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Well-Positioned ANNUAL REPORT 2016 -2017 SITI NETWORKS LIMITED WELL-POSITIONED SITI NETWORKS LIMITED 1 CORPORATE OVERVIEW CONTENTS 01 02 Corporate Overview 01-30 Statutory Reports 31-113 Message from Chief Patron | 02 Notice | 32 Entertaining an Aspiring Nation | 04 Directors’ Report | 44 Eventful Journey | 06 Management Discussion & Analysis | 72 Pan-India Outreach | 07 Report on Corporate Governance | 88 ED’s Message | 08 Business Responsibility Report | 106 Why india prefers SITI | 10 Priorities that drive our progress | 12 Key Performance Indicators | 13 Leading with Confidence, Growing Market Share | 14 Focusing on Broadband Opportunity | 16 Adopting New Technology for New India | 18 Fostering Deep Customer Relationships | 20 03 Profiles of the Board of Directors | 22 Financial Statements 114-271 Senior Management | 24 Standalone Nurturing a Competent Workforce | 26 Independent Auditor’s Report | 114 Making a Difference | 28 Balance Sheet | 122 Awards and Recognitions | 29 Statement of Profit and Loss | 123 Corporate Information | 30 Cash Flow Statement | 124 Statement of Changes in Equity | 126 Notes to Financial Statements | 128 Consolidated Independent Auditor’s Report | 192 Balance Sheet | 198 Statement of Profit and Loss | 199 Cash Flow Statement | 200 Statement of Changes in Equity | 202 Notes to Consolidated Financial Statements | 204 This Annual Report is available online at Attendance Slip www.sitinetworks.com Proxy Form Route Map 2 ANNUAL REPORT 2016-17 SITI Networks has grown to be India’s largest Multi-System WE ARE Operator (MSO) and a leading wired broadband service OPTIMISTIC provider. ABOUT THE With presence in 580+ FUTURE AND locations across India, we are ARE WELL omnipresent, making the most of emerging opportunities. POSITIONED TO As the drive for digitisation is becoming all-pervasive, CAPITALISE ON touching even the Tier-IV OPPORTUNITIES. cities of the country, we are well positioned to grow and create more value for 580 Locations our stakeholders. Growing Presence rural electrification and the advancement of the Smart Cities Mission also enhances our business optimism. ` 970 Mn Broadband Income In line with a digitally-powered India, we are also leading the change on the Internet front, ` 5690 Mn providing state-of-the-art wired Cable Subscription Income broadband connectivity across large and small cities of the country. 3001 Mn We have also fostered Carriage Revenue partnerships and are collaborating with esteemed industry players in the media 2.1 Mn and entertainment industry. Video Customers Added Our strategies are rightly aligned to the future growth trajectory that the media distribution industry is taking. SITI NETWORKS LIMITED 1 CORPORATE OVERVIEW MESSAGE FROM CHIEF PATRON We utilised advanced policy initiatives helped reinforce technologies like the Internet the formalisation and transparency of Things (IoT) to strengthen in the economy. In this context, the our customer-connect, while Goods and Services Tax (GST) and offering integrated services. demonetisation deserve a special Additionally, we infused mention. funds worth `1500 million in the Company in 2017. This While the GST focused on investment is expected to help significantly reforming India’s indirect us tap more opportunities in tax framework, demonetisation was the sector. aimed at eradicating unaccounted money in the economy. Despite temporary hardships, these reforms are expected to bolster the economy, going forward. The benefits of GST, Dear Shareholders, fixed at 18% for cable services and other cable infrastructure, will be I am delighted to report that your passed on to customers. These GST Company recorded yet another year benefits are likely to drive demand of growth on all fronts. And in the further by making television more dynamic industry ecosystem, we affordable to the masses, as both maintained our leadership position entertainment and service tax gets owing to our persistent efforts. subsumed into GST. Our growth trajectory is expected to strengthen as the regulatory Moreover, the Union Budget 2017 environment becomes more made infrastructure a prominent conducive for organised players like us. focus area - earmarking nearly `4 trillion for infrastructure Despite global challenges, India’s development and upgradation. GDP growth rate remained at 7.1% Rapid infrastructure creation augurs in FY 2016-17; and it continued well for the economy and the to be one of the fastest growing Media and Entertainment (M&E) in major economies of the world. The particular, which grew at 9.1% in year saw wide-ranging reforms FY 2016-17. undertaken by the Government. Its 2 ANNUAL REPORT 2016-17 MESSAGE FROM OUR CHIEF PATRON Events such as rising rural expected to reap the benefits, going across more than 580 locations. electrification, the advancement forward. While infrastructure for With our widening subscriber base of the Smart Cities Mission, the digitisation has been laid out in most and growing technology adoption, advocacy for digitisation and so areas, various litigations created we are suitably poised to scale new on have major infrastructural and a temporary delay, forcing the heights by catering to the changing developmental impact. Thus, the government to extend the cable TV customer requirements. organised players in the M&E digitisation deadlines. industry are expected to grow Going forward, we will continue to further. Consequently, MSOs incurred costs follow prudent strategies, deploy the during the year, as the regulatory right resources and technologies These developments will augment push for transitioning into digital in an increasingly favourable the business optimism of operators cable was dampened. However, regulatory ecosystem. We expect, like us. Along similar lines, the Digital at SITI, we witnessed increased this approach, combined with our India programme is also progressing; monetisation from the seeded growing market presence and focus and there is a rising demand for households, where over 11.5 on delighting customers, to help us internet in the country. million digital subscribers consume strengthen our business further. cable services, using SITI’s content At the same time, the recent packages. Before I conclude, I would like to reduction of interest rates by the congratulate every member of the Reserve Bank will boost the overall India’s digital transformation has SITI Networks family; and express spending in the economy. As opened several avenues for internet- my gratitude to all other stakeholders the propensity for discretionary based consumption, especially in for supporting our vision and spending rises, the media and the M&E industry. By offering high- ambition to grow in an exciting entertainment industry stands speed, stable data at competitive landscape of opportunities. to benefit. The implementation rates, broadband service providers of the Seventh Pay Commission like us can leverage this growing recommendations has also fuelled trend. At the end of June 2017, our Best Wishes, the economy’s spending power. broadband subscriber base stood at Dr. Subhash Chandra 240,000. With particular reference to our industry, the latest Tariff and We utilise advanced technologies Interconnect Order 2017 by TRAI like the Internet of Things (IoT) to will result in a more customer- strengthen our customer-connect, friendly and transparent operating while offering integrated services. environment. It would streamline the Additionally, we infused funds worth value chain and boost revenues for `1500 million in the Company in players like SITI. This is in addition to 2017. This investment is expected to the BARC rating system introduced help us tap more opportunities in last year, which oversees content. the sector. As cable TV digitisation reaches During the year under review, we near-completion, Multi System enhanced our presence across Operators (MSOs) like us are different tiers. We are now present SITI NETWORKS LIMITED 3 CORPORATE OVERVIEW ENTERTAINING AN ASPIRING NATION SITI Networks Limited (formerly known as SITI Cable Network Limited) is a part of the Essel Group, which is one of India’s leading business houses with a diverse portfolio of assets in media, packaging, entertainment, technology-enabled services, infrastructure development and education. Being one of the most prominent Multi System Operators (MSO), SITI Networks Limited is reaching 13.2 Mn millions of people across India. With Cable Universe 15 digital headends and a network of more than 32,500 kilometres of optical fibre and coaxial cable, it provides its cable services in India’s 580 locations reaching out to over Mn 13.2 million viewer fraternity. 11.6 Digital Cable Subscribers SITI Networks deploys state-of-the- art technology for delivering multiple TV signals to enhance the consumer viewing experience. Its product range includes, Analog Television, 220,000 Digital Television, Broadband and HD Subscribers Local Television Channels. SITI Networks has been providing services in analogue and digital mode, equipped with technical capability to provide features like 580 + Video on Demand, Pay per View Locations Presence and Electronic Programming Guide (EPG). All products are marketed under the SITI brand name. 2.1 Mn Video Customers added As of 30th June 2017 4 ANNUAL REPORT 2016-17 ENTERTAINING AN ASPIRING NATION Vision Values To gain the leadership position in the industry as an integrated service provider by being the preferred choice of the consumer by enhancing ensitive the consumer delight through offering superior content, quality, services
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