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Dish TV Q3 FY13 growth remains sluggish

23-January-2013
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Dish TV Q3 FY13 growth remains sluggish

Dish TV has recorded a net loss in Q3 FY13 at Rs 449 million. Meanwhile, subscription revenues were up 16.2 per cent YOY at Rs 4,943 million. The DTH operator added 829,000 new subscribers during the quarter ended December 31, 2012 achieving a total of 14.7 million gross and 10.5 million net subscribers at the end of the period.

According to analysts at Motilal Oswal Securities, Dish TV’s Q3 FY13 results are below estimates. EBITDA declined 12 per cent QoQ to Rs 1.38 billion, while revenue growth remained sluggish at 4.5 per cent QoQ (considering festive and digitisation demand). Negative surprise at EBITDA level is largely due to lower-than-expected average revenue per user (ARPU).

Subhash Chandra, Chairman, Dish TV India remarked, “The Indian media industry is witnessing a sea change as it moves towards a fully digitised environment. With the government remaining committed to the cause, stakeholders across the value chain are working overtime to make the best of the opportunity.”

“As digitisation sweeps the pay-TV households in India, platforms with evolved business systems and processes having last mile reach are likely to have an upper edge,” he added.

Commenting on the third quarter performance, Jawahar Goel, Managing Director, Dish TV said, “A larger base did create pressure on the average revenue per user (ARPU) which, primarily supported by price hike in the second quarter, increased marginally to Rs 160. In the third quarter, apart from the usual additional spends typically experienced due to the festive season, additionally this year the company’s investments to capitalise on the digitisation opportunity are also reflected in higher costs during the quarter. A seasonally higher marketing expense was as per budget. Content cost for the year is expected to be within the guided range of 12 per cent increase over the previous fiscal.”

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