Press Releases2014May 29, 2014
Dish TV India Limited declares results for the quarter ended March 31, 2014
NOIDA, India; May 27, 2014 - Dish TV India Limited (Dishtv) (BSE: 532839, NSE: DISHTV) today reported fourth quarter fiscal 2014 audited standalone operating revenues of Rs. 6,369 million, recording 14.7% growth over the corresponding period last fiscal. EBITDA for the quarter was Rs. 1,289 million, up 7.4% YoY. Net Loss for the quarter, impacted by a prior period adjustment of Rs. 1,164 million, increased to Rs. 1,490 million compared to Rs. 436 million in the corresponding quarter last fiscal.« Back
The company, today, also reported audited results for the financial year ended on March 31, 2014.
Fiscal 2014 standalone revenues stood at Rs. 25,090 million recording 15.8% growth over the previous fiscal. EBITDA of Rs. 6,261 million was up by 8.0%. Net loss for the year, impacted by a prior period adjustment of Rs. 1,164 million, was Rs. 1,542 million.
The Board of Directors in its meeting held today, has approved and taken on record the audited results for the quarter and year ended on March 31, 2014.
Mr. Subhash Chandra, Chairman, Dish TV India Limited, said, “Fiscal 2014 was a challenging year for the economy. Fortunately however, with a new government backed by a strong mandate at the Centre, there is significant hope of growth coming back on track. While things may take some time to get out of that state of virtual inertia, I am hopeful of a strong revival in consumer sentiment pretty soon.”
“The Media industry too had its share of opportunities and challenges all through the year. Digitization kept the industry on its toes. In an uncertain macro environment, Dish TV pursued its strategy of self-funded growth; deleveraging the business while being selective about its subscriber additions notwithstanding the noise around digitization. The result, a healthier Balance Sheet coupled with the largest subscriber base in the industry and a free cash positive business which is much better equipped to capitalize on the opportunities ahead,” he added.
Mr. Jawahar Goel, Managing Director, Dish TV, said, “Unlike fiscal 2013, fiscal 2014 was a disruptive period where we had to choose between immediate benefits and long term sustainability in the hyper competitive DTH industry. Choosing the later, we continued to deleverage while maintaining our subscriber acquisition price point. With a much manageable and scalable debt profile now, we have started 2014 with a significant positive overhaul to our macro parameters.”
“With a new government at the Centre, the DTH industry is optimistic about rationalization in the tax regime. As notification of the Goods and Services Tax (GST) is taking time, we look forward to allowance of abatement in Service Tax along with moderation in Entertainment Tax in line with the prevailing structure in Gujarat and other forward looking states. We are also hopeful of an early resolution of the DTH license renewal and payment of license fees matter in the industry's favour. We also expect a firm push to digitization and are confident that encryption, packaging, billing and other critical requirements will be implemented at the last mile,” he added.
“Dish TV's fourth quarter subscriber adds are a result of some serious strategic initiatives taken earlier. The 'Zing' sub-brand launched as part of a differentiated strategy to cater to the Phase 3 & 4 markets got a tremendous response and even bolstered the flagship brand's sales. We exited the fourth quarter bagging the highest incremental market share while keeping a check on our churn, which remained at 0.6% per month. Making further headway on our Sri Lanka Project, we launched test signals as per plan,” said Mr. Goel.
In line with the matching principle of accounting and in terms of the National Stock Exchange (NSE) advisory regarding life of the Consumer Premises Equipment (CPE) vs. one-time advance contribution towards CPEs in the form of rentals and activation, a prior-period adjustment of Rs. 1,164 million was booked during the quarter.