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Dish TV adds 0.38M subscribers in Q2-FY15; Revenue up 11.9% YoY

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India’s largest direct to home television services operator Dish TV added 0.38 million net subscribers for the quarter ended September 30, 2014, an improvement from 0.33 million additions in the previous quarter and 0.16 million additions in the same quarter last year.

Dish TV mentions that high definition (HD) box sales grew during the quarter and HD subscriber additions accounted for 15% of the company’s incremental additions for the quarter. This translates to an addition of 56,700 HD subscribers during the quarter.

The company has a net subscriber base of 12.1 million for the quarter, up from 11.7 million subscribers in the previous quarter and 11 million subscribers in the same quarter last year. It hasn’t provided any split between standard definition and high definition subscribers.

Highlights

Average Revenue Per User: The average revenue per user (ARPU) for Dish TV increased marginally to Rs 172 from Rs 170 in the previous quarter and from Rs 165 in the same quarter last year.

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– The subscription revenues for the quarter was at Rs 616.8 crore, up 12.2% year-on-year (YoY). On a sequential basis, it grew by 4.8% from Rs 588.6 crore.

Churn remained flat sequentially at 0.7% for the quarter. It had increased to 0.7% in the previous quarter after remaining at 0.6% for the preceding two quarters.

Zing Telugu: During the quarter, Dish TV extended (pdf) its sub-brand Zing to Andhra Pradesh and Telangana. The company mentions that it will offer 38 Telugu channels & services and more than 100 channels overall at Rs 99 per month.

Zing focuses on vernacular content and caters to the Phase 3 & 4 digitization markets. It was launched earlier this year and is currently available across Odisha, West Bengal, Tripura, parts of Assam and most parts of Maharashtra.

Discussing the results, Dish TV chairman Subhash Chandra mentioned that the industry led by Dish TV registered a 38% YoY increase in gross additions during Q2-FY15. Dish TV managing director also noted that the newly introduced Sports-driven packaging has helped the company outgrow the industry growth rate.

Re-evaluating possibilities of domestic STB production: He added that the company is also now re-evaluating possibilities for domestic manufacturing of Set Top Boxes (STB), following the prime minister’s ‘Make in India’ campaign and hopes that there is an improvement in the hardware economics of locally sourced STBs. He also hopes that the taxation structure is modified to benefit local production.

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Financials

Dish TV reported an operating revenue of Rs 672.3 crore for the quarter, up 4.9% from Rs 640.7 crore in the previous quarter and up 11.9% from Rs 600.9 crore in the same quarter last year.

The net loss was at Rs 15.1 crore for the quarter, an improvement from Rs 16 crore loss in the previous quarter and Rs 16 crore loss in the same quarter last year.

The EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) for the quarter was at Rs 162.3 crore for the quarter, up from Rs 157.1 crore in the previous quarter and Rs 155.4 crore in the same quarter last year. EBITDA margin was slightly lower at 24.1% from 24.5% in the previous quarter.

DownloadPress release | Financials

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