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SITI Networks Limited, formerly known as SITI Cable Network Limited, an Essel Group Company, (BSE: 532795, NSE: SITINET) has released its Unaudited Consolidated Financial Results for the Third Quarter, ending December 31, 2016.
The Company delivered 35% growth in Operating EBIDTA in Q3FY17 which stands at INR 15 Crores. Subscription Revenue grew by 40% year on year to Rs. 408 Crores on nine month basis.
Broadband Services: The Company's broadband operations added 1.1 lakh home passes in the quarter taking the total footprint to 15.7 lakh homes. Broadband customer base also grew to 2.13 lakh by Q3 FY17 exit. SITI has introduced exciting new plans in Delhi and Haryana under both unlimited & limited data category catering to the ever increasing data usage needs of Broadband Customers. Company expects to roll out high speed DOCSIS 2&3 Broadband Services in 5 locations by Q1FY18.
Video Services: To further enhance the collections from the ground, SITI is moving to Pre-paid billing from current Post-paid mode. To achieve this objective pre-paid billing has commenced in select states including Maharashtra, Madhya Pradesh, Chhattisgarh, Rajasthan, Karnataka & Uttar Pradesh across 60 locations with 1 Mn subscribers migrated to prepaid as of now. We are looking to roll out Pre-paid billing across all geographies in the near future.
HD Services: SITI's continuous focus on HD services has started to yield results, with SITI HD+ customer base up 33% over Q2FY17 to 1.2 lacs. To further give boost to HD adoption, SD to HD STB upgrade offer has been rolled out with strong adoption being seen in Phase 3 & 4 areas. SITI is offering ~50 HD channels across a wide array of genres across geographies.
SITI-DITTO Services: Since the launch of SITI-DITTO OTT services, the customer base has grown strongly to 31,000 subscribers. SITI is aggressively exploring options with other OTT players to harness growth in this fast expanding space.
MY SITI Channels: Four local channels launched on the lines of My Siti channel launched in the earlier quarter. Siti Beats in the music genre provides a wide assortment of melodies, Siti Gold & SITI Filmy will cater to the viewer's demand of old & new movies and Siti Bhakti in the devotional genre
While commenting on the results, Mr. V D Wadhwa, Executive Director & CEO, SITI Networks Limited mentioned -
"Our persistent efforts have resulted in improved monetization in Phase-3 DAS areas as we continue to digitize our subscriber base and expand our footprint. At the same time, commencement of Pre-paid Billing will simplify our business model and improve collection efficiency. The expected Tariff Order will provide further impetus to Industry cash flows and aid in rapid growth. Although there were some near term headwinds in Broadband on account of demonetization, we remain confident of retaining the momentum in the coming quarters."