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Tag: Siti Cable Network

  • Siti Q2-17 numbers up on higher restated subscription revenues

    Siti Q2-17 numbers up on higher restated subscription revenues

    BENGALURU: The Subhash Chandra led Siti Networks Limited (Siti) formerly known as Siti Cable Network Limited, reported 23.6 percent and 2.9 percent year-over-year (y-o-y) growth in operating revenue and EBIDTA including other income for the quarter ended 30 September 2106 (Q2-17, current quarter). The growth in revenue was led by a 33.3 percent y-o-y growth in restated subscription revenue on net billing basis of Rs 135.3 crore (46.8 percent of Total Income from Operations or TIO) as compared to Rs 101.5 crore (43.4 percent of TIO) reported for the corresponding year ago quarter.

    However, reported subscription revenue as per published financials in the current quarter increased by just 0.9 percent y-o-y to Rs 139.7 crore (48.3 percent of TIO) from Rs 138.5 crore (59.2 percent of TIO) in the corresponding year ago quarter.

    Siti reported TIO of Rs 288.98 crore in Q2-17 or a 23.6 percent y-o-y improvement from the Rs 233.87 crore in Q2-16. EBIDTA including other income for the current quarter was Rs 49.71 crore (17.2 percent margin), for Q2-16 it was Rs 48.30 crore (20.7 percent margin).

    Loss in the current quarter was higher at Rs 46.89 crore as compared to a loss of Rs 31.43 crore in Q2-16, but lower than the loss of Rs 53.62 crore in the immediate trailing quarter (Q1-17).

    Activation, Carriage and Broadband numbers

    Activation fees in the current quarter more than doubled (200.5 percent) y-o-y to Rs 38.3 crore (13.3 percent of TIO) from Rs 19.1 crore (8.2 percent of TIO) in the corresponding year ago quarter. Carriage revenue increased 25.5 percent y-o-y to Rs 75.7 crore (26.2 percent of TIO) in Q2-17 as compared to Rs 60.3 crore (25.8 percent of TIO) in Q2-16.

    Broadband revenue increased 167.7 percent y-o-y to Rs 24.9 crore (8.6 percent of TIO) in the current quarter from Rs 9.3 crore (4 percent of TIO) in Q2-16.

    The company’s cable TV customer base was stable at 1.22 crore in the current quarter as compared to the immediate trailing quarter. The company had 1.07 crore cable customers in Q2-16. The company says that is now present in 400 plus locations in India serving a total digital subscriber base of 87 lakh customers. For the last quarter the company had reported a digital subscriber base of 84 lakh and 59 lakh for Q2-16.

    Siti has added about 28,000 broadband subscribers in Q2-17 taking its subscriber base to 195,000 from 167,000 subscribers in Q1-17. It had a broadband subscriber base of 91,450 in Q2-16.

    Let us look at the other numbers reported by Siti

    Finance costs in the current quarter reduced to Rs 28 crore (9.7 percent of TIO) from Rs 34.76 crore (14.9 percent of TIO) in the corresponding year ago quarter. Total Expenditure increased 29.3 percent y-o-y to Rs 298.81 crore (103.4 percent of TIO) from Rs 231.04 crore (98.8 percent of TIO) in the corresponding year ago quarter. Employee Benefit Expense increased 21.2 percent y-o-y to Rs 20.7 crore (7.2 percent of TIO) in the current quarter from Rs 17.08 crore (7.3 percent of TIO) in Q2-16.  Carriage sharing, pay channel and related costs in Q2-17 increased 15.6 percent y-o-y to Rs 143.41 crore from (49.6 percent of TIO) Rs 124.01 crore (53 percent of TIO) in Q2-16.

    Company speak

    Siti executive director & CEO, V D Wadhwa said, “We continue to grow our digital subscriber base steadily with incremental improvements in monetisation seen in certain phases. This could have been significantly better but for the delay in digitization because of pending court cases, which continues to impact monetization in the phase 3 areas. Although the majority of the stay orders have been vacated by the Honourable Delhi High Court, the closure of the balance pending cases will lead to complete switch off of analogue signals, improve monetization and significantly spur the growth of the industry.

    The expected implementation of the new Draft Tariff Order will be a game changer and is more beneficial for the distribution platforms post execution. However, the success of the same will lie in its effective implementation.”

    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 Q2-17 numbers up on higher restated subscription revenues

    Siti Q2-17 numbers up on higher restated subscription revenues

    BENGALURU: The Subhash Chandra led Siti Networks Limited (Siti) formerly known as Siti Cable Network Limited, reported 23.6 percent and 2.9 percent year-over-year (y-o-y) growth in operating revenue and EBIDTA including other income for the quarter ended 30 September 2106 (Q2-17, current quarter). The growth in revenue was led by a 33.3 percent y-o-y growth in restated subscription revenue on net billing basis of Rs 135.3 crore (46.8 percent of Total Income from Operations or TIO) as compared to Rs 101.5 crore (43.4 percent of TIO) reported for the corresponding year ago quarter.

    However, reported subscription revenue as per published financials in the current quarter increased by just 0.9 percent y-o-y to Rs 139.7 crore (48.3 percent of TIO) from Rs 138.5 crore (59.2 percent of TIO) in the corresponding year ago quarter.

    Siti reported TIO of Rs 288.98 crore in Q2-17 or a 23.6 percent y-o-y improvement from the Rs 233.87 crore in Q2-16. EBIDTA including other income for the current quarter was Rs 49.71 crore (17.2 percent margin), for Q2-16 it was Rs 48.30 crore (20.7 percent margin).

    Loss in the current quarter was higher at Rs 46.89 crore as compared to a loss of Rs 31.43 crore in Q2-16, but lower than the loss of Rs 53.62 crore in the immediate trailing quarter (Q1-17).

    Activation, Carriage and Broadband numbers

    Activation fees in the current quarter more than doubled (200.5 percent) y-o-y to Rs 38.3 crore (13.3 percent of TIO) from Rs 19.1 crore (8.2 percent of TIO) in the corresponding year ago quarter. Carriage revenue increased 25.5 percent y-o-y to Rs 75.7 crore (26.2 percent of TIO) in Q2-17 as compared to Rs 60.3 crore (25.8 percent of TIO) in Q2-16.

    Broadband revenue increased 167.7 percent y-o-y to Rs 24.9 crore (8.6 percent of TIO) in the current quarter from Rs 9.3 crore (4 percent of TIO) in Q2-16.

    The company’s cable TV customer base was stable at 1.22 crore in the current quarter as compared to the immediate trailing quarter. The company had 1.07 crore cable customers in Q2-16. The company says that is now present in 400 plus locations in India serving a total digital subscriber base of 87 lakh customers. For the last quarter the company had reported a digital subscriber base of 84 lakh and 59 lakh for Q2-16.

    Siti has added about 28,000 broadband subscribers in Q2-17 taking its subscriber base to 195,000 from 167,000 subscribers in Q1-17. It had a broadband subscriber base of 91,450 in Q2-16.

    Let us look at the other numbers reported by Siti

    Finance costs in the current quarter reduced to Rs 28 crore (9.7 percent of TIO) from Rs 34.76 crore (14.9 percent of TIO) in the corresponding year ago quarter. Total Expenditure increased 29.3 percent y-o-y to Rs 298.81 crore (103.4 percent of TIO) from Rs 231.04 crore (98.8 percent of TIO) in the corresponding year ago quarter. Employee Benefit Expense increased 21.2 percent y-o-y to Rs 20.7 crore (7.2 percent of TIO) in the current quarter from Rs 17.08 crore (7.3 percent of TIO) in Q2-16.  Carriage sharing, pay channel and related costs in Q2-17 increased 15.6 percent y-o-y to Rs 143.41 crore from (49.6 percent of TIO) Rs 124.01 crore (53 percent of TIO) in Q2-16.

    Company speak

    Siti executive director & CEO, V D Wadhwa said, “We continue to grow our digital subscriber base steadily with incremental improvements in monetisation seen in certain phases. This could have been significantly better but for the delay in digitization because of pending court cases, which continues to impact monetization in the phase 3 areas. Although the majority of the stay orders have been vacated by the Honourable Delhi High Court, the closure of the balance pending cases will lead to complete switch off of analogue signals, improve monetization and significantly spur the growth of the industry.

    The expected implementation of the new Draft Tariff Order will be a game changer and is more beneficial for the distribution platforms post execution. However, the success of the same will lie in its effective implementation.”

    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 Cable Network renamed as Siti Networks

    Siti Cable Network renamed as Siti Networks

    MUMBAI: A new name brings in new vibes and possibly a new direction. At least that ‘s what the Essel group is aiming for if one goes by the name change it has resorted to at its national cable TV MSO Siti Cable. Last week, It informed the Bombay stock exchange, that it will be called Siti Networks as it has got shareholders (earlier) and the Registrars’ approval on 5 August for the renaming. The company was originally incorporated as Wire and Wireless (India) Ltd.

    As reported by Indiantelevision.com earlier, Siti Networks reported 29.4 per cent growth in revenue for the fiscal ended 31 March 2016 (FY-16, current fiscal). The company reported revenue of Rs 1213 crore in FY-16 as compared to Rs 937 crore in the previous year. Operating profit (EBIDTA) in the current year increased to Rs 323 crore as compared to Rs 168.4 crore in FY-15.

    The company has reported a profitable turnaround for the first time in its history. Neglecting the impact of minority interest, Siti profit after tax in the current year was Rs 6.84 crore as compared to a loss (without factoring in minority interest) of Rs 101.88 crore in FY-15.The company’s loss in the current year declined to Rs 1.71 crore from a loss of Rs 109.10 crore in FY-15. Siti reported profit before tax (PBT) at Rs 22 crore in FY16 as compared to a negative PBT of Rs 85.2 crore.

    Siti’s cable subscribers in FY-16 grew to 1.22 crore from 1.05 crore reported at the end of FY-15. The growth happened in Q3-16.

    On the other hand the digital subscribers in FY-16 increased to 79 lakh (64.8 percent of cable subscribers) as compared to 53.8 lakh in FY-15 (51.2 percent of cable subscribers). Digital subscribers in the quarter ended 31 March 2016 (Q4-16, current quarter) increased by 11 lakh to 79 lakh as compared to 68 lakh in Q3-16.

    Whereas, the broadband subscribers in FY-16 grew 93.3 percent to1.355 lakh from 0.701 lakh in FY-15. Broadband subscribers in Q3-16 were 1.07 lakh.

  • Siti Cable Network renamed as Siti Networks

    Siti Cable Network renamed as Siti Networks

    MUMBAI: A new name brings in new vibes and possibly a new direction. At least that ‘s what the Essel group is aiming for if one goes by the name change it has resorted to at its national cable TV MSO Siti Cable. Last week, It informed the Bombay stock exchange, that it will be called Siti Networks as it has got shareholders (earlier) and the Registrars’ approval on 5 August for the renaming. The company was originally incorporated as Wire and Wireless (India) Ltd.

    As reported by Indiantelevision.com earlier, Siti Networks reported 29.4 per cent growth in revenue for the fiscal ended 31 March 2016 (FY-16, current fiscal). The company reported revenue of Rs 1213 crore in FY-16 as compared to Rs 937 crore in the previous year. Operating profit (EBIDTA) in the current year increased to Rs 323 crore as compared to Rs 168.4 crore in FY-15.

    The company has reported a profitable turnaround for the first time in its history. Neglecting the impact of minority interest, Siti profit after tax in the current year was Rs 6.84 crore as compared to a loss (without factoring in minority interest) of Rs 101.88 crore in FY-15.The company’s loss in the current year declined to Rs 1.71 crore from a loss of Rs 109.10 crore in FY-15. Siti reported profit before tax (PBT) at Rs 22 crore in FY16 as compared to a negative PBT of Rs 85.2 crore.

    Siti’s cable subscribers in FY-16 grew to 1.22 crore from 1.05 crore reported at the end of FY-15. The growth happened in Q3-16.

    On the other hand the digital subscribers in FY-16 increased to 79 lakh (64.8 percent of cable subscribers) as compared to 53.8 lakh in FY-15 (51.2 percent of cable subscribers). Digital subscribers in the quarter ended 31 March 2016 (Q4-16, current quarter) increased by 11 lakh to 79 lakh as compared to 68 lakh in Q3-16.

    Whereas, the broadband subscribers in FY-16 grew 93.3 percent to1.355 lakh from 0.701 lakh in FY-15. Broadband subscribers in Q3-16 were 1.07 lakh.

  • TDSAT issues arrest warrant against MSO defaulter for non-clearance pf dues and non-appearance

    TDSAT issues arrest warrant against MSO defaulter for non-clearance pf dues and non-appearance

    NEW DELHI: In a rare case, the Telecom Disputes Settlement and Appellate Tribunal has issued bailable warrant of arrest for ACMEDigicom Pvt. Ltd. MD Raj Kumar Mishra in a petition by decree holder SITI Cable Network Limited [Successorin interest of Wire & Wireless {India) Ltd] for for failing to make payments as directed by the Tribunal.

    Siti Cable Counsel Tejveer Bhatia told member B B Srivastava that pursuant to the order dated 19 April 2016,one cheque for Rs two lakhs was encashed. However, the two cheques dated 30 May 2016 and 30 May 2016 forRs.4 lakhs each have not been honourned by the bank.

    He submitted before the Tribunal on 11 July 2016 that the outstanding is still to the tune of Rs 40 lakhs.

    There was no appearance on behalf of the judgment debtor. Besides, the Tribunal noted that “his conduct all alonghas been in the form of resiling from the commitment made.

    In view of that, the Tribunal issued the arrest warrant in order to secure his presence before the Tribunal on the nextdate fixed in the case – 22 August 2016.

  • TDSAT issues arrest warrant against MSO defaulter for non-clearance pf dues and non-appearance

    TDSAT issues arrest warrant against MSO defaulter for non-clearance pf dues and non-appearance

    NEW DELHI: In a rare case, the Telecom Disputes Settlement and Appellate Tribunal has issued bailable warrant of arrest for ACMEDigicom Pvt. Ltd. MD Raj Kumar Mishra in a petition by decree holder SITI Cable Network Limited [Successorin interest of Wire & Wireless {India) Ltd] for for failing to make payments as directed by the Tribunal.

    Siti Cable Counsel Tejveer Bhatia told member B B Srivastava that pursuant to the order dated 19 April 2016,one cheque for Rs two lakhs was encashed. However, the two cheques dated 30 May 2016 and 30 May 2016 forRs.4 lakhs each have not been honourned by the bank.

    He submitted before the Tribunal on 11 July 2016 that the outstanding is still to the tune of Rs 40 lakhs.

    There was no appearance on behalf of the judgment debtor. Besides, the Tribunal noted that “his conduct all alonghas been in the form of resiling from the commitment made.

    In view of that, the Tribunal issued the arrest warrant in order to secure his presence before the Tribunal on the nextdate fixed in the case – 22 August 2016.

  • Siti Cable acquires stakes in 7 MSOs; to raise Rs 680 crore

    Siti Cable acquires stakes in 7 MSOs; to raise Rs 680 crore

    MUMBAI: Siti Cable Network has acquired varying amounts of equity stakes in as many as seven multi system operators (MSOs).

     

    Amongst these is also the Mumbai based cable and television service provider Scod 18 Networking, in which the company picked up a 76 per cent stake.

     

    Additionally, Siti Cable has also acquired equity stake in six other smaller companies. While the company acquired 100 per cent stake in Variety Entertainment, it picked up 51 per cent stake each in Sai Star Digital Media, Bargachh Digital Communication Network and Krishna Teja Digital Entertainment. It also picked up 49 per cent stake each in Siti Faction Digital and Siti Jony Digital Cable Network.

     

    Siti Cable Network is also planning to raise up to Rs 680 crore through issuance of warrants and optionally fully convertible debentures (OFCDs) to promoter companies.

     

    In a BSE filing the company said that the Board of Directors approved, subject to shareholders’ approval, issuance of 14,28,57,143 number of warrants convertible at option of the holder in one or more tranches to Direct Media & Cable and/or Arrow Media & Broadband, entities forming part of promoter/promoter group of the company at Rs 35 per warrant, the total value of warrants shall not be more than Rs 500 crore.

     

    The company will also issue 51,428,571 OFCDs to Digital Satellite Media & Broadband, entity forming part of promoter/promoter group of the company at Rs 35 per OFCD, the total value of OFCDs shall not be more than Rs 180 crore.

     

    A source at Siti Cable informed Indiantelevision.com that the funds for the acquisitions would be sourced internally, and that the Rs 680 crore that were being raised would be to boost internal resources.

  • Q2-2016: Siti Cable revenue up 6.8% at Rs 234.2 crore

    Q2-2016: Siti Cable revenue up 6.8% at Rs 234.2 crore

    BENGALURU: The Essel Group’s Subhash Chandra led Siti Cable Network Limited (Siti Cable) reported 6.8 per cent YoY growth in operating revenue (total income from operations, or TIO) for the quarter ended 30 September, 2015 (Q2-2016, current quarter) at Rs 234.21 crore from Rs 219.25 crore and a 2.7 per cent QoQ increase from Rs 228.09 crore.

     

    Note: 100,00,000 = 100 lakh = 10 million = 1 crore.

    (2) All numbers in this report are consolidated unless stated otherwise.

     

    EBIDTA including other income in the current quarter increased 12.5 per cent YoY to Rs 51.53 crore (22 per cent margin) from Rs 45.79 crore (20.9 per cent margin) and increased 35.2 per cent QoQ from Rs 38.10 crore (16.7 per cent margin).

     

    The company reported a loss of Rs 22.92 crore (almost flat) YoY as compared to the loss of Rs 22.87 crore, but lower than the loss of Rs 27.71 crore in Q1-2016.

     

    Subscription numbers

     

    The company says that it added 3.30 lakh digital video subscribers in the current quarter as compared to two lakh additions in the immediate trailing quarter. Its digital cable subscriber base has increased 59 lakh from 56 lakh. Overall the company claims a cable subscriber base of 107 lakh, same as the corresponding quarter of last fiscal.

     

    Subscription revenue in the current quarter increased 2.6 per cent YoY to Rs 138.50 crore from Rs 135 crore and increased 7.4 per cent QoQ from Rs 129 crore. Carriage revenue in the current quarter increased 2.7 per cent YoY to Rs 60.30 crore from Rs 58.70 crore but reduced 17.3 per cent QoQ from Rs 72.90 crore. 

     

    Activation revenue in the current quarter increased 78 per cent to Rs 19.40 crore from Rs 10.90 crore in the corresponding year ago quarter and increased 48.1 per cent from Rs 13.10 crore in the immediate trailing quarter.

     

    Siti Cable says that it has added 16,950 broadband subscribers in Q2-2016, taking its broadband subscriber base 91,450 from 74,500 in the previous quarter. Broadband revenue increased 50 per cent YoY in Q2-2106 to Rs 9.30 crore from Rs 6.20 crore and increased 3.3 per cent QoQ from Rs 9 crore.

     

    Let us look at some of the other numbers reported by Siti Cable:

     

    The company’s Total Expenditure in the current quarter increased 9.2 per cent YoY to Rs 228.09 crore (97.4 per cent of TIO) from Rs 208.89 crore (95.3 per cent of TIO) and was flat (declined 0.05 per cent) QoQ as compared to Rs 228.21 crore (100.1 per cent of TIO).

     

    Pay channel costs in the current quarter increased 5.8 per cent to Rs 124.01 crore (52.9 per cent of TIO) as compared to Rs 117.23 crore (53.5 per cent of TIO), but declined 8.6 per cent QoQ from Rs 135.70 crore (50.5 per cent of TIO).

     

    Other expenses increased 4.8 per cent in the current quarter to Rs 50.07 crore (21.4 per cent of TIO) as compared to Rs 47.77 crore (21.8 per cent of TIO) and increased 15.6 per cent from Rs 43.32 crore (19 per cent of TIO) in Q1-2016.

     

    Siti Cable’s finance costs in the current quarter increased 15.8 per cent YoY to Rs 34.27 crore (14.6 per cent of TIO) from Rs 29.58 crore (13.5 per cent of TIO) and increased 1.1 per cent QoQ from Rs 33.90 crore (14.9 per cent of TIO).

     

    Company Speak

     

    Siti Cable executive director and CEO V D Wadhwa said, “A focus on improved operational performance resulted in EBITDA growth of 35.2 per cent and EBITDA Margin at 21.2 per cent, an expansion by 467 bps sequentially. We are looking to further streamline our Broadband operations to provide stellar customer experience. Our commitment to digitisation of Phase 3 areas remains and we expect this to gain further momentum in the coming quarter.”

  • TDSAT asks Karnataka LCO body to reconcile disputes with Siti Cable

    TDSAT asks Karnataka LCO body to reconcile disputes with Siti Cable

    NEW DELHI: The Karnataka State Digital Cable TV Operators Welfare Association has been asked to visit the Bangalore offices of Siti Cable Networks to reconcile their accounts and resolve their disputes about quality of set top boxes (STBs).

     

    The Telecom Disputes Settlement and Arbitration Tribunal (TDSAT) had asked the parties in August to take their issues before a mediation centre by 30 September. It was informed today that the parties were meeting and discussing the matter bilaterally.

     

    TDSAT chairman Aftab Alam and members Kuldip Singh and B B Srivastava listed the matter for future hearing on 9 October.

     

    It had also directed the parties in the last hearing that status quo would be maintained till this exercise is completed.

     

    Furthermore, the Tribunal said any one of the two parties were free to mention the matter before the Tribunal in case it is not satisfied with the mediation.

     

    The Karnataka Association claims to represent 269 cable operators and its counsel Nittin Bhatia claimed that the STBs were of very poor quality and was badly affecting the viewing quality of the signals supplied by Siti Cable.

     

    He said that all the cable operators who are part of the petition were willing and prepared to make payment of the monthly subscription fees at the rate of Rs 60 per month. He also stated that the cable operators are willing to have a reconciliation of accounts and if any dues are found against them at the rate of Rs 60 per month, they would clear all the dues without delay. 

     

    Bhatia said all the cable operators who are represented in the petition were willing to introduce package-based transmission as directed by the Telecom Regulatory Authority of India (TRAI), as in that case the cable operators would also be entitled to certain benefits.

     

    Siti Cabe counsel Upender Thakur said there was a dispute as to the number of cable operators involved. He also said large sums are due against the cable operators and  in any event Siti Cable is bound to follow the TRAI’s direction to introduce package-based transmission of channels. 

     

    The Tribunal said the parties should first try to resolve their disputes through mediation. It asked the mediator to try to conclude the matter expeditiously.  

  • Siti Cable CFO Sanjay Goyal resigns

    Siti Cable CFO Sanjay Goyal resigns

    MUMBAI: Siti Cable Network chief financial officer (CFO), Sanjay Goyal has called it a day at the company. Goyal resigned with effect from 8 June, 2015.

     

    An B.SC.ICAI,ICSI,ICWAI an LLB, he joined Siti Cable as VP – finance and accounts in 2009 and later got promoted as CFO in 2012.  

     

    When contacted by Indiantelevision.com, a senior official from Siti Cable informed, “It was a mutually decided procedure between Goyal and the company and there were no unusual circumstances that forced the resignation. Goyal probably took the decision to explore something new which the company is not aware of yet. The CFO’s position will be taken care of by someone from the group itself. However, for the time being someone from the group will take care of the position.”

     

    With over 17 years experience including entrepreneurship, Goyal served as VP – F&A/CFO at Vishal Retail Limited prior to joining Siti Cable. He started his career with Dharampal Satyapal Limited where he was the head F&A for more than nine years.