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Ortel Q4 net at Rs 5.65 cr

MUMBAI: Odisha-based regional cable and high-speed broadband services provider Ortel Communications has posted a standalone net profit of Rs 5.65 crore (Rs 56.5 million) for the quarter ended 31 March 2014.

This is the first financial result the company has reported after its initial public offer (IPO).

In the trailing quarter (Q3 FY’14), it posted a net profit of Rs 0.27 crore (Rs 2.7 million), while in the year-ago period, Ortel’s net loss had stood at Rs 2.63 crore (Rs 26.3 million), while

Ortel, which also offers services in Chhattisgarh, Andhra Pradesh, and West Bengal, saw its income from operations rise to Rs 44.91 crore (Rs 449.13 million), up from Rs 33.41 crore (Rs 334.11 million) recorded in the year-ago period, and Rs 39.44 crore (Rs 394.42 million) in Q3.

Meanwhile, EBITDA for the quarter grew by 64 per cent to Rs 20.8 crore (Rs 208 million), from Rs 12.7 crore (Rs 127 million) in the corresponding quarter of the previous fiscal. EBITDA margin stood at 45.9 per cent.

For the full fiscal ended 31 March 2014, the company has posted a net profit of Rs 5.6 crore (Rs 55.99 million), compared to a net loss of Rs 13.78 crore (Rs 137.85 million) in the previous fiscal.

Income from operations stood at Rs 154.79 crore (Rs 1.55 billion), up from Rs 128.50 crore (Rs 1.28 billion) in the year-ago period.

EBITDA jumped by 44 per cent to Rs 59.7 crore (Rs 597 million).

Ortel Communications president and CEO Bibhu Prasad Rath said, ““I am pleased to report that the company delivered healthy performance during the quarter and full year on the back of growth in revenue generating units (RGUs) in cable and broadband businesses and robust contribution from infrastructure leasing segment.”

“Our EBITDA margins stood strong at 37 per cent in FY15, compared to 31 per cent in FY14. We anticipate further improvement in margins going forward as a result of deeper penetration in the cable business along with our continued focus on the high-margin broadband segment.”

Ortel has raised Rs 108.6 crore (Rs 1,086 million) from its recently concluded IPO during the quarter. “The capital infusion will enable us to accelerate growth and deliver much stronger financial and operational performance in the coming years,” Rath added.