Press Releases2013

Feb 01, 2013
Siti Cable Network Limited (SCNL) declares its Q3 results for FY13

New Delhi, India; Jan 31, 2013 - The Board of Directors of Siti Cable Network Limited (SCNL) (BSE: 532795, NSE: SITICABLE) in its meeting held today, has taken on record the unaudited consolidated financial results of the Company and its subsidiaries for the quarter ended Dec 31, 2012.

The consolidated total revenues for the quarter were Rs 1247.1 million and operating profit (EBITDA) was Rs. 202.5 million.

Q3 FY2013- Highlights

•    Total consolidated operating revenues for the third quarter ended Dec 31, 2012 was Rs. 1247.1 million as compared to Rs. 957.1 million during corresponding quarter last fiscal, recording a growth of 30%.

•    The consolidated operating profit (EBITDA) for the third quarter ended Dec 31, 2012 was Rs. 202.5 million as compared to Rs. 46.0 million during corresponding quarter last fiscal.

•    SITI Cable expands its business operations in new Strategic towns in Central India Locations and Eastern part of the country.

Mr. Subhash Chandra, Chairman, stated, "The Indian television distribution industry is on the cusp of high growth value phase as it marches towards the phase wise digitization of cable television in the country. Digitization provides access to more number of channels and better viewing experience for the subscriber which has been witness in Phase-1 of digitization. This transformation will lead to transparency in the cable distribution and subsequently boost in the revenue".

Commenting on the performance, Mr. Chandra said, "Despite uncertain environment SITI Cable has done well in this quarter and has driven higher revenue through relentless focus on operational excellence. SITI is EBITDA positive in this quarter as well, which clearly indicates continuing growth path".

Mr. Anil Malhotra, COO of SITI Cable commented, "SITI gained further momentum in the third quarter of fiscal 2013. Our consolidated operating revenue and EBITDA grew to Rs. 1247.1 million and Rs. 202.5 million respectively, a healthy growth over corresponding quarter of last fiscal. We were able to maintain our margins through operational efficiency improvements despite increased operating expenses".

He further added, "In Phase-1 of digitization we have now seeded about 1.5 million STBs in our markets of Delhi, Mumbai & Kolkata. The Company added approximately 700,000 STBs during Q3. The STB Seeding done by the company is under the paid scheme and the payments were realized on upfront basis. We are now in exciting phase of our journey as we strengthen our existing operations and expand our digital subscriber base in phase-2 cities as well. We believe that experiences gathered from Phase 1 will form the basis for phase-2 switch-over to digital, helping to speed up the exercise eventually".

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