Siti Cable ups revenues 57%
October 30, 2013
By Chris Forrester
India’s transition to digital transmission is proving to be highly beneficial for major MSO Siti Cable. Siti enjoyed a robust three months and has reported a 57 per cent growth in revenues for the quarter ending in September. It has posted a revenue of over $26.4 million. In the same quarter last year, it had reported a revenue of $16.8 million.
Subhash Chandra, chairman of Siti (and also chairman of Zee TV) attributed the revenue growth to India’s progress in digitisation. The process means that every digital home can be addressed and identified, and is putting an end to considerable subscriber under-reporting by some smaller operators.
“The industry is at an inflexion point where creating the valuable ecosystem for all stakeholders, be it consumer, broadcaster or last mile local cable operators, will ensure sustainable growth. We see immense opportunity for digitisation 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.”
Siti Cable reported operating profits of $5.3 million which is up an impressive 74 per cent growth from the same quarter last year. Siti Cable is present in around 60 major cities in India. It has around 10 million subs.