Wire and Wireless (India) Ltd (WWIL) has reported Q3 consolidated revenues of Rs 871.7 million as compared to Rs 744.4 million during the corresponding quarter last fiscal, showing a growth of 17.1 per cent.
Operating profit (EBITDA) for the third quarter ended December 31, 2011 was Rs 46.0 million as compared Rs 43.7 million during the corresponding quarter last fiscal, showing a growth of 5.2 per cent.
Commenting on the Q3 results, Anil Malhotra, COO, WWIL, said, “Amid stressed economic environment, WWIL maintained its momentum in the third quarter. Our consolidated revenue and EBITDA grew to Rs 957.1 million and Rs 46.0 million, respectively, a healthy growth of 26.9 per cent and 5.2 per cent, respectively, over corresponding quarter of last fiscal. We will continue to work towards making the existing business self-sustainable as well as expand our footprint to new strategically important geographies. Digitisation of existing cable infrastructure will augment the channel carrying capacity, offer better quality and will provide opportunities to monetise through different value added services like movies-on demand, broadband, gaming, etc. We take this as a very positive development which holds lots of promise for WWIL.”
In a statement issued, Subhash Chandra, Chairman, WWIL, noted, “Indian economy has been facing headwinds of increased inflation, interest rate hikes and policy stand-offs; forcing to cut the GDP growth forecast to around 7 per cent. However, my faith in the Indian economy for the long term remains intact. With the passage of Cable Digitisation Bill, the cable industry has got much required boost that will help create a more sustainable business model. If implemented well, over the next 4-5 years, the industry can completely transform itself to a more transparent, organised and service oriented industry. With WWIL showing consistently improved operational performance quarter-on-quarter, and with all its infrastructure and systems in place, the company is set to benefit immensely from digitisation.”
Wire and Wireless (India) Ltd is one of India’s largest Multi System Operators (MSO). With 53 analog and 11 digital head ends and a network of more than 12,000 km of optical fibre and coaxial cable, it provides its cable services in India’s 57 key cities and the adjoining areas, reaching out to over 10 million households.
Consolidated statement of operations – 3Q FY2012