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SITI Networks added 400K digital TV subscribers during Q2FY17

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Essel Group owned Multi System Operator SITI Networks added 28,000 new broadband subscribers for the quarter ended September 30th 2016 (Q2 FY17), taking its total broadband subscriber base to 195,000. The company reported 12.2 million cable TV subscribers for the quarter which remained flat from the previous quarter. It also reported 8.7 million digital TV subscribers for the same quarter, up 4.8% quarter-on-quarter.

On the digital TV segment, SITI Networks added 400,000 new subscribers out of which 91,000 subscribers were subscribed to High Definition (HD) services. Currently the operator claims to have laid down 31,000 Kms of optical fiber and coaxial cables across the down for broadband and cable TV services. Its services are live in 400 location across the country. The company offers Digital TV services via set-top-boxes, Analog Cable TV services, and fiber-based broadband Internet services.

The company posted overall revenues of Rs 291 crore for Q2 FY17, up from Rs 286 crore in the previous quarter, and up 20% year-on-year (YoY) from Rs 242 crore. Revenues from broadband service were Rs 24.9 crore for the quarter, up 27% quarter-on-quarter (QoQ) from Rs 19.5 crore. Revenues from subscription based services were at Rs 135 crore for the quarter, up 7% QoQ, and up 33% YoY.

Other Financials and numbers

-Net loss for the quarter was Rs 37.7 crore, a drop from Rs 43.5 crore in the previous quarter.

-EBITDA at INR50 Crores, up 5% QoQ

-Operating EBITDA at INR11 Crores, up 6% QoQ

– Average data consumption per subscriber (on broadband) was at 59 GB per month

SITI networks fund raise and deals

-In August, SITI Networks was looking to raise $100 million by issuing fresh equity shares via public, private placement or qualified institutional placement route. The fundraise is yet to receive shareholders’ approval.

– In the same month, DEN Networks owned Snapdeal TV (Snapdeal’s homeshopping TV channel) tied up with SITI Cable to offer the channel across Delhi NCR, Haryana, Madhya Pradesh, Maharashtra, Andhra Pradesh, Karnataka, West Bengal, Bihar and parts of Rajasthan,

–In July, Dish TV formed an equal joint venture named ‘Comnet’ with SITI cable.

Download: Investors Release

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