Punjab based broadband service provider Connect Broadband run by Quadrant Televentures has reported its financial results for the quarter ending March 31, 2020. The ISP has reported a net profit of Rs 58.49 crore, up from the net loss of Rs 41.68 crore in the preceeding quarter.
Results at a Glance
- Q4 FY 20 revenue at Rs 109.83 crore
- Q4 FY 20 Total expenses at Rs 126.83 crore
- Exceptional items at Rs 75.48 crore in Q4 FY 20
- Net Profit at Rs 58.49 crore in Q4 FY 20
- FY 20 revenue at Rs 465.11 crore
- FY 20 Total expenses at Rs 578.63 crore
- FY 20 loss at Rs 46.52 crore
Connect Broadband reported a revenue of Rs 109.83 crore in Q4 FY 20, down from Rs 123.87 crore in preceding quarter. Total expenses in the quarter stood at Rs 126.83 crore, down from Rs 157.06 crore in Q3 FY 20. The net profit in Q4 FY 20 stood at Rs 58.49 crore, up from a net loss of Rs 41.68 crore in Q3 FY 20.
On an annual basis, the revenue stood at Rs 465.11 crore, up from Rs 405.31 crore in FY 19. Total expenses in FY 20 stood at 578.63 crore, up from Rs 533.02 crore in FY 19. The net loss in FY 20 came down from Rs 127.72 in FY 19 to Rs 46.52 crore in FY 20.
Quadrant in the board meeting also took note that lenders were looking to restructure debts of the company to strengthen the financial viability of the company. Quadrant Board also took note of the recent TDSAT decision that license fee would be not payable on the revenue from Internet services.