SITI : Q1FY23 Financials

Sm Networks Limited

UG Floor, FC-19 & 20, Sector-16 A, Film City,

Naida, Uttar Pradesh-201301, India

Tel: [phone]

Website : www.sitinetworks.com

August 14, 2022
To,
The General Manager	The Manager
Corporate Relationship Department	Listing Department
BSE Limited	National Stock Exchange of India 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

Kind Attn. : Corporate Relationship Department

Subject: Proceedings of the Board Meeting held on August 14, 2022

Dear Sir,

Pursuant to Regulation 30 and other applicable Regulations of the Securities and Exchange Board of India (Listing obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that the Board of Directors of the Company at their meeting held today i.e. on August 14, 2022 (which commenced at 12:25 p.m. and concluded at 14:40 p.m.), has inter-alia, considered and approved the Un-Audited Financial Results ofthe Company, both on a Standalone and Consolidated basis, prepared under Ind-AS, for the first quarter and three months period ended on June 30, 2022, duly reviewed by Mis DNS & Associates, theStatutory Auditors ofthe Company, pursuant to Regulation 33 ofSecurities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015, together with Limited Review report thereon.

We are enclosing herewith a copy of un-audited Financial Results along with Limited Review Certificate(s) on both standalone and consolidated Financial Statements, issued by the Statutory Auditor ofthe Company.

You are requested to kindly take the above on record.

Thanking you,

Yours truly,

For Siti Networks Limited

Suresh Kumar

Company Secretary & Co

Membership No. ACS

	Regd. Off. : Unit No. 38, 1st Floor, A Wing, Madhu Industrial Estate, PB. Marg, Worli, Mumbai - 400 013
GROUP	Tel. : [phone] CIN No. : L64200MH2006PLC160733

	SJTI NETWORKS LIMITED
Regd. Office: Unit No. 38, 1st Floor. A Wing. Madhu lndustri,,I E.t-te,P. 5. Marg. Worli.. Mumb.11-400013	'· " ., ., ..
Website: www.sihnetworks.com	ClN L64.200MH2006PLC160733

Statement of st.ind.ilone unaudited fwncfal results for thequarter ended 30June 2022

		Quuterended
	Pa.rticuws	30 June 2022
		(Urutuclited)
I	Rt.!Vcnue from operahons	1,336.4
u	Olher income	1.3
Ill	Total revenue (I+JI)	1,337.7

TV Expenses

Quarter ended	(t in million except i,er slw'e dat.l
Qa.i.rtcr ended	Yearmded
31 March 2022	30 JWIC202'J	31 Much 20Z
(ReferNote S)
(AudJted)	(Uruiu<>	(Audited)
l,5S4.7	1,546.2	6,144.3
.	24.4	34.2
1,554.7	1,570.6	6,178.5

Purchases of �tock-in-tradePay channel costs Employee benefits expense FiMnce costs

Depreciation and amortisation expenses Other expense<;

Total expenses (IV)

0.3	8.1	2.3
7910	84-ll	8572
70.3	78-6	95.?
280.5	260.5	272.2
428.3	563.0	437.1
408.5	438.7	470.9
1,978.9	2.193.0	Z13.5.4

15.7

3,369.7

342.l

1,085.7

1,849.9

1,830.6

8,49".7

V	Loss before exceptional itc,,ns :u:id bx (Ill-IV)	(641.2)
VJ	E>.ccption-1 items	.
vn	Loss before tax {V-VI)	(641.2)

(638.3)

145.7

(784.0)

(564.8) (2,315.2

• 238.0

(564.8) (l,.SS3.2,

Tax expense (1) Current tax (2) Deferred tlX

VIII row tax expense (1+2)

IX Lo� for the period (VII-VIII)

• Other comprehensive income:
  Items that will not be reda.-..<> to profit/(10$5)
  Income tax relating to items that will not be rcclibsified to profit or loss

XI Total comprehe.nsive income (IX+X)

xn Paid-up equity shue c.ipitcl (I'Acc value� l/· pc.r share)

XIII Other equity

XIV Loss per equity shue (off1/· each) -Basicand diluted

See accompanying nott'S to the finnncial results.

.	.	.
.	.	.
.	.	.
(641.2)	(784.0)	(564.8)
0.2	4.6	(1.2)
.	.	.
(641.0)	(779.4)	(566.0)
872.1	872.1	872.1

(0.7)

(0.9)

(0.6)

.

.

.

(2,.SS3.2)

0.9 .

(2,552.3)

872.l

(7,373.5)

(2.9)

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Croup? predo:n,nanliy OPff•tc in• •tngle busulC!ls	I ol
opttaung dcas:on tn&l.r,(,)end hence,then,·� no�UONtl

The S1and4IOM •nd con<_ohde280a2_h>d fanonc,al rc,uJIJ for thequuter ended 30Junt 2022 ha"" bftn - by tho Audn Comm,tw •nd atr--v•w'-,.,_ tho Coen""""', .., lk>ard of o,rectors'""""''··- rnpecuve mHl>ng,heldOll 1' August 21722.

Tho•bo••,.,ult, havebttn prepo,ed In accord=w,th tl-oe teeognuton .nd measurement pnnapla�ad down an lncl>M krountmg Sw>duQs pre,mbod underSo

""Tho .."•tutory auditon hav,, camed out llmltrd review of � ,,.� and <_oll.10bda1c2ab_1 hnnaal="" _ttsuii24_="" _fa2c_="" ct.="" _qufflltl27_="" ended="" jo="" _j22_22_22_="" 2022="" and="" have="" ecpmsed="" _e280a2_="" modlfltd="" rtvicw="" _c3a_onc1...2c_on="" on="" _21_hex="">

• FtS""' for the sttndolon<> 4nd coMOIJulrs for thequAl'tff� 31 March 2022 an, the muonctng ngun,, of t� lull fan.tllClol �or cnd)'Mt 10cuw f1guttt upto thc th1td quortaol rho yc.r enocd 31 M•rch 2022

6 Th< Comp<_ll5c_y lhe="" gloupconunu.ed="" to="" _u2c_cur="" 1-="" _dum2c_g="">theq"ot1tr ..-. JO Jui,c 2022 and hod ntgan"- worlungcoplt.J.., ar 30Juno 2022. The Comp.any/tlwCroup oJ,o i... ncgat1v.- worth., at 30
'''"SU' dua to u,troductaon ol narw NIVC<_i5c_ic _sefbfbd_="" and="" teyodicoot="" red..chon="" wtwjvn="" which="" js="" bkdy="" to="" ttsull="" tn="">,...,.nob!<, unpto-1 m tho prof11llbo."b1y of ctwo company	S..,da tJw. th,- Cofflf'"'"Y
Junt 2022.A1 •t30June 2022. th.tr. are !Nu.neeof dolays in poymcnts ol obllgauoru and bonowanp, but ln v1,ew of the �t. 11w••p«t,o<_t_.2c_. pvwth="" and="">	amprovenent ,n optnbng

connnue Its .,,.,.._ to sec:ur• addniorul funds and ,. an conh-nd;,r, for r,nalmng tho debt t•>trucwnng ptope04J Furthtr. tho> Cotnpffiy .., u.nde, � w,th ,i, part,ws for con,ohddtton ol operaboN ,n &.,I Indra to ••wn wbcntftts of tt0n0nues of�ond oper.iionalff� accordingly, � stand.Jone/ conooladllttd hnanoal mullsfor t1"' quarterfndtd30Jun.,2022 a,nhnu,,to�prcputd on a goingcono,mbuis m v,cw of theabove.

• In •iorw ol atorcmcnt!Ottdongoong�With the knden, an,.,.Alla, fO< reducing msttng ,nt�t rates,addnional tn"'""' 1.,,.t<:1, ,t Illy, ha$ not boen provided ro,
  8 �ptlonal l�IM In tho mn<_ul3c_>noIWno.,l ..,,uJ1> tndude tile lollowrng:
• 1. uceptional Items for the,.,, ended 31 Mlltdl 2022 for' 12.3 INl!Jon (net ol ........ul ol • •• ""11,on anquaner endod Jl Mild 2022)pt'rt••M t0 tlw wntt off of old andir«t wi balu,c,. notuull� by the <> There w.. no ,udl amount IIIquoner � 30 Jurw2022and JOJune 2021
  2. Dunng thequancr•ndod 311-.i.ltth 2022 and yc.u mdrd 31 Mm:h 2022. tn v,ow of prcv411ing COVlt).19 smm,on andronsld«nng other ftctors, meoogemont aS!CS.SC(I tho hktilhood of r«.owry of mwn

  •u.pl- ltC!'fflt ,n quarterend<(I 30JuM 22bai.�lrom aCIStofflCr andh4, provided for on amount of, 133.3 mtllron .nd, 2083milhon rffpcclivoly which i

andquarterend«l30Ju""21.

c) Durmg thequarter and year�ndod 31 M•l'

The tOIAI '"°"',mp.>ct of 8 (l), (bl and (i;) •bove on the ,randalon<" fu,anci.,I ttSulrs for the qW't.Cf mcl,,d 31 �fatth l022 •nd y<.r ended31 M4n:h l022 amounts to { 145.7 n-oO,on and, 238.0 million rap<>

H.,..-..,., W# IO�on.J it.m,In quarm fMtd 30June 2022 andqUA�� 30Juno!2021.

• �""''"""'an theCONO!Jd.att'd frnoncw results includethe follow,ng:

I) E>c,,pt,onal ,,_ fot the yur cndtd 31 MArch 2022 for , 12.8 null,on (nt'1 ol rovorc.tl oft 4.4 m,11;,», an quan.,- •ndcd31 Mdl'Ch7022) pertooN to the write olf of old lndlrtct tax � not uttlttt!d by tho compony.TNn,was no sucha.mountIn qu>rtorende

b) D..rin� thequ•rr..,. f'nd«I 30June 2022, 31 M..rch 20'2, 30 June 2021 •nd yc,t •ndod 31 M&tCh 2022. an vww of pnvllllng COVU).19.ituanon and CDn<>dltUlg other factors. """"'� ..- tho ltkd,hood ol -tryofNrt>1n bol.t.nc.. fn,m • pony a,id h4s ptOVldod for an amounto1, rul.., 131 mOaon.tlll molbon and I7.l.I mJlUon m�V1'ly wluch "doub

Tlw tOt>l 11'1pactof9 (aL and(b) obovc on the C0:$0hd�tcd hn.>nci.>I n:>ull$ lor thequutermdN 30June2022.31 March 2022.30Jw,c 2021 ond )"'Mendtd nM&tCh2022 omounl> totnit. , 687 millJon, INIond,85.9 mtlhon r<>

10 For thrquarter mdfti 30Ju� 2022.31 M.trch 2022 and 30 Jun,r :?021 And y<:>I ended 31 Maid, 2022. tlw 'SuboIIOns· u, U.- ltnaneiol ,...ui,s. lntc< al,a,. tn their ,han, 1n �•11011 to the poyd..nn.ls subtcnbtd by�cuscomcn The ef�llonod corre,poacling.,,_,,,. (1 � 8toldcasttt's.h&rt)b&tAlsobffn p�., an«P<_rl3a_le tn=""> TheS4Jd a.mounlHr,: t 791.0 INl!Jon.t84-4.Imillion. t357.2 m1lllon. aN!,3,369.7 millJon for quvterended30June 2022.31 March 2022 .,,,d30June,2021 and>'"'ondfd 31 MMch :l022 re>p«n�y1n tho standAlone ftll4!1dal mull> and I 1,795.8 m.tl,on. t 1,8059 mtlhon. t 1,5'26j million and t 7.S293 mllllOI for qu,no, tndtd301�2022..30 Jv,.2QZ1 and31 M•rch 2022 ond year ended31 Mlll'ch 2022 r�Pf(tlvoly in thocoNOlidatanool r•'ltlb

Hod ch..-,«� bfflldlSclos«I 011 net �Ls. the 'Revenu" Crom o,,.ranoN' and the 'F•y ch,uuld,am•ge I� and �ltd coots• each WO.ld h.tve � Jow...t>, t•nd,791.0 malbon., 8441 Dl1llion. t 457.2 million.and tl.3691mJUan forqu.tmr ended30Juno 2022. 31 M.uch2022and 30June2021.md}'NI'1!dod31 March 2022 J''Spce1Jvcty In the>l•ndaloneftnandAI �ults l,'95.8 million. t 1.805 9milbo<.

• 1,926.5 rnillion .nd t7.529.3 m1thon forquarwrc11dcd 30June 2022. 31 Mllrch 2022ancl30June2021..nd �ar en-31 M4tvt bocn �y lmpect on th,, !WI lou (or tho rt<_pc2ab_t2c_vc _qvanc3a_nand="" _y22_r="" _efbfbd_in="" both="" _21_bt24_1andalon=""> .nd concolld.>tcd hn.lnc..J =uh,

11 HDFC Unur°" ogo,nst the Company undtr sectton 7 ol 11"' IMOl"fflC)' and Banlcruptcy Code. 2016 bdore N•nonal Compuy I.Jtw Tnbww ('NCLl). Mu.mbm fo, .,,.,......, ol corpora�

In.sol"""')' .-tutlOn proccn the oound thot tho>� 1w .W111ltrd '" mok.ng �ymcn1 oft 2.960.6 milhon as on ll Janu•,y 2022. Bel°"' th< 1.,, hc.mng. tlW pet,tJoMr anlgnod the 1.,..,, to ACRE t.,m,'*1 >NI Company hat -vcd commun1e•uon from both parties �ardtng the 0$Slpmenl of l...n.NCLT In tho 1..t hHnng dattd 22 July 2022 hi$� tocomp,ny 10 ro. ros,11aplNI thepdltbl

Next dateol hculng b«ISept.>mber 2022 torlurthttpro<>

• swIndJa Pnvatcl1nuted lwdaputed 1helncentivt1nvokffolthesub5,dwycompany weJ Fet,nwy2021 aggrcptlng to' 127..SmtTuoll1ga,n,tbill, nw
  Agnemtntond has withheld the poymmt of lnteltave payments 10 the ,ubold� a,mpa,ny Being a� thc wboidwy company h.u ftlrd • pt'lrtlon bd0tt IM TDSAT agairutStar lndl.t Pnvate llrnlt«l. In on tnlfflm rellt/, TDSiT hos ordered withholding part,1>3y,,,..,t to Star Inda• l'rivatt Umitcd •ga!Nt thdr dues on actOUnt or ·Pay Clun,,qlcoot" towards inccNlv,r poymeni. IO the SlibAcblty compony fUSAT h.u aho prim> lxte upheld tho contffltion of tho- ,ub<> comp.u1y. H�. woutcomo orth<> dapult 11 dopcnda,1on� fin.I Order ot iOSAT. Tho subtidiary comp,ny is of the v,-w that no pr,wasion rs n,qutml tn I/It' book$ 111 tt'Sp«I of the lncffl11vc rcccv•ble by thesubc,doarycompany Ind accordlngly ho>ft01 modetny pmVIJton in it's actowm

13 TheGroup hos ""lu•red 7,600 equity Sh.ltts (rtp=line 16.00" of p>ld up c>pft&I) o/ Mcghb

• & er-tbond Pnv>lt Lu:ntttd ho, bocorno ,ubfldwy COffl!""Y 01 the Croup.

14 Previous pcnod lagun,s hove betn re-grouptd / rtc1...1r,cd wherever nocc,nry 10 conform tocum,nt penod's clustffcabon ,n orda IO comply with the �IJ of 1hr &mrNltd Sdlldu.le m ol th<, Compan,oAct. 2013 di.cu.. from in Apnl 2021

Plac.·�

O•tr : H August2022

DNS & Associates

Chartered Accountants

Independent Auditor's Review Report on Standalone Unaudited Quarterly Financial Results of SITI Networks Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of SITI Networks Limited

1. We have reviewed the accompanying statement of standalone unaudited financial results ('the Statement') of SITI Networks Limited ('the Company') for the quarter ended 30 June 2022 being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the SEBI from time to time.
2. The Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the accounting principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), prescribed under Section 133 of the Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the SEBI from time to time. Our responsibility is to express a conclusion on the Statement based on our review.
3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
4. As described in note 10 to the accompanying Statement, the Company's 'Revenue from operations' includes broadcasters' share in subscription income from pay channels, which has correspondingly been presented as an expense which is not in accordance with the requirements of Ind AS 115, 'Revenue from contracts with customers. Had the management disclosed the same on net basis, the 'Revenue from Operations' and the 'Pay channel, carriage sharing and related costs' each would have been lower by ₹ 791.0 million for the quarter ended 30 June 2022, while there would have been no impact on the net loss for the quarter ended 30 June 2022.

Our reports on the standalone financial results for the quarter and year ended 31 March 2022 and quarter ended 30 June 2021 were also qualified with respect to this matter.

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