Cable TV
Operating margin, sub revenue prop up Siti financials
BENGALURU: Backed by higher subscription and carriage revenue, Indian multi-systems operator (MSO) Siti Networks Ltd (Siti) has posted 19.4 percent higher consolidated total income for the quarter ended 31 December 2017 (Q3 2018, the quarter under review) as compared with the corresponding year ago quarter. Total comprehensive loss (TCL) for the quarter was slightly lower as compared to the year ago and the immediate trailing quarters. Siti’s consolidated total income in Q3 2018 was Rs 364.85 crore as against Rs 305.54 crore for Q3 2017. TCL, including non-controlling interest during the quarter under review, was Rs 32.51 crore as compared with Rs 33.15 crore in Q3 2017.
Siti’s subscription revenue in Q3 2018 increased by 43.6 percent year-on-year (yoy) to Rs 211.8 crore from Rs 147.5 crore. Carriage income for the period improved by 14.2 percent to Rs 82.9 crore from Rs 72.6 crore. The company’s activation and broadband revenue, however, declined yoy. Activation revenue in Q3 2018 at Rs 27.7 crore was 40.8 percent lower yoy than the Rs 46.8 crore in Q3 2017.
Siti’s overall EBIDTA, including other income during the quarter under review, increased by 24.9 percent yoy to Rs 77.56 crore from Rs 62.09 crore. Operating EBIDTA (EBIDTA excluding activation) in Q3 2018 more than doubled yoy (increased by 2.26 times) to Rs 49.86 crore from Rs 15.29 crore.
Siti’s cable TV (video) subscriber base increased by 22,000 in Q3 2018 to 1.132 crore from 1.110 crore in Q3 2017. The company added 4.6 lakh digital subscribers during the quarter. Its HD subscriber base increased by 46,000 to 2.90 lakh whereas the broadband subscriber base grew by 9,000 to 2.47 lakh in Q3 2018.
While commenting on the results, Siti chief business transformation officer, Rajesh Sethi, said, “Our sustained focus on building operating efficiencies at SITI, coupled with an agile and process-driven work force, has driven our EBITDA growth this quarter to Rs 77.5 crore. Our operating EBITDA margin has expanded 2.5 times yoy to 14.8 percent, which is a testament to the successes we have been achieving in this transformation.”
“We are hopeful about the impending implementation of the new tariff order, which will give our customers the right to choose while improving profitability through cost optimisation,” added Sethi.
Let us look at the other numbers reported by Siti
Total expenditure increased by 17.6 percent yoy to Rs 402.11 crore from Rs 341.97 crore. Finance costs reduced by 13.1 percent yoy to Rs 31.26 crore from Rs 35.97 crore. Carriage sharing, pay channel and related costs rose by 18.2 percent yoy to Rs 1170.62 crore in Q3 2018 from Rs 144.40 crore. Employee benefits expense in the quarter under review increased by 18 percent yoy to Rs 22.50 crore from Rs 19.07 crore in the corresponding year ago quarter. Other expenses grew by 16 percent y-o-y in Q3 2018 to Rs 92.79 crore from Rs 79.96 crore.
Cable TV
Hathway Cable appoints Gurjeev Singh Kapoor as CEO
Leadership change comes as cable TV faces shrinking subscriber base and modest earnings pressure
MUMBAI: Hathway Cable and Datacom has tapped industry veteran Gurjeev Singh Kapoor as chief executive officer, marking a leadership pivot at a time when India’s cable television business is under mounting strain.
Kapoor will take over from Tavinderjit Singh Panesar, who is set to retire in August after a long innings with the company. Panesar, chief executive since 2023, has held multiple leadership roles at Hathway, including his latest stint beginning in 2022.
Kapoor brings more than three decades of experience in media and entertainment. He most recently led distribution at The Walt Disney Company’s Star India business, now part of JioStar. His career spans television distribution and affiliate partnerships, with stints at Sony Pictures Networks India, Discovery Communications and Zee Entertainment.
Panesar, with over three decades in the industry, has worked across strategic planning, distribution and business development in media, broadcasting and manufacturing. His past associations include ESPN Star Sports, Star India, Apollo Tyres and JK Industries.
The transition lands as the cable sector grapples with structural disruption. Traditional operators are losing ground to streaming platforms, while telecom and broadband players tighten the squeeze with bundled offerings.
An EY report estimates India’s pay-TV base could shrink by a further 30 to 40 million households by 2030, taking the total down to 71 to 81 million. The slide follows a loss of nearly 40 million homes between 2018 and 2024, a contraction that has already wiped out more than 37,000 jobs in the local cable operator ecosystem.
Hathway’s numbers reflect the strain. The company reported a consolidated net profit of Rs 93 crore for FY25, down from Rs 99 crore a year earlier. Revenue inched up to Rs 2,040 crore from Rs 1,981 crore. As of December 2025, it had about 4.7 million cable TV subscribers and roughly 1.02 million broadband users.
Kapoor steps in with a familiar brief but a shrinking playbook. In a market where viewers are cutting cords faster than companies can reinvent them, the new chief executive inherits a business fighting to stay plugged in.
