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Tag: Ind-AS results

  • SITI Networks Operating EBITDA leaps 1.9x YoY to 930 Mn

    SITI Networks Operating EBITDA leaps 1.9x YoY to 930 Mn

    MUMBAI: SITI Networks Limited, an Essel Group company, with 55Mn+ consumers and presence across 580+ locations in India, has released its Consolidated Unaudited Financial Results for Q3FY19, continuing its consistent growth across various parameters.

    On the back of disciplined execution, SITI reported growth in its Operating EBITDA by 1.4x QoQ and 1.9x YoY. SITI Operating EBITDA Margin also expanded significantly by 975 bps YoY to 24.5 per cent in Q3FY19. This was also supported by flattish operating expenses on a YoY basis and effecting a reduction of 7 per cent QoQ.

    Subscription revenue spiked 21.4 per cent YoY to Rs. 2,571 Mn in Q3FY19, aided by the steady growth in Digital Subscription. 9M subscription revenue grew even faster at 24 per cent, and was at INR 7,268 mn.

    Blended ARPU increased substantially by 19 per cent YoY. This ARPU improvement was broad based across phases, with SITI’s ubiquitous presence in Phase 3 and 4 showing 23 per cent and 35 per cent growth respectively. SNL also ensured subscription collection efficiency of 94 per cent in Q3FY19.

    In the quarter ending December 2018, SITI ended with an Active Subscriber base at 11.55 Mn. SITI added 36,000 HD customers and currently has an active HD subscriber base of 4.24 lakhs.

    Mr. Rajesh Sethi, on implementation of Tariff Order through utilization of technology and digital mediums, explained SITIs initiatives:

    “We made extensive preparations for a considered migration to the new tariff order regime with a focus on customer choice, business associate exigency and regulatory compliance. The functionality of our Subscriber Management System was significantly enhanced to allow for seamless transition.

    SITI undertook widespread usage of digital mediums, launching a customer self-care portal & “MySiti” Android App for the end consumer to enable freedom of choice, online payment and other functionalities direct to the customer; The call center capacity was upgraded to ensure a prompt response for all customers and business associates; SITI also established multilingual call centers across the country to ensure dialectal friendly customer communication and handholding.

     SITI also launched a new Campaign – “Aap ka Manoranjan, Aap ki Marzi” on TV Screen, Web and Social Media to educate customers. SITI is providing multiple bespoke suggestive packs, a-la-carte and broadcaster bouquets to the end consumer providing wholesome entertainment to all members of the family across various geographies, in compliance with the new regulatory regime. ”

    While commenting on the results, Mr. Rajesh Sethi of SITI Networks Limited mentioned: “SITI Networks continued its strong growth trajectory and grew its 9M Subscription revenue by 24 per cent YoY. This coupled with leveraging inherent operational synergies allowed us to deliver stupendous 9M Operating EBITDA at INR2,161 mn, a growth of 118 per cent YoY. Simultaneously, a focus on prudence and lean operations expanded Operating EBITDA margins 1.9x to 20 per cent.”

  • SITI Networks declares superlative growth on quarterly and y-o-y basis

    SITI Networks declares superlative growth on quarterly and y-o-y basis

    MUMBAI: SITI Networks Limited (BSE: 532795, NSE: SITINET), an Essel Group company, with 55Mn+ consumers and presence across 580+ locations in India, has released its Consolidated Financial Results for Q2FY19, ending September 30, 2018, showcasing superlative growth across all metrics, both quarterly and year-on- year.

    SITI’s Operating EBITDA grew 2.52x over second quarter of last fiscal, a 24% quarterly growth, and the highest in last 10 quarters to Rs. 682 Mn. SITI’s Operating EBITDA Margin also expanded by 2.1x to 18.2% in Q2FY19.

    Subscription revenue surged ~ 1.25x to Rs. 2,548 Mn in Q2FY19, aided by the strong growth in Digital Subscription ARPU, which leapt 19%. This ARPU growth is across DAS phases, with SITI’s strong presence in Phase 3 and 4 showing 27% and 43% growth respectively.

    On quarterly basis, SITI has demonstrated a significant growth on all the financial metrics. Operating EBITDA has jumped by 1.24x while Operating Margins expanded 150 bps over the previous quarter. Subscription Revenue registered a sharp growth of ~19% sequentially over the last quarter. With consistent focus on last mile operations, SITI achieved subscription collection efficiency of 95%.

    In the quarter ending September 2018, SITI continued its new customer acquisitions by adding 3 lakh new Digital Subscribers, with current Active Subscriber base at 11.75 Mn. SITI has launched PlayTop, its 1st Hybrid Set Top Box, in line with its “Customer First” strategy. SITI will be introducing a range of innovative converged offerings over the coming quarters.

    SITI announced its partnership with Paytm, India’s largest digital payment company to provide multiple digital payment options to its customers and attractive cashback benefits in select areas. SITI Networks’ has also made Paytm’s digital payment facility available to its 24,000+ distribution partners across the country who can make online payments through various modes on the SITI Networks website.

    Hon’ble Supreme Court has paved way for the introduction of the new tariff order. Provisions of the order are aimed to increase transparency, and create a level playing field. In preparation for successful implementation of the Tariff Order, SITI has been working on Smart Tiered Packaging and has undertaken significant technological and process enhancements while ensuring training and education for all stakeholders.

    While commenting on the results, Mr. Rajesh Sethi of SITI Networks Limited mentioned –

    “SITI Q2FY19 performance has been strong and phenomenal with all round growth across all operational metrics. 2.52x growth in Operating EBITDA and 2.1x expansion in the margins is a testament to strong operational focus of the team. SITI’s Digital Subscriber ARPU went up by 19% and Subscription Collection efficiency improved to 95% in this quarter. This ARPU leap has been broad-based across the country to ensure consistent growth in Subscription Income in the coming quarters.

    SITI has always been the leader in innovation for its customers and partners. This quarter, we launched SITI PlayTop, our 1st Hybrid Set Top Box. This has been received extremely well by our customers and partners, and we intend to roll out more such boxes over the coming quarters. Taking our Customer First commitment ahead, SITI has partnered with Paytm to bring multitude of digital payment solutions for our customers. We are working with various partners across the spectrum to bring benefits of convergence to our customers.

    New Tariff order enables customers to subscribe channels of their choice and brings pricing parity across various platforms. This is very positive move for the long term ARPU growth of the ecosystem. SITI is fully prepared to implement the Tariff Order and well aligned to drive EBITDA and Margins expansion based on our Profitable Growth Strategy.”