SITI Networks' Q4FY21 Operating EBITDA at Rs.403 Mn

SITI Networks Limited (BSE: 532795, NSE: SITINET), an Essel Group Company, one of India's largest Multi-System Operators (MSO), has released its Consolidated Audited Financial Results for Q4 FY21, ending March 31, 2020.

SITI's Q4 FY21 Operating EBITDA stands at Rs. 403 Mn. This was achieved through building up operating efficiencies and strict control over costs. SITI's Operating EBITDA Margin for Q4 FY21 moved to 10.4% through control of various cost elements.

Total Revenue (excluding Activation) remained flat compared to the previous quarter at Rs. 3,875 Mn. Subscription revenue stood at Rs. 2,514 Mn. SITI Broadband's net base increased 26% y-o-y to ~2 lakhs while its Revenue surged 20% y-o-y to Rs.1018 Mn at the end of the fiscal.

Q4FY21 also saw the launch of SITI Playtop Magic, the next-generation androidtv Set-Top Box (STB) and Mobile App. The SITI PlayTop Magic, androidtv certified 4K HDR Set-Top Box, can make any TV smart by enabling customers to use all Android TV features along with their SITI Digital Cable TV using a single remote on their existing TV.

SITI has also finalized an industry-first Infrastructure sharing tie-up with Hinduja Group's Headend in the Sky (HITS) platform NXTDigital. SITI will leverage the HITS infrastructure to deliver its signals to its Local Cable Operators (LCOs), thus providing its services to semi-urban and rural subscribers while expanding its footprint across the country through satellite.

While commenting on the results, Mr. Anil Malhotra, CEO of SITI Networks Limited, mentioned: "SITI has been continuously working on strengthening our focus on operational efficiencies and strict control over expenses. Our focus has ensured our Operating EBITDA moving to Rs.403 Mn and Operating EBITDA margins at 10.4% in Q4 FY21. SITI Broadband's base increased 26% y-o-y to 2 lakhs while its Revenue surged 20% y-oy at the end of FY21.

We have finalized our tie-up with NXT Digital to leverage the HITS infrastructure to deliver our signals to our Local Cable Operator partners while expanding our footprint across the country through satellite. We also launched our SITI Playtop Magic androidtv certified 4K HDR Set-Top Box and app. The next-generation set-top box can make any TV smart."

Shares of Siti Networks Ltd was last trading in BSE at Rs.1.53 as compared to the previous close of Rs. 1.61. The total number of shares traded during the day was 2576222 in over 782 trades.

The stock hit an intraday high of Rs. 1.6 and intraday low of 1.53. The net turnover during the day was Rs. 3963454.

Source : Equity Bulls

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