SITI Networks Limited (BSE: 532795, NSE: SITINET), an Essel Group Company, one of India's largest Multi-System Operators (MSO), has released its Consolidated Audited Financial Results for Q2 FY20, ending September 30, 2019, showcasing superlative growth across all metrics.
SITI's Operating EBITDA surged 43% over second quarter of last fiscal, a 16% sequential quarterly growth to Rs. 975 Mn. This jump has been due to strict control over operating efficiencies. SITI's Operating EBITDA Margin also expanded significantly by 1.3 times y-o-y to 23.4% in Q2FY20.
Subscription revenue grew 13.2% y-o-y to Rs. 2,885 Mn in Q2FY20, aided by the strong growth in Digital Subscription ARPU, which leapt 1.7 times to Rs.127 per month. Total Revenue (excluding activation) also surged 11.3% y-o-y to Rs. 4,171 Mn.
SITI has continued to update its systems and processes across multiple touch-points to be fully compliant to the Tariff regime. The company has continued to work with all stake-holders, be it the Regulator, the 24,000+ strong distribution network, Broadcasters, and above all its esteemed customers to deliver its services. Recently, SITI extended the benefits of Festival Offer released by Broadcasters to its customers.
While commenting on the results, Mr. Anil Malhotra, CEO of SITI Networks Limited mentioned: "SITI has continued to show-case robust growth across all metrics in Q2FY20. With key focus on our operational efficiencies, we saw our Operating EBIDTA grow 43% y-o-y to INR 975 Mn and the EBIDTA margins subsequently rose 1.3x y-o-y to 23.4%. We have also shown continued growth in our Subscription Revenue with a 13.2% jump over second quarter of the last fiscal to Rs.2,885 Mn."
Shares of Siti Networks Ltd was last trading in BSE at Rs.2 as compared to the previous close of Rs. 1.91. The total number of shares traded during the day was 48174 in over 37 trades.
The stock hit an intraday high of Rs. 2 and intraday low of 1.83. The net turnover during the day was Rs. 95111.