Dish TV India posts operating revenues of Rs. 15,324 mn in Q4
Subscription revenues of Rs. 13,771 million, adjusted EBITDA of Rs. 4,606 million
Dish TV India Limited (BSE: 532839, NSE: DISHTV, LSE: DTVL) today reported fourth quarter fiscal 2018 consolidated subscription revenues of Rs. 13,771 million and operating revenues of Rs. 15,324 million. Adjusted EBITDA for the quarter stood at Rs. 4,606 million. Adjusted EBITDA margin was recorded at 30.1%.
On March 22, 2018, Videocon D2h Limited had merged with and into Dish TV India Limited with the appointed date of the merger being October 1, 2017.
Financials of Dish TV India Limited for the quarter ended March 31, 2018 thus represent 3 months financial performance each of Dish TV India Limited and Videocon d2h limited. Similarly, financials of Dish TV India Limited for the year ended March 31, 2018 represent 12 months financial performance of Dish TV India Limited and 6 months financial performance of Videocon d2h Limited.
Financial numbers for the fourth quarter and fiscal 2018 are thus not comparable with the corresponding periods last year.
However, presuming that the financials for fiscal 2018 had represented 12 months each of Dish TV India Limited and Videocon d2h Limited, operating revenues of the company would have been Rs. 62,377 million and corresponding Adjusted EBITDA would have been Rs. 19,690 million with an Adjusted EBITDA margin of 31.6%.
Dish TV India Limited adopted Ind-AS (Indian Accounting Standards), notified by the Ministry of Corporate Affairs, from 1Q FY18. Consequently, results for the quarter ended March 31, 2017 have been re-stated to comply with Ind-AS.
The Board of Directors in its meeting held today, has approved and taken on record the audited consolidated financial results of Dish TV India Limited and its subsidiaries for the quarter and financial year ended March 31, 2018.
Jawahar Goel, CMD, Dish TV India Limited, said, “There is significant growth potential both in the short and the long term when it comes to acquiring new subscribers. While in the short term, digitization will continue to feed subscriber additions, government schemes focused on bridging the urban/rural divide, increasing farm incomes and electricity connection to rural households will create demand for new televisions and pay-tv connections in the years to come.”
A combined entity with a towering market share and pan India presence, Dish TV India Limited has been adopting best practices of the two merged entities. Three well recognized and powerful brands- Dish TV, d2h and Zing are now being marketed under the Dish TV India Limited umbrella with each being favourably positioned in its key target markets.
Dish TV India Limited is targeting 450 company owned service centres and around 5,500 company technicians that would be capable of doing more than 1 million home visits every month. Aiming to cross utilize critical infrastructure for synergies, the Company is also confident of a faster turnaround time for customer resolutions in the process.
Revenue, cost and financial synergies to the tune of Rs. 5,100 million are expected in FY19.
Dish TV India Limited – The Road Ahead
Dish TV India Limited and Videocon d2h Limited have merged.
The merge co – Dish TV India Limited has a subscriber base of 23 million with a market share of 37%.
With most of the integration work having been done, the new leadership mix comprising select professionals from both entities will guide the expanded company
Jawahar Goel, CMD, Dish TV India Limited, said, “It’s time to now put all thoughts to action and deliver what is expected from two leading platforms when they come together. I am happy to share that merger integration across functions has been successfully completed and new roles, responsibilities and key deliverables have been well received by our team.”
“I see a new sense of passion and urgency all around in the company and believe that we have everything we need to surge ahead,” he added.
The company expects to outgrow the industry growth rate backed by launch of new set-top-boxes that would be full HD compliant yet would be more economical than the existing consumer premises equipment. The company plans to up its High Definition base so as to ramp up its ARPU in the coming years.
Anil Dua, Group CEO, Dish TV India Limited, said, “Revenue would be further fortified through Value Added Services, some of which have already been cross rolled-out on all three brands. With demonetization, poor rural demand and merger related distractions behind us, we are confident of a sharp turnaround in our operating and financial performance in this fiscal.”
Following the merger, Dish TV India Limited has harmonized the recognition of subscriber churn in line with industry practice. The Company now recognizes churn 60 days past due date, instead of 120 days past due date earlier.
On the regulatory front, the recent ruling by the Honourable Madras High Court on the TRAI Tariff and Interconnection Orders, 2017 should go a long way in ensuring a level playing field in the television distribution space in India.
On March 22, 2018, Videocon D2h Limited had merged with and into Dish TV India Limited with the appointed date of the merger being October 1, 2017.
Financials of Dish TV India Limited for the quarter ended March 31, 2018 thus represent 3 months financial performance each of Dish TV India Limited and Videocon d2h limited. Similarly, financials of Dish TV India Limited for the year ended March 31, 2018 represent 12 months financial performance of Dish TV India Limited and 6 months financial performance of Videocon d2h Limited.
Financial numbers for the fourth quarter and fiscal 2018 are thus not comparable with the corresponding periods last year.
However, presuming that the financials for fiscal 2018 had represented 12 months each of Dish TV India Limited and Videocon d2h Limited, operating revenues of the company would have been Rs. 62,377 million and corresponding Adjusted EBITDA would have been Rs. 19,690 million with an Adjusted EBITDA margin of 31.6%.
Dish TV India Limited adopted Ind-AS (Indian Accounting Standards), notified by the Ministry of Corporate Affairs, from 1Q FY18. Consequently, results for the quarter ended March 31, 2017 have been re-stated to comply with Ind-AS.
The Board of Directors in its meeting held today, has approved and taken on record the audited consolidated financial results of Dish TV India Limited and its subsidiaries for the quarter and financial year ended March 31, 2018.
Jawahar Goel, CMD, Dish TV India Limited, said, “There is significant growth potential both in the short and the long term when it comes to acquiring new subscribers. While in the short term, digitization will continue to feed subscriber additions, government schemes focused on bridging the urban/rural divide, increasing farm incomes and electricity connection to rural households will create demand for new televisions and pay-tv connections in the years to come.”
A combined entity with a towering market share and pan India presence, Dish TV India Limited has been adopting best practices of the two merged entities. Three well recognized and powerful brands- Dish TV, d2h and Zing are now being marketed under the Dish TV India Limited umbrella with each being favourably positioned in its key target markets.
Dish TV India Limited is targeting 450 company owned service centres and around 5,500 company technicians that would be capable of doing more than 1 million home visits every month. Aiming to cross utilize critical infrastructure for synergies, the Company is also confident of a faster turnaround time for customer resolutions in the process.
Revenue, cost and financial synergies to the tune of Rs. 5,100 million are expected in FY19.
Dish TV India Limited – The Road Ahead
Dish TV India Limited and Videocon d2h Limited have merged.
The merge co – Dish TV India Limited has a subscriber base of 23 million with a market share of 37%.
With most of the integration work having been done, the new leadership mix comprising select professionals from both entities will guide the expanded company
Jawahar Goel, CMD, Dish TV India Limited, said, “It’s time to now put all thoughts to action and deliver what is expected from two leading platforms when they come together. I am happy to share that merger integration across functions has been successfully completed and new roles, responsibilities and key deliverables have been well received by our team.”
“I see a new sense of passion and urgency all around in the company and believe that we have everything we need to surge ahead,” he added.
The company expects to outgrow the industry growth rate backed by launch of new set-top-boxes that would be full HD compliant yet would be more economical than the existing consumer premises equipment. The company plans to up its High Definition base so as to ramp up its ARPU in the coming years.
Anil Dua, Group CEO, Dish TV India Limited, said, “Revenue would be further fortified through Value Added Services, some of which have already been cross rolled-out on all three brands. With demonetization, poor rural demand and merger related distractions behind us, we are confident of a sharp turnaround in our operating and financial performance in this fiscal.”
Following the merger, Dish TV India Limited has harmonized the recognition of subscriber churn in line with industry practice. The Company now recognizes churn 60 days past due date, instead of 120 days past due date earlier.
On the regulatory front, the recent ruling by the Honourable Madras High Court on the TRAI Tariff and Interconnection Orders, 2017 should go a long way in ensuring a level playing field in the television distribution space in India.
