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

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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.

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