Siti Network Q1 FY 21 net loss at Rs 45.81 crores

Essel Group company Siti Network on Tuesday announced the financial results for the quarter ending June 30, 2020. Siti reported a net profit of Rs 45.81 crores in Q1 FY 21, down from Rs 70.29 crores loss in the preceding quarter.

Results at a Glance

• Revenues at Rs 382.84 crores
• Expenses at Rs 428.78 crores
• Net loss at Rs 45.81 crores

Siti’s total income in Q1 FY 21 stood at Rs 382.84 crores, down from Rs 413.46 crores in the previous quarter. Siti’s total expenses stood at Rs 428.78 crores in Q1 FY 21 down from Rs 451.02 crores in the previous quarter. The net loss came down from Rs 70.29 crores in the previous quarter to Rs 45.81 crores in Q1 FY 21.

Siti’s ARPU jumped 1.02x quarter-on-quarter to Rs 128 with the operating EBIDTA margin at 19.2%. The performance was affected due to the deadly ‘AMPHAN’ cyclone in the East Indian territory wherein Siti has a stronghold.

While commenting on the results, Mr. Anil Malhotra, CEO of SITI Networks Limited mentioned: “The ministry of information and broadcasting has included cable services under essential services to provide uninterrupted-cable-services and SITI has performed significantly well in view of the world wide impact of Covid-19 under severe lockdown in the entire country and migration of urban population in Q1FY21. Furthermore, Cyclone Amphan in our strong hold territory of Eastern India have also impacted our business during the Q1FY21. However, with key focus on our operational efficiencies, our employees, LCOs and their respective families got infected and some lost their lives too but they ensured seamless connectivity on the ground in pandemic. This paves the way for strong recovery and growth in the coming times”

Siti has also expanded its foothold in the broadband business to three new tier-2 cities in Q1 and also acquired E-Net Entertainment Private Limited to make its presence within the territory of Andhra Pradesh and Telangana.