SITI Networks Limited (BSE: 532795, NSE: SITINET), has released their audited Consolidated Financial Results for the Fourth Quarter and Full Year, ending March 31, 2018.
The Company announced a 2.6 times YoY Operating EBITDA growth in FY18 to Rs 151 Cr while the Operating EBITDA Margin expanded by 636 bps, growing 2.1 times. Subscription Revenue took a significant leap of 41% in FY18 to Rs 800 Cr driving Total Revenue growth of 19% YoY to Rs 1426 Cr. This along-with focus on cost efficiencies, led to Total EBITDA growing by 42% YoY to Rs 325 Cr. The Company has also accelerated its overall collection efficiency surpassing 95% in Q4FY18.
The Company added industry leading 3.1 Mn Digital Cable households in FY18 taking active digital subscriber base to 11.5 Mn.
In Q4FY18, Operating EBITDA Margins significantly expanded by 900 bps YoY to 16.2%, while Operating EBITDA improved significantly by 145% YoY to Rs 51.5 Cr.
As an effort to drive this high-performance culture across the organization, the company also rolled out SITI Values. These core values act as a guiding light and focus on building a SITI ready for the future.
The base contribution of lock-in plans in Broadband increased to 37% exit FY18. The Company's broadband operations with a total footprint to 16.8 lakh homes, have a base of 2.5 lakh customers. The company is working on building a growth strategy in the sector.
The Company has a national footprint across 580+ locations and ensures seamless delivery of content to its ~55 million consumers. As testament to this and how it brings together families and friends, "Zindagi Ka Network", SITI's online and on-screen campaign launched in January 2018 received an overwhelming response from across the industry and Social Media.
While commenting on the results, Mr. Rajesh Sethi, Chief Business Transformation Officer, SITI Networks Limited mentioned - "We at SITI are proud of our performance for this past year as we enter FY19 with significant momentum. In FY18 we have achieved strong operational and financial results while also delivering superlative customer experience and must-see content to our ~55 Mn strong consumer base across the country. Our continued focus on Customer Experience drove exceptional EBITDA growth (2.6x) coupled with industry leading subscriber additions (3.1 Mn).
We continue to maintain our steady increase in customer additions, driving efficiencies through war on waste, balanced with solid EBITDA growth and expanding Margins. We continue to transform into a process driven organization with Customer experience at its heart.
As we achieve more from less, our year-over-year growth rates of Revenue and EBITDA continue to accelerate, which is a testament of our transformation efforts across SITI."Report By: Saurabh Datta
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