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Tag: Siti Networks

  • Siti Networks says price revision benefits will accrue in second half

    Siti Networks says price revision benefits will accrue in second half

    MUMBAI: DAS paralysis in phase III markets is having an impact on Siti Networks (Siti Cable) performance. This was revealed by CEO V. D. Wadhwa to CNBC TV18 today.

    Speaking to the business news channel, he said that Siti Networks target was to roll out an additional five million boxes in the ongoing year. But this would not be likely met as “Phase-III digitisation is currently on hold and because the matter is subjudice in Delhi High Court, so it has been delayed. So, it all depends on that, but we are hoping that if the matter gets decided by the court in the next one or two months, we should still be able to deliver our original target, otherwise there will be some shortfall.”

    Vadhwa informed CNBC TV18 that the company has set its sights on 250,000 broadband subscribers (currently 130,000) by March 2017 and around 200,000 plus subscribers for its 57 HD channel bouquet. The company had hoped to hit 300,000 HD subscribers but has had to scale back its numbers as the HD market “is not moving the way we expected the it to grow. We are carrying the inventory; we are carrying the content but we have pulled back on our HD subscriber numbers.”

    He pointed out the benefits of the price revision that company has resorted to will be felt in the second half of the year. “Earlier we were operating with four packages. Now we have reduced the packages and now total three package is there. Basic package and then the royal and magnum package. So, the price increase at the consumer level is in the range of weighted average, roughly Rs 40 increase in the prices and we are targeting that at least half of this should flow back to us. At least Rs 15-20 is what we are targeting that should flow back to the company. So it has just happened in the month of July. In some market it has been revised in the month of July. Balance, it is getting revised in the month of August itself.”

  • Subhash Chandra’s brothers step down as Siti Networks promoters

    Subhash Chandra’s brothers step down as Siti Networks promoters

    Mumbai: There’s change in the list of promoters at Siti Networks (earlier known as SitiCable). The national Indian MSO informed the Bombay stock exchange last week that – as part of a family arrangement and agreement – Jawahar Lal Goel, Laxmi Narain Goel and Ashok Kumar Goel along with their respective family members and persons acting in concert with them have been declasifeid as ‘promoters.’

    All three are brothers of Essel group (of which Siti Networks is a part) promoter Subhash Chandra. Over the past few years, Chandra has been working on separating the roles of his brothers and settling the ownership structure within the Essel Group (of which Siti Networks is a part).

    Around eight years ago, he gave independent charge to Laxmi Narain, Jawahar and Ashok Goel. Although seen as one group, the businesses are run independently. Their moving aside as promoters of Siti Networks is a continuation of the division process.

    Chandra’s two sons Punit and Amit are looking after his media interests in Zee Entertainment Enterprises with Punit functioning as the MD and Amit being given the responsibility of international sales and digital.

  • Subhash Chandra’s brothers step down as Siti Networks promoters

    Subhash Chandra’s brothers step down as Siti Networks promoters

    Mumbai: There’s change in the list of promoters at Siti Networks (earlier known as SitiCable). The national Indian MSO informed the Bombay stock exchange last week that – as part of a family arrangement and agreement – Jawahar Lal Goel, Laxmi Narain Goel and Ashok Kumar Goel along with their respective family members and persons acting in concert with them have been declasifeid as ‘promoters.’

    All three are brothers of Essel group (of which Siti Networks is a part) promoter Subhash Chandra. Over the past few years, Chandra has been working on separating the roles of his brothers and settling the ownership structure within the Essel Group (of which Siti Networks is a part).

    Around eight years ago, he gave independent charge to Laxmi Narain, Jawahar and Ashok Goel. Although seen as one group, the businesses are run independently. Their moving aside as promoters of Siti Networks is a continuation of the division process.

    Chandra’s two sons Punit and Amit are looking after his media interests in Zee Entertainment Enterprises with Punit functioning as the MD and Amit being given the responsibility of international sales and digital.

  • 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.