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SITI Cable Network revenue rises 9% YoY at Rs 243 crore

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SITI Cable Network revenue rises 9% YoY at Rs 243 crore

The Board of Directors of SITI Cable Network Limited announced the unaudited consolidated financial results of the company for the second quarter ended September 30, 2015.

The company’s EBITDA at Rs 52 crore; up 35% QoQ & 13% YoY; revenue stood at Rs 243 crore; up 5% QoQ & 9% YoY; subscription income stood at Rs 139 crore; up 7% QoQ & 3% YoY; broadband income was at Rs 9 crore; up 4% QoQ & 50% YoY.

SITI further expanded into 21 markets in the states of Harayana, MP, Karnataka, Rajasthan, Telangana & Uttrakhand as a part of the ongoing voluntary digitization process in order to be compliant with DAS Phase 3 Digitization deadline. HD subscribers currently stood at 25,000.

SITI has adopted MPEG 4 technology and will provide MPEG 4. STBs equipped with Personal Video Recorder (PVR) facility to subscribers.

Broadband Home passes at 5.86 Lakhs, SITI will be looking towards deeper extraction of home passes to improve operating leverage

Q2 EBITDA, excluding activation was up 18% QoQ, at Rs 32 crore vs Rs 27 crore. Consolidated gross debt stood at Rs 1,236 crore & net debt was at Rs 1,041 crore.

While commenting on the results V D Wadhwa, Executive Director & CEO, SITI Cable, said, “A focus on improved operational performance resulted in EBITDA growth of 35.2% and EBITDA Margin at 21.2%, an expansion by 467 bps sequentially. We are looking to further streamline our Broadband operations to provide stellar customer experience. Our commitment to digitization of Phase 3 areas remains and we expect this to gain further momentum in the coming quarter”

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