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SITI Cable records 27% revenue growth in Q1FY14

The consolidated operating profit (EBITDA) grew by 12 per cent at Rs 311.8 million for the first quarter

BestMediaInfo Bureau | Delhi | August 1, 2013

SITI Cable Network has announced its unaudited consolidated financial results for the quarter ended June 30, 2013. Total revenues for the first quarter ended June 30, 2013 was Rs 1442.9 million compared to Rs 1135 million during the corresponding quarter last fiscal, a growth of 27 per cent. The consolidated operating profit (EBITDA) for the first quarter was Rs 311.8 million against Rs 277.4 million during corresponding quarter last fiscal, recording a growth of 12 per cent.

Subhash Chandra, Chairman, SITI Cable, said, “The ongoing digital revolution in Indian cable television distribution industry is set to bring in all round gains for the entire industry value chain. Digitisation will transform the way television is seen, consumed and marketed. For customers, digitisation brings an enhanced viewing experience, expanded channel pool, power to choose and pay only for the chosen channels. For MSOs like SITI Cable, digitisation will bring digitally addressable consumer base leading to higher revenues and profitability.”

Commenting on the performance, 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.”

VD Wadhwa, Executive Director and CEO of SITI Cable, said, “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 per cent and 12 per cent respectively over the last fiscal. EBIDTA of Rs 311.8 million is after absorbing adverse impact of forex fluctuations 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 collections 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 and Mumbai.”

Wadhwa added, “Digitisation marks the beginning of an organised and professional way of conducting business and opens up possibilities of multiplier revenues from television and numerous value added services. 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.”

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