Siti Networks increases Q2 operating EBITDA to Rs 97.5 cr

MUMBAI: Multi system operator (MSO) Siti Networks has reported a 16% increase in operating EBITDA for the quarter ended 30th September. The company’s operating EBITDA stood at Rs 97.5 crore in Q2 as against Rs 84.1 crore in the trailing quarter.

On a Y-o-Y basis, the operating EBITDA surged 43% over the second quarter of last fiscal. The company attributed the jump in operating EBITDA to strict control over operating efficiencies.

Siti’s Operating EBITDA margin also expanded significantly to 23.4% in Q2 from 21.4% in Q1. EBITDA Margin also expanded significantly by 1.3 times y-o-y.

The company’s subscription revenue stood at Rs. 288.5 crore in Q2FY20, aided by the strong growth in digital Subscription ARPU, which leaped 1.7 times to Rs. 127 per month. In the trailing quarter, the subscription revenue stood at Rs 293.2 crore. On a Y-o-Y basis, the subscription revenue grew by 13.2%.

Total revenue (excluding activation) jumped to Rs. 417.1 crore from Rs 392.5 crore in Q1. The revenue surged 11.3% y-o-y.

Siti said has continued to update its systems and processes across multiple touch-points to be fully compliant to the Tariff regime. The company has continued to work with all stakeholders, be it the regulator, the 24,000+ strong distribution network, broadcasters, and above all its esteemed customers to deliver its services.

Recently, Siti extended the benefits of Festival Offer released by broadcasters to its customers.

While commenting on the results, Siti Networks CEO Anil Malhotra mentioned, “Siti has continued to show-case robust growth across all metrics in Q2FY20. With a key focus on our operational efficiencies, we saw our Operating EBIDTA grow 43% y-o-y to INR 975 Mn and the EBIDTA margins subsequently rose 1.3x y-o-y to 23.4%. We have also shown continued growth in our Subscription Revenue with a 13.2% jump over the second quarter of the last fiscal to Rs. 2,885 Mn.”

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