Press Releases2015

Aug 17, 2015
SITI Cable Network Limited (SCNL) declares its Q1 results for FY16

New Delhi, India; 13th August 2015: The Board of Directors of SITI Cable Network Limited (SITI CABLE) (BSE: 532795, NSE: SITI CABLE EQ) in its meeting held today, has taken on record the Unaudited Consolidated Financial Results of the company for the first quarter ended June 30, 2015.

Performance Highlights

•    EBITDA at INR 38 Crores; up 19% QoQ & 5% YoY
•    Revenue at INR 230 Crores; up 9% YoY
•    Broadband Income at INR 9 Crores ; up 63% YoY
•    Added 0.2 mn Video subscribers
•    Added 4,400 Broadband subscribers

Operational Highlights

•    Subscription Revenue - effective realisation per subscriber remained flat during the period.
•    New Geography Expansion - Expanded its footprint by entering into 12 new towns across India as a part of the ongoing voluntary digitization process in order to be compliant with DAS Phase 3 Digitization deadline.
•    Building Synergies to provide quality content at affordable prices - SITI Cable and Dish TV formed a common entity named "COMNET" to help synergize strengths of both entities in dealing with broadcasters. The primary reason for forming this venture is to ensure that consumers have access to quality content at affordable prices. This move would assist in keeping content cost in consonance with consumer ARPUs and market realities

While commenting on the results Mr. V D Wadhwa, Executive Director & CEO, SITI Cable mentioned that "Our commitment to improving operational efficiency and streamlining operations continues, leading to EBITDA growth of 18.7% and Margin expansion by 501 bps QoQ.

We managed to grow our Broadband revenues by 13.4% QoQ and are on track to expand our Broadband operations in new cities. Delays in content availability held back STB Seeding, however we are well poised to expand aggressively this quarter.

During the quarter we have further tightened our credit control measures and started taking strict actions against defaulting operators which shall result into improved credit discipline and saving in operating cost."

Report By: Anshul Gupta    
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