SITI Networks Ltd Q3FY19 result announced; subscription revenue surges 21.4%
On the back of disciplined execution, SITI reported 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.
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SITI Networks operating EBITDA up by 146% at Rs 549 Mn in Q1FY19 SITI Networks Ltd, an Essel Group company, with over 55 Mn consumers and presence in over 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 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, 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. 9 million subscription revenue grew even faster at 24% and was at INR 7,268 million.
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 million.
SITI added 36,000 HD customers and currently has an active HD subscriber base of 4.24 lakhs Rajesh Sethi, on the implementation of Tariff Order through utilization of technology and digital mediums, explained SITIs initiatives: “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."
He added, "The functionality of our Subscriber Management System was significantly enhanced to allow for seamless transition."
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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.
SITI launched a new Campaign – “Aap ka Manoranjan, Aap ki Marzi” on TV Screen, Web, and Social Media to educate customers. The company is providing multiple bespoke suggestive packs, a-la-carte and broadcaster bouquets to the end consumer providing wholesome entertainment to all members of the family across various geographies, in compliance with the new regulatory regime”
Sethi also said: “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 INR 2,161 mn, a growth of 118% YoY. Simultaneously, a focus on prudence and lean operations expanded Operating EBITDA margins 1.9x to 20%.”
