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Tag: Siti Network Limited

  • Siti numbers improve on optimisation of major matrices

    Siti numbers improve on optimisation of major matrices

    BENGALURU: Indian leading multi-system operator (MSO) Siti Networks Limited (Siti) reported 7.8 percent increase in revenue from operations at Rs 1,210.29 crore for the nine month period ended 30 December 2019 (9M 2020, YTD 2020) as compared to the Rs 1,122.71 crore for the corresponding nine month period of the previous year (9M 2019, previous nine month period).  The company’s total expense for 9M 2020 increased 4.9 percent to Rs 1,330.30 crore (108.8 percent of Total Income) from Rs 1,267.81 crore (111,6 percent of Total Income) in the previous nine month period. Siti’s total expense across all major heads decreased 7.7 percent in 9M 2020, as compared to 9M 2019, but for pay channel, carriage share and related costs which increased by Rs 120.94 crore or 23.7 percent.

    Sit reported a lower loss of Rs 117.87 crore in 9M 2020 as compared to a loss of Rs 140.36 crore in 9M 2020.

    Siti claims in its earnings release that 9M 2020 operating EBITDA surged 1.24 times over similar duration of last fiscal, to Rs. 267.6 crore. The company attributes this jump to strict control over expenses and operating efficiencies. Siti says that its operating EBITDA Margin for 9M 2020 also expanded by 1.1 times y-o-y to 22 percent.

    Siti says its subscription revenue for 9M 2020 grew 19.5 percent y-o-y to Rs. 868.7 crore, aided by the strong growth. Subscription ARPU  leapt 1.8 times to Rs.128 per month. Total Revenue (excluding activation) also surged 12.7 percent y-o-y to Rs. 1218.9 crore for the same period.

    Siti CEO Mr Anil Malhotra said: “We are focused on working closely with

    our distribution partners for increased sweating of ground assets further through introduction of allied value-added services for our customers Siti Broadband with Zee 5, India’s fastest growing OTT app, gives both partners an opportunity to scale up our business ambitions, creating value for all our stakeholders with a focused and strategic approach."

    Let us look at the other numbers reported by the company

    Total Income for 9M 2020 increased 7.6 percent y-o-y to Rs 1,222,26 crore from Rs 1,135.11 crore in 9M 2019. Pay channel, carriage sharing and related costs in 9M 2020 increased 23.7 percent y-o-y to Rs 631.14 crore from Rs 510.20 crore. Employee benefits expense in 9M 2020 declined 7.6 percent y-o-y to Rs 57.83 crore from Rs 62.61 crore.  Finance costs in 9M 2020 reduced 3.1 percent y-o-y to Rs 122.16 crore from Rs 126.05 crore. Other expense in 9M 2020 reduced 10 percent y-o-y to Rs 261.17 crore from Rs 290.35 crore.

    Numbers for Q3 2020 as compared to Q3 2019

    For the quarter ended 31 December 2019 (Q3 2020, quarter under review), revenue from operations increased 4.3 percent y-o-y to Rs 402.60 crore from Rs 385.92 crore in Q3 2019. Total Income increased 4.6 percent in the quarter under review to Rs 407.94 crore from Rs 390.11 crore. Loss for Q3 2020 at Rs 33.56 crore was lower than loss of Rs 35.41 crore in Q3 2019.

    Total expense in Q3 2020 increased 4.9 percent to Rs 442.17 crore from Rs 421.70 crore, Excluding pay channel, carriage sharing and related costs, expenses in Q3 2020 declined 10.6 percent to Rs 227.75 crore from Rs 254.72 crore in Q3 2019. Employee benefits expense in Q3 2020 declined 9.5 percent to Rs 18.75 crore from Rs 20.71 crore in Q3 2019. Finance costs in Q3 2020 reduced 7.5 percent to Rs 38.06 crore from Rs 41.13 crore. Other expense in Q3 2020 decreased 13.4 percent to Rs 84.28 crore from Rs 97.33 crore.

  • Siti Networks revenue, operating profit up in fiscal 2018

    Siti Networks revenue, operating profit up in fiscal 2018

    BENGALURU: Backed by higher subscription revenue and a 95 per cent collection efficiency, Indian multi-system operator (MSO) Siti Networks Ltd (Siti) posted 16.8 per cent higher consolidated total income for the year ended 31 March 2018 (FY 2018, year under review) as compared to the previous fiscal year FY 2017. Siticable has clarified that the revenue numbers for FY 2017 reflect gross billing that included LCO share to the extent of Rs 16-17 crore. Based on a figure of Rs 16 crore, Siticable’s consolidated total income for fiscal 2018 grew 18.4 percent as compared to the previous year.

    Siticable’s operating profit (simple EBITDA including activation revenue) for FY 2018 increased 52.1 per cent as compared to FY 2017. Total comprehensive loss (TCL) for the year was lower as compared to the previous year. It must be noted that all numbers mentioned in this report are consolidated unless stated otherwise.

    Siti’s consolidated total income in FY 2018 was Rs 1,426.37 crore as compared to Rs 1220.81 crore in FY 2017. Consolidated operating revenue in fiscal 2018 increased 18 per cent to Rs 1,410.40 crore from Rs 1,194.92 crore in FY 2017. Siti’s consolidated operating EBITDA (including activation revenue) during the year under review increased 52.1 per cent to Rs 308.55 crore (21.9 per cent of operating revenue) from Rs 202.81 crore (17 per cent of operating revenue) in FY 2017. The company reports that excluding activation revenue, operating EBITDA in FY 2018 grew 2.6 times to Rs 151 crore as compared to Rs 59 crore in the previous year. EBITDA including other income and activation fee in FY 2018 grew 41.9 per cent to Rs 324.52 crore (22.8 per cent of total income) from Rs 228.70 crore (18.7 per cent of total income) TCL including non-controlling interest during the year under review was lower at Rs 169.51 crore as compared to Rs 179.01 crore in FY 2017.

    Siti claims that it added industry leading 3.1 million (0.31 crore or 31 lakh) digital cable households in FY 2018 taking its active digital subscriber base to 11.5 million (1.15 crore or 115 lakh). Siti says in its earnings release that subscription revenue in FY 2018 increased 41 per cent y-o-y to Rs 800 crore and was the main driver for revenue growth.  

    Let us look at the other numbers reported by Siti

    Siti’s consolidated total expenditure (TE) increased 15.2 per cent in FY 2018 to Rs 1,567.56 crore from Rs 1,360.74 crore in fiscal 2017. Adjusting the Rs 16 crore payout to LCOs in FY 2017, TE in FY 2018 increased 16.6 per cent as compared to FY 2017. Carriage sharing, pay channels and related costs are the highest expense head for the company. Carriage sharing, pay channels and related costs in FY 2018 increased 6.8 per cent to Rs 637.90 crore from Rs 597.13 crore in FY 2017. Employee benefit expense during the year under review increased 8.6 per cent to Rs 90.49 crore from Rs 83.29 crore in the previous year. Other expense in fiscal 2018 increased 25.3 per cent to Rs 370.13 crore from Rs 295.47 crore in FY 2017.

    Company speak

    While commenting on the results, Siti chief business transformation officer, Rajesh Sethi said, “We at Siti are proud of our performance for this past year as we enter FY 2019 with significant momentum. In FY 2018 we have achieved strong operational and financial results while also delivering superlative customer experience and must-see content to our approximately 55 million strong consumer base across the country. Our continued focus on customer experience drove exceptional EBITDA growth (2.6x) coupled with industry leading subscriber additions (3.1 million, 0.31 crore, 31 lakh).”

    “We continue to maintain our steady increase in customer additions, driving efficiencies through war on waste, balanced with solid EBITDA growth and expanding margins. We continue to transform into a process driven organisation with customer experience at its heart. As we achieve more from less, our year-over-year growth rates of revenue and EBITDA continue to accelerate, which is a testament of our transformation efforts across SITI,” added Sethi.

  • Siti Networks reports higher revenue, operating profit for Q2-18

    Siti Networks reports higher revenue, operating profit for Q2-18

    BENGALURU: Siti Networks Limited (Siti) reported higher revenue and operating profit (EBIDTA) for the quarter ended 30 September 2017 (Q2-18, current quarter) as compared to the corresponding year ago quarter – Q2-17 (y-o-y). However, loss for the current quarter was higher year-on-year.

    Siti reported 21.9 percent y-o-y growth in operating revenue for Q2-18 at Rs 3,523.08 million as compared Rs 2,889.67 million. Total Income (including other income) for the current quarter increased 22.3 percent higher y-o-y at Rs 3,562.64 million that Rs 2,913.17 million in Q2-17. Revenues grew mainly on account of higher subscription revenue partially set off by a decline in carriage revenue.

    Operating EBIDTA for Q2-18 was 41.9 percent higher y-o-y at Rs 671.75 million as compared to Rs 473.37 million, while overall EBIDTA increased 43.1 percent y-o-y to Rs 711.31 million from Rs 497.07 million. The company reported a higher loss of Rs 524.25 million in Q2-18 as compared to a loss of Rs 354.73 million.

    While commenting on the results, Siti’s chief business transformation officer Rajesh Sethi said, “Siti displayed strong growth in video as Q2 subscription income jumped 21 percent q-o-q and 52 percent y-o-y with overall collection efficiency improving to 93 percent for H1FY18. We continue to improve monetization levels and leverage our customer base in Phase 3 and 4 territories. An emphasis on cost optimization and instilling a lean culture is expected to drive efficiencies across the board and further aid the bottomline. At the same time, an organizational restructuring is underway to evolve Siti into a more nimble and effective organization. In Broadband, focus on further enhancement of service levels to retain customers and new geographies expansion is expected to drive growth along with overall improvement in the pricing environment.”

    Breakup of revenue (rounded off) and subscriber matrices

    Siti reported 51.9 percent y-o-y growth in subscription revenue to Rs 2,050 million from Rs 1,350 million. Carriage revenue declined 6.6 percent y-o-y to Rs 710 million from Rs 760 million. Activation revenues increased 15.8 percent y-o-y to Rs 440 million from Rs 380 million, but were sharply lower than the Rs 850 million in the immediate trailing quarter (Q1-18). Siti has a cable subscriber base (analogue and digital) of 13.2 million. The company had converted 1.6 million of its existing subscribers to digital in Q1-17 as compared to less than half that number in Q2-17 (0.7 million). Siti’s active video subscriber base was 11.1million in Q2-18, while it was 10.6 in Q1-18. It’s HD subscriber base increased by 34,000 in Q2-18 to 254,000 from 230,000 in Q1-18.

    Broadband revenue was flat (grew 2.2 percent) y-o-y at Rs 250 million. The company has witnessed a slight decrease in its broadband subscriber base to 238,000 in the current quarter from 240,000 in the immediate trailing quarter Q1-18.

    Let us look at the other numbers reported by the company

    Total expenditure increased 22.9 percent y-o-y to Rs 4,013.93 million from Rs 3,268.10 million. Finance costs increased 32.7 percent y-o-y to Rs 371.49 million from Rs 280.02 million. Carriage sharing, pay channel and related costs increased 16.9 percent y-o-y to Rs 1,676.01 million in Q2-18 from Rs 1,434.08 million. Employee benefits expense in the current quarter increased 9.9 percent y-o-y to Rs 227.47 million from Rs 206.98 million in the corresponding year ago quarter. Other expenses increased 25 percent y-o-y in Q2-18 to Rs 942.86 million from Rs 754.09 million.