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Siti Cable reports loss of Rs 301 million in Q1FY15

The company has, however, recorded a 16% rise in EBITDA to Rs 362.6 million and a 46% jump in total revenues

BestMediaInfo Bureau | Mumbai | August 14, 2014

siti-logoAccording to a press release sent to the stock exchanges by Siti Cable, the company’s PAT for Q1 FY2015 ending June 30, 2014 stood at a negative Rs 301.2 million (loss) compared to a loss of Rs 270.7 million in Q1FY14. However, it has reported a 16% rise in EBITDA for Q1FY15 to Rs 362.6 million compared to Rs 312 million during the corresponding quarter last fiscal.

The total revenues of the company jumped by 46% in Q1FY15 to Rs 2,110 million against Rs 1,441 million in the previous quarter last year. Subscription revenue also recorded a whopping 229% rise to Rs 1,057 million in this quarter.

Subhash Chandra Subhash Chandra

Commenting on the results of the company, Subhash Chandra, Chairman, stated, “The performance during the quarter reflects the investment that Siti is making to grow its business and market share. This has been quarter due to continued emphasis on providing quality services to our consumers and superior technological support to our business partners.”

He further said, “Broadcasters, MSOs and LCOs have to work together for improvement in Consumer ARPUs, which will ensure a significant improvement in the health of the overall media industry and its stakeholders.”

VD Wadhwa VD Wadhwa

VD Wadhwa, Chief Executive Officer, Siti Cable, commented, “We continue to focus on improvement in quality of our services to our viewers and improvement in our subscription revenues. The results for the quarter are reflective of these efforts. The subscriber revenue during the quarter has shown robust growth of 229% and with the starting of package billing in DAS II cities and likely roll out of digitization in phase III & IV, it is set to further improve in the coming quarters”.

Commenting on the changes in the industry landscape, Wadhwa said, “These are challenging but exciting times and the entire industry is going through a major overhaul and Siti Cable is playing a crucial role in taking the lead in introduction and implementation of the best practices for an improvement of overall health of the industry and garnering the support of other MSO’s as well in its efforts, which will eventually result in significant improvement in the financial performance of all the stakeholders.”

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