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Siti Cable posts 42% revenue growth, EBITDA grows by 73% in Q3 FY14

DAS subscription revenue grew by 1,461% over corresponding quarter. Digital subscribers grew to 3.7 million

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Siti Cable posts 42% revenue growth, EBITDA grows by 73% in Q3 FY14

DAS subscription revenue grew by 1,461% over corresponding quarter. Digital subscribers grew to 3.7 million

BestMediaInfo Bureau | Delhi | February 14, 2014

siti-logoThe Board of Directors of Siti Cable Network Ltd has taken on record the unaudited consolidated financial results of the company and its subsidiaries for the quarter ended December 31, 2013. Total revenues for Q3 FY14 was Rs 1,773 million compared to Rs 1,247 million during the corresponding quarter last fiscal, a growth of 42 per cent.

The consolidated operating profit (EBITDA) for the quarter was Rs 350 million against Rs 203 million during the corresponding quarter last fiscal.

DAS subscription revenue grew by 1,461 per cent over the corresponding quarter. Digital subscribers grew to 3.7 million

Subhash Chandra, Chairman, Siti Cable, said, “The ongoing digitalisation 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, 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.”

VD 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 1,773 million and Rs 350 million, respectively, a healthy growth of 42 per cent and 73 per cent, 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.”

Wadhwa 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.”

The table below presents the condensed statement of consolidated operations for Siti Cable Network and its subsidiaries for the third quarter of FY2014:

siti-table

Info@BestMediaInfo.com

Info@BestMediaInfo.com

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