SITI Networks’ Q3FY21 operating EBITDA surges to Rs 638 mn

SITI Networks, an Essel Group company and one of India’s largest Multi-System Operators (MSO), has released its consolidated audited financial results for the third quarter ending December 31, 2020, showcasing continued focus on strict control on expenses and operational efficiencies. SITI’s Q3 FY21 operating EBITDA surged to Rs 638 million. This was achieved through strict control over expenses and operating efficiencies. SITI’s operating EBITDA margin for Q3 FY21 moved to 16.3% through control of various cost elements.

Total revenue (excluding Activation) remained flat compared to the previous quarter at Rs 3,906 million. Subscription revenue, too, remained mostly flat compared to the last quarter at Rs 2,706 million.

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 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, Anil Malhotra, CEO, SITI Networks, said, “SITI’s continued focus on operational efficiencies and strict control over expenses has ensured our operating EBITDA moving to Rs 638 million 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 million 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.”