SITI Networks' Q3FY21 Operating EBITDA surges to Rs.638 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 Q3 FY21, ending December 31, 2020, showcasing continued focus on strict control on expenses and operational efficiencies.

SITI's Q3 FY21 Operating EBITDA surged to Rs. 638 Mn. This was achieved through strict control over expenses and operating efficiencies. SITI's Operating EBITDA Margin for Q3 FY21 moved to 16.3% through control of various cost elements.

Total Revenue (excluding Activation) remained flat compared to the previous quarter at Rs. 3,906 Mn. Subscription revenue too remained mostly flat compared to the last quarter at Rs. 2,706 Mn.

SITI Broadband also expanded its footprint to 21 cities by the end of Q3FY21, with the net base increasing to 1.90 lakhs. SITI's continuous efforts to improve operational efficiencies through improvement of its systems, processes, and personnel have yielded results. This has resulted in a better and intimate ground connect with its 24,000+ strong distribution network resulting in

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 ensured our Operating EBITDA moving to Rs.638 Mn and Operating EBITDA margins remaining at a healthy 16.3% in Q3 FY21. Our Total Revenue (excluding Activation) largely remained flat compared to the previous quarter to Rs.3,906 Mn in the same period. During the quarter, SITI Broadband also expanded its footprint to cover 21 cities across the country with a 1.9 lakh strong and growing base. Our close working with our 24,000+ ground distribution partners would stand us in good stead over the coming quarters, focusing on sweating of assets."

Shares of Siti Networks Ltd was last trading in BSE at Rs.1.11 as compared to the previous close of Rs. 1.16. The total number of shares traded during the day was 2857569 in over 990 trades.

The stock hit an intraday high of Rs. 1.21 and intraday low of 1.11. The net turnover during the day was Rs. 3271301.

Source : Equity Bulls

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