Siti Network net loss at Rs 49.48 crores in Q1 FY 19-20
New Delhi: Siti Networks Ltd on Monday declared its unaudited consolidated and standalone financial results for the quarter ending June 30, 2019.
Siti Networks registered Rs 391.91 crores as revenue from operations as against Rs 319.42 crores in the previous quarter. The companies total income stood at Rs 394.67 crores as compared to Rs 338.26 crores in the previous quarter. Total expenses rose to Rs 437.14 crores as compared to Rs 386.39 crores in the previous quarter. Pay channel costs, carriage sharing and related costs inflated the expenses.
The company reported a net loss of Rs 49.48 crores as compared to Rs 123.91 crores in the preceding quarters.
While commenting on the results, Mr Rajesh Sethi of SITI Networks Limited mentioned: “SITI has successfully started to incorporate the New Tariff Order to the very roots of our business and this is validated by the stellar results displayed in the first quarter of current fiscal. Our subscription revenue grew over 36% y-o-y with total revenue (excl. activation) increasing by more than 19% y-o-y. With the increase in collection & operational efficiencies, we saw our Operating EBIDTA grow 1.5x y-o-y to INR 841 Mn and the EBIDTA margins subsequently rose 1.3x y-o-y to 21.4%. Our product strategy to provide the optimal entertainment choices to our subscribers is bearing fruit as the ARPU has grown 2x y-o-y and we are sure that this growth momentum will only grow stronger.”
SITI reported growth in its Operating EBITDA by 1.5x to Rs.841 Mn in Q1 FY20. SITI has delivered by growing the revenue at a phenomenal rate while maintaining strict control over the operational efficiencies.
Subscription revenue increased by more than 36% y-o-y to Rs. 2,932 Mn in Q1 FY20, aided by improving monetization and upselling better value offerings to its esteemed customers. Total Revenue (excluding activation) also surged ~20% y-o-y to Rs. 3925 Mn. To better serve the subscribers under the new regime, SITI has created multiple offerings for the consumers which cater to multiple demographics and geographies.
As a result of these customer-oriented offerings, more than 57% of the base opted for these curated MY SITI plans as it gives them the best of content and economic value with minimal effort which has resulted in Digital Subscriber ARPU leaping 2x y-o-y & 1.5x over the previous quarter to Rs.125. This transition has truly resulted in the choice belonging to the consumer now.
At the time of going to press Siti Networks Ltd was trading at Rs 1.83 down by Rs 0.03 or 1.61% as against a previous close of Rs 1.86 on the BSE.