DTH

Q3-2015: DishTV adds 317K subscribers; reports subscription revenue of Rs 711 crore

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BENGALURU: This is the fourth consecutive quarter that direct to home (DTH) company DishTV has reported growth across important financial and operational parameters including operating revenues (TIO), profit after tax (PAT) and subscription numbers. Last fiscal and quarter (year and quarter ended 31 March, 2015, Q4-2015), Essel Group’s DTH operator Dish TV Limited turned the corner with a consolidated profit after tax (PAT) of Rs 3.14 crore and Rs 34.94 crore (margin 4.8 per cent) respectively. The company followed this up with even better numbers in the previous two quarters (Q1-2016 and Q2-2016).

The company added 3.17 lakh net subscribers in the quarter ended 31 December, 2015 (Q3-2016, current quarter), taking its subscriber base on that date to 140 lakh. Dish TV is the largest DTH player in the country in terms of subscribers as well as revenue. The company reported 11.8 per cent YOY revenue growth in the current quarter at Rs 771.48 crore as compared to Rs 690.08 crore and 2.5 per cent more QoQ as compared to Rs 752.42 crore.

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

The company reported 39.1 per cent EBIDTA growth in the current quarter at Rs 265.4 crore as compared to Rs 190.8 crore in the corresponding year ago quarter and 4.1 per cent more than the Rs 255 crore in the immediate trailing quarter. The company reported PAT in Q3-2016 at Rs 68.49 as compared to a loss of Rs 2.63 crore in the corresponding prior year quarter, but decline 21.3 per cent as compared to Rs 86.96 crore in the previous quarter.

Dish TV managing director Jawahar Goel said, ““We witnessed steady growth in the third quarter and our key metrics strengthened further. Subscription revenues grew 12.6 per cent while EBITDA margin improved to 34.4 per cent. Churn was lower at 0.7 per cent per month. PAT was Rs. 68.5 crore compared to a loss of Rs.2.6 crore in the corresponding quarter last fiscal. Free cash flow for the quarter stood at Rs. 129.6 crore. With a focus on Balance Sheet strength, Dish TV further pruned its debt by Rs 300 crore. The net debt is now around Rs 561 crore and likely to reduce substantially going forward.”

Goel added, “Efforts towards 100 per cent village electrification and 24x7 power supply in urban areas have a direct correlation with our business. Improved power quality is likely to increase the consumption of pay-tv and within that, pre-paid platforms like Dish TV. Further, financial inclusion initiatives like the ‘Jan Dhan Yojna’ have also facilitated ease of recharge for DTH subscribers by giving them universal access to banking facilities. Rising income levels, growing urbanisation and favourable population dynamics instil confidence that India would be able to sustain high growth over a long period of time. Such positive indicators are catalysts for consumption driven sectors like DTH.”

Talking about digitisation and Dish TV’s positioning, Goel said, “We continued to build our pan-India reach during the quarter. However, as expected, despite analogue sunset there was no real spike in consumer demand from Phase III markets thus making it an ordinary quarter from that perspective. Later, changing gears to align with the current industry trend, we tweaked our subscription packages to a more versatile and seemingly economical offering. Mandatory digitisation however is expected to pick up speed and our key focus going forward would be to gain market share both in terms of subscribers and profitability.”

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