Dish TV reports loss of Rs17.9 crore for September quarter
New Delhi: Direct-to-home operator Dish TV India Ltd on Tuesday reported a net loss of Rs17.9 crore for the quarter ended 30 September, against a profit of Rs69 crore a year earlier.
The company, owned by Zee Entertainment Enterprises Ltd, recorded an operating revenue of Rs748.6 crore, down 3.9% from Rs779.3 crore in the previous year. Subscription revenue also saw a 3.3% decline to Rs704.9 crore in the quarter compared with Rs728.8 crore in the year-ago period.
The company is close to completing its merger with Videocon d2h, the direct-to-home television arm of Videocon Industries Ltd, announced in November 2016.
“We have been eager to get back to our stakeholders with the news of the successful closure of the merger. With all other approvals in place, the only approval pending is from the ministry of information and broadcasting. We are optimistic about hearing back from the MIB any moment now and hope to close the merger at the earliest thereafter,” Jawahar Goel, chairman and managing director at Dish TV India Ltd, said in a statement.
After the merger, the new company will be called Dish TV Videocon Ltd. Dish TV will own 55% and Videocon a 45% stake in the company. Goel will lead the combined entity as chairman and managing director.
“We remain excited about the next phase of growth that the combined entity, Dish TV Videocon Ltd, will go through and are committed to make the combination a mega success. On the synergy front, we stick to our guidance of Rs1,800 million for FY18 and Rs5,100 million for FY19,” said Goel.
During the quarter, Dish TV added 188,000 subscribers, taking the total subscriber base to 15.9 million. The overall DTH market is a 65.31 million subscriber market (as of June 2017), according to a report released by the Telecom Regulatory Authority of India.
Apart from Dish TV, there are five private DTH firms—Reliance Digital Ltd, Tata Sky Ltd, Videocon d2h Ltd, Sun Direct TV Pvt. Ltd and Bharti Telemedia Ltd. In addition to these, state broadcaster Doordarshan also runs a DTH platform for free-to-air channels called DD Free Dish.