SITI Networks Limited, an Essel Group Company, on Wednesday released its Consolidated Audited Financial Results for Q2 FY20, ending September 30, 2019. The results showed superlative growth of SITI Networks Limited across all metrics.
The operating EBITDA of SITI Networks Ltd surged 43% over the second quarter of last fiscal, a 16% sequential quarterly growth to Rs 975 million. The company said in a press release that the surge has been due to strict control over operating efficiencies. SITI’s Operating EBITDA Margin also expanded significantly by 1.3 times year-on-year to 23.4% in Q2FY20. The subscription revenue registered a robust growth of 13.2% y-o-y to Rs. 2,885 million in Q2FY20, due to the strong growth in Digital Subscription ARPU, which went up 1.7 times to Rs.127 per month.
Total Revenue (excluding activation) also surged 11.3% y-o-y to Rs. 4,171 million. The press release said that SITI has continued to update its systems and processes across multiple touch-points to be fully compliant to the tariff regime. It is to be noted that recently, SITI extended the benefits of Festival Offer released by broadcasters to its customers.
Commenting on the positive results, Mr. Anil Malhotra, CEO of SITI Networks Limited said, “SITI has continued to show-case robust growth across all metrics in Q2FY20. With key focus on our operational efficiencies, we saw our Operating EBIDTA grow 43% y-o-y to Rs 975 and the EBIDTA margins subsequently rose 1.3 times y-o-y to 23.4%. We have also shown continued growth in our Subscription Revenue with a 13.2% jump over second quarter of the last fiscal to Rs 2,885 million.”
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.
The company is one of the largest Multi System Operator (MSO) in India. 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 800 locations across the country. SITI Networks Limited deploys State-of-the-art technology for delivering multiple TV signals to enhance consumer viewing experience. The product range of SITI Netowrk Ltd includes Digital & Analogue Cable Television, Broadband and Local Television Channels.