Dish TV makes a profit of Rs 1093 million in FY17

Dish TV India Limited’s Board of Directors in its recently held meeting had approved and taken on record the audited financial results for the quarter and year that ended on March 31, 2017.

The network reported fourth quarter fiscal 2017 consolidated subscription revenues of Rs 6,205 million and operating revenues of Rs 7,085 million. EBITDA for the quarter stood at Rs 1,905 million compared to Rs 2,608 million in the corresponding quarter last fiscal. EBITDA margin was recorded at 26.9 per cent compared to 32.6 per cent. Net loss for the quarter was Rs 283 million (including deferred tax assets of Rs 130 million) as against net profit of Rs 4,828 million (including deferred tax assets of Rs 4,360 million) in the corresponding quarter last fiscal. 165 thousand net subscribers were added during the quarter, closing the net subscriber base at 15.5 million.

Fiscal 2017 consolidated revenues stood at Rs 30,144 million, up 4.2 per cent y-o-y. EBITDA of Rs 9,728 million was down 5.1 per cent y-o-y. Net profit for the year was Rs 1,093 million (including deferred tax assets of Rs 740 million) as against profit of Rs 6,924 million (including deferred tax assets of Rs 4,360 million) in fiscal 2016. 1,029 thousand net subscriber were added during the year.

Dish TV harmonised the accounting of entertainment tax in line with industry practice with effect from April 1, 2016. Prior to that, entertainment tax was recorded as an operating expenditure. However, effective from April 1, 2016, it is netted-off against subscription revenues. Q4 FY16 and FY16 figures have been accordingly regrouped for the sake of comparison.

Jawahar Goel, CMD, Dish TV, said, “Fiscal 2017 threw up unprecedented challenges but the Dish TV team took things in its stride. We minimised the impact of demonetisation while focusing on a long-term advantage in the form of recharges through online modes. Despite the odds, Dish TV managed to increase its reach and subscriber base. Revenue growth in the current fiscal is largely going to be a function of subscriber additions and Phase IV of digitisation should have a material role to play in that. The proposed amalgamation will further help create scale in the highly-fragmented TV distribution landscape in India while creating significant synergies through the combination.”

He added, “We understand that digital will be an important part of our growth in the future and we are excited about our portfolio of products lined up for launch in the coming quarters. Dish TV’s new HTML 5 based middleware with a card less box and a new chip set is already in advanced stages of testing and would hit the market soon.”

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