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Dish TV subscriptions could have been higher by 8% if not for cash crunch: CMD

Direct-to-home (DTH) operator Dish TV has added 0.204 million net subscribers during the quarter ended December 2016 (Q3 FY17), a drop from the 0.259 million subscribers it added last quarter. With this, Dish TV’s total number of subscribers stands at 15.3 million.

The company did not specify its average revenues per user, although Jawahar Goel, CMD, Dist TV said that “Limited cash supply made people defer their DTH recharges by a few days or weeks depending on the urgency of other basic necessities. The impact was stronger in the second tier and below towns and cities as most of the economy in these areas runs on cash. Our subscription revenues during the quarter could have been higher by around 8% in a non-adverse scenario. Lower growth eventually resulted in lower average revenues per user as well.”

However, Goel said that “We are happy to note an increase in our online transacting subscriber base from 30% to around 38% with around 22 digital wallets and the like being integrated with the company. Every online recharge transaction vis-à-vis EPRS based transaction implies savings on recharge commissions paid by us”, indicating the company expected to see better ARPU in the future.

As for the proposed Dish TV- Videocon d2h merger, the company mentions that necessary applications have been filed during the quarter with the Competition Commission of India and the stock exchange for approvals. Note that once combined, Dish TV will own a majority of 55% stake, while Videocon will have the remaining 45% in the combined entity, called Dish TV Videocon Limited. Jawahar Goel will be the Chairman and MD of the combined entity.


  • Operating revenues of Rs 748 crore, up 2.4% year on year.

  • Net profit of Rs 26.7 crore.

  • Subscription revenues of Rs 692.1 crore, up 3.3 year on year.

  • EBITDA of Rs 249.5 crore, down 6% year on year.

On digitization: “The Ministry of Information and Broadcasting (MIB) announced on 22 December, 2016, that it was pushing forward the mandatory digitization Phase 3 date to 31 January 2017 and Phase 4 date to 31 March 2017. Dish TV on its part continued to seed set top-boxes in both Phase 3 and 4 markets, the largest of the four digitization phases, steadily during the quarter.”

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