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Siti Cable Q2 FY14 revenues up 57% at Rs 1,629.4 mn

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Siti Cable Q2 FY14 revenues up 57% at Rs 1,629.4 mn

Siti Cable Network has seen a 57 per cent growth in its total revenues for the second quarter ended September 30, 2013 at Rs 1,629.4 million. Consolidated operating profit (EBITDA) for the second quarter stood at Rs 329.8 million as compared to Rs 189.3 million during the corresponding quarter last fiscal, a growth of 74 per cent.

Commenting on the Q2 FY14 performance, Subhash Chandra, Chairman, Siti Cable said, “Siti Cable’s performance in the quarter reflects the resilience of our business model in a period of volatility and uncertainty. In the current quarter, Siti Cable has delivered significant improvement in financial performance through operational excellence.”

He further noted, “The industry is at an inflexion point, where creating a valuable ecosystem for all stakeholders – be it consumer, broadcaster or last mile local cable operators – will ensure the sustainable growth. We see immense opportunity for digitisation in India in the years ahead.”

VD Wadhwa, CEO, Siti Cable commented, “We are pleased to report a healthy performance in the second quarter of the year. Our total revenue and EBITDA in the quarter grew to Rs 1,629 million and Rs 330 million, a growth of 57 per cent and 74 per cent, respectively over the last fiscal. Our growth was largely due to greater focus on subscription revenue, despite low seeding of set top boxes during the quarter. We shall continue to focus business expansion and revenue maximisation in the coming quarter.”

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