Indian multisystem operator (MSO) Siti Cable Network has reported a 57% growth in revenues for the second quarter, with earnings of INR1,629.4 million compared with INR1,039.8 million in the corresponding period last year.
Operating profit for the quarter ending 30 September 2013 reached INR329.8 million, compared with INR189.3 million in the previous tax year – a growth of 74% for the Essel Group-owned cable TV concern.
"Our growth was largely due to greater focus on subscription revenue despite low seeding of STB's [set-top boxes] during the quarter. We shall continue to focus business expansion and revenue maximisation in the coming quarter," said VD Wadhwa, CEO, Siti Cable.
Siti, which shares 25% of carriage revenue with local cable operators, is also the only MSO in India to provide a digital subscriber management system called 'own your customer' to cable operators. It operates in and around over 60 Indian cities, providing services to over ten million viewers.
Subhash Chandra, chairman, Siti Cable Network, said: "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."