GTPL Hathway (NSE:GTPL) Q1 2027 Earnings Call

0:00 Ladies and gentlemen, good day, and welcome to the GTPL Hathway Limited q n f y twenty seven earnings conference call hosted by MK Global Financial Services Limited. As a reminder, all participant lines will be in the listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Please note that this conference is being recorded. I now hand the conference over to mister from MK Global Financial Services Limited. Thank you, and over to you, sir. Good evening, everyone. I would like to welcome the management and thank them for this opportunity.

0:50 We have with us today mister Arindut Singh Jadeja, promoter and managing director Mr. Piyush Pankaj, Business Head, B2B, CATV and Broadband and Chief Strategy Officer and Mr. Saurabh Banerjee, Chief Financial Officer. I shall hand over the call to the management for the opening remarks. Over to you, gentlemen. Thank you. Welcome to the call of GTPL Hathway Limited to discuss financial performance of the first quarter of FY 'twenty seven. As the country's largest MSO, we continue to take initiatives to further strengthen our presence across the digital TV and broadband businesses. We appointed Mr. Vivek Raina as our new broadband business CEO to have a focused approach and lead growth in b to b and b to c segments.

1:37 Both our digital TV and broadband businesses continue to demonstrate resilient and consistent operating performance. With the launch of GTPL Infinity, our platform in FY 'twenty six, the recent acquisition and the recent acquisition of the ACT Group's digital television business, we are strengthening our platform for future growth and enhancing our ability to scale efficiently across key markets. The further details of the acquisition will be shared by Pankaj. Thank you. Now I hand over the call to Peeves Pankaj, who will take you through the KPI for digital TV and broadband segment. Thanks, Mr. Jadegha. Good evening, everyone. Let me begin with giving you all an overview of the key highlights of this quarter.

2:25 GTPL Hathway entered into a business transfer agreement to acquire the digital business of seven ACT Group companies for an aggregate tax consideration of 36.23 crore and which is expected to get completed by 09/15/2026. The transaction is expected to add approximately six lakh digital TV subscribers across Andhra Pradesh, Irvangala, Odisha and Karnataka market, thereby strengthening our presence in key Southern and Eastern markets and supporting our strategy of expanding the Digital TV business through both organic and inorganic growth.

3:11 This acquisition will give us leadership position in Andhra Pradesh and Telangana, which will help us to trigger these strategic benefits for revenue consolidation and cost optimization. We are pleased to report that we entered two new strategic markets in quarter one FY twenty seven, namely state of Kerala and Jammu and Kashmir. By entering the Kerala state, we have expanded our presence in all Southern markets. Now the KPIs for our Digital TV and broadband business are as follows. First, Digital TV segment. Our Digital TV subscriber base as of 06/30/2026 stood at 9,600,000.

3:57 Among the total subscriber base paying subscribers stood at 8,900,000. The total business partners count now stands at more than 51,000, and they remain instrumental in fueling our nationwide expansion journey. In the broadband business, active subscriber base at the end of the quarter stood at ten one thousand sixty sixty ks, 1,060,000, adding 10,000 new subscribers on a Y o Y basis. The broadband ARPU for quarter F1 FY 'twenty seven stood at INR $4.70 increased by INR 5 as compared to quarter one FY twenty twenty six.

4:42 Average data consumption per month stood at four thirty six gigabytes per user, a 6% increase Y o Y. As we move forward, we remain committed to accelerating our expansion across new states, broadening our total addressable market and advancing our vision of becoming a truly pan India digital TV and broadband fare. Thank you. I will now hand over the call to Mr. Karabh Benetti, CFO, 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 basis, our total income grew by 12% year on year and 9% on a quarter on quarter basis to INR $10.20 crores.

5:32 Subscription revenue saw an increase of 2% sequentially to INR $2.91 crores. The broadband revenue stood at INR 143 crores and registered a growth of 5% on a yearly basis and grew marginally by 2% sequentially. Consolidated EBITDA stood at INR109 crores with an EBITDA margin of 10.7%. Net profit for Q1 FY 'twenty seven stood at INR 2.3 crores. Now looking at the stand alone performance for the quarter. Our total revenue grew by a healthy 16% Y o Y and 12% sequentially to INR $6.93 crores. Subscription revenue saw an increase of 2% Q on Q to INR $2.13 crores.

6:22 Stand alone EBITDA stood at INR 64.4 crores with an EBITDA margin of 9.3%. Net profit for Q1 FY 'twenty seven stood at INR 1.9 crores on a stand alone basis. Overall, our consolidated operating EBITDA stood at INR 101 crore in Q1 FY 'twenty seven, registering an operating margin of 22%. I would now request the moderator to open the floor for the Q and A session. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touch tone telephone. If you wish to remove your sense from the question queue, you may press star and 2.

7:12 Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment for the question. We take the first question from the line of Saisal Agarwal from Desvaldo Advisory. Please proceed. Hi. Good evening.

8:02 So my first question Sorry to interrupt. Your device and then speak. Sorry? Your voice is coming a bit low. I would like to request you to please come to your device closer to the Hello? No. Can you please be a little louder? Okay. Am I audible now? Yeah. Yes,. Please go ahead. Yes. Okay. Hi. Congratulations on the quarter, Hathway. So my question is on the ACT acquisition. So as the integration progresses, what would you consider the key milestone we should monitor for the coming months, like to evaluate whether this acquisition would be delivering the expected return?

8:56 Yeah. So in ACT integration, you can say that we have around six lakh subscriber base, which we are looking forward to integrate. And the whole agreement is going to get closed by 09/15/2026. So the full effect of that will start coming in the mid quarter, quarter two, and then the next quarter in quarter three, which we will start seeing. And you will see that the number of subscriber has to go up by that much. And plus, it will enhance our revenues, and it will be accretive to our EBITDA. So those those things will... You will start seeing it. And in in calls also, we will give you the figures that...

9:46 How how it is contributing to our overall business, this acquisition. Okay. And, like, mostly the benefit would be coming through operating leverage or through revenue synergy? The benefits will come on becoming a leader market leadership having a market leadership in Andhra and Telangana market, which will give us the synergy benefits as we have presence over there and we are taking over this. We are going to be market leader and that will give us better operating margin in that market. Okay. One more question, like broadband, ONPAS has expanded meaningfully over the last quarter. So all the subscriber additions have remained relatively modest. So going forward, like, is your priority to improve utilization of the existing network or you would be continuing to expand the HomePaaS footprint?

10:38 Yeah. So the strategy in broadband is still date. We are not increasing our home passes, and we we are going for the extraction of the subscriber base on that because already, if you see the percentages at around 17... 16 to 17% is the fraction rate right now, which we want to go up to around 19 to 20% on this. But, yes, as as in my statement, we say that we have recruited our new CEO for the corporate business, and we will have more focus at how we can expand all over India and increase our business in Gujarat market. And we are going to invest in increasing our home pass also and create more infrastructure for the future business, for the expansion of the future business. So the focus will be back totally on the broadband business that how we can expand that And that is one of the main reason that a CEO has been recruited and put it to the base to fuel that growth.

11:44 Okay. Thank you so much. Thank you. We take the next question from the line of Suhani Singh from SK Capital. Please proceed. Hi, sir. Good afternoon. So my question was with regards to the financial performance of the company. So despite the revenue growing 12% year on year to $20.20 crores, the pad declined sharply to around INR 2.3 crores. So could you help me understand the key reason for this divergence between top line growth and profitability? And which operating factors created the biggest pressure during the quarter? Yes. So you're right. PAC has decreased around INR 8 crore Y o Y, if you will see. And this is mainly because of higher depreciation and finance cost. If you go through the whole financials, you will see that the depreciation and finance cost has gone up by around INR 6 crore.

12:48 And that is because of the capitalization of right of use assets related to fixed infrastructure in line with the accounting standards and conservative accounting practice. The company has taken the full cost and capitalization of its, but the cost saving and other operational benefits related to its will start flowing in future quarters, which will show positive effect impact in coming quarters. And if you see the company is maintaining the operational margin and the margin will increase when the full benefit of this platform will be neutralized. So we have taken all the costs regarding the hits on the capitalization and other cost, which is on the transponder cost, everything. But still, as the hits implementation is going on, the benefits of hits and the saving due to the excess free to come into the books.

13:41 And that's why we are seeing that difference in the back. If you see at EBITDA level, it is just INR 3 crore down, but at the back level, it is at INR 8 crore down. Okay, sir. So how much of the margin pressure is structural versus one off? So can we expect margins to improve during FY 'twenty seven? Yes. So the operational margin, which is at 22%, which we have shown that will go up to 25%. And will help us in increasing our EBITDA and back both both the side. Okay. That helps. Also, the home pass stands at 5,950,000 with around 75% FTTH ready, but the overall footprint appears to have remained broadly stable for the past few quarters. So could you tell me the pace at which GTPL expects to convert this existing footprint into paying broadband subscribers?

14:43 And what are the key bottlenecks to the accelerating conversion? Yeah. We are we are looking forward that out of the 6,000,000, 5,950,000 home pass, we should have 20 to 21% conversion rate, extraction rate. That should be there which we are trying to achieve. Plus now we are going to invest back into the increasing our home passes. And there also we are expecting that the healthy extraction rates should be 20% to 21%. So that's what we are aiming for, and we are looking forward as we are going to be more aggressive in the market for the government.

15:32 That helps, sir. So my next question was related to the recent acquisition. Could the management elaborate on the key synergies expected from the acquisition of the seven ACT Group digital TV businesses? And specifically, how should we think about the potential benefits in terms of market expansion, cost efficiencies, cost selling opportunities? See, under the traditional market privacy, we already have more than a million subs. And adding this six lakhs, we are going to cross somewhere around 1.6, 1,700,000 subs, which is we are going to be the largest player in in that market. And that is going to help us in expanding also, expansion also. We're going to have a much, much better synergy synergies in that market, and that will help us in operational synergies and vendor synergies, everything, and that is going to give us more margin in that market.

16:35 So that's the benefit we will start seeing into the coming quarters as the deal will get closed. That's September 2026, which we have to go to go back on fifteenth of before that. So you will start seeing that effect in our unit also. And as I said that we will keep you keep you informed in every call that how how it is progressing and what the more benefits we are getting out of this acquisition. So can you shed more light on what contribution are we expecting on revenue and EBITDA from this acquisition? Right now, we don't want to give it. Firstly, if the integration happens and that this deal get closed as this is getting closed by September 15 as we announced in public.

17:28 So before that, we don't want to keep any figures and all. Yes. In the next call, we will get all the figures, and we will start getting it in the results. One last question. So what is the planned CapEx for FY 'twenty seven across broadband expansion, FTTH conversion, HITS infrastructure and integration of acquired assets? Yes. So that's right now, we have kept it around 400 crores for this financial year, the CapEx, where it is going to be around 50% for broadband and 50% for K.

18:17 That helps. You very much. Wish you all the best. Thank you. Thank you. We take the next question from the line of Hathway Limited from SunStage Investments. Please proceed. Hello? Am I audible? Yeah. Yeah. Yeah. Hello. Go ahead. Yeah. So my first question was, how do you encourage upsell to the higher tiers in cable TV and broadband? Come again. Come again. Sorry. Your voice was cracking in the middle. Hello? Sorry. Yeah. My question was, how do you increase upsell to higher tiers in cable TV and broadband?

19:06 Upsell? So you're talking about upsell? Yeah. Yeah. Yeah. Upsell. Yeah. Can I audible? Combo. So, actually, we are... We we we are trying a pilot projects in few cities regarding this com... Combo that you're, I think, referring to regarding the cable TV and broadband. So so far, there is a good sign, obviously, because eventually, the idea is to bring them together and increase the broadband subscribers with with the kind of number of cable TV we have. So I mean I cannot exactly tell you the plan, but it's so far looking as a good sign. So we have market the combo products already it is in our stable and that is doing very good. And that combo product is more of cable plus broadband plus other services, games and everything.

20:04 And that's a very promising product and which we are upselling to both our cable and both product subscribers in bringing them that is increasing our stickiness and plus this is increasing our revenues. And a scenario of stronger competition on price, what are the levels you would use to protect margins and market share in cable TV and runtime? We are the number one digital TV provider right now as you see. And we are increasing our we are expanding in different states. Already we have 106 states and five UTs, and only two states are left.

20:54 And I think three UTs are left. And that's why we have gone for it in the sky technology where we have the signal at every nook and corner of the country now. And we are looking forward that how we can expand into... Densely, we can expand into every districts of India going forward. It's more of like if you are in, then you're not only in the city or in the whole district or in the whole villages and everything which is covered. As you know, that India, around three fifty million households are there, only 210,000,000 households or TV households. But still, there is a long, long way for India to go. Same in the broadband, if we talk about 3,000,000 households in India and only somewhere around 50,000,000 ones are in the broadband in the FTTH. So it's still long, long way to go, and here we have to create infrastructure, which is generating to expand your business and cater to the need of the customers. So that's that's what we are doing, and we are hopeful that the strategy will work.

22:08 Okay. Okay, sir. Got it. And, sir, how is the infrastructure operationalization panning out currently? If you could Yes. Very good. Already already around the... Hidden in the sky, we have seen that around 2,500,000 existing subscribers has been converted into Hidden in the Sky platform and around 200 ks new subscribers has come into the platform. We have saved around the bandwidth saving has come into the effect of it out of the post of the first quarter. We are looking forward that it will increase with the time. And so Hitch is, I would say, successful. We have started the whole thing somewhere in the February and March start.

22:55 And in the last four months, already more than 2.5 more, we can say, it's close to 2,700,000 of time space are there in this platform. So, yes, we we are looking forward that in the coming quarters, more savings, more operational benefit, and more penetration in the new markets. New markets means not in the state. I'm talking about the districts now. So that's that's... Will help us see in the business in the whole side. That is that is the So roughly, when can you... Like, when can we expect full benefits from, like, to You will you will start seeing it in the... Somewhere in the end of quarter three and start of quarter four. The whole benefits are fitted in the sky, which will come into the effect. So this year, you will see that somewhere around 40 to 50% benefit has come. We are expanding doing the things, and from the next financial year, it will be a 100%.

23:57 Okay, sir. Okay. Awesome. And sir, how is the traction on WhatsApp? Like any metrics in terms of downloads, daily, monthly active users, digital subscription, yeah, also content watch that you would like to grow? Yeah. So I already given that that data consumption is increasing in the platform. Already, it has reached to around $4.36 GB per user that way. So... Per user per month and the total four thirty six GB per month. So that is increasing, and that is showing that the more consumption is happening. And the consumption is happening in all type of things. So it's... I don't want to go into the platform...

24:48 Specific platforms and all in this call. But, yes, overall, the consumption is increasing every month for us in the business. K. Okay. That's great. Oh, you got it. And, sir, in the broad time, ARPU has been $4.70 per month. That's... ARPU ARPU has increased from $4.65 to four seventy, and that is mainly because of people are shifting from lower packages to higher packages, high end speed packages. Okay. Okay, sir. Got it. And how sustainable would be this ARPU trajectory over the few quarters?

25:34 Yeah. Yeah. It is. Is the It will remain around constant. It will remain somewhere around four seventy for right now. Okay. Okay, sir. And, sir, the digital TV revenue has declined year on year while active and paying subscribers remain stable. So is the pressure mainly due to lower realization, channel mix discounts or competitive pricing? No. It is more of, as you know, I have given that in the earlier calls also, but churn is there. And you entering into new markets where the ARPU is a bit lower than the established part. Because of the change in the ARPU complex, the revenue is showing up better, but that will come back as we go more aggressive on the expansion as his platform is already been launched, and we are going to be very aggressive. Like, we are doing the acquisitions right now, and we'll do more acquisitions and more more aggressive expansion in the market.

26:45 Okay, sir. Okay. Got it, sir. And, sir, lastly, the average data consumption has increased to four thirty six per month per user. Is Yeah. The higher usage translating into upgrade to higher speed plans, or is it mainly increasing network cost, like, without proportional ARPU upside? No. It is both. People are shifting to higher driving, and the utilization is also getting increased. Okay, sir. Okay. Got it, sir. Thank you so much. All the best, sir. Thank you. Thanks, Hathway. Thank you. Before we proceed with the next participant, a reminder to the participants, please in order to ask a question, you may press star and one on your touchtone telephone.

27:38 We take the next question from the line of Pahil Sharma from DD Capital. Proceed. Evening. Am I audible? Yes, please go ahead. Yes, sir. I had a couple of questions. Starting with, we have entered two new markets this quarter, Jammu Kashmir and Kerala, if I'm not wrong. What strategic rationale drove GTPL's entry there? Could it be cable TV expansion, broadband opportunity, or cross selling potential? Yes. So we have started expanding first the the increase of the digital TV, and it is through the in sky in these two markets.

28:26 As you see that these are the two new markets which we have not earlier there, and we wanted to have the presence in those markets. The opportunity for broadband is very high in these two markets both and we have got a lot of inquiries on that. So soon we are going to launch the broadband in these two markets also. Yeah. These are the... You can say, equity markets as JNK and Kaila. Kaila. Both are lucrative markets. So we look forward for a good outcome and good revenue and margin over there. Okay, sir. Got it. What is the current addressable subscriber base in these two markets?

29:21 And what subscriber addition target does management expect over the next, let's say, to eighteen months? Targetable, if we talk about the total TV households at dealer market, That is somewhere around 7,000,000 is there. Six and a half to 7,000,000, so seven cases there. And it is spread over DTH and cable operation. We already have around 75 to 80 case of base over there. We are looking forward that we are good to continue and grab more market over here, cash the potential is there. GMK also, which is around the addressable market, is somewhere around 5,000,000, $44,500,000 to 5,000,000. And we look forward that we will become a major player in the J and K also.

30:14 Okay, sir. Got it. So my next question was what upfront investments are required in these markets, like in the terms of network, LCO partnerships, set top boxes, marketing and customer acquisition? We entered as a in inorganic and organic and the both way in these markets. And the investment you can say is hard to say what is the investment because we have to see with the return and all. As to be... As you see, it is the... As to be as you have to give it for every subscriber base. So it all depends on investment based on whatever subscriber base we are going to achieve from that.

31:02 It's based on the per subscriber base. And all other costs, the fixed cost and all are very less and when we are doing it in the digital TV side. Yes, when we're going to start the broadband, we have to do some fixed cost investments and all which we'll do in the future. Okay, sir. My next question was regarding ARPU. How should we think about ARPU and EBITDA margins in these new markets versus GTPL's existing core markets? As you enter into the new markets, we have to keep some discounts and all. And that's why in the beginning, you want to achieve to a scale where you can sustain the business and you can have a good margin on that. That takes in any market, the cable businesses from six to twelve months. And after that, we will start making the money in those markets.

32:03 So we are looking forward to that. And till that time, some investment will be made, you can say. And then we will start seeing the returns in those market on the ROE or ROI basis. Okay. Okay. So are these market expected to be breakeven from day one through maybe existing local partnerships? Or will there be an initial gestation period over before profitability improves? That's what I say that to make a market positive in cable business, it takes six to twelve months. So there is going to be a decision period of six to twelve months to make the business positive in that market.

32:58 Okay, sir. So my last question, what is the competitive intensity in these markets from the three edge local cable operators, Jio, Atel, broadband and if other like offerings and what will be GTPL's differentiation? See, in any market you will see their competition is like this only. And as I say that the whole addressable market is somewhere around 6,500,000 to 7,000,000 in K and L and 4,000,000 to 5,000,004,500,000 to 5,000,000 in G and K. So it's a large market, and we have to make the strategies that how we can grab more and more market of that so that we can establish ourselves and make the business as a very good market in those. So that is going to happen.

33:49 Competition is there all over India. So they are doing the competition. It's not a problem. Okay, sir. Thank you so much, and all the very best for the future. Thank you. Thank you. We take the next question. Before we proceed with the next question, We take the next question from the line of Vivek Gupta from Star Investments. Please proceed. Hi, sir. Am I audible? Yes. Yes, everybody. Yes.

34:34 Sir, the GTPL Infinity hits has been launched and the management mentioned encouraging traction. So can you share earlier option metrics, target consumer segments and the expected monetization timeline for the same? It's a long term platform, Vivek. It's more of once you start giving because it's a fixed cost, transponders cost are fixed. You can sell to 1,000,000 also and 50,000,000 also in this platform. So as the number of subs grow, your operational margin increases in this platform. So it's not that it's a variable like in CATV that wherever we have to go, we have to go with the b two p on through fiber and all, which is variable cost and cost grows with the number of subs.

35:35 Here, the number of subs, the cost are fixed and as you're increasing the number of subs, your operational margins are increasing. So that's why we are looking forward to that. So it's not that as fast as we can continue growing our subs in its platform, it will give us more margins and the operation margin will increase. So that's what we are looking forward being all of India player and still we want to grow the digital TV in India having a lot of potential on that side. We are looking forward that we will expand and make more and more margins on this platform...

36:21 Through this platform. Okay. Okay, sir. So just a follow-up on that. Like, what kind of cost savings do you expect from this GTPL Infinity versus the traditional head end model, especially on signal signal distribution maintenance and the network operations? Yeah. So I'll just just give you example that if I have to go for a traditional CATV, then I have to take a b two b or fiber to reach that place. Like, I talked to talk to about your Chindwara.

37:06 Chindwara is one place in Mandalituradesh. If I have to be there, I have to take the point to point fiber from providers, telco providers and other providers, and we have to keep the cost, valuable cost of that. And I think I will say that the cost is somewhere around 10 lakh rupees per month. On 10 lakh rupees, if you divide it by 12, it's like 18,000. And an 80,000, if you are serving 5,000 customer per month, so it's, like, 20 rupees is what your cost is on 80,000. So your 20 rupees is going just for the delivery cost here. And same if you are just selling thousand customers, it's 80 rupees as a delivery cost for for one subscriber.

37:59 So you are getting from the subscriber a 125 rupees, 130 rupees as ARPU plus tax, whatever. And the distribution cost is just 80 rupees. So it's not a physical to do the business on that basis. So you can't go for a sub base less than 5,000 on that connection, And that's why you have to leave your markets. You can't go into the rural markets because there you will find that there is a village of 500 houses, 100 houses, thousand houses, and you can't serve them because it's not financial visible. Through headed in the sky, you are reaching everywhere, and you have a fixed cost. So you can serve anyone. You can go and serve for a 100 house village, 50 house village, 200 house villages also. Plus, you can serve the whole city also. It's not a problem.

38:52 So there are restrictions that... Because of financial visibility, on restrictions of subscriber base on... To how you can grow or how you can serve as. So now you can expand freely. Wherever you want to go, you can go and you can add subscriber base. And that's why still the rural market has less TV and still 140 to 150,000,000 households has no TV because the group can't reach over there. If DTH can reach, but they are very costly, and we have to go for that cost, which is not affordable for rural markets.

39:38 So all all those things are there. So that does give us an edge that how you want to do, what strategy you can make. And if you're on satellite, then you have the market open for you. Okay. Okay, sir. So the average data consumption has increased to four thirty six GB per user per month. So is a higher usage translation into upgrades to higher speed plans? Or is it mainly increasing the network cost without proportional ARPU upside? No. See, higher GB means... Doesn't mean that the cost is increasing because you are maintaining the cost through optimization of your network and optimization of users of bandwidth and all. That's... That doesn't translate into higher bandwidth cost and all. But, yes, if users are increasing, then that is encouraging my customer to go into higher higher brackets.

40:42 And that's why you are seeing that if you take the... Our our ARPU around two years or three years back, it was at around 400 rupees, 410,420. That is up to $4.70 in... Right now. That is mainly because of that lower lower bracket subscribers are going for the higher higher bandwidth and higher speed packages. So that is the case. But, yeah, you don't translate this into using the bandwidth because you meant... You maintain the bandwidth cost through optimizations of your network and all. Okay. It's a healthy sign for the business that your consumption are increasing.

41:36 Okay. Got it, sir. Got it. That really helps. Thank you, sir, and all the best. Thanks. Thank you. We take the next question from the line of Preeti Agarwal from SK Associates. Please proceed. Yes. Thank you so much for the opportunity. I wanted to know that how is the industry managing rising content acquisition cost and what strategies is GTPL adopting? Content increase that is happening every year or every second year as you know. And we are managing through our partners, I will say, broadcast as well our partners. We are managing through negotiating with them by observing the cost somewhere at some point of time in the back.

42:36 We have increased our price also in the ground. But, yes, somehow, we are... Together, we are sitting and doing the negotiations with our partners, with the broadcasters. And we are seeing that no one should cross even our subscribers and our partners, the and all. And if it happens, then we both observe some of the past on that basis as a partner, and we move forward. So that is that is the way it is. It's more of the negotiation. And, yes, We've been the largest. Yes. We have. Which we advise and we we have that data.

43:21 And I will see that our partners, which are the broadcasters, helpful in this. We'll be set to be missing to get a... Take the course that we should go ahead, take care of our subscriber base and our network partners. You know? Okay, sir. Understood. That's it from my side. Thank you so much, sir. Thanks. Thank you. As there are no further questions from the participants, I would now like to hand the conference over to the management for closing comments. Over to you, sir. Yeah. Thanks a lot for taking your time for attending the quarter one FY twenty twenty seven earnings calls for GTPL Hathway Limited.

44:20 We look forward to interact with you next quarter. Have a good evening, and thank you once again. Thank you. On behalf of MK Global Financial Services Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.