SITI Networks Posts strong operating EBITDA at Rs. 735 Mn

SITI Networks Limited (BSE: 532795, NSE: SITINET), an Essel Group Company, with presence across 580+ locations in India, has released its Consolidated Audited Financial Results for Q1 FY21.

Continuing with the steady performance from last fiscal, SITI reported its Operating EBITDA at Rs.735 Mn in Q1 FY21 despite Severe lock down norms and Containment Zones, impacted the normal business operations. Siti performance has been also adversely effected by the deadly cyclone "AMPHAN" in the East Indian territory where Siti has a very prominent stronghold. Operating EBITDA Margin for Q1 stands at 19.2%. Total Revenue is down marginally by 2.6% y-o-y to Rs. 3,823 Mn and subscription ARPU leaps 1.02x q-o-q to Rs.128.

SITI further expanded its foothold in the broadband business to three new tier-2 cities in Q1. SITI has continued to update its systems and processes across multiple touchpoints to be fully compliant to the New Tariff regime. The company has continued to work with all stake-holders, be it the Regulator, Broadcasters, LCOs and above all its esteemed customers to deliver its services.

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."

Shares of Siti Networks Ltd was last trading in BSE at Rs.1.8 as compared to the previous close of Rs. 1.82. The total number of shares traded during the day was 25060 in over 32 trades.

The stock hit an intraday high of Rs. 1.83 and intraday low of 1.77. The net turnover during the day was Rs. 45271.

Source : Equity Bulls

Keywords