Press Releases2014Feb 17, 2014
Siti Cable Network Limited (SCNL) declares its Q3 results for FY14
The Board of Directors of SITI Cable Network Limited (SCNL) (BSE: 532795, NSE: SITI CABLE EQ) in its meeting held today, has taken on record the unaudited consolidated financial results of the Company and its subsidiaries for the quarter ended December 31, 2013. The total revenues for the quarter were Rs 1773 million and operating profit (EBITDA) was Rs. 350 million.« Back
Q3 FY2014- Highlights
• Business Today ranked SITI Cable among the Top 500 of “India's Most Valuable Companies”.
• Indiantelevision.com honoured SITI Cable at Indian Digital TV Honours (IDTH) for fostering Local Cable Operator (LCO) partnerships.
Mr. Subhash Chandra, Chairman, stated, “The ongoing Digitalization 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”.
Commenting on the performance, Mr. Chandra 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”.
Mr. V D Wadhwa, CEO of SITI Cable commented, “We have gained further momentum in the third quarter of fiscal 2014. Our total revenue and EBITDA grew to Rs. 1773 million and Rs. 350 million respectively, a healthy growth of 42% and 73% respectively over corresponding quarter of last fiscal. 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 added, “We are now in exciting phase of our journey as we strengthen our existing operations and expand our digital subscriber base in phase-3&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”.