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Shares of direct-to-home company Dish TV India Ltd on Thursday surged nearly 5% after it clocked Rs74.54 crore profit for the first quarter ended 30 June of the fiscal year 2020-21.

At 1:30 pm, shares of Dish TV India Ltd were trading at Rs11.48, up 4.94%, on the BSE; and at Rs11.45, 4.57% higher, on the NSE.

The BSE Sensex index was flat at 39,117.86; and the Nifty 50 index at 11,550.90 , 0.14% higher.

Dish TV India Ltd on Wednesday reported a consolidated net profit of Rs74.54 crore for the June quarter of the current fiscal year.

Its revenue fell 9.79% to Rs835.58 crore during the first quarter of FY21 from Rs926.30 crore a year earlier.

“Unlike the initial phase of the lockdown, revenues during the quarter were impacted due to a higher overall churn. In addition, the Y-o-Y decline in revenues was also due to a high base effect considering the plenty of cricket and general elections related coverage on television during the first quarter of last year," Dish TV said in a statement on Wednesday.

The DTH company said its OTT platform ‘Watcho’ not only leveraged its inventory of indigenous web series to launch multiple new originals but also established itself as an important connection between the DTH platform and its subscribers.

Anil Dua, CEO of Dish TV, said: “We believe that subscribers who download ‘Watcho’ are generally stickier on the DTH platform than those who haven't tried the app yet. From just a million plus subscribers in January 2020, Watcho crossed the 10 million members mark in August this year and we hope to double this number very soon."

Dish TV’s subscription revenue dropped 4.18% at Rs791.5 crore in Q1 of FY21 from Rs82.61 crore last fiscal.

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