income declining by 2% and placement and revenue placement revenue was down by 5% 11:40 11 minutes, 40 seconds quarter on quarter. So could you help us to give us more colors on the underlying drivers of the revenue mix particularly the reasons behind the sequential 11:49 11 minutes, 49 seconds decline in CATV and placement revenue uh CATV revenue you are right that uh it 11:58 11 minutes, 58 seconds has been uh declined by around uh 2% and that is mainly because uh you will see 12:05 12 minutes, 5 seconds that uh from 8.9 million we have come down to 8.7 million as an active subscriber base in the last four 12:12 12 minutes, 12 seconds quarters and that has impacted us around 2% of uh fiber revenue which with the launch of it we are very confident that 12:20 12 minutes, 20 seconds we'll gain back and uh we will continue growing our subscriber base and subscription revenue in the future. The 12:28 12 minutes, 28 seconds second portion is the broadcasting and uh uh placement revenue which is linked with the pre- channel cost I will say. 12:36 12 minutes, 36 seconds So if you will see that the pre channel cost has also declined by around 5%. And in the same proportion the placement 12:45 12 minutes, 45 seconds average and marketing incentive has been declined by 5%. So the placement the pre channel cost and the marketing incentive 12:53 12 minutes, 53 seconds and placement is linked together because both of the broadcastes. So if P channel 12:59 12 minutes, 59 seconds cost is going down then uh correspondingly you will see that the revenue is also going going down. 13:08 13 minutes, 8 seconds Thank you. 13:11 13 minutes, 11 seconds Got it sir. Apart from this I have a follow-up question. So how do you see this segment evolving uh evolving in 13:18 13 minutes, 18 seconds next few quarters? As we can see that the industry is in the consolidation phase and uh the current competitive dynamics. 13:27 13 minutes, 27 seconds Okay. Uh the competition is there as you see that uh uh this is the time where you have to 13:36 13 minutes, 36 seconds uh the have the contents are platform agnostics you know but still India you will say that 350 million households are 13:44 13 minutes, 44 seconds there and around 220 million households are TV households currently still there is a big journey for TV to get 13:53 13 minutes, 53 seconds penetrated into the households and uh being one of the robot uh platforms the cable and CTS and everyone the robust 14:02 14 minutes, 2 seconds platforms they are going to uh again impact and continue to grow that's that's our uh uh take on this that at 14:11 14 minutes, 11 seconds some point of time uh whatever decline which has to happen you'll see that the the rate of decline is also gone down 14:18 14 minutes, 18 seconds totally and now it will again come back as the market will uh uh stabilize and 14:26 14 minutes, 26 seconds we are looking forward for that as uh you know we have launched the hidden in the sky and this will give us the all 14:33 14 minutes, 33 seconds panic India coverage and we can start the business at anywhere in very short time and uh it will give us all the 14:41 14 minutes, 41 seconds cable dark areas difficult more density and children. So all 350 million 14:48 14 minutes, 48 seconds households are now approachable to us and we are looking forward to uh explore that opportunity and increase. 14:59 14 minutes, 59 seconds So for industry uh this is uh one of the significant things here in the sky which give us the access to all 350 million 15:07 15 minutes, 7 seconds households immediately. Uh so that's that's the way we are looking forward that uh this business will grow and the whole segment will grow. 15:17 15 minutes, 17 seconds Got it sir. And my last question was with regards to the active uh cable TV segment. So we have saw that the active 15:25 15 minutes, 25 seconds cable TV subscribers stood at 9.4 million and the paying subscribers were being stood at 8.7 million. So we have 15:33 15 minutes, 33 seconds seen a slight dip as compared to the previous quarter. So just wanted to know that what were the key challenges that you face in customer retention? 15:45 15 minutes, 45 seconds So it's not uh you can say that there's no increase in churn and all it is the same way new acquisitions which we are 15:52 15 minutes, 52 seconds doing we have slowed down a bit because we were launching the hidden in the sky we wanted to become aggressive after launching of the hidden in the sky. So 16:00 16 minutes you will start seeing that from this quarter again the reverse trend will start that the increment will start and 16:09 16 minutes, 9 seconds everything will happen but we have slowed down a bit and that's why you will see that the capex we had planned 16:15 16 minutes, 15 seconds for uh somewhere around more than 200 crores in the cable business we did uh 16:22 16 minutes, 22 seconds build it actually 120 from that so those are the things which we a bit uh in the planned way we 16:30 16 minutes, 30 seconds have uh uh uh sustained our not gone for the growth we have sustained our 16:38 16 minutes, 38 seconds now after this time we will go for the got it sir that was all from my side 16:46 16 minutes, 46 seconds thank you thank you our next question comes from the line of Bora from SCS capital please 16:55 16 minutes, 55 seconds go ahead hello am I audible. Yes, ma'am. 17:01 17 minutes, 1 second Yeah. So, my question is that how does GDPL Infinity fit into GDPL's overall plan for TV, broadband and new services 17:10 17 minutes, 10 seconds like OTT and gaming? As in what key goals are you aiming to achieve in the next one to two years? 17:20 17 minutes, 20 seconds uh overall if I talk about uh uh entertainment site CAT TV or you can say the subscriber base from that that side 17:28 17 minutes, 28 seconds uh headed in the sky as I state that it has given us the accessible to 315 million households straight way from in 17:37 17 minutes, 37 seconds the one go we just have to execute and uh get into the Google side and everywhere and get the most of 17:44 17 minutes, 44 seconds everything because of the delivery high delivery cost in the creativity business. We are not able to penetrate 17:52 17 minutes, 52 seconds in the rural areas or where the subscriber base is less than 3,000. You can pay there. We can't go because uh 18:00 18 minutes per sub or the the delivery cost is uh high and uh it's not making us the 18:07 18 minutes, 7 seconds financial sense to go for go for that delivery cost and go for those type of markets. But now there is no cost for 18:16 18 minutes, 16 seconds that. We are hidden in the sky. So we can go for all over India is great way and increase our service. Once we go 18:22 18 minutes, 22 seconds into the different markets we can start we can start and everything. already with the cable TV. We have started our 18:32 18 minutes, 32 seconds uh uh the combo products for uh broadband and cable plus OT which is the 18:40 18 minutes, 40 seconds take up is very good plus gaming plus TV everywhere everything has started and already we are into that mode and going 18:48 18 minutes, 48 seconds on this hidden in the sky will uh give us more opportunity and in more 18:56 18 minutes, 56 seconds aggressive way this will give us the opportunity to have uh more combo product or the country product and go 19:02 19 minutes, 2 seconds into the market. So it's a it's a very good step I would say from the company side and uh from the industry side also 19:11 19 minutes, 11 seconds that it is going to help uh us in the growth. 19:19 19 minutes, 19 seconds Okay. Okay. Okay. And I have I have a question that like GTPL Infinity is positioned with a planned capacity of 19:26 19 minutes, 26 seconds 800 channels including the 100 HD and while GTPL's broader TV catalog is set 19:34 19 minutes, 34 seconds uh is set as 975 plus channels and 130 plus GTPL's own and operated platform 19:41 19 minutes, 41 seconds services. Like can you clarify how Infinity's 800 planned capacity maps to the 975 plus catalog and whether there's 19:50 19 minutes, 50 seconds a phase capacity ramp up ramp to close that gap? 19:54 19 minutes, 54 seconds Yeah. Yeah. So we are going to ramp this up very soon and uh we are going to have more than 1,000 plus channels in this 20:01 20 minutes, 1 second platform started with the 800 plus channels right now and uh we are going to ramp it up in 20:08 20 minutes, 8 seconds next uh very soon to,000 plus channels of this. So that is the plan right now. 20:14 20 minutes, 14 seconds We are uh we are receiving 970 plus 975 plus 130 but uh we have the capability 20:21 20 minutes, 21 seconds to insert this locally also in this channel but uh we are going to ramp it up very soon. 20:31 20 minutes, 31 seconds Okay. Okay. And last question is that what is your road map for expanding the fiber to the home coverage and how much 20:39 20 minutes, 39 seconds incremental capex do you foresee that in FI26 and 27 uh to scale broadband infrastructure in high potential states 20:47 20 minutes, 47 seconds like Andhra Pradesh, Telangana and Maharashtra. 20:52 20 minutes, 52 seconds See if I have to go for applic B2C business uh we are targeting only uh 21:00 21 minutes six cities out outside of Gujarat right now which is the Pune Napur Chapur Hyderabad 21:09 21 minutes, 9 seconds and Patna. So there six cities which we are doing the Africa and we are expanding fast on this market. Other markets we have gone for the different 21:17 21 minutes, 17 seconds model which is the B2B model which is the broadband through our partners where we are doing the uh combined 21:25 21 minutes, 25 seconds infrastructure you can say uh some infrastructure cost has been taken by the partner some by us and uh we are 21:32 21 minutes, 32 seconds doing that way. So that way the your capex is less and you share the revenues 21:39 21 minutes, 39 seconds with your partner. So that model is what we are going for all over India right now which is has a faster uh roll out 21:48 21 minutes, 48 seconds and uh which will help us in the rural side also which which we are going to penetrate through it and all so that 21:55 21 minutes, 55 seconds that's the way we are doing it and uh which are plus six cities we are going for the activities okay which we are 22:02 22 minutes, 2 seconds expanding with the time okay okay thank you sir 22:08 22 minutes, 8 seconds thanks thank Thank you ladies and gentlemen. Anyone who wishes to ask a question may press star and one on their touchstone telephone. 22:20 22 minutes, 20 seconds Our next question come from the line of sitar from F associates. Please go ahead. 22:29 22 minutes, 29 seconds Uh yeah so I wanted to know that what is your uh medium-term growth uh outlook in terms of revenue caggr margin 22:38 22 minutes, 38 seconds trajectories and subscriber additions uh last 8 years agr if you see we are 22:46 22 minutes, 46 seconds doing it at around uh somewhere 11 to 12% in our subscriber base and our 22:52 22 minutes, 52 seconds revenue side and we are going to again go back on that is all maintain that and 23:00 23 minutes uh uh the CGR for emitta and all is it around 13 to 40%. 23:06 23 minutes, 6 seconds We are trying to get back into that of the lock in the sky. So those are the targets which we are keeping it in the 23:14 23 minutes, 14 seconds mind and hopefully we are able to achieve that. 23:19 23 minutes, 19 seconds Understood. and uh could you elaborate on the early adoption trends of GDPL identity infinity uh platform? 23:28 23 minutes, 28 seconds Yeah, the the FIA is very great. We have got lot of uh uh inquiries on that and 23:36 23 minutes, 36 seconds already we are started implementing in the graph. Uh there are two way we have to do. One is to convert the existing 23:45 23 minutes, 45 seconds CAT subbase into hidden invest and second is to go for new uh subscriber 23:53 23 minutes, 53 seconds base and new uh market. Uh so we have to uh uh balance that out because going 24:01 24 minutes, 1 second into the uh agency converting into it will save the cost mainly the band cost 24:09 24 minutes, 9 seconds and uh getting into the new subscriber base will increase our subscription revenue. So we have to balance that out 24:17 24 minutes, 17 seconds as we have to do both the things together. So we look forward to see how 24:24 24 minutes, 24 seconds both will directly impact our understood and uh this is how the platform is expected to reshape your growth directly. 24:34 24 minutes, 34 seconds That's right. So you increase your revenue and you reduce the cost. the significant cost of uh your bandwidth which is your uh delivery cost is going 24:44 24 minutes, 44 seconds to go significantly down uh almost negligible and uh you are increasing your sub base so you are growing the uh 24:52 24 minutes, 52 seconds you know revenues that so both sides side and on the cost side uh both both 25:01 25 minutes, 1 second benefits will come into the bottom line understood and additionally what incremental cap Capeex and operating 25:09 25 minutes, 9 seconds cost will investors expect as you scale this initiative. 25:14 25 minutes, 14 seconds No, the capex will be remain same because you don't have to do any more capex for the edited time. You already 25:22 25 minutes, 22 seconds established the platform and you already taken a satellite transponders and all which is fixed. So you don't have to do 25:30 25 minutes, 30 seconds any capex yet. The ground cap which we are doing right now also for the new place which is between four to six lakhs 25:39 25 minutes, 39 seconds for starting the operation at a new place that is going to happen in the head. So that is for the CAT also and it 25:47 25 minutes, 47 seconds is with the head of the same cost same small 25:55 25 minutes, 55 seconds you don't have to go for any extra capex for this. 26:00 26 minutes Understood. All right, I just joined the queue again. Thank you. Thank you. 26:07 26 minutes, 7 seconds Our next question comes from the line of Muska Nagarval from Nin Via N2. Please go ahead. 26:15 26 minutes, 15 seconds Hello. Yeah, please. 26:18 26 minutes, 18 seconds Yeah. Uh thank you for the opportunity sir. Uh I have a few questions. Um uh actually I wanted to know uh the 26:26 26 minutes, 26 seconds broadband ISP revenue grew 4% year on year uh to 1433 million with ARPU stable 26:33 26 minutes, 33 seconds at 465 rupees uh and average monthly data consumption rising to uh 410 GP per 26:42 26 minutes, 42 seconds GB per customer. So can you discuss the sustainability of this ARO level in a highly competitive broadband market? 26:51 26 minutes, 51 seconds Yeah, because uh see we are not increasing our rates and but uh the mix 26:58 26 minutes, 58 seconds of customer is getting increased means the customers are adopting for higher packages or uh higher speed packages 27:07 27 minutes, 7 seconds where the prices are high and because of that the movements are happening in the output. Uh we are not increasing our 27:13 27 minutes, 13 seconds price. If I am giving uh 60 Mbps or 80 Mbps plan there the same price are but 27:21 27 minutes, 21 seconds 60 Mbps or 80 Mbps customers are moving to 100 Mbps 150 Mbps and because of that 27:28 27 minutes, 28 seconds the movements are happening on that we have uh added some base which has uh given us some revenues and enhancement 27:37 27 minutes, 37 seconds in the revenues. So that is what's happening. So overall we are very satisfied with our uh uh broad pack and 27:45 27 minutes, 45 seconds uh as you can see that uh the capex has reduced we have planned for somewhere 27:51 27 minutes, 51 seconds around uh 150 cr of capex for uh this financial year and I've given that we 27:58 27 minutes, 58 seconds were going to do somewhere around 50 cr of capex 50 to 60 cr 200 cr in the cable side and 150 cr in the apartment side 28:08 28 minutes, 8 seconds days we just did 200 K in the broad and 150 K festival. We are looking forward 28:14 28 minutes, 14 seconds that we going to pull the uh financial year at 270 K of uh capex which is 28:22 28 minutes, 22 seconds somewhere around 100 10 to 120 cr in the uh size of the rest of the 28:32 28 minutes, 32 seconds Okay sir. So actually I wanted to like adding on to this uh what are the strategies you are deploying uh to drive 28:40 28 minutes, 40 seconds both subscriber growth and expansion in rural markets like new geographies as well like uh Andhra Pradesh, Telangana and Maharashtra. 28:50 28 minutes, 50 seconds Yeah. So you can see in the cable side uh already uh cable means in entertainment side we have gone for the 28:57 28 minutes, 57 seconds head in the sky where we are present in every nook and corner now and we can start for you can say as low as 200 29:06 29 minutes, 6 seconds customers 500 customers,000 customers also. So we can go and operate in every villages now. Okay. And there the whole 29:16 29 minutes, 16 seconds ruler India will come into the picture which uh earlier it was not possible to go in the cable because uh the delivery 29:24 29 minutes, 24 seconds cost were so high. Uh but now it is possible to go there and once you go there with the edit in the sky then you 29:30 29 minutes, 30 seconds can go with the broad also of that and uh you have the access to those customers which are like very rural 29:37 29 minutes, 37 seconds customers interior customers and all that's one. Second, it's more of like a density business. If I am visiting 29:45 29 minutes, 45 seconds Aangabad, but I'm not present around Aangabad because the delivery costs are high. Now I can visit uh around also and 29:53 29 minutes, 53 seconds I can extend the uh broadband of those markets. So certainly the opportunity for both the business which is I would 30:02 30 minutes, 2 seconds say uh uh the entertainment business plus the broadband which is the with the 30:10 30 minutes, 10 seconds partner broadband with the partner are uh already the whole market is open for us and uh that's that's going to give us 30:17 30 minutes, 17 seconds growth in both the businesses and both of okay sir uh so another question is on 30:26 30 minutes, 26 seconds the margin It improved to uh 12.7% on Q3 FI26 supported by lower pay cost and 30:34 30 minutes, 34 seconds operating efficiencies. However, the employee cost and amotization uh rose due to the new way code and his platform 30:41 30 minutes, 41 seconds RO impact. So should we expect elevated uh employee expenses and depreciation and amotization impact uh going forward to support uh his technology? 30:52 30 minutes, 52 seconds uh the employee cost which you have seen for the bridge is only one time. So from next quarter you will see the reduction 30:59 30 minutes, 59 seconds on that. Yes, as he is saying the right of use roou or is going to be there 31:07 31 minutes, 7 seconds throughout but you have to understand that this quarter the roou the capex has 31:14 31 minutes, 14 seconds come into the play for headed in the sky but no benefit has come because we have launched in the last the last of this 31:22 31 minutes, 22 seconds quarter. So this quarter has witnessed no benefits from the hidden in the sky whether it is at the cost side or 31:30 31 minutes, 30 seconds whether it is a revenue side which will start coming in the subsequent quarters. 31:35 31 minutes, 35 seconds So the whole impact of your uh capitalization has come into the play in 31:42 31 minutes, 42 seconds your P&L but the benefits because of this platform has not come into the play which is going to give us positive quarters in going forward. 31:54 31 minutes, 54 seconds Yes sir. Uh and uh any prospect of margin improvement uh as you expand and fully deploy DTPL infinity infrastructure nationwide. 32:03 32 minutes, 3 seconds I will say for the margin uh as I see that uh marketing in place in ring with the cost you will go into the 32:12 32 minutes, 12 seconds operational uh file which is the price 25 I will say. You will see there that 32:20 32 minutes, 20 seconds we have already at the 24% uh operating which we have there and we are uh very 32:29 32 minutes, 29 seconds confident that this will improve with the coming quarters. So it has gone down to somewhere around uh 22%. Now again we 32:38 32 minutes, 38 seconds are back to 24% and uh this will improve from uh from this quarter for the current quarter. 32:46 32 minutes, 46 seconds Thank you sir. Um so one last question uh do you see uh hip technology facilitating industry consolidation by 32:54 32 minutes, 54 seconds uh enabling smaller MSOs and LOC's to plug into your platform rather than maintaining independent uh headings uh 33:03 33 minutes, 3 seconds and what is the revenue potential for it? 33:06 33 minutes, 6 seconds It's a speculative question. We say that uh our strategy is for the organic organic book. We are looking forward for 33:14 33 minutes, 14 seconds both. is a speculative question that whether it will give us what involve but you will start seeing it in the quarter. 33:22 33 minutes, 22 seconds We look forward for organic and inorganic growth both. Okay sir. Thank you so much. 33:32 33 minutes, 32 seconds Thank you ladies and gentlemen. Anyone who wishes to ask a question may press star one on their touchstone telephone. 33:40 33 minutes, 40 seconds Our next question comes from the line of Mira from FNG Finance. Please go ahead. Yeah. Hello sir. 33:49 33 minutes, 49 seconds So few days uh so few days back I was just referring to a news article which stated that industry body uh PSDCI 33:58 33 minutes, 58 seconds which stands for PSD uh chamber of commerce and industry have recently called for a higher investment in the 34:05 34 minutes, 5 seconds broadband and data center as a part of budget 2026 priority. 34:11 34 minutes, 11 seconds So looking at this, how do we see uh this policy initiative translating into a real opportunity for the GDPL headway 34:18 34 minutes, 18 seconds particularly as we can see in rural and semi- urban area market uh where penetration remains low. 34:27 34 minutes, 27 seconds Yeah. So if you're going for more block investment and rental investment, it is definitely going to help the whole 34:36 34 minutes, 36 seconds industry which is NDPL is part of that industry. 34:41 34 minutes, 41 seconds uh it will open more ruler market for us as we are going ahead in the hidden in the sky and we are creating our 34:49 34 minutes, 49 seconds infrastructure at the ruler side. So it will give us more benefit and uh the broadband infrastructure are also 34:56 34 minutes, 56 seconds getting in available over there uh easily. So that's that's going to give us the benefit in the both uh the both 35:05 35 minutes, 5 seconds the businesses and uh I would say that uh we as an industry we we appreciate uh 35:13 35 minutes, 13 seconds this initiative and uh it is going to give benefit to whole industry we have to see that how we can uh take advantage of uh these policies. 35:26 35 minutes, 26 seconds Okay. And uh is it fair to assume that we are going to engage with the government programs to accelerate the roll out? 35:37 35 minutes, 37 seconds Uh it depends on which market we want to go and uh what we do. Yes, we have engaged with the government mainly with the 35:46 35 minutes, 46 seconds different government. We are doing the as you know in the Bharat project we are the part of that already uh 17,000 35:55 35 minutes, 55 seconds kilome we have made in uh uh Gujarat plus we are doing a lot of government projects uh for different 36:03 36 minutes, 3 seconds government uh pract and uh that is related to communication broadband 36:09 36 minutes, 9 seconds laying of fibers and everything. So yeah uh we look for forward for those opportunities and uh we have the active 36:18 36 minutes, 18 seconds team who is uh engaging with different governments and different tenders and all. Uh so yes we are looking forward. 36:30 36 minutes, 30 seconds You got it sir. And my uh last question was with regards to the peers. So we can 36:37 36 minutes, 37 seconds see that beside us now there is only one other hit distributor. So as we have 36:44 36 minutes, 44 seconds seen over the period of time that TV still remain as a mass media of consumption yet we are only the second 36:50 36 minutes, 50 seconds player using this technology. So what are the barriers that have been deterred other MSOs to venture into this form of distribution? 37:02 37 minutes, 2 seconds Yeah. So this form of distribution is good for a pan India player because if you are a regional player you are just 37:10 37 minutes, 10 seconds uh in uh uh three four state for I would say only 10 states then still your uh 37:17 37 minutes, 17 seconds going for the P2P and uh through the bandwidth and all is uh uh more beneficial for you financially but yes 37:26 37 minutes, 26 seconds if you are a pan India player which we are now having in six states and four UTS and expanding in different states 37:34 37 minutes, 34 seconds also. Uh so that way going for the satellite is going to give you the benefits a lot of benefits. So that's that's the decision which we have taken. 37:46 37 minutes, 46 seconds That's right. We have the last eight years we have working as MSOs and 37:51 37 minutes, 51 seconds expanding we did our IPO we just 12 states and now we are at 26 states. 37:59 37 minutes, 59 seconds Yeah, we are expanding from the uh the journey. Last 8 years we've been doing the business but now we have considered 38:06 38 minutes, 6 seconds that we have to go for satellite for expansion also and being the pander we have it is going to be more beneficial 38:15 38 minutes, 15 seconds for us to do this the that's that's the uh business case which 38:22 38 minutes, 22 seconds is beneficial to us and we have got that got it sir and my last question was what 38:31 38 minutes, 31 seconds was the trigger that convince the management to go for the hits uh given they are already the 38:38 38 minutes, 38 seconds largest MSOs that's I said that we have 350 million 38:45 38 minutes, 45 seconds households and still only 220 million households 30 households and there is a big big opportunities in the rural 38:53 38 minutes, 53 seconds markets and untapped markets dark areas and all which uh at some point of time 39:01 39 minutes, 1 second seeing the whole India and the digitalization's approach we have to do the inclusions of those households into 39:09 39 minutes, 9 seconds the TV household and being the largest uh KY and the largest Africa uh it's our 39:19 39 minutes, 19 seconds duty to do that and that's what the motion which we go for of supporting the digital infrastructure of India also and 39:27 39 minutes, 27 seconds created one of the largest uh C and uh teleport in Ahmedabad and now we can go 39:35 39 minutes, 35 seconds into the no corner of the country very easily. Got it sir. That was all from my side. 39:45 39 minutes, 45 seconds Thank you for patiently answering my questions in detail. Thank you. 39:53 39 minutes, 53 seconds Thank you. Our next question comes from the line of Priti Agarwal from SK Associates. Please go ahead. 40:00 40 minutes Uh yeah uh thank you so much. Um so I would like to know that globally cost 40:08 40 minutes, 8 seconds cutting has been a major challenge for cable operators. Uh but in India TV remains one of the most um consumed 40:16 40 minutes, 16 seconds media platforms. So do you see early signs of cord cutting in India particularly among uh urban households 40:25 40 minutes, 25 seconds and how are you preparing to mitigate this risk? 40:29 40 minutes, 29 seconds uh pod cutting is major problem in only US not in the Europe also you can see if 40:37 40 minutes, 37 seconds you study the Europe market and other market you study Africa market 40:43 40 minutes, 43 seconds you study the market cutting the world or the 40:50 40 minutes, 50 seconds even by the American media because that's a different you can say in India 40:57 40 minutes, 57 seconds court cutings they must come into the play. Yes. Uh so cyber base going up and down is going to be there as you know that uh this is going to connected TVs. 41:07 41 minutes, 7 seconds Connected TVs mean TVs are there in the household. People are watching cable and GPS also plus they have some activities 41:15 41 minutes, 15 seconds also that they have gone absolutely okay. So all all those things are happening and they is a very price 41:21 41 minutes, 21 seconds sensitive and uh customers are want to consume content in all the platforms as you see. 41:30 41 minutes, 30 seconds So this is a totally different market which we believe it and we are in the market. 41:37 41 minutes, 37 seconds Our belief is a bit different and not cutting. 41:45 41 minutes, 45 seconds So that that's the way we see it. 41:48 41 minutes, 48 seconds Understood. And um like what are the key financial and operational metrics um 41:56 41 minutes, 56 seconds used to measure GDPL infinity success uh such as revenue growth, ARPU improvement, cost saving or you know 42:04 42 minutes, 4 seconds partner acquisition or subscriber expansion and uh when will these metrics start appearing in your earnings report? 42:13 42 minutes, 13 seconds Yeah, so you talked about KPIs. Yes, KPIs that I said earlier also but uh we have to see the KPIs for subscriber 42:22 42 minutes, 22 seconds growth and I think we have to see for the uh sales in the past. Both parameters are 42:30 42 minutes, 30 seconds going to give us that whether the part or the uh 42:39 42 minutes, 39 seconds going on this uh headed in the sky platform is getting fulfilled or not. So yes, we will start seeing that in the 42:47 42 minutes, 47 seconds coming quarters. We are looking forward that the full uh uh say the full benefit 42:54 42 minutes, 54 seconds of this is uh by end of uh one year which I see by December 2026 we will see 43:02 43 minutes, 2 seconds the full conversion of everything as we have to do for the current market also and we have to do for the market. So 43:11 43 minutes, 11 seconds yeah uh by next one year you will start seeing the uh the whole benefit which is 43:20 43 minutes, 20 seconds started having and benefit willide also you will start to get to that the next one. 43:29 43 minutes, 29 seconds Understood. And um can you also share uh had there been no one-off costs uh how 43:36 43 minutes, 36 seconds much would you consolidate uh how much would be the consolidated in the dial path and also the corresponding uron growth? 43:45 43 minutes, 45 seconds Uh sorry this is a speculative question. 43:51 43 minutes, 51 seconds I have already given you my expectation on the CSR and all. So that is there and 43:59 43 minutes, 59 seconds uh you will see that on the record understood sir. All right. So that's it from my side. Thank you so much. 44:10 44 minutes, 10 seconds Thank you ladies and gentlemen. That was the last question. I would like to hand the conference over to the management for the closing comments. Thank you and over to you sir. 44:22 44 minutes, 22 seconds Thanks. 44:24 44 minutes, 24 seconds I would like to express my thanks to every participants who took their time out to attend the call. I would like to 44:31 44 minutes, 31 seconds thank MK for organizing this call. For any queries, feel free to contact with MUFG who are our investor relations advisor. 44:42 44 minutes, 42 seconds Thank you and have a good day. 44:47 44 minutes, 47 seconds Thank you sir. On behalf of Anti Global Financial Services Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines.