DTH
Dish TV India’s consolidated net profit declines 64.47% in Q1 FY23
Mumbai: Dish TV India on Wednesday announced their financial results for the first quarter of the financial year 2022–2023. The company’s reported net profit declined 64.47 per cent to Rs 17.85 crore in the quarter ended June 2022 as against Rs 50.24 crore during the previous quarter ended June 2021.
Operating revenues for the quarter stood at Rs 608.6 crore. For the same period, the earnings before interest, taxes, depreciation and amortization (Ebitda) was Rs 323.8 crore with a margin of 53.2 percent and profit after tax was Rs 17.8 crore.
In the quarter ended June 2022, sales fell 16.74 per cent to Rs 608.63 crore, compared to Rs 730.97 crore in the previous quarter ended June 2021.
The company paid-off Rs 90.3 crore of debt during the quarter, thus reducing its overall debt to Rs 285.3 crore at the end of the first quarter of 2023 as compared to Rs 375.6 crore at the close of fiscal 2022.
The first quarter of the current fiscal, to some extent, was an extension of the fourth quarter of the previous fiscal. Not only did inflation-linked cautiousness in viewers remain intact, the changing landscape of the entertainment industry continued to influence subscriber retention and growth.
Dish TV chose the middle path and maintained a moderate pace of capital expenditure while prioritising debt repayment over new acquisitions.
External factors dominated and impacted the recharge behaviour of DTH subscribers, with top-end consumers swapping between DTH and streaming content and bottom-end subscribers alternating between free-to-air and pay DTH, thus affecting revenues and net base.
With a growing number of subscribers having access to OTT subscriptions, India’s streaming video market is expected to garner a revenue of Rs. 490 billion by 2027, up from Rs. 210 billion in 2022, according to the latest industry report.
Speaking about the results, Dish TV India Group CEO Anil Dua said, “In the changing industry landscape, Dish TV is committed to exploring and embracing new possibilities that would enable it to offer a more contemporary and bespoke service bouquet. As an entertainment distribution company, we would want to be a one-stop destination for viewers seeking video content and continue working towards that objective.”
Dish TV India chairman Jawahar Goel commented, “The company has been actively pursuing relevant technological developments in the business space and looks forward to aligning with those that will help it achieve its strategic and commercial goals.”
“As an industry, we also continue to seek and hope for a level playing field in the distribution space, by way of uniform application of licence fees to either all players or to none of them, as Free DTH, Headend in the Sky (HITS), OTT and cable TV still remain outside the ambit of licence fees,” added Goel.
DTH Operator
JC Flowers withdraws NCLT plea against Dish TV over EGM demand
Move eases pressure on DTH firm as long-running shareholder dispute cools
MUMBAI: In a breather for Dish TV India, JC Flowers Asset Reconstruction has withdrawn its petition before the National Company Law Tribunal seeking directions to convene an extraordinary general meeting.
The development was disclosed by Dish TV in a regulatory filing, confirming that the petitioner chose to withdraw the case during a hearing at the Mumbai bench of the tribunal. A detailed order from the bench is still awaited.
The petition, originally filed under Sections 98 to 100 of the Companies Act, 2013, sought to push for an extraordinary general meeting to address governance issues at the company. The case had its roots in a prolonged shareholder tussle dating back to 2021, when Yes Bank, then the largest shareholder, was at odds with the promoter group led by Subhash Chandra over board reconstitution.
JC Flowers had stepped into the picture as an assignee of Yes Bank’s stressed assets, effectively continuing the legal push initiated earlier. The withdrawal now signals a pause, if not a closure, to that chapter of dispute.
While the reasons behind the withdrawal have not been formally detailed, the move reduces immediate legal pressure on Dish TV, which has been navigating both operational and regulatory challenges in recent years.
For now, the focus shifts back to the company’s business fundamentals, even as the legal dust settles, at least temporarily, on one of its more closely watched shareholder battles.
