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 Q4 and full-year FY20, ending March 31, 2020.
On the back of sustained efforts in FY20, SITI reported continuous growth through operational efficiencies and strict control on expenses across all metrics.
SITI's Operating EBITDA for FY20 surged by 1.2x to Rs 3,538 million by efficiently leveraging existing operating resources. SITI's Operating EBITDA for Q4FY20 also jumped 2.5 per cent to Rs 861 million Year on Year. Q4FY20 also saw further consolidation in SITI's Operating EBITDA margins which grew 1.02X to 21.6 per cent on Y-o-Y basis.
Subscription Revenue for Q4FY20 grew 25.3 per cent Y-o-Y to Rs 2,842 million. For FY20 too, Subscription Revenue surged 21.3 per cent to Rs.11,567 million. Total Revenue (excluding activation) for Q4FY20 surged approximately 23 per cent Y-o-Y to Rs 4,128 million. FY20 Total Revenue (excluding activation) also jumped 15.3 per cent over FY19 to Rs 16,354 million.
SITI Broadband continued its focus on providing the best technology to its customers by launching a composite FTTX based network architecture that would make enable customer premises with the best of online and linear content.
Implementation of this composite model will benefit both SITI Networks and SITI Broadband while providing IoT based services to customers.
In the fight against COVID-19 pandemic, SITI's team and 24,000 plus strong distribution network is playing a significant role. During the lockdown, SITI's field staff, contact centre and distribution partners worked diligently on the ground to ensure that customers stayed indoors and provided the best in class infotainment and keep the world connected to them.
To cope with the lockdown and the need to protect its staff, SITI also ensured remote work from home for all its staff while maintaining strict quality control and monitoring of services.
"SITI Networks continued its consistent growth focus while maintaining strict control on operational efficiencies during FY20. Our subscription revenue for Q4FY20 grew by 25.3 per cent YoY, while our total revenue grew by approximately 23 per cent YoY. Even for FY20, our total revenue jumped by 15.3 per cent to Rs 16,354 million. Our constant mantra of improving operational efficiencies while improving monetization helped us to deliver strong operating EBITDA at Rs 3,538 million, in FY20, a surge of 1.2 times. Our response to the COVID-19 pandemic has been widely appreciated. Our teams and partners have left no stone unturned to ensure that our customers get the best services," said Anil Malhotra, CEO of SITI Networks Limited while commenting on the results.
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