Dish TV reports loss of Rs28.3 crore for March quarter
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New Delhi: Direct-to-home operator Dish TV India Ltd on Wednesday reported a net loss of Rs28.3 crore for the March quarter, against a profit of Rs482.8 crore a year ago.
The company, owned by Zee Entertainment Enterprises Ltd, reported an operating revenue of Rs708.6 crore, 6.3% down from the previous year’s Rs756.6 crore.
For the year 2016-17, the company reported a net profit of Rs109.3 crore, 84.2% down from the previous year. Dish TV had recorded Rs692.4 crore as net profit in 2015-16.
Subscription revenue saw a decline of 11.1%, from Rs698.1 crore last year to Rs620.5 crore in 2016-17. “We minimized the impact of demonetization while focusing on a long-term advantage in the form of recharges through online modes. Despite the odds, Dish TV managed to increase its reach and subscriber base,” said Jawahar Goel, chairman and managing director at Dish TV India Ltd.
Dish TV added 165,000 subscribers during the quarter, taking its net subscriber count to 1.55 crore. Overall, the company added 10.29 lakh subscribers during the year 2016-17.
During the year, the company received the approval of the Competition Commission of India (CCI) for the merger with Videocon d2h, the direct-to-home television arm of Videocon Industries Ltd. Both the companies had announced a merger in November 2016. The new company will be called Dish TV Videocon Ltd. Dish TV will own 55% and Videocon 45% stake in the new company.
Dish TV further added that it will be incorporating a wholly-owned subsidiary in a bid to enter over-the-top (OTT) business. “Going forward, OTT will be a revenue driver for the customers. We are developing an application which will showcase different TV channels and also certain web-series. We will aggregate content and offer a wide range of programming to the customers,” said Rajeev Dalmia, chief financial officer at Dish TV.
The Dish TV shares fell 3.62% to Rs91.85 on the BSE on Wednesday, while the benchmark Sensex index fell 0.21%. The results were announced after market hours.