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Report on Shemaroo

Despite lower ARPU, Videocon d2h posts higher Q3 profit

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BENGALURU: The Saurabh Dhoot-led Indian DTH player Videocon d2h reported profit after tax (PAT) at Rs 30.85 crore for the quarter ended 31 December 2017 (Q3 2018, quarter under review). The company had reported PAT of Rs 16.78 crore for the immediate trailing quarter Q2 2018 and PAT of Rs 21.77 crore for the corresponding year ago quarter Q3 2017. Adjusted EBITDA increased 9 per cent yoy in Q3 2018 to Rs 291.41 crore from Rs 267.24 crore. Adjusted EBITDA less capex increased 62.9 per cent yoy to Rs 188.50 crore during the quarter under review as compared to Rs 115.70 crore.

Videocon d2h revenue from operations increased 7.2 per cent yoy during the quarter under review to Rs 833.6 crore from Rs 777.39 crore. Subscription and activation revenue increased 7.3 per cent yoy to Rs 763 crore in Q3 2018 from Rs 711.20 crore.

Subscriber matrices

The company’s subscriber base increased by 1.6 lakh  (1 crore = 10 crore = 100 lakh) during Q3 2018 to 134.1 lakh from 132.5 lakh in the immediate trailing quarter Q2 2018. The company had a subscriber base of 127.7 lakh in Q3 2017. Videocon d2h reported a quarterly subscriber churn of 1 per cent, higher than the churn of 0.62 per cent reported for Q2 2018. Subscriber churn for Q2 2017 was 0.87 per cent. The company has reported lower average revenue per user of Rs 208 for the quarter under review as compared to Rs 212 for the immediate trailing quarter, but higher than the Rs 205 for the corresponding year ago quarter.

Let us look at the other numbers reported by Videocon d2h

Total expenses increased 6.5 per cent yoy to Rs 726.59 crore in Q 2018 from Rs 681.97 crore. Operating expenses increased 8.9 per cent yoy to Rs 423.61 crore in Q2 2018 from Rs 407.38 crore. Administration and other expenses reduced 14 per cent yoy to Rs 18.89 crore during the quarter under review from Rs 21.97 crore. Employee benefits expenses declined 4.3 per cent yoy to Rs 28.92 crore in Q2 2018 from Rs 30.21 crore. Selling and distribution expenses reduced 3.5 per cent yoy to Rs 50.84 crore in Q2 2018 from Rs 52.69 crore.

Company speak

Videocon d2h executive chairman Dhoot said, “I am pleased to report that we continued to deliver a strong quarterly result with our adjusted EBITDA being our highest ever quarterly adjusted EBITDA at Rs 2.91 billion. Our adjusted EBITDA per subscriber continued to improve further and came in at Rs 73 per subscriber per month.”

“We continue to see a recovery on the ground and expect overall business prospects to improve driven by several factors including lower content availability on the FreeDish platform and the Indian government’s focus on increasing affordable housing and improving rural income levels in the recent budget,” he added.

“During the quarter, the company received all the necessary approvals relating to its amalgamation with and into Dish TV India. The two companies now intend to file the relevant intimations / e-forms with the Registrar of Companies, Ministry of Corporate Affairs, Maharashtra, Mumbai in the last week of February 2018, which filing date will become the effective date for the proposed merger. The company will issue the relevant timelines and other mandatory notices in relation to the merger in due course,” concluded Dhoot.

Also Read :

Dish TV-Videocon d2h deal on course

Dish TV re-evaluating Videocon d2h merger

Videocon d2h reports another profitable quarter

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