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SITI Cable records revenue growth of 46% at Rs 2110 million in Q1 FY 15

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SITI Cable records revenue growth of 46% at Rs 2110 million in Q1 FY 15

The Board of Directors of SITI Cable Network Limited has taken on record the unaudited consolidated financial results of the Company and its subsidiaries for the quarter ended June 30, 2014. The total revenues for the quarter were Rs 2110 million and operating profit (EBITDA) was Rs 363 million.

Total revenues for the first quarter ended June 30, 2014 was Rs 2110 million as compared to Rs 1441 million during corresponding quarter last fiscal, recording a growth of 46 %.

The consolidated operating profit (EBITDA) for the first quarter ended June 30, 2014 was Rs 363 million as compared to Rs 312 million during corresponding quarter last fiscal.

Subscription revenue at Rs 1057 million as compared to Rs 321 million same quarter last fiscal recorded a remarkable growth of 229%.

The Company has registered Total revenue of Rs 2110 million as compared to Rs 1441 million during corresponding quarter of the last fiscal. Operating revenue is primarily generated from subscriber related income, income from bandwidth charges, income from advertisements and other operating revenues.

Commenting on the results of the company,  Subhash Chandra, Chairman stated, “The performance during the quarter reflects the investment that SITI is making to grow its business and market share. This has been accompanied by a strong improvement in both top line and bottom line growth of the company during the quarter due to continued emphasis on providing quality services to our consumers and superior technological support to our business partners.  Chandra further mentioned that Broadcasters, MSOs and Local Cable Operators have to work together for improvement in Consumer ARPU’s, which will ensure a significant improvement in the health of the overall media industry and its stakeholders.”

V D Wadhwa, Chief Executive Officer, SITI Cable commented, “We continue to focus on improvement in quality of our services to our viewers and improvement in our subscription revenues. The results for the quarter are reflective of these efforts. The subscriber revenue during the quarter has shown robust growth of 229% and with the starting of package billing in DAS II cities and likely roll-out of digitization in Phase III & IV, it is set to further improve in the coming quarters.”

Commenting on the changes in the industry landscape, Wadhwa added, “These are challenging but exciting times and the entire industry is going through a major overhaul and SITI Cable is playing a crucial role in taking the lead in introduction and implementation of the best practices for improvement of overall health of the industry and garnering the support of other MSOs as well in its efforts, which will eventually result in significant improvement in the financial performance of all the stakeholders.”

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