SITI Networks Limited announces consolidated Ind-AS results for Q3 FY20
New Delhi, Delhi, India
SITI Networks Limited (BSE: 532795, NSE: SITINET), an Essel Group Company, one of India’s largest Multi-System Operators (MSO), has released its Consolidated Audited Financial Results for Q3 FY20, ending December 31, 2019
SITI Networks Limited (BSE: 532795, NSE: SITINET), an Essel Group Company, one of India’s largest Multi-System Operators (MSO), has released its Consolidated Audited Financial Results for Q3 FY20, ending December 31, 2019, showcasing continuous growth through strict control on expenses and operational efficiencies across all metrics.
SITI’s 9MFY20Operating EBITDA surged 1.24 times over similar duration of last fiscal, to Rs. 2,676 Mn. This jump has been due to strict control over expenses and operating efficiencies. SITI’s Operating EBITDA Margin for 9MFY20 also expanded significantly by 1.1 times y-o-y to 22%.
Subscription revenue for 9MFY20 grew 19.5% y-o-y to Rs. 8,687 Mn, aided by the strong growth Subscription ARPU, which leapt 1.8 times to Rs.128 per month. Total Revenue (excluding activation) also surged12.7%y-o-y to Rs. 12,189 Mn for the same period.
SITI Broadband and Zee 5, India’s fastest growing OTT platform joined hands to promote premium content to SITI’s high speed broadband customers. SITI Broadband also expanded its presence through a mix of smart customer management and innovative offerings. A new SITI Broadband web and mobile interface has been introduced to enhance customer experience.
SITI’s continuous efforts on improving operational efficiencies through the improvement of its systems, processes and personnel have been yielding results. This has resulted in a better and intimate ground connect with its 24,000+ strong distribution network and increased focus on being fully compliant to the Tariff regime.
While commenting on the results, Mr. Anil Malhotra, CEO of SITI Networks Limited mentioned:
“SITI’s continued focus on operational efficiencies and strict control over expenses has driven growth in Operating EBITDA by 1.24 times y-o-y to Rs.2,676 Mn and expanding Operating EBITDA margins by 1.1 times y-o-y to 22% in 9MFY20. Our Total Revenue (excluding Activation) also surged 12.7% y-o-y to Rs.12,189 Mn in the same period. Our Subscription Revenue also jumped 19.5% to Rs.8,687 Mn. We are focused on working closely with our distribution partners for increased sweating of ground assets further through introduction of allied value-added services for our customers SITI Broadband with Zee 5, India’s fastest growing OTT app, gives both partners an opportunity to scale up our business ambitions, creating value for all our stakeholders with a focused and strategic approach." About SITI Networks Limited
SITI Networks Limited is a part of the Essel Group, which is one of India's leading business houses with a diverse portfolio of assets in media, packaging, entertainment, technology-enabled services, infrastructure development and education.
SITI Networks Limited is one of India's largest Multi System Operator (MSO). With 10 digital head ends and a network of more than 33,000 Kms of optical fibre and coaxial cable, it provides its cable services in India's ~580+ Locations.
SITI Networks Limited deploys State-of-the-art technology for delivering multiple TV signals to enhance consumer viewing experience. Its product range includes Digital & Analogue Cable Television, Broadband and Local Television Channels. SITI Networks has been providing services in analogue and digital mode, armed with technical capability to provide features like Video on Demand, Pay per View, Over-The-Top content (OTT), Electronic Programming Guide (EPG) and Gaming through a Set Top Box (STB). All products are marketed under SITI brand name.