Essel Group owned Multi System Operator (MSO) Siti Networks yesterday announced the consolidated audited financial results for the quarter ending September 30, 2020.
Siti’s revenue from operations during the quarter stood at Rs 391.82 crore, up from Rs 382.84 crore at the end of previous quarter. The revenue (excluding activation) surged by 2.3% over the previous quarter. Siti’s subscription revenue remained largely flat during the quarter at Rs 273.4 crore.
The company’s operating EBIDTA zoomed to Rs 79.2 crore surging 1.08 times due to strict control over expenses and operating inefficiencies. The operating EBIDTA margin also expanded 1.05 times to 20.2% at the end of September 30, 2020.
The total expenses during the quarter stood at Rs 426.6 crore down from Rs 428.78 crore in the preceding quarter. Siti’s net loss came down to Rs 34.06 crore in Q2 FY 21, down from Rs 46.11 crore loss in the previous quarter.
“SITI’s continued focus on operational efficiencies and strict control over expenses has driven growth in Operating EBITDA by 1.08 times q-o-q to Rs.792 Mn and expanding Operating EBITDA margins by 1.05 times q-o-q to 20.2% in Q2 FY21. Our Total Revenue (excluding Activation) also surged 2.3% over the previous quarter to Rs.3,910 Mn in the same period. During the quarter, SITI Broadband also expanded its footprint by commencing services in 6 more cities including Noida, Jaipur, Jodhpur, Saharanpur, Dehradun and Bahadurgarh. We are focused on working closely with our distribution partners for increased sweating of ground assets further. “
Anil Malhotra, CEO of SITI Networks Limited
