Toll Free: 1800 1234 001
 

What's better than

Good News?

MEDIA

Press Release

New Delhi, 14th February, 2017 : SITI Networks Limited, formerly known as SITI Cable Network Limited, an Essel Group Company, (BSE: 532795, NSE: SITINET) has released its Unaudited Consolidated Financial Results for the Third Quarter, ending December 31, 2016.

The Company delivered 35% growth in Operating EBIDTA in Q3FY17 which stands at INR 15 Crores. Subscription Revenue grew by 40% year on year to Rs. 408 Crores on nine month basis.

Broadband Services: The Company’s broadband operations added 1.1 lakh home passes in the quarter taking the total footprint to 15.7 lakh homes. Broadband customer base also grew to 2.13 lakh by Q3 FY17 exit. SITI has introduced exciting new plans in Delhi and Haryana under both unlimited & limited data category catering to the ever increasing data usage needs of Broadband Customers. Company expects to roll out high speed DOCSIS 2&3 Broadband Services in 5 locations by Q1FY18.

Video Services: To further enhance the collections from the ground, SITI is moving to Pre-paid billing from current Post-paid mode. To achieve this objective pre-paid billing has commenced in select states including Maharashtra, Madhya Pradesh, Chhattisgarh, Rajasthan, Karnataka & Uttar Pradesh across 60 locations with 1 Mn subscribers migrated to prepaid as of now. We are looking to roll out Pre-paid billing across all geographies in the near future.

HD Services: SITI’s continuous focus on HD services has started to yield results, with SITI HD+ customer base up 33% over Q2FY17 to 1.2 lacs. To further give boost to HD adoption, SD to HD STB upgrade offer has been rolled out with strong adoption being seen in Phase 3 & 4 areas. SITI is offering ~50 HD channels across a wide array of genres across geographies.

SITI-DITTO Services: Since the launch of SITI-DITTO OTT services, the customer base has grown strongly to 31,000 subscribers. SITI is aggressively exploring options with other OTT players to harness growth in this fast expanding space.

MY SITI Channels: Four local channels launched on the lines of My Siti channel launched in the earlier quarter. Siti Beats in the music genre provides a wide assortment of melodies, Siti Gold & SITI Filmy will cater to the viewer’s demand of old & new movies and Siti Bhakti in the devotional genre While commenting on the results, Mr. V D Wadhwa, Executive Director & CEO, SITI Networks Limited mentioned – “ Our persistent efforts have resulted in improved monetization in Phase-3 DAS areas as we continue to digitize our subscriber base and expand our footprint. At the same time, commencement of Pre-paid Billing will simplify our business model and improve collection efficiency. The expected Tariff Order will provide further impetus to Industry cash flows and aid in rapid growth. Although there were some near term headwinds in Broadband on account of demonetization, we remain confident of retaining the momentum in the coming quarters”

About SITI Networks Limited SITI Networks Limited (Formerly known as “SITI Cable Network Limited”) is a part of the Essel Group, which is one of India's leading business houses with a diverse portfolio of assets in media, packaging, entertainment, technology-enabled services, infrastructure development and education.

SITI Networks Limited is one of India's largest Multi System Operator (MSO). With 17 digital head ends and a network of more than 32,500 Kms of optical fibre and coaxial cable, it provides its cable services in India's ~450 Locations and adjoining areas, reaching out to over 12.2 million viewers.

SITI Networks deploys State-of-the-art technology for delivering multiple TV signals to enhance consumer viewing experience. Its product range includes Digital & Analogue Cable Television, Broadband and Local Television Channels. SITI Networks has been providing services in analogue and digital mode, armed with technical capability to provide features like Video on Demand, Pay per View, Over-The-Top content (OTT), Electronic Programming Guide (EPG) and Gaming through a Set Top Box (STB). All products are marketed under SITI brand name.

Downlaod PDF

SITI Networks Limited, An Essel Group Company (SITI NETWORKS) (BSE: 532795, NSE: SITI NETWORK EQ) has released their Audited Consolidated Financial Results for the fourth quarter and full financial year 2015-2016.

The Company announced profitable turn around for the first time in its history, with Profit Before Tax of INR 22 Crores. EBITDA also increased by 92% year-on year, which is highest ever in a financial year for the company. SITI Network Revenue increased to INR 1,213 Crores, up 30% year-on-year. The company expects to maintain a strong growth trajectory going forward.

SITI Digital: SITI Networks has been vigorously participating in the Digital India movement by digitizing analog TV homes in DAS Phase 3 areas and added 1.1 Mn+ digital customer base during Q4 FY16, and 2.7 Mn+ digital customers during FY16, taking the digital video base to 7.9 million exit March 2016. The company expanded its footprint to 312 cities across the country with nearly 200 cities being rolled out during FY16. In Andhra Pradesh and Telangana, SITI Networks crossed 1.5 Mn+ digital customer base.

Acquisitions: SITI Networks adopted the inorganic growth route and acquired majority stake in regional MSO’s in Maharashtra, Gujarat, Odisha and Assam for DAS Phase 3 &4 expansion

SITI HD+: SITI Networks strengthened its SITI HD+ services by offering over 45 HD channels during FY16. 8 new HD channels are in the pipeline for rollout in the near future. SITI HD+ customer base increased to 50,170, up 42% over Q3 FY16.

SITI Broadband: The company’s broadband operations added 2.2 lakh home passes in the quarter taking the total footprint to 8.9 lakh homes. Broadband customer base also grew to ~1.32 lakh by Q4 FY16 exit, up 120% year-on-year.

Promoter Funding: During Q4 FY16, Promoters infused funds amounting to Rs. 530 Crores, re-affirming the SITI Networks Growth Story and commitment to create sustainable value for all stakeholders. This was the first tranche of the previously announced INR 680 Crore announced earlier. The Reserve Bank of India had also hiked the Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) investment limit in the Company, which allows the foreign funds to aggressively participate up to 49% of the paid up capital of the Company.

Credit Rating Upgraded: Recently, credit rating agency ICRA upgraded the long-term rating of SITI Networks to [ICRA]A- from [ICRA]BBB+. Further ICRA pronounced [ICRA]AA+ outstanding rating on the term loan facility of SITI Networks. The outlook on the ratings is 'stable'.

Inclusion in MSCI India Domestic Small Cap Index: SITI Networks Network Limited has also been chosen to be a constituent of the Morgan Stanley Capital International (MSCI) India Domestic Small Cap Index, effective 31st May, 2016. MSCI Indices are among the most respected and extensively used benchmarks in the financial industry globally

Awards: SITI Networks was recognized at the 7th Broadcasting, Cable & Satellite Ratna Awards as an Outstanding MSO providing Technology and Services.

Mr. VD Wadhwa, Executive Director and CEO, SITI Networks was awarded as the Best CEO Award for his strategic leadership and leading the company’s profitable turnaround at the 7th Broadcasting, Cable & Satellite Ratna Awards.

Mr. VD Wadhwa has also been nominated as the Best CEO for the Asia Communication Awards 2016, along with 11 other leading CEO’s from other Asian Countries. While commenting on the results Mr. V D Wadhwa, Executive Director & CEO, SITI Networks mentioned –

“Our strategy of tighter control on cost lines and improving monetization has started yielding results and the company’s profitable turn-around, first time in 20 years, is a testament to that.

We continue on our journey of being the fastest growing company in Cable and Broadband by expanding the breadth & width of our distribution. As a part of our strategy, we are working on gaining Industry leadership through organic and inorganic growth.

Our growth story was recognized not only by the promoters who increased their stake, but also by independent agencies like ICRA who upgraded the long term rating of SITI Networks to [ICRA]A- from [ICRA]BB+. Morgan Stanley Capital International (MSCI) will also be including SITI Networks as constituent of their India Domestic Small Cap Index with effect from 31st May 2016.

Having expanded in DAS Phase 3, our biggest challenge in FY17 will be monetization. We are well positioned to scale up our Broadband operations aggressively in new geographies in FY17.”

Downlaod PDF

The SITI Networks Management vehemently denies the correctness of the news appeared in The Economic Times today indicating likely acquisition of Den Networks by SITI Networks. Commenting on the news appeared in the media, Mr. V.D.Wadhwa, Executive Director & CEO SITI Networks said, “There are no such developments between SITI Networks and Den Networks and we would not like to comment on the speculative news being carried out in the media in this regard”.

Downlaod PDF

Noida : SITI Networks Limited (SITI NETWORKS) (BSE: 532795, NSE: SITI NETWORKS EQ), an Essel Group Company have released their Unaudited Consolidated Financial Results for the third quarter ending December 31, 2015.

The Company announced Profit before tax of INR 56 Crores in Q3FY16. EBITDA increased by 159% year-on year, while Revenues increased by 68% for the same period.

SITI Networks has been vigorously participating in the Digital India movement by digitizing analog TV homes in DAS Phase 3 areas and added 1.1. Million video customers during the quarter taking up the digital video base to 6.8 million exit, December 2015.

The company’s broadband operations also added 15,550 new customers with an overall base of 1,07,000 exit December 2015. SITI Networks is also looking to expedite the roll out of broadband operations at a quicker pace in the short to medium term.

As a part of the digitization initiative, in Q3’16, the company further expanded its footprint by entering into 100+ new markets in Andhra Pradesh, Telangana, West Bengal, Maharashtra, Karnataka, Madhya Pradesh, Bihar, Jharkhand, Chhattisgarh, Rajasthan, Uttarakhand, Uttar Pradesh & Haryana. With this expansion, the presence of SITI Networks has reached more than 250 cities.

During the quarter, the company engaged with Local Cable Operators (LCO) by organizing extensive on ground education programs in DAS Phase 3 cities. Objective of this program was to educate LCO’s about the benefits of Digitization and give the much required impetus to STB seeding.

In cognizance of the growing customer demand for HD channels, SITI Networks has further strengthened its HD bouquet by adding 15 more HD channels and is presently offering over 45 HD channels. During the quarter, the company added 10,372 HD customers.

Subject to approval by the shareholders, Fresh funds amounting to Rs. 680 Crores are being infused by the promoter group entities re-affirming the SITI Networks Growth Story and commitment to create sustainable value for all stakeholders. In addition, The Reserve Bank of India has recently hiked the Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) investment limit in the Company, which allows the foreign funds to aggressively participate up to 49% of the paid up capital of the Company.

Siti Networks adopted the inorganic growth route and acquired majority stake in regional MSO’s in Maharashtra, Gujarat and Odisha for DAS Phase 3 &4 expansion.

While commenting on the results Mr. V D Wadhwa, Executive Director & CEO, SITI Networks mentioned, Focussing on our guiding principle of creating value for all stakeholders, Company has achieved the financial turnaround for the first time in its history and reported PBT of INR 56 Crores in Q3FY16 and INR 5.1 Crores for the 9 Months of FY16.

At SITI Networks, our efforts to strive for operational excellence continues and during the quarter the company has added 1.1 million digital subscribers, over 10,000 broadband customers and achieved all-time high EBITDA growth of 159% YoY. We expect this momentum to sustain in the coming quarters.

We are also aggressively looking for inorganic growth opportunities in the geographies, which make strategic sense for us to expand and have acquired some networks in western part of the country which shall add additional 1.5 million subscribers to our existing subscriber base of 10.7 million. We strongly believe in cohesiveness among like-minded players and are actively engaged in our efforts as a consolidator in the industry”.

Downlaod PDF

Delhi: To ‘Embrace a Healthier Lifestyle’, and promote the age old practice of Yoga, which is being endorsed by Prime Minister Shri Narendra Modi, SITI Networks Limited, an Essel Group Company celebrated the International Day of Yoga on 21st June by organizing Yoga sessions concurrently at 70+ cities across India. The yoga sessions at various locations saw participation from more than 50,000 people, 9000 Business Partners and 1500 SITI Employees.

Each event that happened at various locations was unique in its own way. To name a few; In Varanasi 500 people performed yoga amid the river Ganga on 25 House boats & 15 steamers, in Hisar, SITI in collaboration with Patanjali organized a yoga session for more than 3,000 people, likewise in Hyderabad & Bangalore the sessions took place under the guidance of renowned Yoga Gurus. In Delhi, SITI’s yoga initiative found huge support from the RSS with more than 800 of its Shakha members taking part in the SITI Yoga drive.

Speaking on the success of the initiative Mr. V.D. Wadhwa Executive Director and CEO, SITI Networks, said, “The Yoga sessions, which took place on account of the International Day of Yoga were well received across India and I would like to extend my vote of thanks to the participants for making this initiative a grand success. I hope this drive endures and does not fade with time.

The entire event was covered by SITI’s 100+ local channels covering 130+ Cities reaching out to 40 million SITI Networks viewers. For SITI Networks Yoga Day does not end here, it intends to inculcate Yoga into day to day lives of its associates and shall continue doing so through regular Yoga centric programming content on its Local channels.”

Downlaod PDF

Delhi, 7th April 2015: The Company has come to know from public sources regarding the alleged ex-parte order issued by the Delhi Government, directing SITI Networks Ltd. to deposit Rs 33.12 crore as outstanding entertainment tax including interest and penalty.

In this context, the company vehemently denies the allegation of tax evasion and would like to clarify that it has been depositing the entertainment tax regularly on the basis of collections. It has already challenged the vires of the Delhi Entertainment and Betting Tax Act, 1996 vide its Writ Petition being No. 427 of 2014 which is subjudice before the Hon’ble Delhi High Court.

Further, the company has not yet received any official communication/ notice about any such order being passed by the Entertainment Tax Department, Government of Delhi.

Downlaod PDF

The Board of Directors of SITI Networks Limited (SCNL) (BSE: 532795, NSE: SITI NETWORKS EQ) in its meeting held today, has taken on record the unaudited consolidated financial results of the Company and its subsidiaries for the quarter ended Sept. 30, 2014.
Total revenues for Q2 FY 2015 at Rs. 2238 million as compared to Rs. 1641 million during corresponding quarter last fiscal, recording a growth of 36%.
The consolidated operating profit (EBITDA) for Q2 FY 2015 at Rs. 458 million as compared to Rs. 330 million during corresponding quarter last fiscal.
Subscription revenue at Rs. 1214 million as compared to Rs. 600 million same quarter last fiscal recorded a remarkable growth of 102%.
SITI Networks added 300,000 STBs during the quarter ended September 2014 increasing the digital subs base to 4.6 million
Launched broadband services on DOCSIS 3.0 in Delhi/NCR.

Dr. Subhash Chandra, Chairman stated, “The ‘Digital India’ program has been launched with the vision of transforming India into a digitally empowered society and knowledge economy. It intends to bring India at par with other developed countries. Government has identified broadband as one of the key pillar to achieve its target under the program. We are gearing up to provide the broadband services on cable networks, which shall also pave the way for ARPU enhancement to the company”.

Commenting on the financial performance of the company Dr. Chandra said, “Growth in the collection of subscription revenue is the reflective of our continued emphasis on providing quality services to our consumers. We remain focussed on supporting business growth by optimizing our operations and continue to deepen our engagements with customers by introducing value added services.”

Mr. V D Wadhwa, Executive Director & CEO, SITI Networks said, “ SITI Networks maintained its growth trajectory in the second quarter too. We continue to focus on stabilising operations in DAS phase 1 & 2 markets and established industry best practices. The results for the quarter are reflective of these efforts. The subscriber revenue during the quarter has shown robust growth of 102%”.

Commenting on the push back of digitization Mr. Wadhwa added, “We have been working to digitize our phase 3 and 4 markets and we will keep the momentum ON through voluntary digitization & focusing more on the monetization of existing business. We see extension in deadline as the opportunity for us to enter newer markets. In addition, we have rolled out broadband service on DOCIS 3.0 in Delhi/NCR and plan to further offer this service in more cities where we are already present. HD services with 30+ channels have also been rolled out in all geographies.”

Downlaod PDF

The Board of Directors of SITI Networks Limited (SITI NETWORKS) (BSE: 532795, NSE: SITI NETWORKS EQ) in its meeting held today, has taken on record the un-audited Consolidated Financial Results of the company and its subsidiaries for the fourth quarter ended March 31, 2014 and audited consolidated annual financial results for the financial year 2013-14. SITI NETWORKS today reported fourth quarter consolidated total revenues of Rs 2434 million and operating profit (EBITDA) of Rs. 279 million.

Mr. Subhash Chandra, Chairman, stated, “The Cable television industry in India is rapidly changing with the visible signs of progression towards the complete digitalization. The television viewers are getting familiar with inherent advantages of digitization through cable, digital cable is playing an instrumental role in digitization. Digital Cable Television is a major engine of growth for SITI Networks across all geographies. Our sustained investment in this segment will further enhance customer television viewing experience.

” Commenting on the performance, Mr. Chandra said, “SITI Networks ongoing efforts to leverage its strengths in digital regime are reflecting in the performance of the company”.

Mr. V D Wadhwa, CEO of SITI Networks commented, “Our continuous efforts towards expanding the subscriber base, faster implementation of gross billing in Delhi and Kolkata , hi-focus on adherence to regulatory compliances and cost controls measure has helped us in delivering the healthy performance quarter on quarter basis. During the year, we have set the benchmark in being the pioneer company to monetize the business by collecting higher subscription on per subscriber basis, best backend infrastructure, fair and transparent commercial policies in dealing with all our associates”.

He further added, “We are well placed to benefit from the ongoing digitization implementation and fully geared up to grow Revenue and Profitability at a faster pace”.

Downlaod PDF

Noida, April 02, 2014: SITI Networks Ltd., the leading Cable Television service provider in India, has achieved the landmark of 4 million digital customers as on 31st March 2014.

Encouraged by the significant improvement in the performance in FY13-14 & to support the aggressive growth plan to grow subscriber base to 10 million in FY 14-15, the promoters have invested additional Rs.2430 million in the Business.

As per the approval received from Foreign Investment Promotion Board (FIPB) in March 2013 to raise Rs. 3240 million from promoter entities, the company has already received first tranche Rs. 810 million in March 2013 and this is balance tranche fund of Rs. 2430 million. With this total promoter shareholding rises to 72.82 percent.

The funds will be utilized primarily for Business expansion and to partially reduce debt.

Mr. Subhash Chandra, Chairman, stated, “ The Indian television distribution industry is on the cusp of high growth value phase as it marches towards the digitization of balance phases of cable television in the country. With the change in leadership last year, SITI Networks has driven higher revenue and profitability through relentless focus on operational excellence despite uncertain environment. Our sustained investment in this sector will further accelerate the growth momentum and will serve the Digital Cable TV viewing needs of many more million Indians on SITI Networks”.

Commenting on this development, Mr. V D Wadhwa, CEO of SITI Networks said “For the wider digitization roll out, the Company needs to invest in upgrading its digital infrastructure further and enter into newer strategic markets. We plan to seed over 6 million set-top-boxes in phase-3&4 markets through organic and in organic growth. We believe that we are well poised to benefit from the ongoing digitization implementation and ready to penetrate the market at a faster rate”.

Package wise billing and collection has been initiated in its phase-1 markets. The Company estimates that by beginning of the next quarter, the package wise billing & the collection will be in line. The Company has made significant progress on subscriber wise billing and collections in its phase-2 markets too. The company is far ahead of other operators in terms of subscriber wise billing & collection.

SITI Networks is the only vertically integrated company in the Cable TV Industry and is known for its strong backend systems & processes. Backed by Strong Management team, the company is always on the forefront to harness the latest technology and maintain the healthy commercial relations with its business partners.

Downlaod PDF

The Board of Directors of SITI Networks Limited (SCNL) (BSE: 532795, NSE: SITI NETWORKS EQ) in its meeting held today, has taken on record the unaudited consolidated financial results of the Company and its subsidiaries for the quarter ended December 31,2013. The total revenues for the quarter were Rs 1773 million and operating profit (EBITDA) was Rs.350 million.

Mr. Subhash Chandra, Chairman, stated, “The ongoing Digitalization is providing new impetus for growth and value in India though we are still early in the value creation process. Digital Cable Television is a major engine of growth for SITI Networks across all geographies. Our sustained investment in this segment will further enhance customer television viewing experience”

Commenting on the performance, Mr. Chandra said, “Our results for the quarter reflect the overall stability of our operations, and demonstrate the potential for growth. SITI Networks is EBITDA positive in this quarter as well”.

Mr. V D Wadhwa, CEO of SITI Networks commented, “We have gained further momentum in the third quarter of fiscal 2014. Our total revenue and EBITDA grew to Rs. 1773 million and Rs. 350 million respectively, a healthy growth of 42% and 73% respectively over corresponding quarter of last fiscal. We have maintained our margins through operational efficiency improvements despite stiff challenges faced at market place on account of DAS billing. We have made the healthy progress in collection of DAS subscription revenue which is way ahead of competition.”

He further added, “We are now in exciting phase of our journey as we strengthen our existing operations and expand our digital subscriber base in phase-3&4 towns. We have started digital cable services in strategic markets of Vijayawada, Hissar and Rohtak in this quarter. We have also reinvented the company website making it more interactive and user- friendly”.

Downlaod PDF

Media Interviews

Media Contact

For media related queries, Please contact:


SITI Networks Ltd.

  • GYS Global,
  • Tower A, 4th Floor,
  • Sector – 125,
  • Noida( Uttar Pradesh)- 201 301

Anshul Gupta

Media Kit

SITI Network Logos


SetTop Box