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Siti Cable Q3 FY14 revenues up 42% at Rs 1,773 million

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Siti Cable Q3 FY14 revenues up 42% at Rs 1,773 million

Siti Cable Network has reported total revenues of Rs 1,773 million for the third quarter ended December 31, 2013, as compared to Rs 1,247 million during the corresponding quarter last fiscal, recording a growth of 42 per cent.

Operating revenue is primarily generated from subscriber related income, especially from digitisation, income from bandwidth charges, income from advertisements, STB activation charges and other operating revenues.

DAS subscription revenue grew by 1461 per cent over the corresponding quarter, while digital subscribers grew to 3.7 million.

The consolidated operating profit (EBITDA) for Q3 FY14 stood at Rs 350 million, as compared to Rs 203 million during corresponding quarter last fiscal.

Meanwhile, the company’s main operating expenses include cost of goods and services, employees’ cost, selling & distribution expenses and other expenditure. Total expenses stood at Rs 1,423 million for Q3 FY14, as against Rs 1,045 million in the same period last fiscal, recording an increase of 36 per cent.

Commenting on the Q3 FY14 performance, Subhash Chandra, Chairman, Essel Group and ZEE said, “Our results for the quarter reflect the overall stability of our operations, and demonstrate the potential for growth. Siti Cable is EBITDA positive in this quarter as well.”

He further said, “The ongoing digitisation is providing new impetus for growth and value in India, though we are still early in the value creation process. Digital cable television is a major engine of growth for Siti Cable across all geographies. Our sustained investment in this segment will further enhance customer television viewing experience.”

VD Wadhwa, CEO, Siti Cable added here, “We have gained further momentum in Q3 FY14. We have maintained our margins through operational efficiency improvements despite stiff challenges faced at market place on account of DAS billing. We have made the healthy progress in collection of DAS subscription revenue, which is way ahead of competition.”

He further said, “We are now at an exciting phase of our journey as we strengthen our existing operations and expand our digital subscriber base in Phase 3 and 4 towns. We have started digital cable services in strategic markets of Vijayawada, Hissar and Rohtak in this quarter. We have also reinvented the company website, making it more interactive and user-friendly.”


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