Press Releases2011May 20, 2011
Wire and Wireless (India) Ltd declares its Q4 results for FY11'
Noida, India; May 19, 2011 - The Board of Directors of Wire and Wireless (India) Limited (WWIL) (BSE: 532795, NSE: WWIL EQ) in its meeting held today, has taken on record the unaudited consolidated financial results of the company and its subsidiaries for the fourth quarter ended March 31, 2011 and audited consolidated annual financial results for the financial year 2010-11. WWIL today reported fourth quarter consolidated revenues of Rs 885.0 million. Profit after Tax for the fourth quarter of the fiscal 2011 was a loss of Rs 118.1 million as compared to Rs. 527.8 million during the corresponding quarter last fiscal.
Mr. Subhash Chandra, Chairman, stated, "The television content distribution market in India is fast changing, with visible signs of progress towards a digital environment. Digitization which was mainly confined to DTH is finally taking shape with Government finalizing sunset date for digitization of addressable cable systems. WWIL continues to show improved operational performance with a positive EBIDTA for the year, they have effectively managed strategic expansions in new geographies via analogue and digital mode."
Mr. Sudhir Agarwal, CEO of WWIL commented, "We have consolidated our existing analogue business by making it more stable and profitable with continued focus on building processes, increased collections and strategic cost reduction initiatives. These initiatives have lead to a majority of our analogue units becoming self-sustainable."
"As the market gets ready for next wave of growth, catalyzed by Government digitization initiatives, our efforts would be focused for continually increasing our footprint, invest on infrastructure, get in new services and empower our people." Mr. Agarwal added.