SITI Networks' Q2FY21 Operating EBITDA surges 1.08X Q-o-Q to Rs.792 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 Q2 FY21, ending September 30, 2020, showcasing growth through strict control on expenses and operational efficiencies.

SITI's Q2 FY21 Operating EBITDA surged 1.08 times over the previous quarter, to Rs. 792 Mn. This jump has been due to strict control over expenses and operating efficiencies. SITI's Operating EBITDA Margin for Q2 FY21 also expanded by 1.05 times q-o-q to 20.2% through control of various cost elements.

Total Revenue (excluding activation) also surged 2.3% over the previous quarter to Rs. 3,910 Mn. This growth was despite the Subscription revenue remaining largely flat compared to the previous quarter at Rs. 2,734 Mn.

SITI Broadband also expanded its footprint in Q2FY21 to Noida, Jaipur, Jodhpur, Saharanpur, Dehradun and Bahadurgarh. SITI's continuous efforts on improving operational efficiencies through improvement of its systems, processes and personnel has been yielding results. This has resulted in a better and intimate ground connect with its 24,000+ strong distribution network.

While commenting on the results, Mr. Anil Malhotra, CEO of SITI Networks Limited mentioned: "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."

Shares of Siti Networks Ltd was last trading in BSE at Rs.0.53 as compared to the previous close of Rs. 0.55. The total number of shares traded during the day was 318528 in over 73 trades.

The stock hit an intraday high of Rs. 0.53 and intraday low of 0.53. The net turnover during the day was Rs. 168819.

Source : Equity Bulls

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