MUMBAI: Wire and Wireless (India) Limited (WWIL) has narrowed its second-quarter consolidated net loss to Rs 203.20 million as revenue increased 5.7 per cent while its expenses were controlled.

The Subhash Chandra-promoted cable TV company had posted a loss of Rs 406.01 million for the same period in the year-ago period.

Operating revenue was up at Rs 737.67 million for the quarter ended 30 September, compared to Rs 697.97 million in the earlier year.
 
This is mainly because the company entered newer markets of Hyderabad (Andhra Pradesh), Gorakhpur (Uttar Pradesh) and Jind (Haryana) and consolidated its operations in Tam towns like Bilaspur, Varanasi, Bhubaneswar, Dhanbad, Raniganj and Asansol.

WWIL CEO Sudhir Agarwal said, “Continuing the progress of the first quarter, WWIL has consolidated in existing geographies and targeted focused expansion in the second quarter with majority of its units becoming operationally profitable. We will continue to work towards making the existing analogue business more stable and profitable as well as expand our footprint to new identified geographies. We reiterate and assure you that the company is well-placed in terms of its reach and capabilities and shall continue to work in the best interest of its consumers and stakeholders.”

Meanwhile, expenses come down to Rs 726.45 million, compared to Rs 794.59 million in the year-ago period. The company said that major cost item was cost of goods and services recorded as Rs 549.1 million during the quarter representing 75.6 per cent of the total operating expenses in comparison to Rs 600.7 million in the corresponding quarter of the last fiscal, a 75.6 per cent share of the total operating cost.

The company said that while the decrease in cost of goods and services was mainly due to the cut-off of transponder lease rentals, the decrease in staff costs and administrative expenses is reflective of the managements’ efforts to drive efficiencies across the departments. 
 
The company also posted an operating profit (Ebitda) for the quarter of Rs 30.7 million as compared to the loss of Rs 94.7 million during the corresponding quarter last fiscal.

WWIL chairman Subhash Chandra said, “Given the cable dynamics in the country, WWIL continues to focus on the analogue business for now. The company is progressing well and has effective plans for business expansion. In last quarter WWIL has managed effective entry in new geographies. The initiatives taken by the company in past quarters have started yielding results. WWIL, being the market leader in analogue cable is all set to build and capitalise on emerging opportunities coming up across Indian market place.”

On a standalone basis, WWIL‘s net loss for the quarter stood at Rs 214.98 million (as against Rs 413.72 million). Revenue was up at Rs 484.39 million (from Rs 477.15 million), while expenses reduced to Rs 582.60 million, from Rs 715.59 million in the earlier year.