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Report on Shemaroo

Siti reports improved numbers for Q1

Siti’s operating profit (without activation charges) for Q1 2019 was Rs 54.9 crore

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BENGALURU: Backed by higher subscription revenue and a 93 percent collection efficiency, Indian multi-systems operator (MSO) Siti Networks Limited (Siti) posted 146 percent higher operating profit (EBITDA) for the quarter ended 30 June 2018 (Q1 2019, quarter or period under review) as compared to the corresponding quarter of the previous fiscal year Q1 2018. The company says that collection efficiency in July 2018 has increased to 97 percent. For the immediate trailing quarter (Q4 2018), the MSO had reported a collection efficiency of 95 percent.

Siti’s operating profit (without considering activation charges) for Q1 2019 increased to Rs 54.9 crore as compared to Rs 22.3 crore in Q1 2018. The company attributes the growth in EBIDTA to a 26.3 percent surge in subscription revenue to Rs 214.9 crore in Q1 2019. EBITDA including activation declined 24.1 percent during the period under review to Rs 76.71 crore from Rs 101.01 crore in Q1 2019.

Total comprehensive loss (TCL) for the period was higher at Rs 56.96 crore as compared to Rs 15.19 crore in corresponding quarter of the previous year. However, on quarter on quarter basis Rs.70 Cr has gone down to Rs.57 Cr, an improvement of 18.8 per cent. It must be noted that all numbers mentioned in this report are consolidated unless stated otherwise.

Siti’s consolidated total income in Q1 2019 was Rs 352.45 crore as compared to Rs 371.11 crore in Q1 2018. Consolidated operating revenue in Q1 2019 was Rs 350.05 crore as compared to Rs 364.96 crore in Q1 2018.

The MSO says that it has added 3.5 lakh (0.35 million, 0.035 crore) digital subscribers in Q1 2019 and has reached a 117 lakh (11.7 million, 1.17 crore) active digital subscriber base. Siti had added 31 lakh (3.1 million, 0.31 crore) digital subscribers in fiscal 2018 (year ended 31 March 2018) It claims to have added 40,000 new HD subscribers to reach a HD subscriber base of 3.56 lakh (0.356 million, 0.0356 crore) during the period under review.

Let us look at the other numbers reported by Siti

Siti’s consolidated total expenditure (TE) increased 10 percent in Q1 2019 to Rs

406.72 crore from Rs 369.52 crore in Q1 2018. Carriage sharing, pay channels and related costs in Q1 2019 increased 5.4 percent to Rs 164.46 crore from Rs 156.06 crore in Q1 2018. Employee benefit expense during the quarter under review reduced 12.9 percent to Rs 20.41 crore from Rs 23.45 crore in the corresponding quarter of the previous year. Other expense in Q1 2019 increased 3.5 percent to Rs 87.10 crore from Rs 84.18 crore in Q1 2018.

Company speak

Siti chief business transformation officer Rajesh Sethi said, “Siti had a great start to FY 2019 with strong improvement in all operational metrics. Our ‘Customer First’ strategy helped drive superlative 146 percent EBITDA growth coupled with expansion of 892 bps in the margins. While we increased our subscription revenue by nearly 26 percent year on year, we have further initiated an ARPU increase program and the results will be visible in the coming quarters. With the New Tariff Order Notification, we are well positioned to move to the new regime. Our systems and processes are ready for the seismic transformations of the last mile operations. In FY 2019 we plan to drive efficiencies along with solid EBITDA and margins growth, in line with our core strategy of profitable and sustainable growth.”

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