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SITI Networks added 18K broadband subscribers during Q3FY17

Essel Group owned Multi System Operator SITI Networks added 18,000 new broadband subscribers for the quarter ended December 2016 (Q3 FY17), taking its total broadband subscriber base to 213,000. This is up from 195,000 broadband subscribers reported in the previous quarter. The company had 12.2 million cable TV subscribers for the quarter which remained flat from the previous quarter. It also reported 9.2 million digital TV subscribers for the same quarter, up from 8.7 million digital TV subscribers reported in last quarter.

On the digital TV segment, SITI Networks added 540,000 new subscribers out of which 120,000 subscribers were subscribed to High Definition (HD) services. Currently, the operator claims to have laid down 32,500 Kms of optical fiber and coaxial cables across the country for broadband and cable TV services. Its services are live in 450 locations across the country. The company offers Digital TV services via set-top-boxes, Analog Cable TV services, and fiber Internet services in these locations.

The company posted overall revenues of Rs 306 crore for Q3 FY17, up 5% from Rs 291 crore in the previous quarter. Revenues from broadband service were Rs 26 crore for the quarter, up 4% quarter-on-quarter (QoQ) and 79% YoY. Revenues from subscription based services were at Rs 147 crore for the quarter, up 9% QoQ, and up 35% YoY.

Other Financials and numbers

–  Net loss for the quarter was Rs 33.4 crore, a drop from Rs 37.6 crore in the previous quarter.

– EBITDA at Rs 62 crores, up 25% QoQ

– Operating EBITDA at Rs 15 crores, up 35% QoQ

– Broadband income stood at Rs 70 crores, up 115% YoY, while subscription income stood at Rs 408 crores, up 40% YoY.

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 home shopping 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: Investor Release

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