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

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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.”

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