September 7, 2020 To, The General Manager The Manager Corporate Relationship Department Listing Department BSE Limited National Stock Exchange of India limited Phiroze Jeejeeboy Towers Plaza, 5th Floor, Plot no. C/1, G Block Dalal Street, Fort, Bandra Kurla Complex, Bandra (E) Mumbai- 400 001 Mumbai- 400 051 BSE Scrip Code: 532795 NSE Scrip Symbol: SITINET Kind Attn. : Corporate Relationship Department Subject : Annual Report of the Company for the Financial Year 2019-20 along with Notice calling the 14th Annual General Meeting scheduled to be held on September 29, 2020 at 3:00 p.m. through VC/OAVM This is in reference to our intimation dated September 4, 2020 wherein we have informed that the 14th Annual General Meeting (‘AGM’) of the Equity Shareholders of the Company will be held on Tuesday, September 29, 2020 through Video Conferencing (‘VC’) / Other Audio Visual Means (‘OAVM’) and our intimation dated September 5, 2020 wherein a copy of Public Notice (both in Vernacular Language and English Language) published in newspaper which, inter alia, specifying that the Annual General Meeting will be held on September 29, 2020 at 3:00 p.m. through VC/OAVM facility and other requirements pertaining to AGM, in compliance with General Circular No. 20/2020 dated May 5, 2020 issued by Ministry of Corporate Affairs. In this context, we wish to inform you that the 14th Annual General Meeting of the members of the Company is scheduled to be held on Tuesday, September 29, 2020 at 03:30 PM (IST) through Video Conferencing/Other Audio Visual Means. Pursuant to Regulation 34(1) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the Annual Report of Siti Networks Limited for the Financial Year ended on March 31, 2020, along with Notice calling the 14th Annual General Meeting. The aforesaid documents have been dispatched electronically to those Members whose email IDs are registered with the Link Intime India Private Limited (“Registrar and Transfer Agents” of the Company) or the Depositories. The Company shall be providing facility to its shareholders to exercise their right to vote on all businesses proposed at the AGM by electronic means, by using remote e-voting facility and e-voting facility at AGM. The said facility is being provided by Central Depository Services (India) Limited (‘CDSL’). The remote e-voting period shall commence from Friday, September 25, 2020 at 9.00 a.m. and will end on Monday, September 28, 2020 at 5.00 p.m., and the Shareholders of the Company as at the Cut-Off date of September 22, 2020 shall be eligible to vote using the remote e-voting facility and e-voting facility. The attached Annual Report of the Company is also available on the website of the Company https://www.sitinetworks.com/AnnualReport2019-20.pdf. You are requested to kindly take the same on record and oblige. Thanking you, Yours truly, For SITI Networks Limited Suresh Kumar Company Secretary and Compliance Officer Membership No. ACS 14390 ANNUAL REPORT 2019-2020 WIREDFUTURE TO THE ONE PLATFORM. MANY SERVICES ANY SIGNIFICANT CHANGE WHAT’S INSIDE Read this report online or IN BUSINESS ENVIRONMENT download at www.sitinetworks.com DEMANDS A MINDSET REORIENTATION. IT 01 NECESSITATES A BROAD-BASED Corporate Overview Pg02 02 Chief Patron’s Message CHIEF TRANSFORMATION STEERED 04 Message from CEO PATROn’s BY A PARADIGM SHIFT IN 06 The SITI Platform MESSAGE Scan the above QR code 10 Wired is the New Norm to have a quick view of the report on your STRATEGY. THE NEW TARIFF 12 Wiring Technology into Homes handheld device 16 Aligning to New TV Consumption Trends ORDER (NTO) USHERED IN SUCH 19 Building on Our Broadband Proposition A SHIFT, ENCOURAGING MSOs, 21 Deepening the Ground Connect 22 Financial Highlights BROADCASTERS, AND LAST 24 Board of Directors 26 Management Team MILE DISTRIBUTION PARTNERS 27 Augmenting our People Proposition ALIKE, TO RETHINK THEIR 30 Powering Ahead 32 Corporate Information BUSINESS STRATEGIES AND Pg12 WIRING REALIGN THEIR OPERATIONAL 33 TECHNOLOGY MODELS TO THE NEW REGIME. Statutory Reports INTO HOMES 34 Notice 42 Directors’ Report 60 Management Discussion and Analysis Moving with speed and agility, we, at SITI, have also unleashed a wave of 69 Report on Corporate Governance innovations and initiatives to adapt to the change. Surging proactively to embrace the new opportunities unleashed by NTO, we are remodelling our Pg business strategy to address the evolving consumer aspirations. We have 90 19 initiated an unprecedented scale of convergence in our business segments. Financial Statements BUILDING Crafted to deliver a more holistic experience to consumers from a single ON OUR 91 Standalone Independent Auditor’s Report platform, the strategy at SITI is designed to enrich consumer experience. It BROADBAND seeks to deliver to them engaging content and tech-powered services, not 102 Standalone Balance Sheet PROPOSITION just in our CATV business but also across our Broadband and Value-Added 103 Standalone Statement of Profit and Loss Services (VAS) segments. 104 Standalone Cash Flow Statement This approach is centered on our ‘customer-first proposition’, which we are 106 Standalone Statement of continually sharpening in tandem with the changing market and consumer Changes in Equity trends. Read on to find out how! 107 Notes to the Standalone Financial Statements 159 Consolidated Independent Auditor’s Report 170 Consolidated Balance Sheet Pg22 171 Consolidated Statement of Profit and Loss FINANCIAL 172 Consolidated Cash Flow Statement HIGHLIGHTS 174 Consolidated Statement of Changes in Equity 175 Notes to the Consolidated Financial Statements ANNUAL REPORT2019-20 CORPORATE OVERVIEW StatutOry REPOrts FINANCIAL Statements CHIEF PATRON’S MESSAGE Dear Shareholders, approach guiding our strategy, we customers seamlessly, without any continued, during FY 2019-20, to disruption of service. The recognition I am happy to share with you enhance the experiential quotient which of Cable TV and Broadband service as another year of SITI’s positive underlines the SITI proposition for the essential service during the pandemic performance, that remained growing base of its customers. helped us keep growth on track while ensuring best-in-class services to our steadily on track at the back At the same time, this evolution has customers. of growing consumer demand paved the way for us to adopt the new- and consumption, coupled with age IoT culture that is progressively Needless to say, this would not have various strategic and operational capturing the imagination of more and been possible but for the collective more Indians. The robust platform that and selfless efforts of our team, which, initiatives under the New Tariff we have built, and our expansive reach in line with our consumer-centric Order (NTO) regime. that spans 800+ locations across 249 philosophy, fearlessly put the interests Given the large districts, has equipped us to be an of customers before their own, through active part of this new digital revolution this unprecedented crisis. opportunity landscape sweeping the country. We feel that the that still exists, we time and technology is right for us to I am sure with extensive ground have judiciously go beyond Video Content and scale connect, continuous optimisation focussed ourselves the next level of Broadband growth of operational efficiencies, and the on augmenting the by providing our customers with IoT - hard work of our dedicated teams, SITI foundations enabled equipment and services. The SITI would be able to deliver the best services to our customers for years to for future growth Our numbers bear testimony to the success of our fact that 43% of cable operators are still not selling cable internet (as per a come. through strategic focussed on-ground initiatives. During the year, initiatives aimed at our concerted measures to improve efficiencies survey-based study by INTIN on Cable Best Wishes have translated into overall improvement in TV Fitness Check) underlines the huge building a future-proof operational metrics. This growth has largely potential for Broadband growth across Dr. Subhash Chandra organisation. been fuelled by our deep ground connect with the country. our 24,000+ LCO partners spread out across the Given the large opportunity landscape country. Leveraging our powerful technology that still exists, we have judiciously edge, we created stronger touch-points for our focussed ourselves on augmenting partners to reach out to SITI at the one end and the SITI foundations for future growth our customers at the other. Concurrently, we through strategic initiatives aimed at harnessed this strength to open new revenue building a future-proof organisation. sources by onboarding allied services which had The robustness of these foundations synergies with our distribution model. can be gauged not only from the fact The business-wide transformation unleashed by that we have efficaciously managed our multiple initiatives not only aligned SITI more the fast-paced changes triggered by intricately to the change that swept the industry NTO 1.0, but also from our balanced in the post-NTO regime but also helped make response to the COVID pandemic. Even effective use of the new opportunities triggered in the testing times of the Coronavirus, by the transformation. With our consumer-first we continued to handle the needs of our LCO partners and our end 02 03 ANNUAL REPORT2019-20 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS MESSAGE FROM CEO Delivering performance Focussed on FTTx & IOT work remotely from home with strict excellence Further sharpening our technological quality controls and service monitoring We took concerted measures during edge, we also launched, during the in place. We emerged as the trusted the year to maintain strict control year, a composite FTTx based network platform in the Government of India’s on expenses across all metrics architecture. The model is aimed at efforts for promoting Online Education and leveraged existing operating benefiting both SITI Networks and SITI and COVID care (Aarogya Setu).
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