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Tag: financial report

  • Sungold Media posts 15.6 per cent revenue surge in H1 FY2025

    Sungold Media posts 15.6 per cent revenue surge in H1 FY2025

    Mumbai: In a compelling display of strategic growth and robust financial health, Sungold Media and Entertainment Limited recently unveiled its H1 FY2025 financial results, reporting significant strides across core revenue streams. Against a backdrop of industry volatility, Sungold Media has not only enhanced operational revenue but has also showcased impressive profitability, stemming from its prudent fiscal policies and streamlined expenditure practices. The company’s financial statements reveal an upward revenue trajectory, primarily driven by core business efficiencies and a disciplined cost structure. This robust half-year performance paints a promising picture of Sungold Media’s sustained growth and operational resilience.

    For the six-month period ending 30 September 2024, Sungold Media achieved a 15.6 per cent increase in revenue from operations, recording a turnover of Rs 52.36 lakh, up from Rs 44.17 lakh in the preceding period. This revenue growth demonstrates Sungold’s adaptability in an evolving media landscape. Furthermore, other income, while marginal, reflects a consistent source of incremental revenue, contributing Rs 0.055 lakh compared to zero in prior periods.

    The company’s expense management strategies have also delivered tangible results, with total expenses rising only modestly by 3.2 per cent to Rs 49.22 lakh from Rs 43.81 lakh. Notably, the employee benefits expense surged by 19.6 per cent, reaching Rs 32.73 lakh – a positive indicator of Sungold’s investment in talent to drive sustainable growth. Depreciation and amortisation were controlled at Rs 0.119 lakh, suggesting optimised asset utilisation, a key factor in Sungold’s operational agility.

    Through efficient cost controls, Sungold achieved a profit before tax of Rs 3.19 lakh, a remarkable growth from Rs 0.36 lakh in the preceding half. After accounting for tax expenses amounting to Rs 0.402 lakh, the net profit from continuing operations stood at Rs 2.79 lakh, underscoring a 760 per cent increase in profitability. These results mark a decisive turnaround from earlier challenges, demonstrating a clear trajectory toward financial stability.

    Sungold Media’s balance sheet reveals a stable asset structure, with total assets slightly up from Rs 1,159.89 lakh in March 2024 to Rs 1,161.95 lakh by September. The company has increased its intangible assets under development to Rs 33.08 lakh, highlighting a strategic investment in innovation and future growth.

    The company’s trade receivables experienced a notable reduction to Rs 41.08 lakh, down from Rs 53.99 lakh – a promising indicator of improved cash flow management. This, coupled with an optimised cash and cash equivalents position at Rs 21.80 lakh, showcases Sungold’s focus on liquidity to fuel further expansion. Shareholder equity remains robust, with Rs 1,100 lakh in equity share capital and Rs 60.34 lakh in reserves, reflecting the company’s commitment to value creation for stakeholders.

    During H1 FY2025, Sungold generated a positive cash flow of Rs 9.08 lakh from its operations, underscoring the strength of its revenue streams and prudent cost controls. After accounting for various adjustments, including a Rs 10.80 lakh impact from other expenses, Sungold achieved a closing cash position of Rs 21.80 lakh, highlighting effective cash management strategies aimed at preserving liquidity and supporting sustainable expansion.

    As Sungold Media moves into the latter half of FY2025, it is well-positioned to leverage its strengthened operational foundation to pursue new growth avenues in the entertainment sector. The company’s strategic focus on cost optimisation, coupled with a disciplined investment approach, sets the stage for continued momentum. Sungold Media’s half-year financial results not only reflect resilience in the face of industry challenges but also indicate a future-oriented strategy likely to yield further shareholder value in the months to come.

  • Adani Total Gas’ financial resilience shines amid market pressures

    Adani Total Gas’ financial resilience shines amid market pressures

    Mumbai: In a dynamic energy sector, where demand and regulatory complexities shape the market landscape, Adani Total Gas Limited (ATGL) has once again demonstrated robust financial performance. The unaudited financial results for the quarter and half year ending 30 September 2024, present a strong case for the company’s operational resilience and adaptability. While the industry grapples with fluctuating input costs, ATGL continues to report steady growth, backed by its strategic expansions and prudent financial management.

    ATGL’s consolidated revenue from operations for Q2 FY2025 reached Rs 1,318.37 crore, marking a notable increase from Rs 1,178.77 crore in the same quarter last year. This represents a solid 11.8 per cent year-on-year (YoY) growth, driven by rising urban demand for natural gas and the company’s ongoing geographical expansion. The first half (H1) of FY2025 closed at Rs 2,557.43 crore, reflecting a healthy 10.5 per cent rise compared to Rs 2,314.12 crore in H1 FY2024.

    Complementing its operational revenues, the company accrued Rs 6.63 crore in other income during Q2, slightly lower than the Rs 9.21 crore recorded in Q2 FY2024, but sufficient to sustain its overall income growth. The company’s total income for H1 FY2025 stood at Rs 2,573.08 crore, showcasing consistent performance despite market volatility.

    The cost of natural gas and traded items saw a significant uptick, reaching Rs 772.97 crore in Q2 FY2025, reflecting heightened input costs. This 11.7 per cent rise from last year’s Rs 691.61 crore is attributable to rising global commodity prices and supply chain pressures. Despite this, the company’s effective inventory management helped minimise losses, with inventories shrinking by Rs 1.24 crore in Q2.

    Additionally, excise duty expenses grew by 19.9 per cent YoY to Rs 99.72 crore, a reflection of increased regulatory costs tied to higher production. Employee benefit expenses, however, were managed with precision, as the company reduced personnel-related costs to Rs 13.98 crore from Rs 16.62 crore in Q2 FY2024.

    One standout metric was the reduction in finance costs, from Rs 27.28 crore in Q2 FY2024 to Rs 23.01 crore in the current quarter, highlighting improved debt servicing and lower interest outflows.

    ATGL also recorded a profit before tax (PBT) of Rs 247.37 crore in Q2 FY2025, a modest 7.6 per cent increase compared to Rs 229.90 crore in the previous year’s corresponding quarter. The first half of the year concluded with PBT of Rs 479.10 crore, representing a 11.1 per cent growth YoY.

    Net profit for Q2 stood at Rs 185.60 crore, up from Rs 172.68 crore in Q2 FY2024. This was primarily due to effective cost controls and improved revenue streams. In the first half, profits reached Rs 357.44 crore, a commendable 10.7 per cent rise from the Rs 322.90 crore achieved in H1 FY2024. Earnings per share (EPS) saw a corresponding increase to Rs 1.69 in Q2, slightly above last year’s Rs 1.57.

    The company’s total comprehensive income for H1 FY2025 stood at Rs 359.03 crore, reflecting the net impact of operational profits and minor comprehensive income changes from defined benefit plan adjustments.

    On the balance sheet front, ATGL reported total assets of Rs 6,842.45 crore as of 30 September 2024, a 3.8 per cent increase from Rs 6,591.86 crore as of 31 March 2024. The company’s equity also strengthened, rising to Rs 3,910.73 crore, up from Rs 3,580.32 crore. This increase was supported by retained earnings and capital appreciation, which are likely to enhance long-term shareholder value.

    ATGL’s expansion into new geographical areas continues to be a key growth driver. The company’s acquisition of key assets in Ludhiana and Jalandhar, alongside its strategic ventures with Indian Oil-Adani Gas Private Limited, positions it well for future market leadership. Additionally, its diversification into biomass and e-mobility solutions underpins a forward-looking approach to energy transitions in India.

    “ATGL has reported healthy operational and financial performance during the quarter. Our business is closely aligned with India’s energy transition goals which we are delivering by providing cleaner and greener energy solutions to all our consumers. We now reach over nine lakh consumers through our piped gas network supplying uninterrupted piped natural gas. We have commissioned our first LNG station for the transportation segment and are progressing towards covering key highway networks aiding India’s decarbonisation march. Following the recent reduction in APM gas allocation, which caters to auto CNG and home PNG consumers, we are closely monitoring the situation and given our diversified gas sourcing portfolio, we will ensure a calibrated pricing approach to balance the interest of our consumers” said ATGL, CEO & ED, Suresh P Manglani.

    As the energy landscape evolves, ATGL’s commitment to maintaining operational efficiency, despite external challenges, will be pivotal. Investors and stakeholders can expect the company to maintain steady growth trajectories, driven by a balanced focus on expanding its market reach and optimising its financial strategies.

     

  • Sun TV reports Rs 1,276.11 crores revenue for Q1 FY24

    Sun TV reports Rs 1,276.11 crores revenue for Q1 FY24

    Mumbai: Sun TV Network Ltd, a television broadcaster in India that operates satellite television channels across seven languages—Tamil, Telugu, Kannada, Malayalam, Bangla, Marathi, and Hindi, has released its earnings report for the quarter and financial year ended 30 June 2024.

    For the quarter ended 30 June 2024, the revenues stood at Rs 1,276.11 crores compared to Rs 1,317.78 crores for the corresponding quarter ended 30 June 2023. Advertisement revenues for the quarter were Rs 323.77 crores, compared to Rs 339.10 crores for the same quarter in 2023. Domestic subscription for the quarter was Rs.425.79 crores, compared to Rs 435.34 crores for the corresponding quarter in 2023.

    The EBITDA for the quarter ended 30 June 2024 was Rs.706.36 crores, down from Rs.786.46 crores for the same quarter in 2023. Profit after taxes for the current quarter stood at Rs 546.94 crores, compared to Rs 582.80 crores in the corresponding quarter of 2023.

    At the board meeting held today, the board of directors declared an interim dividend of Rs 5 per share (100 per cent) on a face value of Rs 5 per share.

    Sun TV also airs FM radio stations across India and owns the SunRisers Hyderabad cricket franchise of the Indian Premier League, SunRisers Eastern Cape of Cricket South Africa’s T20 League, and the digital OTT platform Sun NXT.

  • Sun TV Q1 results: Revenue rises 47.38% to Rs 1,193.90 crore

    Sun TV Q1 results: Revenue rises 47.38% to Rs 1,193.90 crore

    Mumbai: Sun TV Network revenue increased by 47.38 per cent (including IPL) to Rs 1,193.90 crore in Q1 FY23, compared to Rs 810.10 crore in Q1 FY2022.

    The advertisement revenues for the quarter were up by 40.84 per cent for the quarter ended June 2022 at Rs 343.17 crore as against Rs 243.66 crore from the previous year’s same quarter. Ebidta increased by 54.32 per cent to Rs 763.83 crore from Rs 494.97 crore. For the same period, profit after taxes increased by 26.15 per cent to Rs. 491.68 crore, up from Rs 389.76 crore the previous year.

    At the board meeting held on Friday, the board of directors declared an interim dividend of rupees five per share (100 per cent) on a face value of rupees five per share.

    Sun TV operates satellite television channels across six languages: Tamil, Telugu, Kannada, Malayalam, Bangla, and Marathi. It also airs FM radio stations across India and owns the SunRisers Hyderabad cricket franchise of the Indian Premier League and the Digital OTT Platform Sun NXT.

    Sun TV has been awarded a licence to operate a team in the city of Gqeberha (Port Elizabeth) by the Africa Cricket Development (Pty) as part of Cricket South Africa’s T20 league to be staged from January 2023 and annually thereafter.

  • Dish TV India’s consolidated net profit declines 64.47% in Q1 FY23

    Dish TV India’s consolidated net profit declines 64.47% in Q1 FY23

    Mumbai: Dish TV India on Wednesday announced their financial results for the first quarter of the financial year 2022–2023. The company’s reported net profit declined 64.47 per cent to Rs 17.85 crore in the quarter ended June 2022 as against Rs 50.24 crore during the previous quarter ended June 2021.

    Operating revenues for the quarter stood at Rs 608.6 crore. For the same period, the earnings before interest, taxes, depreciation and amortization (Ebitda) was Rs 323.8 crore with a margin of 53.2 percent and profit after tax was Rs 17.8 crore.

    In the quarter ended June 2022, sales fell 16.74 per cent to Rs 608.63 crore, compared to Rs 730.97 crore in the previous quarter ended June 2021.

    The company paid-off Rs 90.3 crore of debt during the quarter, thus reducing its overall debt to Rs 285.3 crore at the end of the first quarter of 2023 as compared to Rs 375.6 crore at the close of fiscal 2022.

    The first quarter of the current fiscal, to some extent, was an extension of the fourth quarter of the previous fiscal. Not only did inflation-linked cautiousness in viewers remain intact, the changing landscape of the entertainment industry continued to influence subscriber retention and growth.

    Dish TV chose the middle path and maintained a moderate pace of capital expenditure while prioritising debt repayment over new acquisitions.

    External factors dominated and impacted the recharge behaviour of DTH subscribers, with top-end consumers swapping between DTH and streaming content and bottom-end subscribers alternating between free-to-air and pay DTH, thus affecting revenues and net base.

    With a growing number of subscribers having access to OTT subscriptions, India’s streaming video market is expected to garner a revenue of Rs. 490 billion by 2027, up from Rs. 210 billion in 2022, according to the latest industry report.

    Speaking about the results, Dish TV India Group CEO Anil Dua said, “In the changing industry landscape, Dish TV is committed to exploring and embracing new possibilities that would enable it to offer a more contemporary and bespoke service bouquet. As an entertainment distribution company, we would want to be a one-stop destination for viewers seeking video content and continue working towards that objective.”

    Dish TV India chairman Jawahar Goel commented, “The company has been actively pursuing relevant technological developments in the business space and looks forward to aligning with those that will help it achieve its strategic and commercial goals.”

    “As an industry, we also continue to seek and hope for a level playing field in the distribution space, by way of uniform application of licence fees to either all players or to none of them, as Free DTH, Headend in the Sky (HITS), OTT and cable TV still remain outside the ambit of licence fees,” added Goel.

  • UFO Moviez reports consolidated revenue of Rs 521 mn in Q3’FY22

    UFO Moviez reports consolidated revenue of Rs 521 mn in Q3’FY22

    Mumbai: In-cinema advertising platform UFO Moviez on Friday announced its financial results for the quarter ended 31 December 2021. The media company has reported consolidated revenue and PAT of Rs 521 million (Q3FY21 – Rs 274 million), and minus (-) Rs 130 million (Q3FY21– Rs 282 million), respectively, for the quarter.

    Theatrical revenues have witnessed a steady uptick from November 2021 onwards led by release of Bollywood movies. Advertisement revenues, however, continued to remain subdued.

    Towards the end of December 2021, major metropolitan cities in India were under the grip of the third wave of Covid-19, led by the Omicron variant. Because of this surge and ensuing restrictions, theatres in Delhi, Haryana, Bihar, Tripura and Himachal were once again fully closed while certain other states re-imposed seating restrictions.

    “During the quarter under review, the financial performance of the company witnessed recovery led by steady release of movies across genres and languages,” said UFO Moviez joint managing director Kapil Agarwal. “The release and success of ‘Sooryavanshi’ in November was a defining moment as it restored everyone’s conviction in Cinema as a social entertainment avenue. Other releases like ‘Annaathe,’ ‘Spiderman,’ ‘Eternals,’ ‘Pushpa: The Rise’ and ‘83’ also performed extremely well at the box office.”

    “The impact of the third wave of Covid-19 felt towards the end of December 2021 is expected to be short-lived as the majority of India’s population is vaccinated, cases have also begun to decline, and restrictions are being eased in various states. In light of easing restrictions and the release slate being extremely robust, we expect big movies to start releasing in theatres soon, thus resuming the Industry’s full recovery,” he added.

    In a recent announcement, theatres in Delhi are allowed to re-open and operate with 50 per cent occupancy. Theatres in Haryana and Tripura have also opened up.

  • Smartphone industry to clock more than 50% revenue in festive quarter, led by 5G handsets: Report

    Smartphone industry to clock more than 50% revenue in festive quarter, led by 5G handsets: Report

    Mumbai: With the ongoing festive season, the sales of smartphones have significantly jumped, with more and more discounts available on e-commerce platforms. The smartphone industry in India is expected to earn more than half of its sales during the festive quarter, with approximately 49.9 million sets worth Rs 1,252 billion projected to be sold during the October-December 2021 quarter, according to a combined analysis by Techarc & mScanlt tech. The quarter’s sales contribution by revenue and volume is estimated to be 56 per cent and 32 per cent, respectively, as per insights revealed by the ‘Smartphone Festive Season Insights’ study.

    The e-commerce platforms have become a trusted source for customers to acquire gadgets, and online sales are increasing in the mid and premium categories this season. The revenue contributions will be led by premium range (Rs 25,000-50,000) of mobiles contributing 51.7 per cent of the total revenues during the festive quarter, while mid-segment (Rs 12,000-25,000) will drive the contributions by volume sales with 42.1 per cent smartphones selling in this segment, reveals the analysis. This is a departure from past years when the basic segment drove most of the online sales.

    “Bringing up the unique insights, the upsurge in the sale of smartphones reflects the growing Indian economy in the post-pandemic era,” said mFilterIt co-founder & director Amit Relan. “Smartphones worth Rs 1252 billion are projected to be sold online in this quarter and this is an improvement from what the scenario was last year. mScanIt delivers unique proposition, helping online brands to get a holistic view of the online channels, be it marketplaces, or individual sites.” 

    According to multiple surveys, consumer purchasing habits in India have significantly improved and increased after the pandemic. The study by the new age technology market research firm, techarc is unique to the industry with mScanIt tech incorporated into this analysis. mScanIt, powered by mFilterIt is a state-of-the-art digital platform that provides an in-depth and focused understanding and insights into what happens online.

    “With the talks around 5G network launching in India, the consumer buying preferences have considerably shifted to the 5G smartphones lately,” said Techarc founder Faisal Kawoosa. “Currently, Amazon and Flipkart, the two largest online marketplaces, both offer more than 50 5G smartphone models and Samsung remains at the top followed by Realme and Xiaomi, with the maximum number of 5G smartphones in all the price segments.”

  • Dish TV adds 8.1 lakh subscribers in FY-2014; ARPU up from Rs 158 to Rs 170

    Dish TV adds 8.1 lakh subscribers in FY-2014; ARPU up from Rs 158 to Rs 170

    BENGALURU:  Dish TV Limited (Dish TV) in its earnings release for FY-2014 says that it has added about 8.1 lakh net subscribers in FY-2014 and 2.26 lakh subscribers in Q4-2014 to take its total subscriber base to 1.14 crore net subscribers during the period.

     

    The company also claims that it has increased ARPU (Average Revenue Per User) from Rs 158 during the previous year to Rs 170 in FY-2014. It says that it has managed to contain the subscriber churn to 0.6 per cent per month.

     

    Note: (1) 100,00,000=100 lakh = 1 crore = 10 million.

    (2) Standalone figures in this report 

     

    FY-2014 standalone revenues stood at Rs 2508.98 crore recording 15.79 per cent growth over the Rs 2166.80 crore in FY-2014. Dish TV reported standalone operating revenue of Rs 636.91 crore, recording 14.68 per cent growth over the Rs 555.40 crore in corresponding period last fiscal and 2.10 per cent more than the Rs 623.81 crore in immediate trailing quarter.

     

    Dish TV’s net loss for FY-2014, impacted by a prior period adjustment of Rs 116.4 crore, was Rs (-154.2) crore as compared to a loss of Rs (-66.75) crore in FY-2013. Net loss for Q4-2014, impacted by the above mentioned prior period adjustment of Rs 116.4 crore, increased to Rs (-149.05) crore compared to Rs (- 43.62) crore in Q4-2013 and a loss of Rs (-28.36) crore in Q3-2014, says the company.

     

    Let us look at the other numbers reported by Dish TV for FY-2014 and Q4-2014

     

    Dish TV’s Total Expense (Tot Exp) in FY-2014 at Rs 2482.30 crore (98.94 per cent of Total standalone revenue) was 12.07 per cent more than the Rs 2214.96 crore (102.22 per cent of Total standalone revenue) in FY-2013. Q4-2014 Tot Exp at Rs 657.05 crore (103.16 per cent of Total standalone revenue) was 4 per cent more than the Rs 631.78 crore (101.28 per cent of Total standalone operating income) in Q3-2014 and 13.21 per cent more than the Rs 580.36 crore (104.49 per cent of Total standalone operating income) in Q4-2013.

     

    The company’s finance cost increased 3.37 per cent in FY-2014 to Rs 132.68 crore (5.29 per cent of Total standalone operating income) from Rs 128.36 crore (5.92 per cent of Total standalone operating income) in FY-2013. Dish TV’s Q4-2014 finance cost at Rs 32.63 crore (5.12 per cent of Total standalone operating income) was 8.41 per cent more than the Rs 30.10 crore (4.83 per cent of Total standalone operating income) in Q3-2014 and (-5.01) per cent lower than the Rs 35.85 crore (6.18 per cent of Total standalone operating income) in Q4-2013.

     

    Dish TV’s Programming/content and other cost (Content cost) in FY-2014 at Rs 261.38 crore (10.42 per cent of Total standalone operating income) was 15.81 per cent higher than the Rs 225.70 crore (10.42 per cent of Total standalone operating income). Q4-2014 content cost was 2.29 per cent more at Rs 66.98 crore (10.52 per cent of Total standalone operating income) as compared to the Rs 65.48 crore (10.5 per cent of Total standalone operating income) in the immediate trailing quarter and 15.3 per cent more than the Rs 58.09 crore (10.46 per cent of Total standalone operating income) in the year ago quarter Q4-2013.

     

    The company paid Rs 288.48 crore (11.5 per cent of Total standalone operating income) as licence fees in FY-2014 which was 25.49 per cent more than the Rs 229.89 crore (10.61 per cent of Total standalone operating income) in FY-2013. Dish TV paid Rs 82.38 crore (12.93 per cent of Total standalone operating income) towards licence fees in Q4-2014 which was 10.96 per cent more than the Rs 74.24 crore (11.90 per cent of Total standalone operating income) in Q3-2014 and 34.34 per cent higher than the Rs 61.32 crore (11.04 per cent of Total standalone operating income) in Q4-2013.

     

    Dish TV’s selling and distribution expense is made up of two parts – ‘commission’ and ‘other selling and distribution expense’ (distribution exp).

     

    Commission expense in FY-2014 at Rs 183.67 crore (7.32 per cent of Total standalone operating income) was 17.84 per cent more than the Rs 155.87 crore (7.19 per cent of Total standalone operating income) in FY-2013. Q4-2014 commission expense at Rs 50.65 crores (7.95 per cent of Total standalone operating income) was 0.56 per cent more than the Rs 50.37 crore (8.07 per cent of Total standalone operating income) in Q3-2014 and 31.94 per cent more than the Rs 38.39 crore (6.91 per cent of Total standalone operating income) in Q4-2013.

     

    Distribution Exp in FY-2014 at Rs148.42 crore (5.92 per cent of Total standalone operating income) was 0.44 per cent more than the Rs 147.77 crore (6.82 per cent of Total standalone operating income) in FY-2013. In Q4-2014, Dish TV paid (-5.85) per cent lower towards distribution exp at Rs 32.66 crore (5.13 per cent of Total standalone operating income) as compared to the Rs 34.69 crore (5.56 per cent of Total standalone operating income) in Q3-2014 and (-8.9) per cent lower than the Rs 35.85 crore (6.45 per cent of Total standalone operating income) in Q4-2013.

     

    Dish TV’s take

     

    Dish TV chairman Subhash Chandra said, “The Media industry had its share of opportunities and challenges all through the year. Digitisation kept the industry on its toes. In an uncertain macro environment, Dish TV pursued its strategy of self-funded growth; deleveraging the business while being selective about its subscriber additions notwithstanding the noise around digitisation. The result, a healthier Balance Sheet coupled with the largest subscriber base in the industry and a free cash positive business which is much better equipped to capitalize on the opportunities ahead.”

     

    Dish TV managing director Jawahar Goel added, “Unlike fiscal 2013, fiscal 2014 was a disruptive period where we had to choose between immediate benefits and long term sustainability in the hyper competitive DTH industry. Choosing the later, we continued to deleverage while maintaining our subscriber acquisition price point. With a much manageable and scalable debt profile now, we have started 2014 with a significant positive overhaul to our macro parameters.”

     

    “With a new government at the Centre, the DTH industry is optimistic about rationalisation in the tax regime. As notification of the Goods and Services Tax (GST) is taking time, we look forward to allowance of abatement in Service Tax along with moderation in Entertainment Tax in line with the prevailing structure in Gujarat and other forward looking states. We are also hopeful of an early resolution of the DTH license renewal and payment of license fees matter in the industry’s favour. We also expect a firm push to digitisation and are confident that encryption, packaging, billing and other critical requirements will be implemented at the last mile,” he added.

     

    “Dish TV’s fourth quarter subscriber adds are a result of some serious strategic initiatives taken earlier. The ‘Zing’ sub-brand launched as part of a differentiated strategy to cater to the Phase III & IV markets got a tremendous response and even bolstered the flagship brand’s sales. We exited the fourth quarter bagging the highest incremental market share while keeping a check on our churn, which remained at 0.6 per cent per month. Making further headway on our Sri Lanka Project, we launched test signals as per plan,” said Goel.