Siti Cable Posts Rs 39 Crore as Q3 Profit


New Delhi: Essel group firm Siti Cable Network Ltd on Friday reported a consolidated net profit of Rs 39 crore for the third quarter ended December.

The company had posted a net loss of Rs 20 crore in October-December of the previous fiscal, Siti Cable said in a BSE filing.

The company’s total income from operations during the quarter under review was up 53 per cent at Rs 332.4 crore as against Rs 217.32 crore in the year-ago period.

“Focusing on our guiding principle of creating value for all stakeholders, the company has achieved the financial turnaround for the first time in its history and reported profit before tax (PBT) of Rs 56 crore in the third quarter of 2015-16 and Rs 5.1 crore for the nine months of 2015-16,” said Siti Cable Executive Director and CEO V D Wadhwa.

He said that during the quarter, the company has added 1.1 million digital subscribers, over 10,000 broadband customers and expects this momentum to sustain in coming quarters.

On outlook of the company, Wadhwa said:” We are also aggressively looking for inorganic growth opportunities in the geographies which make strategic sense for us to expand and have acquired some networks in the western part of the country which shall add 1.5 million subscribers to our existing subscriber base of 10.7 million.”

The stock closed at Rs 36.95 on BSE, up 4.38 per cent from its previous close.