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MUMBAI: The Subhash Chandra Goenka headed Essel Group's Siti Cable Network continues to bleed, albeit, at a lower rate as compared to last year. The company saw a 30 per cent reduction in its net loss for FY-2013 at Rs 64.07 crore from Rs 91.34 crore during FY-2012.
Reaching out to over 10 million viewers in the country, Siti Cable Network operates in a single business segment of cable distribution as one of India's largest Multi- System Operator (MSO) with 56 analogue and 14 digital head ends. A glimpse through Q4-2013 financials as against Q4-2012 Total revenues in Q4-2013 increased by 60.7 per cent to Rs 147.74 crore as against Rs 91.94 crore in the corresponding quarter in 2012.
Operationally, fiscal year 2013 proved expensive for the company, with material costs zooming up to Rs 82.46 crore as against Rs 56.29 crore, while employee benefit costs have jumped to Rs 9.29 crore as against Rs 6.78 crore. Total expenses including depreciation/amortisation and selling/distribution expenses shot up to Rs 145.68 crore in this quarter as compared to Rs 97.21 crore in Q4-2012.
Consolidated operating profit (EBITDA) at Rs 26.02 crore for Q4-2013 ended 31 March 2013 jumped from Rs 3.1 crore in fiscal 2012. However, burdened with a finance cost of Rs 25.77 crore in Q4-2013, its PAT ended up as negative at Rs 25.68 crore as against a negative of Rs 19.48 crore for Q4-2012, while the bottom-line reported a net loss of Rs 27.81 crore in Q4-2013 as against a net loss of Rs 24.34
crore in Q4 2012.
Let us look at the consolidated annual FY-2013 results as against FY-2012
Revenues at Rs 483.6 crore in FY-2013 surged by 32.7 per cent as compared to Rs 364.26 crore during the last financial year FY-2012. Total expenses recorded at Rs 453 crore as on 31 March 2013, increased 20.6 per cent as compared to Rs 375.27 crore for FY-2012. Consolidated EBITDA of Siti Cable for FY-2013 grew 353 per cent to Rs 86.96 crore as against Rs 19.2 crore for FY-2012.
The company has managed to substantially narrow its loss by 36 per cent with its PAT improving to a negative Rs 60.8 crore in FY-2013 as against a negative PAT of Rs 94.8 crore in FY-2012. The company claims to have advanced Rs 275.59 crore to its subsidiaries for acquisition of MSOs /direct points etc., with an outlook to enhance its operations in the near future.
Says Essel group Chairman Subhash Chandra: "Indian markets provide media and entertainment companies with a variety of opportunities to deliver localised content through Digital Cable TV services. Digital technology offers the requisite solution holding the promise of better satisfaction at all levels of the distribution chain including the consumers. The digital addressable systems (DAS) will enhance further scope of the cable TV services. The benefits of DAS rollout are expected to contribute significant growth in the revenues Siti Cable ongoing efforts to leverage its strengths in digital regime are reflecting in the performance of the company."
Commenting on the financials Siti Cable CEO V D Wadhwa says: "We have taken several key steps like providing OYC system, carriage revenue share, training for our business partners and customer education to ensure the smooth transition to digital regime. We have made conscious and concerted effort to align our people, processes and technological up gradation more closely with our business strategy thereby giving ourselves the best chance to capture emerging opportunities in the industry, especially broadband, VAS etc., besides substantially infusing the capital required for digitisation."
Wadhwa added, "For the wider digitisation roll out, we are further upgrading our digital infrastructure and Subscriber Management System. The company is well placed to benefit from the ongoing digitisation implementation and fully geared up to grow its Revenue and Profitability at a faster pace."
Siti Cable's share price after hitting a 3-month high at Rs 28.45 earlier this month is currently trading in the range of Rs 24.15 and Rs 25.90.
Indiantelevision.com > News Headlines > Siticable losses drop; revenues rise in FY-2013
..
Reaching out to over 10 million viewers in the country, Siti Cable Network operates in a single business segment of cable distribution as one of India's largest Multi- System Operator (MSO) with 56 analogue and 14 digital head ends. A glimpse through Q4-2013 financials as against Q4-2012 Total revenues in Q4-2013 increased by 60.7 per cent to Rs 147.74 crore as against Rs 91.94 crore in the corresponding quarter in 2012.
Operationally, fiscal year 2013 proved expensive for the company, with material costs zooming up to Rs 82.46 crore as against Rs 56.29 crore, while employee benefit costs have jumped to Rs 9.29 crore as against Rs 6.78 crore. Total expenses including depreciation/amortisation and selling/distribution expenses shot up to Rs 145.68 crore in this quarter as compared to Rs 97.21 crore in Q4-2012.
Consolidated operating profit (EBITDA) at Rs 26.02 crore for Q4-2013 ended 31 March 2013 jumped from Rs 3.1 crore in fiscal 2012. However, burdened with a finance cost of Rs 25.77 crore in Q4-2013, its PAT ended up as negative at Rs 25.68 crore as against a negative of Rs 19.48 crore for Q4-2012, while the bottom-line reported a net loss of Rs 27.81 crore in Q4-2013 as against a net loss of Rs 24.34
crore in Q4 2012.
Let us look at the consolidated annual FY-2013 results as against FY-2012
Revenues at Rs 483.6 crore in FY-2013 surged by 32.7 per cent as compared to Rs 364.26 crore during the last financial year FY-2012. Total expenses recorded at Rs 453 crore as on 31 March 2013, increased 20.6 per cent as compared to Rs 375.27 crore for FY-2012. Consolidated EBITDA of Siti Cable for FY-2013 grew 353 per cent to Rs 86.96 crore as against Rs 19.2 crore for FY-2012.
The company has managed to substantially narrow its loss by 36 per cent with its PAT improving to a negative Rs 60.8 crore in FY-2013 as against a negative PAT of Rs 94.8 crore in FY-2012. The company claims to have advanced Rs 275.59 crore to its subsidiaries for acquisition of MSOs /direct points etc., with an outlook to enhance its operations in the near future.
Says Essel group Chairman Subhash Chandra: "Indian markets provide media and entertainment companies with a variety of opportunities to deliver localised content through Digital Cable TV services. Digital technology offers the requisite solution holding the promise of better satisfaction at all levels of the distribution chain including the consumers. The digital addressable systems (DAS) will enhance further scope of the cable TV services. The benefits of DAS rollout are expected to contribute significant growth in the revenues Siti Cable ongoing efforts to leverage its strengths in digital regime are reflecting in the performance of the company."
Commenting on the financials Siti Cable CEO V D Wadhwa says: "We have taken several key steps like providing OYC system, carriage revenue share, training for our business partners and customer education to ensure the smooth transition to digital regime. We have made conscious and concerted effort to align our people, processes and technological up gradation more closely with our business strategy thereby giving ourselves the best chance to capture emerging opportunities in the industry, especially broadband, VAS etc., besides substantially infusing the capital required for digitisation."
Wadhwa added, "For the wider digitisation roll out, we are further upgrading our digital infrastructure and Subscriber Management System. The company is well placed to benefit from the ongoing digitisation implementation and fully geared up to grow its Revenue and Profitability at a faster pace."
Siti Cable's share price after hitting a 3-month high at Rs 28.45 earlier this month is currently trading in the range of Rs 24.15 and Rs 25.90.
Indiantelevision.com > News Headlines > Siticable losses drop; revenues rise in FY-2013
..
