This report is completely based on analysis of GTPL Hathway Ltd and whether to choose this stock for investment.

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As a partial fulfillment of B.Com (Banking & Accounting) Program
CENTURION UNIVERSITY OF TECHNOLOGY &
MANAGEMENT
School of Management
Internship Report
On
EQUITY SHARE ANALYSIS OF GTPL HATHWAY LIMITED
At
KPHB & Associates Chartered Accountants
Prepared By
Gyananjaya Behera
Reg. No. – 180415140003
Batch – 2018-2021
Under the Guidance of
CA Bibek Kumar Halwai
External Guide
Prof. Sanjukta Mohanty
Internal Guide

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DECLARATION
I do hereby declare that this Internship report has been submitted as partial fulfilment of B.Com
(Banking & Accounting) of Centurion University of Technology & Management, is
exclusively prepared and conceptualized by me and is not submitted to any other institution or
published anywhere before.
Signature: Gyananjaya Behera
Date: 12 / 11 / 2020

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ACKNOWLEDGEMENT
It is really a great pleasure and learning for me to have this opportunity, which I would
like to describe the feeling of gratitude imprisoned from the core of my heart.
I express my sincere thanks to Prof. Sanjukta Mohanty from allowing and providing
Internship in Final year in reputed CA firm, which will enhance my knowledge, skills and
abilities and will create opportunities for my career in future.
I would also like to thank CA Bibek Kumar Halwai Sir, for allowing me to join his firm
and perform the tasks of his clients to gain experience with all professional skills.
I would like to thank to all my collegue members of CA Firms for the kind support to
understand and perform the work as per the laws, rules and regulations.
Last but not least, I would like to thanks Mr. Pravash Kumar Rout for the efforts in find
reputed CA Firms for our career where we can gain knowledge and brighten out future.

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CONTENTS
Sl. No. Particulars
Page
No.
(i) Executive Summary 6
Chapter 1 Introduction 7-13
1.1 Backgroundof the Study 8
1.2 Rationale of Study 8
1.3 Objectivesof the Study 8
1.4 Limitation 9
1.5 Methodology 9
1.6 CompanyProfile 10
1.7 Literature Review 10
Chapter 2 Overviewof GTPLHathway Ltd 13-17
2.1 Introduction:GTPLHathway Ltd 14
2.2 Vision&Mission 14
2.3 Identity 14
2.4 Value Drivers 15
2.5 TechnologyPartners 15
2.6 Servicesoffered 15
2.7 Milestones 16
Chapter 3 Analysis& Interpretation 17-36
3.1 Fundamental Analysis 18
3.2 Technical Analysis 31
3.3 SWOT Analysis 32
3.4 CompanyExpansions&Operations 33
Chapter 4 Conclusion 37-39
4.1 Findings 38
4.2 Recommendations 38
4.3 Conclusions 39
(ii) Biblography 40
(iii) Appendix 41

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EXECUTIVE SUMMARY
Equity Share Analysis is the systematic study of the performance of companies in stock market
by using fundamental & technical analysis. Fundamental Analysis represent the overall
financial performance of an organization. It is helpful for making investment decisions and
making decision for business operation. We use fundamental analysis and technical analysis as
the main tools for performing the equity share analysis for my report. The fundamental analysis
summarized the overall financial performance of the company with its peer and with the
economy. So the investor try to concentrate on different fundamentals & technical to get an
overall overview of the organization. The equity share analysis not only help to decision
making process but also emphasized on risk avoiding and profit raising related factors. To
perform this analysis, we need to collect quantitative data from authentic source such as stock
trading activity and other sources. Technical involves technical indicators of an organization
that determine the demand and supply and the investor behaviour on that particular company.
We prepare our report on the basis of this fundamental and technical analysis and I have also
used it to take investment decisions.

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CHAPTER 1
INTRODUCTION

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1.1 Background of the Study
In order to complete my B.Com (B&A) program from Centurion University of Technology &
Management (CUTM) internship is mandatory. So, to fulfil my graduation I was trying to apply
for an Internship and fortunately I got selected for internship. During the period of my
internship I was trying to compare my theoretical knowledge with practical knowledge. This
internship program provides an opportunity to perform the task in real business environment
and have enhanced my skill regarding the use of modern office management tools and
software’s. As per the terms and conditions of our university we have to submit an Internship
report on the basis of work performed. So, the main objective of my report is to share my
internship experience with my supervisor and also to fulfil the requirement of my
undergraduate program.
1.2 Rationale of the Study
The internship program have provided me an opportunity to learn as per the real business
environment so that I can prepare myself as an innovative personnel. Under my internship
period, I have gathered different financial data for analysing the performance of the company.
The scope of my study is limited to organizational setup, functions and performance.
 To know the practical environment of Cable & D2H services of Communication
Services Sector of India.
 To know the organogram of GTPL Hathway Limited and have performed the
evaluation of performance of GTPL Hathway Limited.
 Understanding Balance sheet, Income statement and Cash flow statement of GTPL
Hathway Limited.
1.3 Objectives of the Study
To analyse an equity share as per real business world and take investment decisions is the
objective of our study. More specifically we are trying to understand the Cable & D2H Industry
of Communication Sector of India. I have collected all the financial information from the
annual report of GTPL Hathway Limited and have analysed those reports to understand the
performance of the company. The prime objectives of the study are:
 Perform Fundamental and Technical Analysis of GTPL Hathway Limited by using
annual report of the company.
 To understand the Cable D2H Service Industry of Communication Service Sector of
India.

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 To find out the strength, weakness, opportunities & strength of GTPL Hathway
Limited.
1.4 Limitation
Despite all out cooperation from colleague members, I have encountered certain limitations
which are describe briefly
 Time limitation: The time limit of my internship program is only six month. This is
very short time for understanding an IT Industry of India as well as performance
analysis of GTPL Hathway Limited.
 Inadequate data: Proper information and adequate date is the precondition of any
qualitative resource. During my resource it was very difficult for me to collect the
qualitative data.
 Non-Disclosure policy: An organization can’t revile all its data and statistics to public
because of its policy of secrecy. So all these secret matters have not been possible to
collect and to incorporate in the report which may consequence in a lesser amount of
acceptability.
 Lack of experiences: This is my first organized research work. During my research
work I feel that if I have previous experience on making research paper that would be
more helpful to me.
1.5 Methodology
1.5.1 Research Design
This report is descriptive type which contain the overview of financial performance of GTPL
Hathway Limited and also contain the mission, vision and services offered by the company. I
have collected the annual report of last 05 years of the company for analysis. For data analysis
I have used comparative statement analysis, common size statement analysis and ratio analysis.
By using Microsoft Excel we calculate different financial ratio which can give us the actual
picture of the organizations financial health.
1.5.2 Nature of Data
I have used the secondary data to complete the report (last 5 years annual report of GTPL
Hathway Limited).
1.5.3 Sources of Data
The source of secondary data is the annual report of the bank and various analytical sites such
as Tickertape, screener.in, moneycontrol.com, stockedge, investing.com, tradingview, google
finance, Bloomberg, business standards, yahoo finance, etc.

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1.6 COMPANY PROFILE
KPHB & ASSOCIATES was established in the year 2012. It is a leading Chartered Accountant
firm rendering comprehensive professional Services, which it includes, audit, management,
consultancy, accounting services, manpower, management, secretarial Services etc. KPHB &
Associates is a professionally managed firm. The team consists of distinguished Chartered
Accountants, Corporate Financial Advisors and Tax Consultants. The firm represents a
combination of specialized skills, which are geared to offers sound financial advice and
personalized proactive Services. Those associated with the firm have regular interaction with
industry and other professionals, which enables the firm to keep your pace with contemporary
development and to meet the needs of their clients.
1.7 LITERATURE REVIEW
Fama (1965) The presumption of Fundamental analysis approach is that anytime an individual security
has a natural esteem which relies upon the central of the security (winning capability of the security).
The future procuring capability of the security relies upon factors like nature of the administration,
standpoint for the business and the economy. Through a watchful investigation of these central factors
the examiner should, have the capacity to decide if the real market cost of a security is above or
underneath its inborn esteem.
Tay et al., (1992) Traders depend more technically analysis vis-s-vis major Analysis at shorter
anticipating skylines. The vast majority of the merchants see specialized investigation as correlative to
key examination.
Sauropod Bhat Sharipad and Prof. T.V. Seetharaman (1995) in their work endeavoured to clarify
the fundamental target of this work to assess the impacts of innovation exchange on the fare execution
and the determinants of the fare power of the automobile industry. The observational writing on
innovation exchange and fare execution demonstrates that no obvious conclusion can be drawn with
respect to the connection between the two.
S.P. Kothari (2001), Fundamental analysis includes the utilization of present and past budgetary
proclamations in conjunction with industry and monetary information keeping in mind the end goal to
decide the organizations natural esteem and recognize mispriced securities.
Hodge (2003)analyses speculators' view of gaining quality, reviewer freedom, and the convenience of
examined monetary data. He reasons that lower impression of winning quality are related with more
prominent dependence on a firm examined money related proclamation and central examination of
those announcements while settling on venture choice
Canning. T.(2004) Fundamentalanalysis considers anything that goes behind exchanging on the value
markets to decide value changes. Data, for example, the standpoint for the national economy, short and
long haul prospects of various enterprises and capital economic situations all impact an organization's
stock execution. Money related proportions that measure an organization's monetary wellbeing decide

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if an organization merits putting resources into. For instance, the value profit proportion, (or "P/E") a
standout amongst the most generally utilized proportions, demonstrates what an organization's stock is
worth in connection to its rival.
K.R Subramanyam and Venkatachalam (2007),Fundamental inquiry is bookkeeping is the relative
capacity of accumulation based procuring and money streams anticipate an association's capacity to
produce future money streams. The specialists add to this critical level headed discussion by looking at
the relative capacity of profit and trade streamsout clarifying ex post inherent estimation of value. They
decide ex post natural qualities utilizing the profit markdown show.
Swaranjeet (2009) Factors affecting the development of the auto industry incorporate deals motivating
forces,presentation of new models and in addition variations and simple accessibility of ease fund with
agreeable reimbursement choices kept on expanding interest and offers of cars.
Wahlen and Wieland (2010) utilize a quantitative financial statement analysis model to isolate victors
from failures inside offer side expert accord suggestion levels. Their exploration configuration viably
utilizes the approach utilized by the firm, yet in turn around arrange (subjective examination took after
by Quantitative analysis). Wahlen and Wieland report noteworthy strange comes back to fence systems
in view of their philosophy
Van Winkle, E.M (2011) This field consider inspects whether the human judgment part of central
examination includes incremental data past a quantitative model intended to distinguish securities that
will therefore failed to meet expectations the market. The subject firm essentially centres around the
examination of money related articulation and other bookkeeping revelation. What's more, I find that
the subjective component of financial analysis is the essential driver of the Firm's capacityto distinguish
organizations whose value securities in this way fail to meet expectations the market
Libby and Short (2011) Return on value relates wage earned on the investment made by the
proprietors. This proportion mirrors the basic certainty that financial specialists hope to acquire more
cash in the event that they contribute more cash.
DYNA SEN et. Al., (2012) have taken central examination, investigate past the spatial and transient
points of confinement of past examinations. They have analysed how point by point monetary
explanation information “enter the decisions of market makers by existing how current changes in the
real signs picked can give information on coming about picking up changes. Using overall data from
1990 to 2000, they have expanded the gathering of research using important signs for desire of future
wage changes. Significant variables, for instance, prior salary news, industry enlistment,
macroeconomics conditions and country of breaker that may affect this judicious limit are moreover
investigated. Results exhibit that the urgent signs are enormous pointers of both short and whole deal
future benefit changes. Research” comes to fruition offer evidence to help the usage of focal
examination.
HOSSEIN KHANIFAR et. Al., (2012) “This paper thinks about influencing factors on analyst
decision' on the Tehran Stock Exchange.Basically, examiners utilize two sorts of major and specialized
examinations in their choices. In the present research, they have examined the influencing factors on
investigations in their choices I the organization of key examination. Such examination is contemplated
in three areas:(1) economy (2) industry, (3) firm. This paper” utilizes a scientific wayto deal with think
about influencing factors in analyst decisions.

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Sisodia, D., Kumar, B Gupta, J.K., and Shrivastava's. (2013) The objectives of the fundamental
analysis are to choose the estimation of a stock in view of the past said factors and to follow up on the
presumption that the genuine stock cost will in the long run mirror the decided esteem. Stock value
determining is a vital errand for speculation/money related basic leadership challenge. Itgets significant
consideration from the two specialists and professionals. Money markets is exceedingly unstable,
perplexing and dynamic zone so stock/value anticipating are an impressive testing issue. A few
methodologies have been utilized for anticipating stock cost, for example, conventional and major
strategies.
Rahman, M.A., and Hassan. K (2013) Alternative intermediaries of variety in firm fundamental yet
atcontrasting degreesclarify a huge piece of firm particular return variety in a greaterpart of developing
markets in Asia. The discoveries are powerful to the impact of different variables known to influence
stock return unpredictability (e.g. Firm size, estimate, stock turnover, and use). The general outcomes
recommend that stock costs in a dominant part of the Asian developing markets contain a lot of firm-
particular principal data and are, accordingly, not as cloudy as ordinarily thought.

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CHAPTER 2
OVERVIEW OF
GTPL HATHWAY
LIMITED

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2.1 Introduction: GTPL Hathway Limited
GTPL Hathway Limited (henceforth 'GTPL' or 'The Company') is one of the India's largest
Multi System Operator (MSO). The Company is engaged in Cable TV and high-speed
broadband service distribution, along with its subsidiaries, reaching an estimated 9.50 Million
households. With a network of more than 25,000+ Kms of optical fibre and coaxial cable, the
Company has its footprints across 500+ towns across 10 states in India with presence in
Gujarat, West Bengal, Maharashtra, Rajasthan, Jharkhand, Bihar, Andhra Pradesh, Telangana,
Goa and Assam.
The Company is constantly striving to enhance and simplify their customer's lives through
quality services and products that give them the freedom to connect, converse, work and be
entertained anytime, anywhere and through any medium. As India's leading MSO, it is our
endeavour to deliver services through technologically advanced fibre optic networks, strong
trade partnerships and empathetic customers service.
2.2 Vision & Mission
As India’s Leading Multi System Operator (MSO) it is our endeavour to deliver latest & high
quality video products and data services through technologically advanced fibre optic
networks, strong trade partnerships and empathetic customer service.
2.3 Identity
GTPL’s cutting edge entertainment and connectivity opportunities are here to give a view to
aspirations and passion for imaginative India. With our services and products, which are
designed to deliver simplicity and value, we can better enable our customers to access
opportunities 24×7
2.4 Value Drivers

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 Leadership position in the operating markets.
 Located in the consumption driven regions.
 Strong LCO relationships with trust and transparency.
 Best-in-class technology and infrastructure by associating with leading technology
providers.
2.5 Technology Partners
 CISCO Systems
 Harmonic International AG
 NOKIA Corporation
 Nagravision SA
 Sterlite Technologies Limited
 Magnaquest Technologies Limited
 Shenzhen Skyworth Digital Technology Co Limited ...and many others
2.6 Services Offered
2.6.1 Digital cable Television Services
GTPL provides high-quality Standard Definition (SD) as well as High Definition (HD)
channels to its customers. Uninterrupted connectivity and seamless transmission is enabled
through state-of-the-art Mother Head-end located at Ahmedabad, Gujarat, along with the four
support Head-ends.
 715+ Total TV Channels
 85 HD Channels
 47 Owned and Operated Channels
 12 New Channels Launched (Including 10 Advertisement-Free
Services)
2.6.2 Broadband Services
GTPL is swiftly growing in the broadband services landscape by providing affordable internet
services to homes and offices. With the latest GPON and Fibre to the Home Technology
(FTTH), the Company provides high-speed data services with seamless connectivity.
 4,05,000 Active Subscribers
 1,00,000 FTTH subscribers
 99% Subscribers with ‘Truly Unlimited’ Data Plan
 162 GB Per Month Data Consumption

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2.6.3 Optic Fibre Cable Network
A fibre optic cable is one that has glass fibres which are inside an insulated casing. The purpose
of a fibre optic network is to reach longer distances and provide a higher performance than that
of wired cables.
 40,000+ Kms Owned
 3,000+ Kms Underground
 5,500+ Kms Leased.
2.7 Milestones
 2006: Incorporated as Gujarat Tele link Pvt Ltd
 2007: Hathway Acquire 50% Stake; Received category B ISP license; & Installed
Digital head end in Ahmedabad
 2008: Commenced Broadband Services
 2011: Entered Assam and West Bengal; Installed Digital Head End in Kolkata; &
Installed New Digital head End in Ahmedabad
 2013: Entered Bihar and Andhra Pradesh; & Digitization of Phase I & II Completed
 2014: Commenced package based Building
 2015: Received Category A ISP License and Installed digital Head End in Dibrugarh
 2016: Entered Rajastan and commenced Pre Billing
 2017: Public Issue; Listed o BSE & NSE and installed new Harmonic’s Digital Head
end
 2018: Entered Goa; Launched GPONFTTH high speed services in Ahmedabad and
Won Prestigious contract from Gujarat State Government for installing free Wi-Fi at
public places and providing internet service to ~ 1,500 police stations
 : Launched GTPL Giga® dual service product in Gujarat; Expanded in Telangana and
Maharashtra; Launched four new owned & operated channels and Bagged Work Order
for 1,246 Crores for implementation of BharatNet Phase II project in Gujarat (Package
B, Saurashtra), under Gujarat Fibre Grid Network Limited (GFGNL), Polycab India
Limited, a Consortium Partner

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.
CHAPTER 3
ANALYSIS &
INTERPRETATION

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3.1 FUNDAMENTAL ANALYSIS
Fundamental analysis is really a logical and systematic approach to estimate the future
dividends and share price. It is based on basic premise that share price is determined by a
number of fundamental factors relating to the economy, industry and company. Hence, the
economic fundamentals, industry fundamentals and company fundamentals have to be
considered while analysing a security for investment purpose. Fundamental analysis in other
words, a detailed analysis of fundamental factors affecting the performance of the companies.
Each share is assumed to have an economic worth based on its present and future earning
capacity. This is called its intrinsic value or fundamental value. The purpose of fundamental
analysis is to evaluate the present and future earning capacity of share based on the economy,
industry and company fundamentals and thereby assess the intrinsic value of the share. The
investor can then compare the intrinsic value of the share with the prevailing market price to
arrive at an investment decision. If the market price of the share is lower than its intrinsic value,
the investor would decide to buy the shares as it is undervalued. The price of such a share is
expected to move up in future to match with its intrinsic value.
The Fundamental analysis consists of further-more 3 analysis known as EIC Analysis.
 E = Economic Analysis
 I = Industry Analysis
 C = Company Analysis
3.1.1 Economy Analysis
The performance of a company depends upon the performance of the economy. If the economy
is booming, income rises, demand for goods increases, and hence the industries and companies
in general tend to be prosperous. On the other hand, if the economy is in recession, the
performance of companies will generally bad.

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Investors are concerned with those variables in the economy which affect the performance of
the company in which they intend to invest. A study of these economic variables would give
an idea about future corporate earnings and the payment of dividends and interest to investor.
Let us look at some of the key variables that an investor must monitor as part of fundamental
analysis and compare the economy with the company.
Growth Rates of National Income
The rate of growth of the national economy is an important variable to be considered by an
investor. The GDP growth rate of India at current time is very poor due to the Covid-19
pandemic. Below is the quarterly GDP Growth Rate of India in fig 3.1.
Fig 3.1
Despite of negative growth rate of our country on quarterly basis, GTPL Hathway Ltd have
shown a positive performance in the its Q1FY21 and Q2FY21, with a growth rate of 399.77%
in Q1FY21 and 10.42% in Q1FY21 as compared to previous year Q1FY20 and Q2FY20 which
was 206.39% and -1.97% respectively. The effect of Covid-19 had made the company to
perform more better than previous year.
An economy typically passes through different phases of prosperity known as the different
stages of economic cycle or business cycle. The four stages of economic cycles are depression,
recovery, boom and recession.
Depression is the worst of all phases. During a depression demand is low and declining.
Inflation is often high and so are interest rates. Companies are force to reduce production, shut
down plant and lay off workers. During this depression period, if the company is compared
with the economy of the country, the company have positively dealt with the pandemic
situation and have grab the opportunity for which the company is in profitable position in the

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both the financial quarter. The company will not be affected by any production reduction or
shut down plant or lay off workers as the company does not involves into manufacturing
concern, for which depression might not affect the company as much as it affects the
manufacturing concerns.
During the recovery stage, the economy begins to revive after depression. Demand picks up
leading more investments in the economy. Production, employments and profit are on the
increase. As the company here in the recovery stage can expand or update its existing resources,
through which the GTPL Hathway can reduce its pricing of its services with its efficient
management with its personnel and/or provide better services with its existing prices.
The boom phase of the economic cycle is characterised by high demand. Investments and
productions are maintained at a high level to satisfy high demand. Companies generally post
higher profits. The boom phase gradually slows down. The economy slowly begins to
experience a downturn in demand, production, employment, etc. the profits also start to decline.
This is recession stage of business cycle. GTPL Hathway Ltd will face an advantage with high
demand in this boom phase. The demand of services provided by GTPL Hathway Ltd are in
upward trend as the services offered by GTPL Hathway Ltd are the major necessities of any
person to perform any activities, for which the company will not get into the recession phases
as the country economy.
Graphical representation of Indian Economy v/s GTPL Hathway Ltd
Fig 3.2 is the line chart of Indian Economy and Fig 3.3 is the line chart of GTPL Hathway Ltd.
Fig 3.2

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Fig 3.3
Observing at the growth chart of Indian Economy and GTPL Hathway Ltd., GTPL have out-
performed than Indian Economy. Hence, the company is not more affected by the degradation
of the Indian Economy.
3.1.2 Industry Analysis
Industry analysis is a market assessment tool used by businesses and analysts to understand the
competitive dynamics of an industry. It helps them get a sense of what is happening in an
industry, e.g., demand-supply statistics, degree of competition within the industry, state of
competition of the industry with other emerging industries, future prospects of the industry
taking into account technological changes, credit system within the industry, and the influence
of external factors on the industry.
Industry analysis, for an entrepreneur or a company, is a method that helps to understand a
company’s position relative to other participants in the industry. It helps them to identify both
the opportunities and threats coming their way and gives them a strong idea of the present and
future scenario of the industry. The key to surviving in this ever-changing business
environment is to understand the differences between yourself and your competitors in the
industry and use it to your full advantage.
Peers of GTPL Hathway Ltd
Here are the peers of GTPL Hathway Ltd in current market segment as shown in Fig 3.4 below.
The data presented below in Fig 3.4 is as updated on 20th Nov,2020 (during Covid-19
pandemic). The figure includes the data of Last Closing Price as in 20th Nov, 2020, Percentage
of change on 20th Nov, 2020, its 52-wk high & low trading prices till that date, its market
capitalization and the net sales and profit of the last quarter i.e. Q2FY2021.

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Fig 3.4
In the above fig we can conclude that the price of GTPL Hathway Ltd is comparatively higher
than its peer’s which visualizes the concept that GTPL Hathway Ltd is bit costlier in its
industry. Observing the 52 week High and Low point of GTPL Hathway Ltd, at some point it
have provided 323% returns in just one year and its associate company Hathway Cable Ltd
have provided returns nearly 436.91% in just one year, which clearly shows the activeness of
stock in the markets and bring into the vies of potential investors which can later on can help
in financing activities during expansion, merger & acquisitions, etc.
Now observing the market capitalization in the market segment, GTPL Hathway is having low
market capitalization in the market but higher price in its industry segment, so from here we
can conclude that, if the company thinks about the expansion in the other cities it can increase
the market capitalization, for which the real value of the company will increase, and investing
in this company will be risk free and worth for value. After observing the data of Net Sales and
Net Profit of last Quarter Q2FY21 with its Peers, it clearly depicts that GTPL Hathway Ltd is
having better demand and supply in the market for which the company have earned better
returns in Net Sales and Net Profit in its last quarter i.e. Q2FY21.
Peers Price Movement Comparison
Fig 3.5 depicts the price movements of GTPL Hathway and its Peers of BSE from 1st of April,
2020 to 20th November, 2020 on weekly basis.

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Fig 3.5
Observing the above Fig 3.5, it clearly depicts that GTPL Hathway Ltd price is increasing from
the Month of May and showing an upward trend, where as the peers of GTPL Hathway Ltd do
not match an equal trend as GTPL Hathway Ltd. Here, we can conclude that the GTPL
Hathway have a good price movement and the activeness of stocks is more than its peers. More
the activeness refers to the more visuality of trade, which will attract the investors and can
increase the trade volume of the stocks and increase in volume can add the stock in the Top
Gainers, High Volume or Weekly High.
Peers Net Profit Comparison (Yearly Basis)
Fig 3.6 depicts the Net Profit of GTPL Hathway Ltd and its Peers of BSE from FY2016 to
FY2020 on yearly basis.

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Fig 3.6
Observing the Fig 3.6, we conclude that Dish TV Ltd is very poor in managing its business at
present situation, and the company is repeatedly facing losses y-o-y, for which the company
might not be able to generate better wealth for it shareholders. Other than Dish TV Ltd Hathway
Cable & Datacom Ltd and Den Networks Ltd have earned a better returns but the company
have faced losses in the FY 2016, FY 2017 and FY 2019, which clearly states that the company
have not provided better or consistent dividend to its shareholders, which is not a good symbol
of good company, whereas GTPL Hathway Ltd have made consistent profit y-o-ywhich clearly
conclude that GTPL Hathway Ltd have performed efficiently and have created better wealth
as compared to its peers. The company have provided stable dividend to its shareholders.
Peers Interest Comparison
Fig 3.7 depicts the Total Interest of GTPL Hathway Ltd and its Peers of BSR from FY 2016 to
FY 2020 on 1 year gap basis like Last 5yrs, 3yrs and last year.
From the Fig 3.7 we conclude that GTPL Hathway Ltd is good at its Debt management where
as Dis TV Ltd is very poor in managing its debt, for which the company facing huge losses and
not able to perform efficiently and generate better returns to its shareholders. Den Networks
Ltd and Hathway Cable & Datacom Ltd have cleared all its interest and currently the company
is having zero debt and can be considered as Zero Debt company which is a good view for an
investor to attract, as the company will be having good credit score or CIBIL Score, which will
be a major advantage to generate finance from bank as loan to perform its operations smoothly,
but the sudden clearance of interest burden can lead to decrease in payment of dividend.

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Fig 3.7
Peers Net Depreciation Comparison
Fig 3.8 depicts the Total Depreciation a company face for its Fixed Assets, which help the
companies to earn revenues in any Financial Year. The depreciation is from FY 2016 to FY
2020.
Fig 3.8
As you can observe Dish TV is facing the highest depreciation charges comparatively from its
peers, which concludes poor management of assets for which the company struggles to earn
maximum profits and starts to decline. If GTPL Hathway Ltd is compared with with its peers,
GTPL Hathway Ltd is having minimum depreciation, which clearly concludes that GTPL
Hathway Ltd have the best Fixed Asset Management from its peers. The depreciation charts

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imply the less depreciation is charged, the lesser will be impact in profit, and so as it does with
GTPL Hathway Ltd.
Peer Promoters Shareholdings
Fig 3.9 depicts the Promoter Shareholdings pattern in its last quarter Q2FY2021 i.e. from July
to September of FY 2020.
Fig 3.9
As you can observe that Dish TV is having very less promoter share holding i.e. 12.08% of the
total shareholding and out of that 9.23% of its promoter shareholdings is pledged, which do not
imply a good view to its company, where comparing to GTPL Hathway Ltd, Den Networks
Ltd and Hathway Cable & Datacom Ltd. have better shareholding.
Peer PE Ratio
Fig 3.10 depicts the PE Ratio of Individual Companies. The PE Ratio is updated last on 24th
November, 2020. An investor get attracted to any company which shows very less PE Ratio
than its peer, industry and sector.
Fig 3.10

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3.1.3 Company Analysis
Company analysis is the final stage of fundamental analysis. The economy analysis provides
the investor a broad outline of the prospects of growth in the economy. The industry analysis
helps the investors to select the industry in which investment would be rewarding. Now he has
to decide the company in which he should invest his money. Company analysis provides the
answer to this question.
Company analysis deals with the estimation of return and risk of individual shares. This calls
for information. Many pieces of information influence investment decisions. Information
regarding companies can be broadly classified into to broad groups: internal and external.
Internal information consists of data and events made public by companies concerning their
operations. The internal information sources include annual reports to shareholders, public and
private statements of officers of the company, the company’s financial statements, etc. External
sources of information are those generated independently outside the company. These are
prepared by investment services and financial press.
In company analysis the analyst tries to forecast the future earnings of the company because
there is strong evidence that earnings have a direct and powerful effect upon share prices. The
level, trend and stability of earnings of a company, however, depend upon a number of factors
concerning the operations of the company.
Financial Statement Analysis
Fig 3.11 depicts the financial statements of the company as on 31st March, 2020. Observing the
financial statement, we can understand and analyse the financial strength of a company.
 Revenues are increasing y-o-y
 No Raw Material cost as the company is dealing with services, which reduces the risk
of raw material spoilage or loss
 Power & Fuel cost has been reduced to 8.78% last year which is a good sign as the
company have put efforts to reduce cost
 Employee cost has been decreased to -3.13%
 Selling and Administrative cost has been increased to 56.26% which clearly symbolize
that the company spend more on these areas to increase its sales
 Operating & Other Expenses has been increased by 126.26%, which is not at all a good
sign for any company, but still we can make assumption on reduction of cost in the next
year at the cost may be deferred revenue, which will be incurred in later years.
 Depreciation charges are reducing y-o-y, which can be increased in next years as most
of the fixed assets have 5 years of useful life
 The company interest expenses are reducing y-o-y and -12.48% in last year
 Net Profit is increasing 3% on an average y-o-y
 Growth in EPS
 Constant Dividend in last 3 years

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Fig 3.11
Financial Statement Analysis (using future estimation)
Fig 3.12 depicts the estimated financial statement prepared using growth rate and margin rate.
Through this financial model we can determine the future sales, profits and earnings.
 The growth rate of revenue used is the least if last 3 years which is 15.79% which shows
2807.58 crores, 3250.87 crores and 3764.16 crores respectively in next upcoming three
years
 The expenditure margin rate has been used the maximum of last three years, as the
expenditure will increase from time to time and in case expansion made later in future.
 Depreciation has be used the same growth rate as the assets value will decreased and
some assets will be disposed or will be exchanged with a new one
 Company is having a decreasing interest rate in which the lat year growth rate has been
used for future estimation
 Tax rate has been used the maximum rate of last year i.e. 56.37% as the Govt. rules and
regulation changes is unpredictable, to create a flexibility a high rate has been used, so
that proper risk can be assessed

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 Using the previous growth rate, the estimated EPS will be in growth
 As the Dividend is stable in last 3 years, so the returns expected in the form is same
Fig 3.12
Ratio Analysis
A) Liquidity Ratio
Fig 3.13 depicts the liquidity ratio of the company which shows that company might
find some difficulties to meet its short-term obligation. The company is having a very
low quick ratio and current ratio. This should be managed well and should be tried to
increase by the management, or else it can lead to unnecessary short term loans to meets
its obligations.
Fig 3.13

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B) Profitability Ratios
Fig 3.14 depicts the profitability ratio of the company. The company is having a good
margins ratio, which concludes that the company is efficient enough to earning in
future.
Fig 3.14
C) Per Share Ratios
Fig 3.15 depicts the Per share ratios of the company. The company is having strong per
share ratio which can generally attract any investors.
Fig 3.15
D) Coverage Ratio
Fig 3.16 depicts the coverage ratio of the company. The company is having an
increasing interest coverage ratio which gives analysis that the company can soon clear
all its debt and get rid of unnecessary interest expenses which reduces the net profit of
the company.
Fig 3.16

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Valuation Analysis
Fundamental analysis is based on the premise that each share has an intrinsic worth or value
which depends upon the benefits that the holders of share expects to receive in future from the
share in the form of dividends and capital appreciation. The investment decision of the
fundamental analyst to buy or sell a share is based on a comparison between the intrinsic value
of share and its current market price. If the market price of the share is currently lower than its
intrinsic value, such share would be bought because it is perceived to be underpriced. A share
whose current market price is higher than its intrinsic value would be considered as overpriced
and hence sold.
The fundamental analyst believes that the market price of a share is a reflection of its intrinsic
value. Though, in short run, the market price may deviate from intrinsic value, in long run the
price would move along with the intrinsic value of the share. The investment decision of the
fundamental analyst is based on this belief regarding the relationship between market price and
intrinsic value.
The market price of a share and its intrinsic value are thus two basic inputs necessary for the
investment decision. Market price of a share is available from the quotation of stock exchanges.
The intrinsic Value is estimated through the process of share valuation.
Assets Approach Valuation
This approach is based on the value of company’s assets and liabilities which includes
intangible assets and contingent liabilities.
Intrinsic Value = ( Net Assets – Preference Share Capital) / Number of Equity Shares
Net Assets = 2013.9 crores (Fixed Assets + Investments + Current Assets)
Preference Share Capital = 0 millions
Number of Equity Shares = 11.24 crores shares
Current Intrinsic Value = ₹ 179.17
Current Market Price = ₹ 112.42 (as on 16th Nov, 2020)
Current Intrinsic Value = ₹ 179.17

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Hence, it concludes that the stock is undervalued. If an investor buy this stock at current market
price and sell the stock at its intrinsic value then the investor will earn 59.37 % returns from
this investment which is more than a fixed deposit rate than banks and even more than mutual
funds
3.2 TECHNICAL ANALYSIS
Technical analysis is a trading discipline employed to evaluate investments and identify trading
opportunities by analysing statistical trends gathered from trading activity, such as price
movement and volume.
Unlike fundamental analysis, which attempts to evaluate a security's value based on business
results such as sales and earnings, technical analysis focuses on the study of price and volume.
Technical analysis tools are used to scrutinize the ways supply and demand for a security will
affect changes in price, volume and implied volatility. Technical analysis is often used to
generate short-term trading signals from various charting tools, but can also help improve the
evaluation of a security's strength or weakness relative to the broader market or one of its
sectors. This information helps analysts improve there overall valuation estimate.
Relative Strength Index (RSI)
Fig 3.17 depicts the Relative Strength Index (RSI) of the stock which is good enough to make
investment decision at present time. The RSI is nearer to 30 points which clearly states that the
company stock price is undervalued. The 70 points is the position of overvalued of share price.
The RSI Indicator prices a green signal to buy the stock. (updated on 24th Nov, 2020)
Fig 3.17
Stochastic Oscillators
Fig 3.18 depicts the Stochastic Oscillators Movement Indicator. When the lines crosses or is
nearer to 80 points then the stock is at over bought zone and it will tend to decrease, and when
the lines crosses or is nearer to 20 points then the stock is at over sold sone and it will tend to
increase. So, here in the fig 3.18 the Oscillator have crossed 30 points which clearly indicates
to buy the stock at this price, and the blue line is above the orange line which clearly indicate
to price will rise.

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Fig 3.18
Exponential Moving Averages (50 days & 200 days)
Fig 3.19 depicts the Exponential Moving Averages (EMA). The blue line is the 50 days EMA
and the red line is 200 days moving averages. As per this indicator, if the 50 days EMA is
higher than 200 days EMA then the stock will in upward trend and if the 200 days EMA is
higher than 50 days EMA then the stock will be in downward trend. Here, the indicator gives
a positive results and 50 days EMA is above and higher than 200 days EMA, which suggest to
buy the stock.
Fig 3.19
3.3 SWOT ANALYSIS
A) Strength
 Company with high TTM EPS Growth
 Effectively using its capital to generate profit – RoCE improving in last 2 years
 Company with low debt
 Book value per share is improving last 2 years
 Company with no promoter pledge
 Strong Momentum: Price above short, medium and long-term moving averages
 Strong Annual EPS Growth
 Growth in Quarterly Net Profit with increasing Profit Margin (Y-o-Y)

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B) Weakness
 Declining Net Cash Flow: Companies not able to generate Net Cash
C) Opportunities
 Profit making companies with High RoCE and Low PE
 RSI indicating price strength
 Highest Recovery from 52 Week Low
D) Threats
 Increase trend in Non-core Income
3.4 COMPANY EXPANSION & OPERATIONS
GTPL Hathway is the leader across Key Cable markets in India. GTPL Hathway Ltd have
efficiently conquered almost half of the country with its services and networks, having two
heads in India in large states like Gujarat and West Bengal. Fig 3.20 will clarify you much
more regarding sales in different country.
Fig 3.20

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Operations Performance
With increasing popularity and sales, the company have started to earn good subscriber base
and positive cash balance in their operation.
CATV Business Performance
 Maintained subscribers based in Covid-19 adverse business situation
 Seeded 100,000 and 200,000 Set Top Boxes (STBs) inQ1 FY 2021 and Q2 FY
2021 respectively
 Increased Active & Paying Subscribers by 100,000 each on Q-o-Q basis
 Expanded CATV Business to Tripura State
 Phase I, II, III & IV contributes 11%, 20%, 33% & 36% respectively of total
Seeded STBs (10.41 Mn)
 ~80% collections through Digital Mode, there by increased collection efficiency

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Business Expansion
 Expansion in Mumbai Phase-I Market in FY20, added ~250k Subscribers
 Expansion in states of Telangana & Andhra Pradesh, increases 30% Subscribers
 Ventured in Tamil Nadu (Chennai) market during Q3FY20
 Expanded CATV business to Tripura State in Q2 FY21
 GTPL Presence in 13 states across India
Broadband Performance
 Increase of 80,000 Subscribers in Q2 FY21
 Active Subscribes at 535,000
 3.72 Mn home Pass
 65% Home Pass Available for FTTX Conversion
 #No. 6 Private Wireline Broadband Player in India offering High Speed & Truly
Unlimited Data
 Average Data Consumption per Customer Stands at 195 GB / Month as o Sep-20; up
by 55% annually, from 126 GB / month in Sep-19
 Truly Unlimited : 99% Subscribers opted for unlimited data plans

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Platform Services Owned & Operated

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CHAPTER 4
CONCLUSION

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4.1 FINDINGS
After making a equity research analysis of GTPL Hathway Ltd, we found some important
observation. The following findings have been placed to place efficiently in the stock market:-
 Company performing better in poor economic growth and in this pandemic
situation of COVID-19
 Better attractive price from its peer with better growth rates in past months
 Better price movement growth from its peers
 Stable growth of profits as compared to its peers
 Efficient and better utilization of debt and cash management
 Proper maintenance and efficient utilization of fund in Fixed Assets of the
company which have affected less to Net Profits
 Good promoter shareholdings in the company
 Attractive PE Ratio from its peers
 Better Revenue, EBIT and Net Profit Growth
 Decrease in Depreciation and Interest
 Growth in EPS and in future as well
 14% pay-out ratio on an average in last 3 years
 Attractive profitability, coverage and per share ratio
 Bit risky liquidity ratio
 Current Price is lower than intrinsic value
 Positive & Green signal to buy the stock from technical indicators
 Company have goods expansions in its previous quarters
 Good number of active subscribers gained for its services
 Expanded its business in big cities
4.2 RECOMMENDATIONS
From this study I understand and gain real world knowledge in banking industry. After
finishing my study, I want to put some recommendation which is solely my own observation.
I don’t know that recommendation is perfect for an investment decision because I am not an
expert of equity share analysis.
 Profit margins are increasing and the last quarter i.e. Q1FY21 & Q2FY21 have achieved
the yearly estimated profits for the year FY2021, so it can provide more earnings that
estimated.
 Depreciation and Interest are in decreasing growth rate which is good sign to an investor
as the company can better earnings.
 The current valuation is attractive, which can give more than 50% in its future.
 The company have positive signals from its technical indicators.

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 Company is having very low debt, which will decrease the interest expense of the
company and will help to push more profits in the financial year and will earn a good
credit score, which will help to raise short term and long term loan to meet its
obligations.
 Better shareholding patterns provides good image an trust to the investors regarding
safe play and discipline of company regarding management, compliances and legal
policies.
 Available at low PE Ratio which will increase later and increase in PE Ratio can lead
to increase in price.
 PE Ratio is lower than Industry PE Ratio and Sector PE Ratio. A good company try to
perform better than industries and try to trade higher than Industry PE or as equal to
Industry PE or Sector PE, so to match with its Industry PE & Sector PE, the stock will
try to increase its PE Ratio and the price will gradually increase as the PE Ratio
increases.
4.339 CONCLUSIONS
My internship period is only for 6 months. During my internship period I was trying to take
hands-on knowledge on regular market activities. I was trying to follow the instruction of my
reporting officer. The working environment of the company was very friendly and all employee
of the company was very helpful. During my internship period I know how to analyse a share,
what details required to perform the analysis. My supervisor give me the guide line to prepare
the report. I am trying my best to follow the instruction of my supervisor to prepare the report.
But due to lack of proper data and time limitation and also lack of my experience on doing
research work I think that there was scope to improve the quality of the report.

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BIBLOGRAPHY
To prepare the report I have referred the following:
Books:
1) Security Analysis and Portfolio Management, S. Kevin
2) Technical Indicators, NISM
3) Financial Modelling and Valuation, Wiley
4) Corporate Accounting, V. K. Publications
5) Financial Statement Analysis, T.S. Grewal
Websites:
1) Investing.com
2) Tickertape Pro
3) Trading View
4) Moneycontrol.com
5) Business Standards
6) ET Markets
7) Yahoo Finance
8) Screener.in
9) Top Stock Research
10) Stock Edge
11) Stock axis
Stock Journals:
1) ICICI Securities
2) ICICI Direct
3) Anand Rathi
4) Motilal Oswal
Others:
1) Annual Report of GTPL Hathway Ltd (2019-20)
2) Annual Report of GTPL Hathway Ltd (2018-19)
3) Annual Report of GTPL Hathway Ltd (2017-18)
4) Annual Report of GTPL Hathway Ltd (2016-17)
5) Investor Presentation of GTPL Hathway Ltd Q1FY21
6) Investor Presentation of GTPL Hathway Ltd Q2FY21
7) You-Tube Channel – AceInk.com
8) You-Tube Channel – Finnovation.com

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APPENDIX
Profit & Loss Statement of GTPL Hathway Ltd with Future Estimation

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Balance Sheet of GTPL Hathway Ltd as at 31st Mar, 2020 with Future Estimation

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Cash Flow Statement of GTPL Hathway Ltd as at 31st Mar, 2020 with Future Estimates

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Depreciation Schedule of GTPL Hathway Ltd with Future Estimates