Siti Cable Network has added 1.1 million of digital video customers expanding its footprint and readying a fresh funding of INR 6.5 billion from the promoters. for the third quarter of the fiscal year 2015/2016. Siti Cable’s fiscal third quarter net profit stood at INR 560 million compared to a net loss of INR 229 million in the previous quarter. To recall, the multi-system operator (MSO) had reported a net loss of INR 160 million a year ago.
“The company has achieved the financial turnaround for the first time in its history. We expect this momentum to sustain in the coming quarters,” declared VD Wadhwa, executive director and CEO of Siti Cable.
Operating profit (EBITDA) stood at 159 per cent from the earlier year to INR 1.3 billion and grew by 152 per cent quarter-on-quarter (QoQ). Siti Cable’s revenue for the quarter stood at INR 3.75 billion, registering a 54 per cent QoQ and 68 per cent year-on-year (YoY) jump. Subscription revenue grew to INR 1.46 billion, from INR 1.39 billion in the previous quarter and INRs 1.36 billion a year ago.
On the other hand, the MSO deployed 1.1 million set-top boxes (STBs) in the quarter, activation revenue saw a big growth. While in the three-month period ended 31 December 2015 it stood at INR 1.05 billion, in the preceding quarter it was INR 194 million). In the year-ago period, it was at INR 136 million.
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