SITI Networks’ Q1FY22 operating EBITDA jumps 33.1% to Rs.537 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 Q1FY22, ending June 30, 2021.

In line with SITI’s Profitable Growth Strategy, SITI has maintained persistent elevation in Operating EBITDA reporting 33.1% growth over Q4FY21. SITI reported Operating EBITDA of Rs.537 Mn in Q1FY22 as against Rs.403 Mn on q-o-q basis.

The company’s Operating EBITDA Margin expanded to 14.8% in FY22 against 10.4% in the previous quarter. This was achieved through building up operating efficiencies and strict control over costs.

Total Revenue (excluding Activation) stood at Rs. 3,619 Mn in Q1FY22. The Company earned a Subscription revenue of Rs. 2,378 Mn in Q1FY22. SITI Broadband’s net base increased 22% y-o-y to 2.06 lakhs at the end of Q1FY22. SITI Broadband’s Q1FY22 Revenue also surged 25.2% y-o-y to Rs.276 Mn.

While commenting on the results, Mr. Anil Malhotra, CEO of SITI Networks Limited, mentioned: “SITI had a good quarter on the back of our focus on operational efficiencies, and strict control over expenses. Our Operating EBITDA surged 33.1% q-o-q to Rs.537 Mn and Operating EBITDA margins expanded to 14.8% in Q1FY22. SITI Broadband’s base increased 22% y-o-y to 2.06 lakhs while its Revenue surged 25.2% y-o-y to Rs.276 Mn in Q1FY22.

This quarter provided us with the necessary momentum to further drive our efficiencies focus through out FY22. We intend to focus on it along with solid EBITDA and Margins growth, in line with our core strategy of profitable and sustainable growth.”

Shares of Siti Networks Limited was last trading in BSE at Rs. 1.61 as compared to the previous close of Rs. 1.62. The total number of shares traded during the day was 971694 in over 333 trades.

The stock hit an intraday high of Rs. 1.65 and intraday low of 1.6. The net turnover during the day was Rs. 1571603. Equity Bulls