SITI Networks' Q2FY22 Operating EBITDA at Rs.509 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 Q2FY22, ending September 30, 2021.

Showcasing strict control on expenses and operational efficiencies, SITI has maintained its Operating EBITDA at Rs.509 Mn in Q2FY22. The Company's Operating EBITDA Margin expanded to 13.9% in Q2FY22. Total Revenue (excluding Activation) increased to Rs. 3,672 Mn in Q2FY22 from Rs.3,615 in the previous quarter. The Company's Subscription revenue remained essentially flat at Rs. 2,350 Mn in Q2FY22. SITI Broadband, too observed a base jump of 20% y-o-y and 7% q-o-q to 2.19 lakhs at the end of Q2FY22. SITI Broadband's Revenue in Q2FY22 also increased 4.1% over the previous quarter and 11% y-o-y to Rs. 288 Mn.

SITI has also announced the launch of the SITI Mitra mobile app for its 25000+ Local Cable Operator partners. The app has a fully functional "Own Your Customer" subscriber management system, allowing partners to have control of their business on their palms. The app is available on the Google Play store.

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 that our Operating EBITDA is Rs.509 Mn in Q2FY22 with 13.9% Operating EBITDA Margins. Our Total Revenue also increased to Rs.3,672 Mn in Q2FY22. Our push for SITI Broadband has ensured that our Customer Base and Revenues are up 20% and 11% y-o-y, respectively.

We have always had our ears to the ground, and the launch of the SITI Mitra mobile app for our 25,000+ partners is a testament to that. The app has our fully functional Own Your Customers subscriber management system, and now our partners will be able to manage their business from their mobile phones. The app is available on the Google Play Store."

Shares of Siti Networks Limited was last trading in BSE at Rs. 1.99 as compared to the previous close of Rs. 1.90. The total number of shares traded during the day was 2688668 in over 861 trades.

The stock hit an intraday high of Rs. 1.99 and intraday low of 1.90. The net turnover during the day was Rs. 5309949.00.

Source : Equity Bulls

Keywords

SitiNetworksLimited INE965H01011 SITINET MSO Q2FY22 ResultUpdate