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Forex woes: Dish TV Q3 net loss at Rs 430 mn

20-January-2012
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Forex woes: Dish TV Q3 net loss at Rs 430 mn

Dish TV’s Q3 FY12 net loss of Rs 430 million has been negatively impacted by foreign exchange loss of Rs 156 million.

Meanwhile, the DTH service provider added 7.40 lakh new subscribers in the quarter ended December 31, 2011, achieving a total of 12.5 million gross and 9.5 million net subscribers at the end of the period.

EBITDA at Rs 1,202 million recorded a growth of 81.5 per cent, as compared to the corresponding period last fiscal. EBITDA margin for the quarter was 24.5 per cent.

Total operating revenues for Q3 stood at Rs 4,905 million, a growth of 31.4 per cent as compared to the corresponding period last fiscal. Subscription revenues for the quarter stood at Rs 4,254 million, a growth of 37.6 as compared to the corresponding period last fiscal. Average Revenue Per User (ARPU) was maintained at Rs152.

Commenting on the Q3 results, Mr. Jawahar Goel, Managing Director, Dish TV, said, “A larger base contributed to a flat ARPU in this quarter. However, the recent price hike is likely to filter through and add to the ARPU in the coming quarters.”

He further said, “Due to a further 8 per cent depreciation of the rupee against the US dollar in this quarter, there is an additional foreign exchange loss of Rs 156 million. The foremost reason for this loss is significant foreign currency debt, which needs to be reported using the closing exchange rate. Bottom line profitability remains realistic but for the notional loss due to foreign exchange fluctuation.”

Expressing apprehension over the looming slowdown scenario, Subhash Chandra, Chairman, Dish TV India Ltd, remarked that as the world at large continued to stare at economic uncertainty in the face, India remained cautiously optimistic, but vulnerable to the risks associated with a slowing global economy.

Citing the reason for the robust growth in subscribers, Goel said, “The festival quarter ending December has traditionally been a bigger contributor in terms of subscriber additions and revenue as compared to the other quarters. This year, though the category outperformed on a year-on-year basis in the month of October, which was ‘Diwali’ time, subscriber additions thereafter witnessed a slowdown.”

Commenting on the mandatory digitalisation, Goel added, “While on-ground activity in terms of subscriber demand is yet to catch up speed, Dish TV endeavours to retain its market share in an expanding digital universe. We believe that Dish TV, with its strong brand equity and field infrastructure, is likely to be one of the preferred choices of the potential digital consumer.”

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