Hathway Cable & Datacom dropped 4.97% to Rs 20.44 after consolidated net profit tanked 88.29% to Rs 48.89 crore on 19.59% jump in net sales to Rs 455.68 crore in Q4 March 2020 over Q4 March 2019.
The company reported pre-tax profit of Rs 54.21 crore during the quarter compared with pre-tax loss of Rs 432.28 crore in Q4 March 2019. The result was declared after trading hours yesterday, 23 April 2020.
"Subsequent to the outbreak of Coronavirus (COVID -19) and consequential lock down across the country, the company has continued to operate and provide internet services to its customers, which has been declared as an essential service, without any disruptions. However, disruptions to businesses worldwide and economic slowdown may have its eventual impact on the company. A definitive assessment of the impact is not possible in view of the highly uncertain economic environment and the scenario is still evolving. The company has evaluated its liquidity position and of recoverability and carrying values of its assets and have concluded that no material adjustments required at this stage in the standalone financial results," the company said in a statement.
Hathway Cable and Datacom (Hathway) is one of the largest multi system operator (MSO) & cable broadband service providers in the country. Hathway holds a PAN India ISP license and is the first cable television services provider to offer broadband internet services.
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