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SITI Cable records 36% growth in total revenues

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SITI Cable records 36% growth in total revenues

The Board of Directors of SITI Cable Network has taken on record the unaudited consolidated financial results of the Company and its subsidiaries for the quarter ended September 30, 2014. The key performance highlights are as below.

Total revenues for Q2 FY 2015 are at Rs. 2238 million as compared to Rs. 1641 million during corresponding quarter last fiscal, recording a growth of 36%.

The consolidated operating profit (EBITDA) for Q2 FY 2015 is at Rs. 458 million as compared to Rs. 330 million during corresponding quarter last fiscal.

Subscription revenue stands at Rs. 1214 million as compared to Rs. 600 million same quarter last fiscal recorded a remarkable growth of 102%.

SITI Cable added 3,00,000 STBs during the quarter ended September 2014 increasing the digital subs base to 4.6 million.

It launched broadband services on DOCSIS 3.0 in Delhi/NCR. 

The table below presents the condensed statement of consolidated operations for SITI Cable Network and its subsidiaries for the second quarter of FY2015, as published:

Subhash Chandra, Chairman stated, “The ‘Digital India’ program has been launched with the vision of transforming India into a digitally empowered society and knowledge economy. It intends to bring India at par with other developed countries. Government has identified broadband as one of the key pillar to achieve its target under the program. We are gearing up to provide the broadband services on cable networks, which shall also pave the way for ARPU enhancement to the company.”

Commenting on the financial performance of the company, Chandra said, “Growth in the collection of subscription revenue is the reflective of our continued emphasis on providing quality services to our consumers. We remain focussed on supporting business growth by optimizing our operations and continue to deepen our engagements with customers by introducing value added services.”

V D Wadhwa, Executive Director & CEO, SITI Cable said, “ SITI Cable maintained its growth trajectory in the second quarter too. We continue to focus on stabilising operations in DAS phase 1 & 2 markets and established industry best practices. The results for the quarter are reflective of these efforts. The subscriber revenue during the quarter has shown robust growth of 102%.”

Commenting on the push back of digitization, Wadhwa added, “We have been working to digitize our Phase III and IV markets and we will keep the momentum on through voluntary digitization & focusing more on the monetization of existing business. We see extension in deadline as the opportunity for us to enter newer markets. In addition, we have rolled out broadband service on DOCIS 3.0 in Delhi/NCR and plan to further offer this service in more cities where we are already present. HD services with 30+ channels have also been rolled out in all geographies.”

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Prior to joining Madison PR in 2012 Chaudhary was Group President Corporate Communications at Reliance Industries Limited.