SITI Networks reports 20% jump in revenue to Rs 392.5 crore
SITI Networks Limited, an Essel Group Company has reported a 20% jump in revenue to Rs 392.5 crore. SITI Networks has a presence across 580+ locations in India and has continued with its strong performance from last fiscal.
SITI Networks Limited, an Essel Group Company has reported a 20% jump in revenue to Rs 392.5 crore. SITI Networks has a presence across 580+ locations in India and has continued with its strong performance from last fiscal. The company has reported growth in its Operating EBITDA by 1.5x to Rs 84.1 crore in Q1 FY20. Capitalising on the growth opportunity provided by new tariff order, SITI has delivered by growing the revenue at a phenomenal rate while maintaining strict control over operational efficiencies.
While commenting on the results, SITI Networks' Rajesh Sethi said, “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% YoY with total revenue (excl. activation) increasing by more than 19% YoY.
This manifested itself in Operating EBITDA Margin expanding significantly by 471 bps YoY to 21.4% subscription revenue increased by more than 36% YoY to Rs 2,93.2 crore in Q1 FY20, aided by improving monetization and upselling better value offerings to our esteemed customers.
"With the increase in collection & operational efficiencies we saw our Operating EBIDTA grow 1.5x YoY to Rs 84.1 crore and the EBIDTA margins subsequently rose 1.3x YoY to 21.4%. Our product strategy to provide the optimal entertainment choices to our subscribers is bearing fruit as the ARPU has grown 2x YoY and we are sure that this growth momentum will only grow stronger,” Sethi added.
Total Revenue (excluding activation) also surged by 20% YoY to Rs 392.5 crore. 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 YoY & 1.5x over the previous quarter to Rs 125. This transition has truly resulted in the choice belonging to the consumer now.