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Q3-2015: Siti Cable reports 26% y-o-y revenue growth; Cable segment grows 34%

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BENGALURU: Essel group’s Subhash Chandra led Siti Cable Network Limited (Siti Cable) reported a 26.1 per cent rise in Total Income from Operations (TIO) to  Rs 223.4 crore in Q3-2015 from Rs 177.3 crore in the corresponding year ago quarter and was almost flat (down 0.3 per cent) as compared to the Rs 223.8 crore in Q2-2015.

Revenue from Siti Cable’s Cable segment grew 34.3 per cent y-o-y in Q3-2015 to Rs 209.5 crore from Rs 156 crore in Q3-2015 and remained almost flat (reduced by 0.5 per cent) as compared to the Rs 210.6 crore in Q2-2015.

Revenue from Siti Cable’s broadband segment grew 61 per cent to Rs 7 crore in Q3-2015 from Rs 4.3 crore in the corresponding quarter of last year and grew 13 per cent from Rs 6.2 crore in Q2-2015.

The company’s EBIDTA in the current quarter grew 43.1 per cent to Rs 50.1 crore from Rs 35 crore in Q3-2014 and 9.4 per cent from Rs 45.8 crore in Q2-2015.

Subscription numbers

The company’s cable subscription universe grew to 1.05 crore in the current quarter from 1 crore in the previous quarter. Digital subscription base grew to 0.485 crore in Q3-2015 from 0.46 crore in Q2-2015. Siti Cable added 3 lakh digital subscribers in Q3-2015 as compared to the 2.5 lakh digital subscribers in Q2-2015. It reported 54000 subscribers in Q3-2015 as compared to the 48000 subscribers in Q2-2015.

“Siti Cable Network is fully geared to provide the benefits of digitization to the Indian subscriber. The company continues to provide leadership in the areas of best practices, systems implementation and compliances. Although some minor challenges remain, the company is leading the industry on a new and evolved growth trajectory,” said Siti Cable chairman Dr. Subhash Chandra.

“Siti Cable maintained its growth momentum in the third quarter as well while improving EBITDA Margin from 20.5 percent to 22.4 percent q-o-q. Last mile operators have realized that digitization is a reality now. We see less resistance towards digitization from the LCOs in phase 3 and  4 towns. In fact they see digital cable STB as an opportunity towards offering more channels, better services to their consumers and realising better revenues from their existing customer base. It also helps them in retaining their customer, who would otherwise move to competing technology like DTH for want of better quality services”, said Siti Cable executive director and CEO said V D Wadhwa.

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