DTH
Pandemic drags down DishTV India’s FY’21 financials
MUMBAI: India’s first DTH operator Dish TV India continues to slog it out to get out of the financial quagmire it has got itself into. That’s despite the fact that the company has seen a loss of subscribers in its latest quarter ended 31 March 2021 and for the full year, its top line has dipped even as it continues to report losses. According to its audited Q4 FY 21 results released yesterday, Dish TV India has reported consolidated subscription revenues of Rs 685.2 crore (Rs 776.6 crore in Q4 FY’20) and operating revenues of Rs 751.7 crore (Rs 869.06 crore). EBITDA for the quarter was Rs 426 crore (Rs 543.2 crore). Net loss was Rs 1415.3 crore as against a loss of Rs 1456.2 crore in the same quarter last year.
Subscription revenues for the whole year have fallen from Rs 3192.8 crore in FY ’20 to Rs 2987.4 crore in FY’21, even as operating revenues saw a reduction to Rs 3249.4 crore as against Rs 3556.3 crore in FY20. EBITDA for the full year fell to Rs 2017 crore as against Rs 2106 crore in FY’20. However, to its credit, it has reduced the red ink on its bottomline to Rs 1189.9 crore as against Rs 1654.8 crore in the previous financial year.
What helped it shore up its performance in the latest financial year is its hard focus on shaving expenditure which it has reduced by 15 per cent to Rs 1232.4 crore as against Rs 1450.4 crore in FY ’20.
Dish TV management said the company has been hit by the sporadic lockdowns due to the ongoing pandemic during the year and the last quarter. “The later part of the fourth quarter saw re-emergence of urban to rural migration, amongst migrant workers. The sporadic lockdowns have left many in the aspiring class with reduced disposable incomes while taking a toll on overall consumer confidence. Subscriber churn, thus remained on the higher side during the quarter and full year,” said Dish TV India group CEO Anil Dua in a press release.
Additionally, the company largely relied on internal cash flows for capital expenditure and for debt reduction. Hence, it kept a tight rein on capital expenditure which in turn limited new subscriber additions, and when compounded with high subscriber churn, it led to a net reduction in its subscriber base.
Overall, Dish TV repaid Rs 213 crore of its debt in the quarter, reducing its loan exposure to Rs 809.9 crore at end FY’21 as against Rs 1817.5 crore at end FY20.
Said Dish TV chairman & managing director Jawahar Goel: “The year gone by was difficult but has left us stronger with all the innovations and process improvements in place. However, with continuing uncertainties, we maintain a cautious stand. A strong balance sheet boosts confidence in such tough times and our focus on paying down debt and other liabilities is in that direction only.”
Dua said that investors need to take heart about the positive manner in which Dish TV has pivoted to take advantage of the opportunities that the pandemic has thrown up. “Effectively, the pandemic rushed the need to innovate. Be it artificial intelligence for resolving customer complaints, enabling work-from home for customer care agents and employees, developing set-top-boxes and other key accessories in India, moving trade partners to a fully digital recharge mode or upgrading our OTT platform, Watcho, we rose to the challenges thrown by the trying year while touching new highs in EBITDA margins.”
What according to the two of them shows promise is the growth in sign-ons to DishTV’s OTT service Watcho to 25 million by FY 21 year end as against just a million users in January 2020. Said Dua: “At Dish TV India, it has always been our endeavor to meet the entertainment needs of all our subscribers all the time. Watcho is a step in that direction and delivers a seamless, streaming entertainment experience to viewers through future ready technology and diverse content.”
Dua is quite optimistic about the company’s fortunes pointing to the important role TV continues to play in viewers lives in India, and believes that a revival in discretionary spending, due to economic activity normalizing going forward, will improve business revenues. The company is going ahead with the procedures relating to raising funds through a rights issue totting up to Rs 1,000 crore.
DTH
Dish TV moves court seeking level playing field with DD Free Dish
DTH player flags unfair edge as free platform reshapes pay-TV market
MUMBAI: Dish TV has approached the Kerala High Court, seeking a level playing field with DD Free Dish, the free-to-air satellite platform run by Prasar Bharati.
At the heart of the dispute is what Dish TV calls a regulatory imbalance. The company has urged the Ministry of Information and Broadcasting to bring DD Free Dish under the same rules as private direct-to-home operators, including mandatory encryption and compliance with the Digital Addressable System under existing laws such as the Indian Telegraph Act and the Cable Television Networks (Regulation) Act.
Private DTH platforms are required to encrypt their signals, meaning viewers need authorised set-top boxes and paid subscriptions. In contrast, DD Free Dish remains unencrypted, allowing access through basic equipment without monthly fees, a difference Dish TV argues creates a structural advantage.
In its petition, Dish TV has described the current framework as arbitrary and discriminatory, alleging it undermines constitutional guarantees of equality and the right to trade. The company pointed out that while private operators shoulder the cost of encryption infrastructure, licensing fees and regulatory levies, DD Free Dish operates without similar obligations despite scaling up significantly.
Originally launched to distribute Doordarshan channels, DD Free Dish has steadily morphed into a quasi-commercial platform. It now carries around 120 private channels and generates substantial revenue through slot auctions, with earnings rising sharply over the years, according to the petition.
The case also throws a spotlight on shifting dynamics within India’s television market. Pay DTH operators have been grappling with a shrinking subscriber base, which has fallen from nearly 70 million in 2021 to about 51 million in 2025. At the same time, DD Free Dish has expanded its reach to roughly 53 million households, buoyed by viewers in price-sensitive regions opting for free access over paid subscriptions.
The migration has been further fuelled by broadcasters placing popular channels on the free platform, making it an increasingly attractive alternative for households looking to cut costs.
The Kerala High Court has admitted the petition and scheduled the next hearing for June 2, 2026. It also noted that a recent notice by Prasar Bharati inviting regional channels to uplink on DD Free Dish without carriage fees until March 31, 2026 will remain subject to the final outcome of the case.
Regulators have already acknowledged the gap. The Telecom Regulatory Authority of India, in its July 2024 recommendations, proposed a shift towards an addressable system for DD Free Dish, though these suggestions are not binding. The government is yet to take a final call, mindful of the platform’s reach among millions of households.
The petition follows repeated representations from private players and bodies such as the All India Digital Cable Federation, all flagging the same concern: a fast-growing free platform competing in a paid market without the same rulebook.
As the courtroom battle unfolds, the outcome could redraw the contours of India’s pay-TV ecosystem, deciding whether the free ride continues or the rules of the game finally converge.
