DTH

FY-2105: Dish TV in black; adds 1.5 million subscribers

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BENGALURU: Last quarter (Q3-2015, quarter ended 31 December, 2015), India’s largest DTH operator, Dish TV Limited had reported a lower loss at just Rs 2.87 crore as compared to double-digit crore loss numbers in the previous or like-to-like quarters.

However that is now a thing of the past as the company has reported a standalone net profit after tax (PAT) of Rs 35.01 crore in Q4-2015 and a standalone PAT of Rs 1.01 crore in FY-2015 as compared to a standalone loss of Rs 154.21 crore in FY-2014.

This probably makes Dish TV the first among listed DTH companies in the country to report a profit after tax as opposed to the operating profits reported by a segment of the other goliaths for whom DTH services is just another small segment. Dish TV’s consolidated PAT for FY-2015 was Rs 3.14 crore as against a consolidated loss of Rs 157.61 crore in FY-2104.

Note: 100,00,000 = 100 Lakh = 1 crore = 10 million

The company also added 1.5 million net subscribers in FY-2015 and closed the year with a subscriber base of 12.9 million. With the addition of 4.04 lakh subscribers in Q4-2015, Dish TV maintained the tempo it had set in the previous quarter (Q3-2105) by adding a slightly higher number of subscribers at 4.16 lakhs.

Dish TV also reported higher average revenue per user (ARPU) of Rs 179 in Q4-2014 as against Rs 177 in Q3-2015 (1.13 per cent increase in ARPU). In Q4-2014, the company had added 2.26 lakh net subscribers and its annual ARPU was Rs 170 (Q4-2105 ARPU increased 5.3 per cent as compared to Q4-2014).

Dish TV chairman Subhash Chandra said, “The DTH sector is a direct beneficiary of a positive consumer sentiment. Dish TV achieved a strong, sector leading, subscriber growth of 1.5 million net subscribers during the year. Fiscal 2015 also saw Dish TV swing to net profit, a first for any DTH company in India. Through this milestone to the next and thereafter, Dish TV remains committed to outperform the industry growth rate and create shareholder value while continuing to entertain its subscribers with rich content and compelling value added services using updated modes of delivery.”

Dish TV managing director Jawahar Goel added, “During the quarter, we garnered net subscribers that were almost equal to the numbers during the festival quarter of October – December 2014. While Zing gained ground in Phase 3 and 4 markets, high definition (HD) driven sports offerings were the mainstay, in Rest of India, during the Cricket World Cup 2015.”

Let us look at the other numbers reported by Dish TV:

Dish TV’s standalone and consolidated net Total Income from Operations (TIO) in FY-2016 at Rs 2781.64 crore was 10.9 per cent more than the Rs 2508.97 crore in FY-2014. Standalone TIO in Q4-

2015 at Rs 754.72 crore grew 18.5 per cent as compared to the Rs 636.91 crore in the corresponding year ago quarter and was 10.3 per cent more than the Rs 684.26 crore in Q3-2015.

As mentioned above, net profit for Q4-2015 was Rs 35.01 crore as against a loss of Rs 149.05 crore in Q4-2014 and a loss of Rs 2.87 crore in the immediate trailing quarter.

The company’s EBIDTA in FY-2015 increased 17.5 per cent to Rs 733.1 crore as compared to the Rs 624 crore in FY-2014. EBIDTA in Q4-2015 at Rs 221.9 crore was a whopping 72.1 per cent more than the Rs 128.9 crore in Q4-2014 and 16.1 per cent more than the Rs 191.2 crore in the preceding quarter.

The company’s total expenditure (TE) in FY-2015 increased 8.7 per cent to Rs 2048.5 crore as compared to the Rs 1884.9 crore in the previous year. TE in the current quarter increased 4.9 per cent to Rs 532.8 crore as compared to the Rs 508 crore in the corresponding year ago quarter and was 1.9 per cent more than the Rs 522.7 crore in Q3-2015.

Programming, content/other costs (programming) in FY-2015 increased 2.9 per cent to Rs 800.75 crore from Rs 778.44 crore in FY-2014. Programming cost in Q4-2015 at Rs 207.63 crore was three per cent more than the Rs 201.57 crore in Q4-2014 and 4.4 per cent more than the Rs 1988.86 crore in Q3-2015.

License Fees in FY-2015 increased 10.5 per cent to Rs 288.83 crore from Rs 261.38 crore in the previous year. Dish TV paid 16.7 per cent higher license fees in Q4-2015 at Rs 78.17 crore as compared to the Rs 66.98 crore in Q4-2014 and 5.1 per cent more than the Rs 74.35 crore in Q3-2015.

Advertisement expense in Q4-2015 at Rs 11.5 crore was 10.6 per cent more than the Rs 10.4 crore in Q4-2014, but declined 7.3 per cent from Rs 12.4 crore in Q3-2015.

Consolidated Employee Benefit Expense (EBE) in FY-2015 increased 14.1 per cent to Rs 101.75 crore as compared to Rs 89.16 crore in FY-2014. EBE in Q4-2015 at Rs 25.71 crore was 17.6 per cent more the Rs 21.02 crore in Q4-2014 and was 4.3 per cent lower than the Rs 25.83 crore in Q3-2015.

Summing up Dish TV’s performance, Goel said, “Fiscal 2015 was a satisfying year. Our single-minded devotion to being the leader in the DTH industry along with uncompromised financial discipline enabled us to reach the net profitability milestone much ahead of our peers. With cost line items under control, the resultant EBITDA for the quarter increased by a strong 72.1 per cent y-o-y. EBITDA margin improved to 29.4 per cent. PAT of Rs 35.01 crore resulted in Free Cash Flow (FCF) of Rs 70.2 crore for the quarter. Churn for the quarter was maintained at 0.7 per cent per month.”

Click here to read the financial statement  

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