ICICI Securities Limited

External broker reports(aggregated public sources)

Equity Bottom-Up

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

ICICI Securities Ltd

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

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GTPL Hathway Limited

GTPL Hathway: Broadband to Be Key Growth Driver Ahead