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Dish TV Q1 FY16 highlights: Net profit at Rs 54.2 cr

MUMBAI: Leading direct-to-home
(DTH) player Dish TV has posted
operating profit of Rs 236.8 crore (Rs
2.37 billion) for the quarter ended 30
June 2015.
EBITDA margin stands at 32.1 per
Q1 FY16 highlights are:
Dish TV Q1 consolidated subscription
revenue is at Rs 682.8 crore (Rs 6.83
Total operating revenue is at Rs
736.7 crore (Rs 7.37 billion)
Consolidated net profit is at Rs 54.2
crore (Rs 542 million).
The company has added 390,000 net
Average revenue per user (ARPU) post
consolidation is Rs 173.
Await detailed report…

Dish TV Q1 FY16 highlights: Net profit at Rs 54.2 cr

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    crore and Rs 34.94 crore (margin 4.8
    per cent) respectively.
    Dish TV was probably the first among
    listed DTH companies in the country in
    FY-2015 and Q4-2015 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.
    This quarter (quarter ended 30 June,
    2015, Q1-2016), the company has
    reported 55.2 per cent higher PAT at
    Rs 54.21 (margin 7.4 per cent) as
    compared to the above mentioned PAT
    in Q4-2015. The company had
    reported a loss of Rs 14.97 crore in
    Note: (1)100,00,000 = 100 Lakh = 10
    million = 1 crore
    (2) With effect from April 1, 2015,
    Dish TV says that it has started
    netting-off certain collection fees
    paid to its trade partners from its
    topline. This has resulted in the
    company’s topline getting shrunk by
    around 4 percent, with a similar
    number being decreased from the
    middle line. The values for the prior
    comparative periods have also been
    recast to reflect the same.
    (3) Dish TV recently transferred its
    non-core business (including set-top
    boxes, dish antenna and related
    services) to its wholly owned
    subsidiary Dish Infra Services Private
    Limited (formerly known as Xingmedia
    Distribution Private Limited) on April
    1, 2015 on a going concern basis. The
    Company today reported its maiden
    consolidated quarterly numbers.
    The company reported addition of
    3,90,000 net subscribers in Q1-2016,
    taking its total subscriber base to
    1.33 crore as on 30 June, 2015. Post
    consolidation, Dish TV says that
    Average Revenue Per User (ARPU) was
    Rs 173 versus Rs 172 (q-o-q) in
    Q4-2015. ARPU however would have
    been Rs 180, as compared to Rs 179 in
    Q4-2015, without the effect of
    consolidation. The company reported
    consolidated subscription revenues at
    Rs. 628.88 crore, up 20.6 percent y-
    The company reported 0.9 per cent
    higher consolidated net total Income
    from Operations (TIO) in the current
    quarter at Rs 736.68 crore as
    compared to the Rs 729.93 crore in
    the immediate trailing quarter and
    was 19.2 per cent more than the Rs
    618.04 crore in Q1-2015.
    Dish TV chairman Subhash Chandra
    said, “Dish TV has been actively
    contributing to the ‘Digital India’
    movement by digitizing analog TV
    homes in DAS phase 3 and 4 markets
    and remains optimistic about its
    prospects to acquire a substantial
    share in these markets. Continuing its
    focus on growth with profitability,
    the company delivered another
    quarter of encouraging financial
    Let us look at the other numbers
    reported by Dish TV
    Dish TV total expenditure in Q1-2016
    at Rs 659.69 crore (89.5 per cent of
    TIO) was 0.7 percent lower than the
    Rs 664.08 crore (91 per cent of TIO)
    in Q4-2015 and was 8.7 per cent more
    than the Rs 606.80 crore (98.2 per
    cent of TIO) in Q1-2015.
    A major expense head is
    programming /content and other costs
    (content costs). In Q1-2016 content
    cost at Rs 212.01 crore (28.8 per
    cent of TIO) was 2.1 per cent more
    than the Rs 207.62 crore (28.4 per
    cent of TIO) and was 5.3 per cent
    more than the Rs 201.39 crore (32.6
    per cent of TIO) in Q1-2015.
    Employee Benefit Expense (EBE) in
    Q1-2016 at Rs 34.67 crore (4.7 per
    cent of TIO) was 39.7 per cent more
    than the Rs 24.81 crore (3.4 per cent
    of TIO) an was 34.8 per cent more
    than the Rs 25.72 crore (4.2 per cent
    of TIO) in the corresponding year ago
    Dish TV managing director Jawahar
    Goel said, “Our first quarter results
    are in line with the success of our
    regional and high definition (HD)
    strategy. Our regional offering,
    Zing, would soon be launched in Kerala
    and would carry the largest cache of
    vernacular channels offered in that
    market. Zing cemented Dish TV’s
    supremacy in the DAS Phase 3 and 4
    markets with custom-made content,
    hardware and service packages for
    the regional audience. High definition
    continues to be a value driver and a
    key differentiator for us compared to
    other DTH offerings in India. Dish
    TV’s industry leading bandwidth
    capacity supports 42 HD channels, the
    largest on offer by any distribution
    platform so far.”
    “Led by robust subscriber additions
    and an improving ARPU, subscription
    revenues for the quarter increased
    20.6 per cent over the corresponding
    quarter last fiscal. EBITDA of Rs
    2,368 million recorded a significant
    51.3 per cent jump over the
    corresponding quarter. Net Profit for
    the quarter was Rs 54.2 crore
    compared to a loss of Rs 15 crore in
    the first quarter last fiscal. The
    resultant free cash flow was Rs 68.9
    crore. Amid improving financial
    performance, churn for the quarter
    remained steady at 0.7 per cent per
    month,” added Goel.

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