Press Releases2013Aug 02, 2013
SITI Cable records revenue growth of 27% at Rs.1442.9 million and EBITDA growth of 12% at Rs. 311.8 million for Q1 2014
Noida, India; July 31, 2013 - 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 June 30, 2013. The total revenues for the quarter were Rs 1442.9 million and operating profit (EBITDA) was Rs. 311.8 million.« Back
Q1 FY2014 - Highlights:
Mr. Subhash Chandra, Chairman, stated, “The ongoing digital revolution in Indian Cable Television distribution industry is set to bring in all round gains for the entire industry value chain. Digitization will transform the way television is seen, consumed and marketed. For customers, digitization brings an enhanced viewing experience, expanded channel pool, power to choose and pay only for the chosen channels. For MSOs like SITI Cable, the digitization will bring digitally addressable consumer base leading to higher revenues and profitability”.
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 Cable is EBITDA positive in this quarter as well, which clearly indicates continuing growth path”.
Mr. V D Wadhwa, Executive Director and CEO of SITI Cable commented, “We have continued the momentum begun during the last fiscal into the first quarter of FY14. Our total revenue and EBITDA grew to Rs 1442.9 million and Rs. 311.8 million, a growth of 27% and 12% respectively over last fiscal. The EBIDTA of Rs. 311.8 million is after absorbing adverse impact of forex fluctuation of Rs. 51.1 million. Our focus area is to increase the collection of monthly subscription revenues from the ground. We made healthy progress in metros cities where we are present. We are far ahead of other operators in terms of subscriber wise billing and collection. In phase-2 cities the collection are likely to improve in coming quarters. We have also collected significant numbers of Subscriber Application form (SAF) and Channel/Package selection form from Delhi & Mumbai”.
Mr. Wadhwa further added that “Digitization marks the beginning of an organized and professional way of conducting business and opens up possibilities of multiplier revenues from television and numerous value added services (VAS). The encouraging growth trends make us more confident of further accelerating the growth momentum and serving the cable TV viewing needs of many more million Indians on SITI Cable Network”.