The cable TV and fibre internet provider Hathway Cable and Datacom Ltd shares plunged over 5% to Rs 14.95 on July 17 at 10:30 am after the company announced its Q1FY24 results.

Hathway Cable and Datacom is in the distribution of internet service through cable and holds a strategic stake in entities with cable television business.

The company reported a 6.7% YoY growth in Consolidated profit at Rs 22.36 crore for the current quarter, driven by other income.

Its operations revenue was 11.36% higher at Rs 499.23 crore during Q1 against Rs 447.18 crore in the previous quarter.

The EBITDA slipped to 10.88% to Rs 77.53 crore, and the margin dropped by 400 basis points to 15.5% compared to the Q1FY23.

The company’s total expense for the current quarter increased by 13.85% to Rs 513.85 crore.

The cable segment of the company saw an 18% growth YoY from Rs 290.1 crore during the previous fiscal year to Rs 342.4 crore for the current review period. In contrast, the broadband sector revenue of the company saw a marginal drop of Rs 156.76 crore against Rs 157.17 crore for Q1FY23.

At 12:30 pm on Tuesday, the shares of Hathway were trading at an intraday low of 4.10% at Rs 15.20 apiece on NSE.