Atria Convergence: Atria convergence posts ‘2,273-cr top line in FY23

Private equity funds Argan Mauritius and TA Associates-backed Atria Convergence Technologies (ACT) has reported an operating revenue of ‘2,273 crore in FY23, up 5.4% from ‘2,156 crore in the previous fiscal.

The company’s net profit increased 3.5% to ‘353 crore amid a 6% jump in expenses to ‘1,826 crore. Employee benefit expenses rose 15% to ‘556 crore.

ACT provides broadband and cable TV services in cities and towns in Karnataka, Andhra Pradesh, Telangana, Tamil Nadu and Delhi-NCR.

The company, which operates in over 20 cities with a dominant presence in southern India, has been expanding its presence in northern India in the last few years. Its revenue from the broadband segment jumped 6.4% to ‘2,081 crore, while revenue from the cable TV segment decreased 3.5% to ‘192 crore.

The Bengaluru-headquartered company’s operating profit from the broadband segment surged 31% to ‘479 crore. It recorded an operating loss of ‘102 crore from the cable TV segment against an operating profit of ‘3.9 crore a year ago.

The company didn’t provide any comment for the story.It incurred a capital expenditure of ‘374 crore, down almost 20% from ‘467 crore. ACT’s revenue has been expanding as a result of increased customer demand for data for entertainment, education and work-from-home purposes.It has a strategic partnership with Netflix, allowing its users to access Netflix subscriptions as part of their internet bundles at no extra cost.