Siti Networks logs net loss at Rs 61.65 crore in Q3

Multi-system operator Siti Networks Ltd on Saturday reported widening of its net loss to Rs 61.56 crore for the third quarter ended in December 2021. The company had posted a net loss of Rs 57.66 crore during the October-December quarter of the previous fiscal, Siti Networks Ltd, formerly known as Wire and Wireless Ltd, said in a regulatory filing.

Its revenue from operations was down 6.16 per cent to Rs 365.22 crore during the quarter under review as against Rs 389.20 crore in the corresponding period of the previous fiscal.

"As of December 31, there are instances of delay in payments of obligation and borrowings, but in view of the management, there is expected revenue growth and expected increase in revenue margins under the Tariff order 2017 and other likely mitigation factors such as continued endeavour to secure additional funds by the company and its subsidiaries," said the Essel group firm.

Siti Networks' total expenses were at Rs 426.55 crore, down 3.78 per cent y-o-y against Rs 443.32 crore.

Also read: ONGC Q3 net profit jumps nearly 7-fold to Rs 8,764 crore

Also read: Muthoot Finance Q3 results: Net profit rises 4% to Rs 1,044 crore