SITI Networks Limited
UG Floor, FC-19 & 20, Sector-16 A, Film City,
Noida, Uttar Pradesh-201301, India
Tel: +91-120-4526700
Website : www.sitinetworks.com
September 28, 2024 | |
To, | |
The General Manager | The Manager |
Corporate Relationship Department | Listing Department |
BSE Limited | National Stock Exchange ofindia Limited |
Phiroze Jeejeeboy Towers | Plaza, 5th Floor, Plot no. C/1, G Block |
Dalal Street, Fort, | Bandra Kurla Complex, Bandra (E) |
Mumbai- 400 001 | Mumbai- 400 051 |
BSE Scrip Code: 532795 | NSE Scrip Symbol: SITINET |
Subject Audited Financial Results for the fourth quarter and financial year ended on March 31, 2024
Dear Sir,
Pursuant to applicable Regulations ofthe Securities and Exchange Board ofindia (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as "SEBI Listing Regulations") including Regulation 30, this is to inform you that the Audited Financial Statements ofthe Company, on standalone and consolidated basis, for:
- the fourth quarter and financial year ended on March 31, 2024, in the format prescribed under Regulation 33 ofthe SEBI Listing Regulations; and
- the financial year ended March 31, 2024, including Balance Sheet as at March 31, 2024, and the Profit & Loss Account for the financial year ended on that date
have been signed by the Resolution Professional (RP) while exercising the powers ofBoard ofDirectors of the Company which has been conferred upon him in terms ofthe provisions ofSection 17 ofthe Insolvency and Bankruptcy Code 2016 and by the CEO ofSiti Networks Limited
We would like to state that M/s DNS & Associates, Statutory Auditors, have issued Audit Report with modified opinion on the Standalone and Consolidated Audited Financial Statements for the quarter and financial year ended March 31, 2024.
Regd. Off. : Unit No. 38, 1st Floor, A Wing, Madhu Industrial Estate, PB. Marg, Worli, Mumbai - 400 013
GROUP | Tel. : +91-22-43605555 CIN No. : L64200MH2006PLC160733 |
In respect of above, please find enclosed herewith the
- Audited Financial Results for the 4111 quarter and financial year ended March 31, 2024, as per Regulation 33 of the SEBI Listing Regulations along with the reports thereon issued by the Statutory Auditor on the Standalone and Consolidated Results;
- A statement pursuant to the Regulation 33(3)(d) of the SEBI Listing Regulations, on impact of Audit Qualifications (in respect of modified opinion on Standalone and Consolidated Audited Financial Results) is enclosed herewith as per prescribed Annexure-I.
You are requested to kindly take the above on record.
Thanking you
Yours truly
For Si i Networks Limited
Company Secretary and
Membership No. ACS 14390
SIT! NETWORKS LIMITED | |
Regd. Office: Urnt No. 38, 1st Floor, A Wing, !Iadhu !ndustnal Estate, P. B. ivlarg, Worli, Mumbai-400013 | |
Website: www.sitmetworks.com | C!N L64200l1H2D06PLC160733 |
Statement of standalone audited financial results for the quarter and year ended 31 March 2024
I | Revenue from operations | 1,184.80 |
II | Other income | 118.54 |
III | Total revenue (!+II) | 1,303.33 |
IV | Expenses | |
Purchases of stock-in-trade | ||
Pay channel costs | 688.68 | |
Employee benefits expense | 63.32 | |
Finance costs | 50.68 | |
Depreoat10n and amortisation expenses | 211.48 | |
Other expenses | 313.83 | |
Total expenses (IV) | 1,327.99 | |
V | Profit/(Loss) before exceptional items and tax (III-IV) | (24.65) |
VI | Excephondl items | (677.87) |
VII | Profit/(Loss} beforl;'; tax (V-VI) | 653.22 |
VIII Tax expense
- Current tax
- Deferred tax
Total tax expense (1+2)
IX | Profit/(Loss) for the period (VU-VIII) | 653.22 |
X | Other comprehensive income: | |
Items that will not be reclassified to profit or loss | 1.26 | |
Income tax relating to items that will not be reclassified to profit or loss | ||
XI | Total comprehensive Profitj(loss) (IX+X) | 654.48 |
XII | Paid-up equity share cdpital (Face value f 1/- per share) | 872.05 |
XIII | Other equity | |
XIV | Profitj(Loss) per equity share (oft 1/- each) | |
- Basic and diluted | 0.75 |
See accompanying notes to the fmannal results.
.Olai,!erended 3:l.De1:e:m1w20.u
.. llialidite(ij .·
.....
1,032.39
8.83
1,041.22
716.30
52.98
220.15
316.58
344.64
1,650.65
(609.43)
(609.43)
(609.43)
0.55
(608.88)
872.05
(0.70)
Q,,larteren4ed
,11 �l:ird110�
(A'!/9itl'.d}
1,349.74
44.78
1,394.52
2.56
795.30
60.78
256.89
642.19
340.34
2,098.06
(703.54)
346.20
(1,049.74)
1.51
(1,048.23)
872.05
(1.20)
(tin million except per share data) | |||
Year ended | Yearend_ed ' | ||
!11March: �ll:i4. | 311farch 2023 . | ||
{An�dl ·• ·· | (iu | . | •·· |
. | . ·. . | ||
4,332.24 | 5,311.51 | ||
142.55 | 196.58 | ||
4,474.79 | 5,508.09 |
2.47 10.08
3,063.47 3,284.54
- 260.76
- 1,063.03
1,268.55 1,890.32
1,300.33 l,64l.99
6,604.83 8,150.72
(2,130.04) | (2,642.63) |
(624 67) | 346.20 |
(1,505.37) | (2,988.83) |
- | |
- | - |
(1,505.37) | (2,988.83) |
2.90 2.19
-
(1,502.47) | (2,986.64) |
872.05 872.05
(11,862.62) (10,360.16)
(1.73) (3.43)
SITI NETWORKS LIMITED
Regd. Office: Unit No. 38, 1st Floor, A Wing, Madhu Industrial Estate, P. B. Marg, Worli, Murnbai-400013
Website: www.sitinetworks.com | CIN L64200MH2006PLC160733 |
A.Assets
1. Non-current assets
- Property, plant and equipment
- Capital work-in-progress
- Intangible assets
- Intangible assets under development
- Financial assets
- Investments
- Other financial assets
- Other non-current assets
Total non-current assets
2. Current assets
- Inveniories
- Financial assets
- Trade receivables
- Cash and cash equivalents
- Bank balances other than (ii) above
- Other financial assets
- Income tax assets
- Other current assets
Total current assets
TotalAssets
B. Equity and Liabilities
Equity
- Equity share capital
- Other equity
Total equity
Liabilities
1. Non-current liabilities
- Financial liabilities
- Borrowings
- Lease Liabilities
- Other financial liabilities
- Provisions
Total non-current liabilities
2. Current liabilities
- Financial liabilities
- Borrowings
- Lease Liabilities
- Trade payables
-Total outstanding dues of micro enterprises and small enterprises
-Total outstanding dues of creditors other than micro enterprises and small enterprises
- Other financial liabilities
- Other current liabilities
- Provisions
Total current liabilities
Total Equity and Liabilities
1,076.631,994.43
- 222.27
- 311.64
1.441.16
3,084.423,156.59
- 88.47
- 81.37
4,532.675,855.93
9.166.70
1,518.501,295.74
- 328.47
- 379.80
- 165.20
- 76.93
144.01144.18
3,089.57 | 2,397.02 |
7,622.24 | 8,25295 |
872.67872.67
(11,862.62) | (10,360.16) |
(10,989.95) | (9,487.49) |
112.51112.51
2.864.95
4.344.33
34.4731.05
154.18152.84
7,455.728,713.25
3.014.12
308.15331.88
6,849.30 | 4,738.68 |
3,542.83 | 3,429.14 |
295.05368.45
3.952.08
18,458.01 | 17,587.60 |
7,622.24 | 8,252.95 |
SITI NETWORKS LIMITED
Regd. Office: Unit No. 38, 1st Floor, A Wing, Madhu Industrial Estate, P. B. llarg, Worli, Murnbai-400013
Website: www.sitinetworks.com | CIN L64200MH2006PLC160733 |
A. CASH FLOW FROM OPERATING ACTIVITIES | ||
Loss before tax | (1,505.37) | (2,988.83) |
Adjustment for: | ||
Depreciation and amortisation expense | 1,268.55 | 1,890.32 |
Interest income | (32.86) | (39.29) |
Excess provisions written back | (42.60) | (153.40) |
Loss on sale of property, plant and equipment, and other intangible assets (net) | 2.39 | |
Interest expense for borrowings at amortised cost | 738.79 | 1,049.10 |
Interest expense on lease liabilities | 0.96 | 1.34 |
Bad debts written off | 0.28 | 3.53 |
Umealised foreign exchange loss (net) | 1.16 | (0.07) |
Expected credit losses on trade receivables | 89.88 | 148.80 |
Provision for Doubtful advances | 7.90 | |
Exceptional items | (624.67) | 346.20 |
Operating profit before working capital changes | (97.98) | 260.09 |
Adjustments for movement in: | ||
Trade receivables | (312.93) | (190.64) |
Other financial assets | 670.16 | 53.35 |
Other current and non-current assets | (202.78) | (61.25) |
h1ventories | (2.45) | (0.29) |
Other financial liabilities | 11.94 | (51.90) |
Provisions | 8.19 | (11.21) |
Other current and non-current liabilities | (73.42) | 12.05 |
Trade payables | 2,129.51 | 813.88 |
Cash generated from operations | 2,130.24 | 824.08 |
Income taxes (paid)/refund (net) | 214.85 | 240.26 |
Net cash flow generated from operating activities | 2,345.09 | 1,064.34 |
B. CASH FLOW FROM INVESTING ACTIVITIES | ||
Purchase of property, plant and equipment, and intangible assets | (21.59) | (179.44) |
Proceeds from sale of property, plant and equipment | 5.14 | |
Interest received on bank deposits | 38.72 | 41.14 |
Maturity of/(Investment) in bank deposits | (420.55) | (379.80) |
Maturity of margin money deposits | 31.85 | 59.44 |
Net cash flow used in investing activities | (371.57) | (453.52) |
C. CASH FLOW FROM FINANCING ACTIVITIES | ||
Repayment of borrowings (non-current, financial liabilities) | (1,257.53) | (280.93) |
Payment of lease liabilities | (4.17) | (5.52) |
Interest paid | (669.31) | (93.24) |
Net cash flow used in financing activities | (1,931.01) | (379.69) |
Net increase in cash and cash equivalents | 42.51 | 231.13 |
Cash and cash equivalents at the begi:tming of the period | 328.47 | 97.34 |
Cash and cash equivalents at the end of the period | 370.98 | 328.47 |
Notes: | ||
a. Cash and cash equivalents include: | ||
Cash on hand | 0.47 | 1.72 |
Balances with banks on current accom1ts | 362.72 | 298.44 |
Cheques on hand | 7.79 | 28.31 |
370.98 | 328.47 |
b. The above cash flow statement has been prepared nnder the ''Indirect Method" as set out in Indian Accom1ting Standard 7 (Ind AS 7) on "Statement of Cash Flows".
SIT! NE1WORKS LIMITED
Regd. Office: Unit No. 38, 1st Floor, A Wing, Madhu Industrial Estate, P. B. MMg, Worli, Mumbai-400013
Website: www.sitinetworks.com | CIN L64200MH2006PLC160733 |
Revenue from operations
- Other income
- Total revenue (!+II)
IV Expenses
Purchases of stock-in-trade
Pay channel costs
Employee benefits expense
Finance costs
Depreciation and amortisation expenses
Other expenses
Total expenses (IV)
- Loss for the period before tax and share of loss in associates and joint ventures and exceptional items (III-IV)
VI Share of loss of associates and joint ventures
VII Loss before exceptional items and tax (V+VI)
VIII Exceptional items
IX Loss before tax (VII-VIII)
- Tax expense
2,832.89 | 3,226.61 | 3,375.47 | 12,910.91 | 13,453.49 |
68.04 | 37.33 | 129.04 | 285.84 | 346.84 |
2,900.93 | 3,263.94 | 3,504.51 | 13,196.75 | 13,800.33 |
2.93 | 2.38 | 2.93 | ||
2,310.95 | 1,929.24 | 1,838.34 | 7,860.38 | 7,387.76 |
139.24 | 156.74 | 177.60 | 633.91 | 672.27 |
(58.04) | 244.51 | 280.47 | 816.20 | 1,154.71 |
255.25 | 630.60 | 1,123.04 | 2,576.00 | 3,443.79 |
943.89 | 1,011.59 | 1,026.38 | 4,118.07 | 4,200.56 |
3,594.22 | 3,975.06 | 4,445.83 | 16,007.49 | 16,859.09 |
(693.29) | (711.12) | (941.33) | (2,810.74) | (3,058.76) |
(2.29) | (2.23) | (1.73) | (4.53) | (3.97) |
(695.58) | (713.35) | (943.06) | (2,815.28) | (3,062.73) |
(696.84) | 80.51 | (696.84) | 80.51 | |
1.26 | (713.35) | (1,023.57) | (2,118.42) | (3,143.24) |
(1) Current tax | (25.50) | 30.44 | 33.60 | 79.74 | 138.85 | |
(2) Deferred tax | (67.22) | (14.80) | (47.34) | (147.56) | (127.69) | |
Total tax expense (1+2) | (92.72) | 15.64 | (13.74) | (67.82) | 11.16 | |
XI | Loss for the period (IX-X) | 93.98 | (728.99) | (1,009.83) | (2,050.62) | (3,154.40) |
XII | Other comprehensive income: | |||||
Items that will not be reclassified to profit or loss | 3.13 | 1.41 | 6.39 | 5.53 | 8.79 | |
Income tax relating to items that will not be reclassified to profit or loss | ||||||
Total comprehensive loss for the period | 97.11 | (727.58) | (1,003.44) | (2,045.08) | (3,145.61) |
Net loss attributable to:
A Owners of the parent
B Non-controlling interest
Other comprehensive loss attributable to:
A Owners of the parent
B Non-controlling interest
Total comprehensive loss attributable to:
A Owners of the parent
B Non-controlling interest
XIII Paid-up equity share capital (Face valuef 1/- per share)
XIV Other equity
xv Loss per equity share (off 1/- each) -Basic and diluted
See accompanying notes to the financial results
195.18 (696.34)
(101.23) (32.65)
- 0.38
- 1.03
- (695.96)
(100.82) (31.63)
872.05 872.05
0.11(0.84)
(765.04)
(244.78)
4.43
1.96
(760.61)
(242.82)
872.05
(1.16)
(1,839.63)
(210.99)
4.42
1.11
(1,835.21)
(209.89)
872.05
(10,466.80)
(2.35)
(2,799.85)
(354.55)
6.14
2.65
(2,793.69)
(351.90)
872.05
(8,631.59)
(3.62)
SIT! NETWORKS LIMITED
Regd. Office: Unit No. 38, 1st Floor, A Wing, Madhu Industrial Estate, P. B. Marg, Worli, Mumbai-400013
Website: www.sitinetworks.com | CIN L64200MH2006PLC160733 |
A. Assets
1. Non-current assets
- Property, plant and equipment
- Capital work-in-progress
- Investment property (d)Goodwill
- Other intangible assets
(!)Intangible assets under development
- Investments in joint ventures and associates
- Financial assets
- Investments
- Other financial assets
- Deferred tax assets (net)
G) Income tax assets
- Other non-current assets
Total non-current assets
2. Current assets
- Inventories
- Financial assets
- Trade receivables
- Investments
- Cash and cash equivalents
- Bank balances other than (iii)above
- Other financial assets
- Income tax assets (net)
- Other current assets
Total current assets
Total Assets
B. Equity and liabilities
Equity
- Equity share capital
- Other equity
- Non-controllinginterests Total Equity
Liabilities
- Non-currentliabilities
- Financial liabilities
- Borrowings
- Lease Liabilities
- Other financial liabilities
- Provisions
- Deferred tax liabilities (net)
- Other non-current liabilities
Total non-current liabilities
- Current liabilities
- Financial liabilities
- Borrowings
- Lease Liabilities
- Trade payables
-Total outstanding dues of micro enterprises and small enterprises
-Total oustanding dues of creditors other than micro enterprises and small enterprises
- Other fh1ancial liabilities
- Other current liabilities
- Provisions
Total current liabilities
Total Equity and Liabilities
3,851.13 5,560.61
687.79607.57
- 688.95
- 491.74
113.47577.18
1.441.16
- 22.38
- 201.07
- 320.56
152.51154.20
6,620.93 8,625.42
18.3319.58
2,652.70 | 2,516.27 |
784.39 |
715.25 1,028.31
1,308.76798.21
- 406.94
- 123.13
496.73588.84
6,638.78 5,481.27
13,259.71 14,106.70
872.67872.67
(10,466.80) (8,631.59)
262.71472.59
(9,331.43) (7,286.33)
126.38127.93
8.8614.85
- 502.66
- 151.80
- 3.47
- 118.62
- 919.33
7,587.46 9,035.20
9.9213.81
309.82339.57
9,322.93 6,856.77
3,612.16 3,285.92
751.77930.91
48.9911.52
21,643.05 20,473.70
13,259.71 14,106.70
SITI NETWORKS Ll:VIITED
Regd Office. Unit No. 38, 1st Floor. A Wing, Madhu Industrial Estate, P. B. Marg, Worli, Mrnnbai-400013
Website: www.sitinetworks.com | CTN L64200MH2006PLC 160733 |
A. CASH FLOWS FROM OPERATING ACTIVITIES | |||
Loss before tax | (2,118.42) | (3,143.24) | |
Adjustment for: | |||
Depreciation and amortisation expenses | 2,576.01 | 3,443.79 | |
Interest income on bank deposits | (79.79) | (110.13) | |
Excess provisions written back | (71.71) | (210.07) | |
Share of loss of associates and joint ventures | 4.53 | 3.97 | |
Loss on sale of property, plant and equipment, and other intangible assets (net) | 16.28 | 12.07 | |
Interest expense for borrowings at amortised cost | 807.48 | 1,076.93 | |
Interest expense on lease liabilities | 3.29 | 3.01 | |
Bad debts written off | 20.47 | 8.56 | |
Unrealised foreign exchange loss | (1.02) | (0.92) | |
Expected credit losses on trade receivables | 319.74 | 165.70 | |
Exceptional items | (696.84) | 80.51 | |
Operating profit before working capita! changes | 780.02 | 1,330.19 | |
Adjustments for movement in: | |||
Trade receivables | (496.44) | (156.74) | |
Other financial assets | (50.45) | (16.59) | |
Other current and non-current assets | 810.45 | 22.44 | |
Inventories | 1.25 | 2.39 | |
Other financial liabilities | 772.91 | (69.00) | |
Provisions | 48.33 | (5.70) | |
Other current and non-current liabilities | (153.97) | 94.14 | |
Trade payables | 2,508.12 | 571.51 | |
Cash generated from operations | 4,220.22 | 1,772.64 | |
Income taxes (paid) | 120.11) | 38.81 | |
Net cash flows generated from operating activities | 4,100.11 | 1,811.44 | |
B. CASH FLOWS FROM INVESTING ACTIVITIES | |||
Purchase of property, plant and equipment, and intangibles assets | (935.35) | (421.03) | |
Proceeds from sale of property, plant and equipment | 7.26 | 7.26 | |
Proceeds from sale/purchase of investments (non-current, financial assets) | (784.39) | 114.87 | |
Interest received on bank deposits | 79.79 | 113.20 | |
Maturity of/(Investment in) bank and margin money deposits (net) | (510.55) | (454.45) | |
Net cash flow used in investing activities | (2,143.24) | (640.13) | |
C. CASH FLOWS FROM FINANCING ACTIVITIES | |||
Movement in borrowings(net) | (1,449.28) | (651.41) | |
Payment of lease liabilities | (13.17) | 5.49 | |
Interest paid | (807.48) | (113.57) | |
Net cash flow used in financing activities | (2,269.93) | (759.48) | |
Net increase in cash and cash equivalents | (313.06) | 411.80 | |
Cash and cash equivalents at the beginning of the period | 1,028.31 | 616.51 | |
Cash and cash equivalents at the end of the period | 715.25 | 1,028.31 | |
Notes : | |||
a. Cash and cash equivalents include: | |||
Cash on hand | 19.51 | 21.57 | |
Balances with banks on current accounts | 454.53 | 514.50 | |
Cheques and drafts on hand | 26.11 | 43.40 | |
Deposits with original maturity of upto three months | 215.10 | 448.84 | |
715.25 | 1,028.31 |
b. The above cash flow statement has been prepared under the "Indirect Method" as set out in Indian Accounting Standard 7 (Ind AS-7) on "Statement of Cash Flows".
SITI NETI'VORKS LIMITED
Rt>gd. Office: !.;nil No. 18, Isl Floor, A Wing, fadhu Industrial Esl.dll', P. B. !vldrg, Worli, Mumhai--1-00011
W('bsilt': www.silint'lworks.n11nCIN L6-+200MH2006PLC1607'1
SlTl Nelworks Limited ('tlwCompdny' or 'tlw I·-lnlding Comp
The Company is undt�rgoing Corpordlt' lnsolwnry Rt'so!ulion Pro('ess (CIRP) pursudnl to order ddlt'd 22 fl,bru,uy 201J ("Admission Order") paSSl'd hy Hon'ble Naliondl Company Ldw Trihundl ('NCLT), Mumbai, under the provisions of lnsolwnry and Bdnkruptry Cnde, 2016 ("Code"/ "!BC"). By Uw Admission Ordt1r, Mr. Rnhit Mehrcl wJs appoinh'd dS lh(' interim Resolulion Profcssmnal of Uw Company. The Admission Order WdS d1allcng<-'d hy one of thp Directors (powers suspended) of Ult.' Compdny ht'fort' Llw Hon'blP Nationdl Comp,rny Ldw App('llate Tribunal ("NCLAT') m an Appeal. By ordn dated 7 Md h,Kk Lo Lhe Direttors (powers suspcmkd) of Uw Company hy Uw lnlL'nm Resolution Profession<1l. Bv order dated 10 August 202'.'i, tlw Hon'hk NCLAT dismissed lhe Appeal, along with all inlnim cipplirdlions ("NCLAT Final Ordt'r") and uplwld Llw Admission Order rcinsldlmg llw CIRP of the Company. Mr. Rohil Mehrci was subsequently confirmt>d as llw Resolution Professiondl of tlw Company by Uw rommitlt'P of creditors. Further, d moratorium in terms of Section "l-1- of the !BC is in fnrn• with respt>d lo Llw clffdirs of tlw Company during ils onp,omg CIRP.Tlw Resolution Professional has filed Jn applirJtinn to NCLT Mumbai St'L'kinr, dJrificdLion with rt>spt'rt to tlw trec1u1wnt of lic1bilities drising during the 51.dy Pcnod i.e., from 7 Mdrch 2023 lo 10 Augusl 2023 ,:111d ml-off ddte for certclin ,Klivities. In rdalion Lo the darifirntion sought, mu!Liple broatkastPrs haw Jlso fikd c1pphrntions witl1 NCLT, Mumbai for rekdse of lnsls by tlw Resolutton Pmfl'ssional n•lalcd tn the snvin'S provided during Uw Slay Period. TIWSt! applKdlions dre pending ddjudirdlion with NCLT.
The slandalom' aml rnnsolidclled finanndl results for Lhc quarter Jnd Yl'ar ended 31 March 202-+ hdve been prepared c1nd signed hy the Chief Executive Offiler c1nd Uw Resolution Professional (RP) while exercising lht' powers of B0c1rd nf Dirt'rlors nf Lhe Company which hc1s hl'en rnnferrPd upon him in Lt'rms of tlw provisions of Serlion 17 of llw lnsolvcnly ,:;1nd Bdnkruplly Code 2016.
llw above results havt.' been pwpc1rcd in affnntanre with the recognition and measurement principles iclid down in Indian Arrnunting51.dnddrds pn•snibed under 5f'flion n:, of tlwCompdnies Ad, 2011 and dS per the presentation requirements of SEBI Circular CIR/CFO/FAC/62/2016 datt•d 05 July 2016 dnd nlher drcounti.ng principil's fienernlly dtH'plt'd in lndi.:1.
Tlw Stalutory Auditors have disclaimi'd llwir opinion in tlw dudiled dnnual finandcll resull'i in respect of the standalone dnd nmsolidated financial results for Lhc qu,:1rler c1nd yrnr endt'd 31 Maffh 202-1-.
Tlw Compc1ny has incurrt'd J npt loss (including ullwr tompwlwnsivt' inrnmc) uf� 1,302.-+7 million durmg Uw yl'dr L'mkd '.'.1 Marrh 202-!, and as of llldt date, the Company's arcumulc1ll'd losses dmounl lo� 27,925.23 million resulting in d negdliw nl'l wortl1 of� 10,989.95 million and ils·rnrrent liabilities t'xn•etkd 1ts rurrenl assets by { 13,368.--1--1 million resulting in negative working capital. Further, Uw Group has incurred d net loss of (induding oUwr rnmprdwnsive inrnme)� 2,0-l:5.08 million during Llw yrnr ended 31 Mdffh 202-+, and dS of th.:1t date, the Croup's clrrnmulaled. losses dmotmt lo� 26,511.70 million resullmg i.n a negative net wort11 of� 9,394.13 million and its current liahihlit's exceeded ils current dssels by { 13,()()..1..27 million n'sulting in 1wp,dliw working rapildl. Arrnniingly, llww exisls d malerfal unn-'rta.inty about the Comptlw Company/ Croup is dt•pcndenl upon llw surn•ssfu! implt>menl:ittion of a Resolution plan. Sinn' the CIRP is currently in progress, as per thp Cod(', it is required thal the Company he managt'd as d going rnmern during tlw CJRP period. Tiw slandoilone clnd rnnsolidatl'l1 financial i:nform<1tion hi.ls ht>en prepan�d dSSuming going rnncern basis of a(rnunling, although tlwn:' exists malcri.al uncertunty dboul tht' Compdny's/ Group's ability to continue as going rnrnern sinn' the same is dependi•nl upon tlw smn'ssful imp!t'mt'nl:il.tinn of d resolution plan
Pursuant to tlw rnmmemement of CIRP of tlw Cmnpdny under Insolvency clnd B
The finandc1l nt'dilors haw submitted dc1ims dmounling Lo� 12,060.11 million as on 10 Augusl 2023, out of whid1� 11,292.65 million haw been admilttx1 hy lhe Resolulion Professional.
The opi'rationc1l crt'ditnrs, statutory clulhorilics, Pmployct's and olhl'r nedilors haw submitted dd1ms amounting Lo� 19,83-+.60 million as on 10 August 2023, out of whKh t 7,066.86 million haw ht.•en ddmitlt'd and t 3,391.56 hcls been c1dmillcd rnnUngenl!y by Lhe Rt>solulion ProfessiondL
Pursudnl lo tlw rnmmenremf'nt of CIRP of lhe Compclny undt'r Insolvemy and Bankruptcy Cude, 2016, (erldin infonndlion indudi.ng the minutes of meetings of Uw Commille of Creditors ('CoC') lwld on various ddtes, and thf' outrnmt' of t"erWin prot t•dun•s carried out dS a part of Uw CIRP MC u.mfidenticll in lldlufl' dnd rnuld not be sharf'd witl1 anyone otlwr l11an the members of CoC and Hon'ble NCLT.
HowevN, tlw slo(k exchangt's hdve bt'en informed ahoul llw rnnvt'ning nf tlw meeting of tlw rommilleP of netlitors and the same was rf'leased by them as public anouncemt'nt.
During Uw year ended '.',1 Marrh 202-+, lhc bank and finandal institutions excrdsing their rights under VJrious fddlily agreemmts havp received dll amount of� 1,2:iO.OO million from lhe Company's bank drcount against the borrowings wluch have been classified dS non-performing asset (NPA). Due to non-dvaiahility of confirm.:1tions from certain lenders, the Company has c1djuslcd such dmounls, with the liability for 'Prindpal Oulsl.dmling' on borrowings i.n the books of acrnunls.
In rnnm.xlion with the abow appropriation, Asset RL'Ci.mslrudionCompany (India) Limited, one of tht' finandJI creditors of the Company, has filed dn application witl1 NCLT, Mumbai seeking diredions thcll moratorium WdS in for(L' during tht> slay period (i.e., from 7 March 2023 lo 10 August 2023) and dir(•d10ns against cerl:itin creditors to refund the amount appropriated by Llwm during the Slay Period.
- As on 31 March 202-:b, llw Company and some of its subsidiaries have l1efaulled in repayment of bank loans and accounts have bem classified Js Non-Performing Assets (NPA) by the lenders undn thf' Consortium. The Compdny/ subsidianes have nol provided for ddditiondl and penal interest as pdrl of financt' cost in tenns will1 rondilions put forth in arrclnr,enwnts ('lltned i.nlo b<.•tween tlw banks & financial i.nstilulions with the Company dnd in dccordame with the requirements of Ind AS 109, Financial Instruments.
- Exceptional items in the standalone financial results include lhi.' folkiwing:
- During tlie quartt�r ended :n March 202-+, gain on dfnJunt of si.'lllemenl of borrowings, as explc1ined in note 17(c) below, c1mounti.ng lo� 696.84 million was booked.
- During tlw year ended :n Marrh 2024, gdin on Mrount of sellll'menl of borrowings amounting lo� 696.8-! million was hooked and di.munition in Lht' value of investments in subsitlidries anwunting to� (72.17) million was booked.
- During tlw year t.:•nded :n March 2023, dimunition in tlw valm' of inveslmt't1ls in subsidiarit'S clmounting lo� (3.J-6.20) million was booked.
Tht' lOtdl impad of 11 (a), (h) amt (r) clbove on tlie standalone findncial resulls for tlw quarter ended 11 Mc1rch 202-+, qmuler ended '.',1 Derembn 202:i, quarter ended 11 March 2021, yt•ar ended '.1 M,nrh 202-l- dill! vmr c�ndPd )1 Mardi 2021 dmnunts 10� 677.87 million.� Nil.� f">-+6.20) million. { 624.67 million and� (146.20) million rP<;nPdivelv
12 Exceptional items in the consolidated financial n•sulls include the following:
a) During tlw quarter and year ended '.',1 March 202-1-, gain on c1nounl of selllement of borrowings, dS ('Xplained in nolt' 17(c) below, amounlinp, tor 696.8-! million was bookL'd.
b) During the quartl'r and year t>nded 31 Marrh 2023, provision of expt'rlt'd cri.'dil loss on old balanrf's, in wspcd of om' subsidiary, amounting to� (19.80) million was booked.
r) During the quarter dnd YL'ar ended 11 March 202'. old ddvanres written off, in resperl of two subsidiaries, amounling to� (60.71) million wds booked.
Tiw Lota.I impai.l of 12 (a), (b) and (r) c1bove on the rnnsolid,iled findndal results for the quarter ended 31 Mc1rrh 202-l-, quc1rler endC'd 31 Defemb<.�r 202:i, quart.erended :"1 Marrh 2023, year C'nded 31 March 202-+ c1ml yrnr 0nded 31 Mc1nh 2023 amounts to t 696.8-+ milhon,� Nil,� (80.31) million,� 696.8-l- million amt� (80.51) million respPftiwly.
1'.'i For lhc qudrtt'r and year Pndt'd 31 March 202-!, for qudrlt'r c1mi yrnr mded :n Marrh 2023, for quarter ended 31 Decembt.>r 202?,, the 'Subscription income' mdudt1d in the 'Rt'venm' from npl�rations' in these finandal n•sults, inter alia, i.ndudes tlw amounts payahlE' lo thl' brnadcdsters towards their share in n'lation to tlw pay channels suhsrribed by Lhc rnslomers. 'Tht> aforementioned rnrresponding clmounts (i.e. Broadcclsli.'r's share) has Jlso been presenled clS an L'Xpt'nst• in Lht>st> financial results. Tlw Sclid amounts dre � 688.68 million, 'Z 3,061.-!7 million, r 793.30 m1llion,r 3,28-4.5-! million Jnd� 793.30 million for tlw qmirler dnd year ended 31 Marrh 202-!, for llw quarter and year ended 31 March 202?,, for tlw quarter ended 31 De(ember 2021 respediwly in the standalone finanrii:ll results and� 2,110.95 million,� 7,860.18 million,� 1,8'.'i8.34 million,� 7.'.'i87.76 million and� 1,929.2-1- million for Llw quarter and year end('d 31 Mmch 202-+, for the quarler c1nd year endt>d 11 March 202'.'i, for tlw quarter t•ndt'd '.'i1 Decf'mber 2021 respt'rliw!y in the rnnsolidalcd finanrial results.
Had these expcnsPs been disclosed on nl'l basis, Uw 'Revenue from operations' dmt the 'Pay channel, rnrriage sharing dmt reldled rosts' l'dl'h would have been lower by� 688.68 million,� 3,061.-1-7 million, � 793.10 million,� 1,28-l-.3-! million clnd� 795.30 million for the quartn amt year t>nded 11 Marrh 202-1-, for the quarter and yedr ended 3] Marrh 202: for Llw quJrler ('ndt>d ."1 DtYembpr 2021 rt.:'SpPctiwly in the slamfalone financial results and� 2,310.95 million,� 7,860.38 million,� 1,838.1-1- million, Z 7.387.76 million dllli Z 1,929.2-l: million for the qudrler and year emkd .">1 Marrh 202-+, for Uw quc1rter and year ended 31 Marrh 2021, for tht' quarter l'ndcd '.',1 D&emher 2023 respedively in the rnnsolidaled fi.nanri<1l results. However, there would not haw been Jny impMl on the nd loss for tlw respt'l'llvequarter.<,and yrnr ended 111 both lht' standalone and rnnsol!daledfinan(idl results.
I-+ | Tlw rnnsoliddlt'd find1Kidl results indudt-'S Llw dnnudl finanual resulls of mw suhsidi,uy Sili Broadband St'rVill'S Privdli.' Limiled, which 1s umkrgoing Corpordb-' lnsnlwm y Resolulion Prnress by dn |
order ddll'd :n Otlober 202:'>. Tiw dnnudl finan(idl n•sulls hdVl' nol hl'en dudih•d by Uwir sWLulory dudilors dnd havt' noL been upproved/s1gncd by Uw Rcso!ul10n Professtondl dppoinled for L111s | |
suhsidi,uy for Uw Y('dr ended :'>1 Marrh 202-+. Tlw findn(ial inforn1dl1on of the suhsid1dry indudt'd in the rnnsoliddk'd firnrnddl sldtl'mt>nls of Llw Croup rdkd told! dsscts of<-+1"1.93 nullion dS dt 11 | |
Mdrrh 202-+, llll.di wvcnues of<127.-+?, million dnd<329.92 nnllion, Loldl net loss aftPr tax of<1-+..l-+ millinn c:md { 122.98 mil11on, dnd total (ompn'lwns1ve loss of<13.-+7 million d!H.I<122.1"1 million | |
for Llw tJ_uurl'f dnd y,'dr l'mkd on :n l.1dnh 202-+n-'spedivdy. | |
LS | Tlw ronsohdall'd findnricll resulls i.ndud('S the dnnual firn:m(idl results of one suhsididry Sili Jind D1giwl Mt'tlid Commum,dlions Privalt' Limilt'tL whirh is undergomg Corpordle Insolvency |
Resolution Prnn'SS hy dl1 order daLed 22 Marrh 202-+. Tiw annudl fmdn(ldl resulls hdv(-' nol hPen dudilt'd hy lht>ir stdlulory dudilors dnd hdVl' nol lit.'l'n drprov(•d/signed by lhe Rl'SOlullon | |
Professmnal dppoinll'd for Uus suhsidiary for Uw year t>nded ,)1 Marrh 202-+. Tlw fimmrial infonndtion of Llw suhsidiary indUtkd ln Llw rnnso!i(.ldled findnriul informdtion of Lhe Croup reflt'fls Lnl.dl | |
dssl'ls of<32.-+_ m1l11on dS dl ·n Mdrch 202-+, tot.JI n'venues of<..J:.87 million and<-+1.17million, total nt'l loss dfter tax of� 1(138 million dnd<29.83 million, dnd l.ot.Jl nnnprehl•nsiw loss of� 10.58 | |
l | |
million dnd<29.83 million for llw quarter dnd ycdr ended on :n Mdn:h 202-+ respert1wly. |
- Tiw Resolutiun Professional hds filed an dpplicdlion against mt0mhns of Uw erstwhile mdnagement of lhe Company und('r scflion 25(2)(j) read with Se,t10n 66 of t!w lnsolwn(y and B) of the !BBi (b1solwnq, Resolution Proress for Corporate Persons) Regulations, 2016 seeking relief dgdinst tNldin fraudul('nl Jnd wrongful lrdtling lransad1ons und1•rtdkcn by th(' Corpordtt' Dchtor under the prstwhik mdnagenwnt prior to Llw insolven(y commen(ement ddll'.
- (a) The Compdny hds fiJ('d a pt'lilion hdnrl' Uw Tdecom Dispull's Settlcml'nt dnd Appdlalt' Trihunal ('TDSAT'), Nt>w Ddhi for n'storalion of siP,nals of Zl'e Enlcrlainnwnl Enlt'rpris,•s Limited on lhe Compdny's netwprk. TDSAT has pas�l'd an mll'rim order pursuant Lo wlurh, Uw Company hcls dp;rcl'll to deposit an dmounl of<-+00.00 million with Tiw Rt•g1slrdr, TDSAT, New Delhi. .
- Adilyci Birla Finanre LimilPd ('ABFL') hdd filed sl.dtmcnt of daim on Sili Nt>tworks Lld and Otht'rs lwfon, Sole Arhilrdlor Justin� L. N R.:lo (RPld) Ju(1g(' of Hon'hle Supwnw Court of Indid after disposdl 2 Petitions filed by ABFL agdinsl lht' Compdny bcfow the Delhi High Courl. Edrlier, llw wmpany in rnmphanrt' wilh Llw ordt'r of Dl'ihi High Court dated March 28, 2022 has deposited< 238.00 million with llw R(:'gistry, Ddhi High Court dnd has been adjusted against the nel amount pdydbil' Lo Zt't' EnterWinment Enlcrpnst's Limil('d ('ZEEL'). Tiw Sok Arh1trc:1tor has pdssed c:1n ord('r planng some rcslrirlions on the payments to he made Ln ZEEL whid1 shdll he eff0ctive till thf' findl disposal of the arhitral proreedings. Tiw abovl' arrangem.('nt shall nmtinuc Lill Llw final disposal of the Arbitrntrnn Case.
On 9 Novemher 1011, lhl' Sole ArbitrJtor has n'movnl Siti Nt'lworks Limited from dfrays of pdrlics on Uw basis of suhmissions mi.lde by the rnunsel of the Sil1 Nl'lworks L1mill'd. As pt>r last order, tlw Sole Arhitrdtor will pdss an order on Am('ndt'd Stdlemcnl of Claim dnd Uwn'dfl('r he will giv(' ncxl ddll' of h('clring for furllwr prnn�edings. - Zcl' Entcrtainnwnt Entt>rpriSi.'S Limited ('ZEEL') vide its letter dated -+ August 2013, informed the Compdny Lhat it has d1schargt'd lh(' lidbilily of the Company towards lnduslnd Bank Limited for d Lcrm loan dmounlmg to { 1173.81 mtliion for<880.00 million (indusive of outstanding interests) in whKh ZEEL had providl'd Llw Debt Servin_Rl'S{.'rw A(rount ('DSRA gaurclntec'). As a result, ZEEL stands suhrogatl'd in plarc of lnduslnd Bdnk Limited vis a vis Compdny as per the applirnhle laws.
Further, ZEEL has dlso executed d Settlenwnt Agreement witl1 SWmiard Chartered Bank ('SCB") in n-gards ln the outstanding dUl's to SCB by the Company. SCB has issued d No Dues Certifirdll' datt'll 8 J,.1nudry 102-+ rnnfirming receipt of dli dues from ZEEL dS per Llw Seltlt'ment Agrpemi.'nt. ZEEL has disrhargl�d Llw liability of the Company lowards SCB for d Lenn lodn Jmounting Lo< 1001.0:, million for Z 600.00 million (indu�ivc of outsWmting inlcrcsl) in whid1 ZEEL hdd provided the Dt'l1l Servi((' Rcsnw A(rnunt ('DSRA gaurantee'). As d result, ZEEL stands subrogalcd in pl<1n' of SCB vis cl vis Company as per lhc applil"dbll' ldws. TI1e Resolution Prok�sional has admitted tlw daims of ZEEL with n�gard to thP dul'S of Llw Cnmpany to lnduslnd 8dnk dllli SCB. How(-'Vl'r, sin(l' ZEEL is d related party of the Company, ZEEL is not a nwmhl'r of the rnmmillee of rrl'dilors. An dppliral1011 has hPen filed by ZEEL before NCLT, Mumbai regarding 1ls non mdusion in Uw CoC dlld the Sdffi(' is pending.
Furtlwr, ZEEL hds ,onlll"lunitall'dvide lheir lelter daled 8th July 202-+ Urnt it hds assi)--Yrwd,its dues dmounling to<1,-+80.00 million Lo Vdni Agcndl'S Privdte Lllnited vid an assigmnent agreement daled 2 July 202-l. Tlw dditn outstandmg in tlw name of ZEEL hdS been suhrogaled lo Vani Agendes Privale Limited. - Dunng lhl' year ended 31 Marrh 202..J:, the bank and financial institutions exercising tlwir rights under various facility agJcements haw received dl1 cl.mount of< 1,230.00 million from tht• Company's bdnk acrnunl dgdinst the borrowings whirh have been rlassified as non-performing asset (NPA). Due to non-availahilily of rnnfirmalions from cnlain lPntil'rs, tlw Company has adjusted sud1 amounts, with tlw liahility for 'Prinripal Outstanding' nn borrowings in the books of drrnunts.
In rnnnedion with the ahove appropriation, Asset Rernnstrurlion Compc:1ny (India) Limited, one nf the financial creditors nf till' Company, has filed an applit"dlion with NCLT, Mumbai seeking directions that moratorium wds in force during tlw stay period (i.e., from 7 Mdrch 2023 to 10 August 2023) dml direrlions dgamsl rNWin creditors lo refund the amount appropri,:lt�·d by them during U1e Sl.dy Period. - A vendor hds filpd an applilation agdinsl one of the suhsididry company namely Siti Vision Digital Media Privc:1te Limited, under Section 7 of Llw lnsolvenry dnd Bankruptcy Code, 1016 before NCLT, Delhi for i11itiation of CIRP on the ground U,at tlw suhsidiary rompdny has defaulted in making payments. The petition wds dismissed by NCLT vide its order dated 8 June 202'.t The vendor hi.ls filed an dppedl agdinst the order with NCLAT, Delhi.
- Figures for Uie standalone and rnnsolid.ated finanrial results for llw quarter ended 31 March 202-+ and ?,1 Marrh 1023 dfe lhc balancing audited figurt'S of tlw full financial year and the puhlished year to dule figuws upto tlw third quarter of the yedr l'ndcd 31 Marrh 202-+ Jnd .i1 March 2023 resperltvdy whirh wne subjerted to limited review hy Uw statutory auditors of the Company.
- Previous period figun's have been re-grouped / reclassified whnever necessary to conform to (Urrl'nt period's dassificJtion.
Following Uw approvdi from lhe Comm1Llt'e of Cwditors of Sili Networks Litnit('d, Lhc hroadrasling of ZEEL d1Jnnels in the Rl'sl of lndid (ROI) region hc1s resumed, effectiw from Febrm.ny 26, 202-+. Post rl'insldll'nwnl of CIRP of Siti Networks ZEEL hds subtmtled its rldlln dS an opcraliond! nedilor for lhe Pre CIRP pcnod and Uw Sdmt' will he twd dS per tlw provisions of !BC 2016.
For S1TI Networks Limited
Place: Naida
Date : 28 September 2024
RohitMehr,1
Rpsolution Professional
Re)),istfation No:1881/IPA-001/IP-P00799/2017-18/1137-+