Hathway Cable & Datacom dips over 3% on reporting 60% drop in Q4 net profit

Hathway Cable & Datacom shares fell 3.41% to Rs 19.85 after reporting a 60.6% drop in consolidated net profit to Rs 28.35 crore in Q4 FY22, compared to Rs 72.04 crore in Q4 FY21.

Also Read| Sensex surges 350 points while Nifty around 17,640 in early trade

In Q4 FY22, consolidated net sales increased by 2.3% to Rs 448.79 crore, compared to Q4 FY21. In Q4 FY22, profit before tax fell 27.1% to Rs 32.54 crore, down from Rs 44.62 crore in Q4 FY21.

Also Read| US Stock Market: DJIA, S&P500, Nasdaq and Russell ended mixed on Tuesday

Total expenses increased 10.8% year on year to Rs 366 crore in Q4 FY22, reducing profitability. In comparison to FY21, net profit fell 48.6% to Rs 129.99 crore in FY22, despite a 3.5% growth in net sales to Rs 1,793 crore. 

Hathway Cable & Datacom is India’s largest cable broadband service provider and multiple-system operator (MSO).

Also Read| Fuel price today: Petrol and Diesel rates remain unchanged on April 13, 2022

The S&P BSE Sensex was up 366.09 points, or 0.62%, to 58,942.46 in early trade. The Nifty 50 index rose 112.75 points, or 0.64%, to 17,643.05 points. 

The S&P BSE Mid-Cap index jumped 0.59%, while the S&P BSE Small-Cap index rose 0.86% in the broader market. 

Also Read| Stocks that should be on your watchlist on Wednesday, April 13, 2022

On the BSE, 2,168 equities rose and 546 declined. There were 85 shares that remained unchanged.

On Wednesday, Asian stocks moved higher as investors awaited market reaction to a somewhat hotter-than-expected U.S. inflation report.

Also Read| Trending Stocks: CIL, Infosys, Tata Steel, Hathway and others in news today

On Tuesday, US equities sank after an early morning rally gave way to selling as investors analysed the latest inflation data from the United States. Prices rose sharply again last month, according to the data.