Siti Networks' total revenue, excluding activation, stands at Rs 390.6 cr in Q3
The company's continuous efforts to improve operational efficiencies through the improvement of its systems, processes, and personnel have yielded results
Essel Group-owned multi-system operator (MSO) Siti Networks's total revenue (excluding Activation) for Q3 FY21 remained flat compared to the previous quarter at Rs. 390.6 crore. Subscription revenue too remained mostly flat compared to the last quarter at Rs. 270.6 crore.
Operating EBITDA surged to Rs. 63.8 crore due to continued focus on strict control on expenses and operational efficiencies. The company's operating EBITDA margin for Q3 FY21 moved to 16.3% through control of various cost elements.
Siti Broadband also expanded its footprint to 21 cities by the end of Q3 FY21, with the net base increasing to 1.90 lakh. Siti's continuous efforts to improve operational efficiencies through the 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.
While commenting on the results, Siti Networks CEO Anil Malhotra 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."
The company's board has approved the sale of 6,667 Equity Shares ( constituting 40% Equity Stake) held by VarietyEntertainment, being wholly owned subsidiary company of the company, in the Equity Share Capital of Voice Snap at an aggregate consideration of Rs. 10 crores.
The board is of the view that the technology and expertise of Voice Snap cannot be used for the business of the Company or Variety Entertainment or any other group company/subsidiary of the Company. Moreover, since Voice Snap uses Primary Rate Interface (PRI) lines of telecom at the core of their solution. The Board is of the view that it may not bring in synergies and future growth of Variety or the Company or any other group company subsidiary of the company.
The board has also approved the appointment of Raj Kumar Gupta as Additional Directors in the category of Independent Directors with effect from February 5, 2021. Gupta is a Commerce Graduate from BITS University, Pilani, Rajasthan, and a Chartered Accountant. He is a veteran in the Finance and Accounts Profession with experience of over 5 decades. Gupta is a Senior Partner of Gupta Raj & Co., Chartered Accountants, a mid-sized firm providing Finance, Audit & Taxation services to various Business Houses.
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