New Delhi: SITI Networks Limited, an Essel Group company, with 55Mn+ consumers and presence across 580+ locations in India, has released its Consolidated unaudited Financial Results for Q3FY19, continuing its consistent growth across various parameters.
On the back of disciplined execution, SITI reported stupendous growth in its Operating EBITDA by 1.4x QoQ& 1.9x YoY. SITI Operating EBITDA Margin also expanded significantly by 975 bps YoY to 24.5% in Q3FY19. This was also supported by flattish operating expenses on a YoY basis and effecting a reduction of 7% QoQ.
Subscription revenue spiked 21.4% YoY to Rs. 2,571 Mn in Q3FY19, aided by the steady growth in Digital Subscription. 9M subscription revenue grew even faster at 24%, and was at INR 7,268 mn
Blended ARPU increased substantially by 19% YoY. This ARPU improvement was broad based across phases, with SITI’s ubiquitous presence in Phase 3 and 4 showing 23% and 35% growth respectively. SNL also ensured subscription collection efficiency of 94% in Q3FY19
In the quarter ending December 2018, SITI ended with an Active Subscriber base at 11.55 Mn. SITI added 36,000 HD customers and currently has an active HD subscriber base of 4.24 lakhs
While commenting on the results, Rajesh Sethi of SITI Networks Limited mentioned, “SITI Networks continued its strong growth trajectory and grew its 9M Subscription revenue by 24% YoY. This coupled with leveraging inherent operational synergies allowed us to deliver stupendous 9M Operating EBITDA at INR2,161mn, a growth of 118% YoY. Simultaneously, a focus on prudence and lean operations expanded Operating EBITDA margins 1.9x to 20%.
We made extensive preparations for a considered migration to the new tariff order regime with a focus on customer choice, business associate exigency and regulatory compliance. The functionality of our Subscriber Management System was significantly enhanced to allow for seamless transition
SITI undertook widespread usage of digital mediums, launching a customer self-care portal & “MySiti” Android App for the end consumer to enable freedom of choice, online payment and other functionalities direct to the customer; The call center capacity was upgraded to ensure a prompt response for all customers and business associates; SITI also established multilingual call centers across the country to ensure dialectal friendly customer communication and handholding ”