Excitel Broadband Narrows Losses with Strategic Partnership

Excitel Broadband reported a reduction in losses to Rs 120 crore for FY24, compared to Rs 155 crore in FY23. The company saw revenue increase to Rs 486.84 crore, a 24.5% rise. A recent partnership with GX Group aims to enhance connectivity with Wifi 6-enabled broadband modems.

Excitel Broadband has successfully curtailed its financial losses, reporting a reduction to Rs 120 crore in the fiscal year 2024, a significant improvement from the Rs 155 crore loss recorded in FY23, according to company statements released on Thursday.

The company's revenue climbed to Rs 486.84 crore in FY24, marking a notable 24.5 percent increase from Rs 391.17 crore in the previous fiscal year. This growth reflects the company's continued efforts to expand its customer base and improve service offerings.

Excitel's collaboration with GX Group introduces Wifi 6-enabled broadband modems, promising high-speed, eco-friendly connectivity to urban and rural households alike. CEO Vivek Raina emphasized the partnership's role in making world-class internet services accessible across India.

(With inputs from agencies.)