SITI Networks Limited announced a 2.6 times increase in YoY Operating Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) to Rs 151 crore in FY18. The operating EBITDA margin also grew by 636 bps growing 2.1 times.Also Read - SITI Networks Announces “SITI PlayTop”, Its First Hybrid Set Top Box
With the focus on cost efficiencies, total EBITDA increased by 42% YoY to Rs 325 crore. Subscription revenue grew by 41% in FY18 to Rs 800 crore resulting in total revenue growth of 19% YoY to Rs 1426 crore.
With added 3.1 million digital cable households in FY18 the digital subscriber base has reached to 11.5 million. The company has also accelerated its overall collection efficiency surpassing 95% in Q4FY18.
Rajesh Sethi, Chief Business Transformation Officer, SITI Networks Limited, said, “We at SITI are proud of our performance for this past year as we enter FY19 with significant momentum. In FY18 we have achieved strong operational and financial results while also delivering superlative customer experience and must-see content to our 55 million strong consumer base across the country. Our continued focus on Customer Experience drove exceptional EBITDA growth (2.6x) coupled with industry leading subscriber additions ( 3.1 Million).
In Q4FY18, operating EBITDA margins increased by 900 bps YoY to 16.2%, while operating EBITDA improved significantly by 145% YoY to Rs 51.5 crore.
The base contribution of lock-in plans in Broadband increased to 37% in FY18. The Company’s broadband operations with a total footprint of 16.8 lakh homes have a base of 2.5 lakh customers. The company is working on building a growth strategy in the sector
Sethi added, “We continue to maintain our steady increase in customer additions, driving efficiencies through the war on waste, balanced with solid EBITDA growth and expanding margins. We continue to transform into a process is driven organization with customer experience at its heart. As we achieve more from less, our year-over-year growth rates of revenue and EBITDA continue to accelerate, which is a testament to our transformation efforts across SITI.”