SITI Cable records revenue growth of 57%; EBITDA growth of 74%

The Board of Directors of SITI Cable Network Limited (SCNL) (BSE: 532795, NSE: SITI CABLE 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 September 30, 2013. The total revenues for the quarter were Rs 1629.4 million and operating profit (EBITDA) was Rs. 329.8 million.

Subhash Chandra, Chairman, stated, “The industry is at an inflexion point where creating the valuable ecosystem for all stake holders be it consumer, broadcaster or last mile local cable operators will ensure the sustainable growth. We see immense opportunity for digitization in India in the years ahead. At SITI we have been working to strike the balance with all key stakeholders under current circumstances. The signs of such changes are visible in the performance of the company.”

Commenting on the performance, Mr. Chandra said, “SITI Cable performance in the quarter reflects the resilience of our business model in a period of volatility and uncertainty. In the current quarter SITI Cable has delivered significant improvement in financial performance through operational excellence.”

V D Wadhwa, CEO of SITI Cable commented, “We are pleased to report a healthy performance in the second quarter of the year, our total revenue and EBITDA in the quarter grew to Rs 1629 million and Rs. 330 million, a growth of 57% and 74% respectively over last fiscal. Our growth was largely due to greater focus on subscription revenue despite low seeding of STB’s during the quarter. We shall continue to focus business expansion and revenue maximization in coming quarter.”