SITI Networks Limited announces consolidated Ind-AS results for Q4 & FY19

SITI ended with an Active Subscriber base at ~8.2 Million, in the quarter ended March 2019.

New Delhi: SITI Networks Limited, an Essel Group company, with presence across 580+ locations in India, has released its Consolidated Audited Financial Results for Q4FY19 & FY19.

On the back of sustained efforts in FY19, SITI reported growth in its Operating EBITDA by 2x to Rs.3,001 Mn. Leveraging existing operating resources and focus on cost-effectiveness reflected in
the operating expenses being flat on an annualised basis and declining on a quarterly basis. 

This manifested itself in Operating EBITDA Margin expanding significantly by 912bps in FY19 to 21.2%.

Subscription revenue increased by 19% to Rs. 9,537 Mn in FY19, aided by improving monetization and upselling better value offerings to our esteemed customers.

In the quarter ended March 2019, SITI ended with an Active Subscriber base at ~8.2 Mn. There was transient churn in the customer base because of tariff order migration and prepaid implementation.

The subscriber base is expected to revert to steady-state levels in the medium term. SITI was intensely focussed on a calibrated migration to the new TRAI Tariff Order Regime and successfully implemented the same in conjunction with its business associates on a Pan India Basis. 

The migration process entailed preparing and disseminating tailored “best fit” plans, offering broadcaster bouquets and a-la-carte options to our end customers, ensuring our systems and processes were effective and our operating teams worked in a synchronised manner. 

We made extensive use of digital mediums and our on-ground business associates to ensure customers were informed and empowered. Currently, a substantial number of our customers have constructed their own bespoke plans with the remainder being on SITI “best fit” plans; SITI is working closely with the regulatory authorities and industry peers to monitor the situation

While commenting on the results, Rajesh Sethi of SITI Networks Limited mentioned, “SITI Networks maintained its consistent growth and grew its Subscription revenue by 19% YoY in consonance with tariff order implementation. A twin focus on cost-effectiveness and improved monetization helped us to deliver strong Operating EBITDA at INR3,001 mn, a growth of 2x and simultaneously expanding margins 1.8x to 21.2%.”