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Tag: Dr Subhash Chandra

  • Q1-17: Siti revenue, EBIDTA up

    Q1-17: Siti revenue, EBIDTA up

    BENGALURU: The Dr Subhash Chandra led newly renamed Siti Networks Limited (Siti) formerly known as Siti Cable Network Limited, reported 22.7 percent and 28.7 year-over-year growth in operating revenue and EBIDTA for the quarter ended 30 June 2106 (Q1-17, current quarter). Siti’s revenue in the current quarter was Rs 281.97 crore as compared to Rs 229.72 crore in the corresponding year ago quarter. EBIDTA (including other income) in Q1-17 was Rs 47.41 crore (16.8 percent margin) versus Rs 36.84 crore (16 percent margin). Loss however was higher in Q1-17 at Rs 52.61 crore as opposed to a loss of Rs 36.68 crore in Q1-16.

    The company says that its digital subscriber base has grown to 84 lakh during the current quarter from 79 lakh in the immediate trailing quarter. For Q1-16, the company had reported a digital subscriber base of 55.80 lakh. It says that it has expanded its footprint to 387 cities across the country in Q1-17 as compared to 312 cities at the end of the immediate trailing quarter. Broadband subscriber base has increased quarter-over-quarter in Q1-17 to 1.67 lakh from 1.32 lakh in Q4-16. HD Services: Siti says that it has strengthened its SITI HD+ services by expanding its bouquet to 57 HD channels. SITI HD+ customer base increased 65,140, up 29.8 percent over Q4-16 (50,170).

    Let us look at the other numbers reported by the company for Q1-17

    Subscription revenue in the current quarter increased 8 percent in Q1-17 y-o-y to Rs 139.3 crore from Rs 129 crore. Carriage revenue declined slightly to Rs 72 crore from Rs 79 crore, while activation charges almost tripled (2.93 times) to Rs 36.6 crore from Rs 12.5 crore. Broadband revenue more than doubled in the current quarter to Rs 19.5 crore from Rs 9 crore in Q1-16.

    Other Income more than doubled to Rs 4.92 crore in Q1-17 from Rs 2.44 crore in Q1-16.  Finance costs in the current quarter reduced to Rs 29.67 crore from Rs 34.39 crore in the corresponding year ago quarter. Total Expenditure increased to Rs 294.20 crore from Rs 231.16 crore in the corresponding year ago quarter. Employee Benefit Expense increased to Rs 19.12 crore in the current quarter from Rs 13.33 crore in Q1-16.  Carriage sharing, pay channel and related costs in Q1-17 increased to Rs 148.44 crore from Rs 135.70 crore in Q1-16.

    Company speak

    Siti executive director & CEO, V D Wadhwa said, “We expanded our reach further by branching out to 387 cities in line with our strategy of select market expansion. We have established our broadband presence in Haryana and expect to significantly expand our subscriber base this year.

    Recurring cash flows were sluggish due to delays in Phase 3 monetization on account of legal bottlenecks. However, we expect a time bound resolution by the second half of the year and limited long term impact of this issue. We are well prepared for improved monetization of our subscriber base.”

    Note: The unit of currency in this report is the Indian rupee – Rs (also conventionally represented by INR). The Indian numbering system or the Vedic numbering system has been used to denote money values. The basic conversion to the international norm would be:

    (a) 100,00,000 = 100 lakh = 10,000,000 = 10 million = 1 crore.

    (b) 10,000 lakh = 100 crore = 1 arab = 1 billion.

  • Q1-17: Siti revenue, EBIDTA up

    Q1-17: Siti revenue, EBIDTA up

    BENGALURU: The Dr Subhash Chandra led newly renamed Siti Networks Limited (Siti) formerly known as Siti Cable Network Limited, reported 22.7 percent and 28.7 year-over-year growth in operating revenue and EBIDTA for the quarter ended 30 June 2106 (Q1-17, current quarter). Siti’s revenue in the current quarter was Rs 281.97 crore as compared to Rs 229.72 crore in the corresponding year ago quarter. EBIDTA (including other income) in Q1-17 was Rs 47.41 crore (16.8 percent margin) versus Rs 36.84 crore (16 percent margin). Loss however was higher in Q1-17 at Rs 52.61 crore as opposed to a loss of Rs 36.68 crore in Q1-16.

    The company says that its digital subscriber base has grown to 84 lakh during the current quarter from 79 lakh in the immediate trailing quarter. For Q1-16, the company had reported a digital subscriber base of 55.80 lakh. It says that it has expanded its footprint to 387 cities across the country in Q1-17 as compared to 312 cities at the end of the immediate trailing quarter. Broadband subscriber base has increased quarter-over-quarter in Q1-17 to 1.67 lakh from 1.32 lakh in Q4-16. HD Services: Siti says that it has strengthened its SITI HD+ services by expanding its bouquet to 57 HD channels. SITI HD+ customer base increased 65,140, up 29.8 percent over Q4-16 (50,170).

    Let us look at the other numbers reported by the company for Q1-17

    Subscription revenue in the current quarter increased 8 percent in Q1-17 y-o-y to Rs 139.3 crore from Rs 129 crore. Carriage revenue declined slightly to Rs 72 crore from Rs 79 crore, while activation charges almost tripled (2.93 times) to Rs 36.6 crore from Rs 12.5 crore. Broadband revenue more than doubled in the current quarter to Rs 19.5 crore from Rs 9 crore in Q1-16.

    Other Income more than doubled to Rs 4.92 crore in Q1-17 from Rs 2.44 crore in Q1-16.  Finance costs in the current quarter reduced to Rs 29.67 crore from Rs 34.39 crore in the corresponding year ago quarter. Total Expenditure increased to Rs 294.20 crore from Rs 231.16 crore in the corresponding year ago quarter. Employee Benefit Expense increased to Rs 19.12 crore in the current quarter from Rs 13.33 crore in Q1-16.  Carriage sharing, pay channel and related costs in Q1-17 increased to Rs 148.44 crore from Rs 135.70 crore in Q1-16.

    Company speak

    Siti executive director & CEO, V D Wadhwa said, “We expanded our reach further by branching out to 387 cities in line with our strategy of select market expansion. We have established our broadband presence in Haryana and expect to significantly expand our subscriber base this year.

    Recurring cash flows were sluggish due to delays in Phase 3 monetization on account of legal bottlenecks. However, we expect a time bound resolution by the second half of the year and limited long term impact of this issue. We are well prepared for improved monetization of our subscriber base.”

    Note: The unit of currency in this report is the Indian rupee – Rs (also conventionally represented by INR). The Indian numbering system or the Vedic numbering system has been used to denote money values. The basic conversion to the international norm would be:

    (a) 100,00,000 = 100 lakh = 10,000,000 = 10 million = 1 crore.

    (b) 10,000 lakh = 100 crore = 1 arab = 1 billion.

  • Siti Network looks to raise $100 million

    Siti Network looks to raise $100 million

    MUMBAI: Essel group multisystem operator (MSO) Siti Network has plans to raise $100 million through an issue of securities and/or equity related instruments.  The company informed the Bombay Stock Exchange (BSE) that  it  needs the money to fund its operations. It has an ambitious plan to further expand its footprint in the cable TV  and broadband landscape in India as DAS progresses into its last phase.

    Siti Network said it had got an in-principle board approval to raise the money taking the equity or equity related instrument route through a qualified institutional placement (QIP)/external commercial borrowings (ECBs) with rights of conversion into equity shares, foreign currency convertible bonds (FCCBs),  American Depository Receipts (ADRs), global  depository receipts
    (GDRs) or any other securities convertible into or exchangeable for equity shares or securities linked to equity shares.

    The company’s board of directors approved the fund raising and other  proposals at its meeting held on 26 August. 

    Siti Network further stated that as per a family  arrangement  agreed between the  promoter  group, communication has been received from Dr Subhash Chandra, Jawahar Lal Goel, Laxmi Narain Goel and Ashok Kumar Goel to  declassify the three mentioned along with their respective family  members as promoters of the company in terms of Regulation 31A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

    The board decisions will take effect after necessary corporate and regulatory approvals are obtained.

    This is not first time that the company is raising funds. In October 2014, the company’s shareholders had approved raising up to $100 million by passing a special resolution through postal ballot.  However, against this, it made a QIP issue not exceeding Rs 250 crore; of which it received a subscription for Rs 221.11 crore at a price of Rs 35 per Re 1 share. 

    Then earlier this year, it received promoter funding to the tune of Rs  Rs 530 crore. Most of it was used to pare down its debt, while a minority portion was used for acquisition, including bigger stakes in associate companies and joint venture partners. 

    ALSO READ: 

    Siticable partners dittoTV; to push OTT to cable TV and broadband …

  • Siti Network looks to raise $100 million

    Siti Network looks to raise $100 million

    MUMBAI: Essel group multisystem operator (MSO) Siti Network has plans to raise $100 million through an issue of securities and/or equity related instruments.  The company informed the Bombay Stock Exchange (BSE) that  it  needs the money to fund its operations. It has an ambitious plan to further expand its footprint in the cable TV  and broadband landscape in India as DAS progresses into its last phase.

    Siti Network said it had got an in-principle board approval to raise the money taking the equity or equity related instrument route through a qualified institutional placement (QIP)/external commercial borrowings (ECBs) with rights of conversion into equity shares, foreign currency convertible bonds (FCCBs),  American Depository Receipts (ADRs), global  depository receipts
    (GDRs) or any other securities convertible into or exchangeable for equity shares or securities linked to equity shares.

    The company’s board of directors approved the fund raising and other  proposals at its meeting held on 26 August. 

    Siti Network further stated that as per a family  arrangement  agreed between the  promoter  group, communication has been received from Dr Subhash Chandra, Jawahar Lal Goel, Laxmi Narain Goel and Ashok Kumar Goel to  declassify the three mentioned along with their respective family  members as promoters of the company in terms of Regulation 31A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

    The board decisions will take effect after necessary corporate and regulatory approvals are obtained.

    This is not first time that the company is raising funds. In October 2014, the company’s shareholders had approved raising up to $100 million by passing a special resolution through postal ballot.  However, against this, it made a QIP issue not exceeding Rs 250 crore; of which it received a subscription for Rs 221.11 crore at a price of Rs 35 per Re 1 share. 

    Then earlier this year, it received promoter funding to the tune of Rs  Rs 530 crore. Most of it was used to pare down its debt, while a minority portion was used for acquisition, including bigger stakes in associate companies and joint venture partners. 

    ALSO READ: 

    Siticable partners dittoTV; to push OTT to cable TV and broadband …

  • Essel Corp appoints Mehraj Dube as deputy VP

    Essel Corp appoints Mehraj Dube as deputy VP

    MUMBAI: The Subhash Chandra led Essel Group is seeing many high profile resignation and reappointment amongst its top management. It is recently learnt that Mehraj Dube has joined as the deputy VP at Essel Group.

    Dube will report directly to the chairman’s office and will closely look at the various projects of the group. He is posted at Zee Media Corporation Limited. A source also reveals that Dube will play a vital role in Zee Business after few months.

    An award winning broadcaster, Dube is admired for his original thinking ability, for a creative approach to find solutions and implement ideas.

    In his last role, he served at The Statesman as vice president and has also led the communications strategy for Sir HN Reliance Foundation Hospital in Mumbai. With experience in news reporting, news presenting, current affairs debate shows, show designing, marketing and content positioning.

    Dube has experience of anchoring Money Mantra show on NDTV Profit and have received a lot of respect and attention as an anchor for NDTV India’s Hindi prime time shows like Top 5, India 9 Baje, Sabse Bada Rupaiya, etc. He has also worked with Star News for nearly five years at various positions in different teams and reported on variety of subjects from economy to politics from films to environment added a great deal of experience to my media skills.

    The appointment has come at the time when Essel Group Chairman and noted philanthropist Subhash Chandra has been elected to the Rajya Sabha as an independent candidate from Haryana.

  • Essel Corp appoints Mehraj Dube as deputy VP

    Essel Corp appoints Mehraj Dube as deputy VP

    MUMBAI: The Subhash Chandra led Essel Group is seeing many high profile resignation and reappointment amongst its top management. It is recently learnt that Mehraj Dube has joined as the deputy VP at Essel Group.

    Dube will report directly to the chairman’s office and will closely look at the various projects of the group. He is posted at Zee Media Corporation Limited. A source also reveals that Dube will play a vital role in Zee Business after few months.

    An award winning broadcaster, Dube is admired for his original thinking ability, for a creative approach to find solutions and implement ideas.

    In his last role, he served at The Statesman as vice president and has also led the communications strategy for Sir HN Reliance Foundation Hospital in Mumbai. With experience in news reporting, news presenting, current affairs debate shows, show designing, marketing and content positioning.

    Dube has experience of anchoring Money Mantra show on NDTV Profit and have received a lot of respect and attention as an anchor for NDTV India’s Hindi prime time shows like Top 5, India 9 Baje, Sabse Bada Rupaiya, etc. He has also worked with Star News for nearly five years at various positions in different teams and reported on variety of subjects from economy to politics from films to environment added a great deal of experience to my media skills.

    The appointment has come at the time when Essel Group Chairman and noted philanthropist Subhash Chandra has been elected to the Rajya Sabha as an independent candidate from Haryana.

  • Essel Group Chairman Dr Subhash Chandra files nomination for Rajya Sabha seat from Haryana

    Essel Group Chairman Dr Subhash Chandra files nomination for Rajya Sabha seat from Haryana

    MUMBAI: Media Mogul and the chairman of Essel group Dr. Subhash Chandra Goel has filed nomination for the second Rajya Sabha seat that fell vacant from his home state Haryana, as an independent candidate. Along with him is lawyer R K Anand.

    The biennial elections to the upper house are scheduled to be held on June 11 and 31 May was the last date for filing nomination. While Chandra claimed to have garnered support from the ruling BJP and some MLAs cutting across party lines, main opposition Indian National Lok Dal threw its weight behind Anand, who has fought the Lok Sabha election in the past as an INLD candidate. However, Anand at present is not a member of INLD, as per a party leader quoted by Zee News.

  • Essel Group Chairman Dr Subhash Chandra files nomination for Rajya Sabha seat from Haryana

    Essel Group Chairman Dr Subhash Chandra files nomination for Rajya Sabha seat from Haryana

    MUMBAI: Media Mogul and the chairman of Essel group Dr. Subhash Chandra Goel has filed nomination for the second Rajya Sabha seat that fell vacant from his home state Haryana, as an independent candidate. Along with him is lawyer R K Anand.

    The biennial elections to the upper house are scheduled to be held on June 11 and 31 May was the last date for filing nomination. While Chandra claimed to have garnered support from the ruling BJP and some MLAs cutting across party lines, main opposition Indian National Lok Dal threw its weight behind Anand, who has fought the Lok Sabha election in the past as an INLD candidate. However, Anand at present is not a member of INLD, as per a party leader quoted by Zee News.

  • ‘Writing such a book can be risky but it is in Dr Subhash Chandra’s nature to take risks:’ PM Modi

    ‘Writing such a book can be risky but it is in Dr Subhash Chandra’s nature to take risks:’ PM Modi

    NEW DELHI / MUMBAI: Prime Minister Narendra Modi today described Essel Group founder and chairman Dr Subhash Chandra as a person who has never been afraid of taking risks.

     

    Releasing Dr Chandra’s autobiography The Z Factor: My Journey as the Wrong Man at the Right Time, Modi said that writing such a book can be risky, but it was in Dr Chandra’s nature to take risks.

     

    “Writing a biography is daunting task. It is commendable that Subhash Chandra has accomplished that so soon. It is also challenging to keep everyone in mind when writing a biography, which makes penning down an autobiography even more risky. But taking risk is second nature to Subhash ji, and this very nature is possibly also responsible for his success in life. I haven’t read the book yet due to time constraints and being out of touch with the habit of reading but plan to do so soon,” Modi said.

     

    Additionally, he also stressed on Dr Chandra’s efforts in caring for the weaker sections of society. Modi tweeted, “Released @_SubhashChandra ji’s book, ‘The Z Factor.’ Spoke about his work for weaker sections of society.”

     

    He added that he always urged students to read biographies. “Whenever I meet students I ask them to read biographies of great personalities as it bring them closer to the history and events of a time and helps them understand it better.”

     

    The Prime Minister also said that he appreciated Dr Chandra’s community service initiatives, particularly in the field of education.

     

    Modi also recounted some anecdotes about his earlier interactions with the media giant and thinker.

     

    Dr Chandra in his opening speech thanked a host of people like Purushotam Gupta, Vijay Dhar, Rajendra Mittal, Gulshan Sachdeva, Rajan Issac, Ashok Kurien, India TV chairman Rajat Sharma, TV9 managing editor Ravi Prakash, Vijay Jindal and his former colleague Pradeep Guha, who have been with him through this journey in the industry.

     

    He also thanked ANI editor-in-chief Sanjeev Prakash and ANI news editor Smita Prakash, who he said taught him what “news” was and at the same time also learnt the same from him.

     

    Recalling an incident from his younger days, when he demanded a Fiat car from his father, which was then priced at Rs 16,000, Dr Chandra said that he fulfilled that dream at the age of 21 when he bought a second-hand Fiat car with his own money. “What I mean to say is that if there is focus and determination, then you can achieve success in life,” he said.

     

    Saying how he had now slowly distanced himself from the business of making money and handed over the reigns to his brothers and sons, Dr Chandra said that he often told them to work in such a way that would always benefit the country and its people. 

     

    The Z Factor: My Journey as the Wrong Man at the Right Time has been written by Dr Chandra along with Pranjal Sharma.

     

    Recalling how he came to know of Dr Chandra, Prime Minister Modi recounted his early days as a party worker when he was introduced to Dr Chandra’s father Nand Kishore Goenka, who gradually connected the two.

     

    The panelists for the event were M J Akbar and Vallabh Bhansali, who interacted with Dr Chandra at the launch session. Also in attendance were India Today founder and editor-in-chief Aroon Purie and COO Kalli Purie,  India TV chairman Rajat Sharma and top-notch politicians like Mulayam Singh Yadav and Amar Singh amongst others. From the entertainment world, actors like Anupam Kher and Akshay Kumar were in attendance.

     

    The book is published by Harper Collins and will be available in stores from 21 Januaryonwards. Additionally, it is already available on Flipkart and Amazon India for pre-orders.

     

    The book promos, event updates, and excerpts will also be available on social media sites like Twitter and Facebook.

     

    Dr Chandra revolutionised the Indian television industry by launching the country’s first satellite Hindi channel Zee TV in 1992 and later the first private news channel, Zee News.

     

    Dr Chandra has diversified business interest across various sectors like television, newspaper, cable, direct-to-home, satellite communications, theme parks, online gaming, education, flexible packaging, infrastructure development and multiplexes.

  • ‘Writing such a book can be risky but it is in Dr Subhash Chandra’s nature to take risks:’ PM Modi

    ‘Writing such a book can be risky but it is in Dr Subhash Chandra’s nature to take risks:’ PM Modi

    NEW DELHI / MUMBAI: Prime Minister Narendra Modi today described Essel Group founder and chairman Dr Subhash Chandra as a person who has never been afraid of taking risks.

     

    Releasing Dr Chandra’s autobiography The Z Factor: My Journey as the Wrong Man at the Right Time, Modi said that writing such a book can be risky, but it was in Dr Chandra’s nature to take risks.

     

    “Writing a biography is daunting task. It is commendable that Subhash Chandra has accomplished that so soon. It is also challenging to keep everyone in mind when writing a biography, which makes penning down an autobiography even more risky. But taking risk is second nature to Subhash ji, and this very nature is possibly also responsible for his success in life. I haven’t read the book yet due to time constraints and being out of touch with the habit of reading but plan to do so soon,” Modi said.

     

    Additionally, he also stressed on Dr Chandra’s efforts in caring for the weaker sections of society. Modi tweeted, “Released @_SubhashChandra ji’s book, ‘The Z Factor.’ Spoke about his work for weaker sections of society.”

     

    He added that he always urged students to read biographies. “Whenever I meet students I ask them to read biographies of great personalities as it bring them closer to the history and events of a time and helps them understand it better.”

     

    The Prime Minister also said that he appreciated Dr Chandra’s community service initiatives, particularly in the field of education.

     

    Modi also recounted some anecdotes about his earlier interactions with the media giant and thinker.

     

    Dr Chandra in his opening speech thanked a host of people like Purushotam Gupta, Vijay Dhar, Rajendra Mittal, Gulshan Sachdeva, Rajan Issac, Ashok Kurien, India TV chairman Rajat Sharma, TV9 managing editor Ravi Prakash, Vijay Jindal and his former colleague Pradeep Guha, who have been with him through this journey in the industry.

     

    He also thanked ANI editor-in-chief Sanjeev Prakash and ANI news editor Smita Prakash, who he said taught him what “news” was and at the same time also learnt the same from him.

     

    Recalling an incident from his younger days, when he demanded a Fiat car from his father, which was then priced at Rs 16,000, Dr Chandra said that he fulfilled that dream at the age of 21 when he bought a second-hand Fiat car with his own money. “What I mean to say is that if there is focus and determination, then you can achieve success in life,” he said.

     

    Saying how he had now slowly distanced himself from the business of making money and handed over the reigns to his brothers and sons, Dr Chandra said that he often told them to work in such a way that would always benefit the country and its people. 

     

    The Z Factor: My Journey as the Wrong Man at the Right Time has been written by Dr Chandra along with Pranjal Sharma.

     

    Recalling how he came to know of Dr Chandra, Prime Minister Modi recounted his early days as a party worker when he was introduced to Dr Chandra’s father Nand Kishore Goenka, who gradually connected the two.

     

    The panelists for the event were M J Akbar and Vallabh Bhansali, who interacted with Dr Chandra at the launch session. Also in attendance were India Today founder and editor-in-chief Aroon Purie and COO Kalli Purie,  India TV chairman Rajat Sharma and top-notch politicians like Mulayam Singh Yadav and Amar Singh amongst others. From the entertainment world, actors like Anupam Kher and Akshay Kumar were in attendance.

     

    The book is published by Harper Collins and will be available in stores from 21 Januaryonwards. Additionally, it is already available on Flipkart and Amazon India for pre-orders.

     

    The book promos, event updates, and excerpts will also be available on social media sites like Twitter and Facebook.

     

    Dr Chandra revolutionised the Indian television industry by launching the country’s first satellite Hindi channel Zee TV in 1992 and later the first private news channel, Zee News.

     

    Dr Chandra has diversified business interest across various sectors like television, newspaper, cable, direct-to-home, satellite communications, theme parks, online gaming, education, flexible packaging, infrastructure development and multiplexes.