Siti Networks reports consolidated revenue of Rs 363 crore in Q2
Total expenses remained flat at Rs 428 crore as against Rs 427 crore in the same quarter last year
Essel Group-owned multi-system operator (MSO) Siti Networks has reported consolidated revenue of Rs 363 crore for the quarter ended 30th September as against Rs 390 crore in the same quarter last year. Total expenses remained flat at Rs 428 crore as against Rs 427 crore. Net loss expanded to Rs 63 crore from Rs 34 crore.
The MSO has reported total revenue (excluding activation) of Rs 367.2 crore, as against Rs 391 crore. The company's subscription revenue remained essentially flat at Rs 235 crore. Siti Broadband too observed a base jump of 20% y-o-y and 7% q-o-q to 2.19 lakh at the end of Q2FY22. Siti Broadband's revenue also increased 11% y-o-y to Rs 28.8 crore.
Showcasing strict control on expenses and operational efficiencies, Siti has maintained its Operating EBITDA at Rs 50.9 crore in Q2 FY22. The company's Operating EBITDA Margin expanded to 13.9% in Q2 FY22.
Siti has also announced the launch of the Siti Mitra mobile app for its 25000+ Local Cable Operator (LCO) partners. The app has a fully functional 'Own Your Customer' Subscriber Management System (SMS), allowing partners to have control of their business on their palms. The app is available on the Google Play Store.
Commenting on the results, Siti Networks CEO Anil Malhotra 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 Q2 FY22. 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' SMS, and now our partners will be able to manage their business from their mobile phones. The app is available on the Google Play Store.”
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