Siti Cable posts revenue growth of 57% in Q2FY14

EBITDA grew by 74 per cent Rs 330 million; DAS subscription revenue grew by 2,316 per cent over corresponding quarter

BestMediaInfo Bureau | Delhi | October 28, 2013

Siti Cable Network has reported total revenues of Rs 1,629.4 million for the quarter ended September 30, 2013 compared with Rs 1,039.8 million during corresponding quarter last fiscal, recording a growth of 57%. Operating profit (EBITDA) for Q2FY14 was Rs 329.8 million against Rs 189.3 million during corresponding quarter last fiscal.

Siti Cable is the only MSO in India to provide the Digital Subscriber Management system 'Own Your Customer (OYC)' to cable operators. It is the only MSO to share 25 per cent carriage revenue with cable operators

Subhash Chandra, Chairman, Siti Cable Network, stated, “The industry is at an inflexion point where creating the valuable ecosystem for all stakeholders, be it consumer, broadcaster or last mile local cable operators, will ensure sustainable growth. We see immense opportunity for digitisation in India in the years ahead. At Siti, we have been working to strike the balance with all key stakeholders under current circumstances. The signs of such changes are visible in the performance of the company.”

Commenting on the performance, Chandra said, “Siti Cable performance in the quarter reflects the resilience of our business model in a period of volatility and uncertainty. In the current quarter Siti Cable has delivered significant improvement in financial performance through operational excellence.”

VD Wadhwa, CEO of Siti Cable, commented, “We are pleased to report a healthy performance in the second quarter of the year. Our total revenue and EBITDA in the quarter showed a growth of 57 per cent and 74 per cent, respectively, over last fiscal. Our growth was largely due to greater focus on subscription revenue despite low seeding of STB's during the quarter. We shall continue to focus business expansion and revenue maximization in coming quarter.”

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