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SITI Networks Limited declares its Q2 results for FY18

Nov 06, 2017

The Board of Directors of SITI Networks Limited (SITINET) (BSE: 532795, NSE: SITINET) in its meeting held today, has taken on record the Unaudited Consolidated Financial Results of the company for the Second Quarter ended September 30, 2017.


SITI delivers stellar revenue growth: H1 Revenue at INR727 Crores, up 30% YoY; H1 Subscription revenue up 44%; H1 Broadband revenue up 15%; H1 Operating EBITDA jumps 122% to INR49 Crores; ~25% of DOCSIS Broadband base transitioned to advanced rental plans


H1 FY18 Highlights
•    Revenue at INR727 Crores; up 30% YoY
•    Revenue, ex activation at INR598 Crores; up 23% YoY
•    Subscription Revenue at INR375 Crores; up 44% YoY
•    Broadband Revenue at INR51 Crores ; up 15% YoY
•    EBITDA at INR178 Crores; up 84% YoY
•    EBITDA, ex activation at INR49 Crores; up 122% YoY


Q2 FY18 Highlights
•    Revenue, ex activation at INR312 Crores; up 9% QoQ & 26% YoY
•    Subscription Revenue at INR205 Crores; up 21% QoQ & 52% YoY
•    Broadband Revenue at INR25 Crores ; up 2% YoY
•    EBITDA at INR71 Crores; up 43% YoY
•    EBITDA, ex activation at INR27 Crores; up 21% QoQ & 136% YoY
•    Added 0.7 mn Video customers
•    Broadband Subscriber Base at 2.38 Lakh


While commenting on the results, Mr. Rajesh Sethi, Chief Business Transformation Officer , SITI Networks mentioned that


“SITI displayed strong growth in Video as Q2 subscription income jumped 21% QoQ and 52% YoY with overall collection efficiency improving to 93% for H1FY18. We continue to improve monetization levels and leverage our customer base in Phase 3&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. The above levers were demonstrated in the strong 21% QoQ increase in Q2 Operating EBITDA to INR27 Crores


In Broadband, focus on further enhancement of service levels to retain customers and new geographies expansion is expected to drive growth alongwith overall improvement in the pricing environment”


Report By: Anshul Gupta    
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