Dish TV India Ltd’s revenue grew by 8.0% qoq to Rs1,656cr. EBITDA came in at Rs557cr, up 39% qoq. EBITDA margin expanded by 748bps qoq to 33.63%. Company’s adjusted Net profit stood at Rs25.5cr vs Rs118.2cr qoq. Revenue and EBITDA came above estimates of Rs1,370cr and Rs468cr respectively.
• Subscription revenue grew by 8.1% qoq to Rs1,489.3cr aiding overall revenue growth.
• Net subscriber addition during Q1FY19 was 0.30mn.
• Average revenue per user (ARPU) for the quarter leaped to Rs214 from Rs201 qoq, which is better than our expectation.
• 44% of all subscriber additions were of High Definition driving ARPU growth.
• Back end, IT and infrastructure synergies were the key contributors to EBITDA margin expansion.
• Operating expenses stood at 53.3% of the revenue vs. 56.5% qoq leading to expansion of EBITDA margins.
• Employee benefit expenses stood at 3.5% of the revenue vs. 4.4% qoq leading to profitability growth.
• Other expenses stood at 9.5% of the revenue vs. 12.8% qoq.
• Finance cost grew by 33.5% qoq to Rs177.5cr.
• Net profit decline was on account of unfavourable base, as during Q4FY18 company has recognised deferred tax credit of Rs147.1cr.
• Videocon D2H got merged into Dish TV from Q3FY18. Hence, yoy figures are not comparable.
• TRAI has provided a 180-day window for the industry to implement its tariff order. Post implementation of which, ARPUs are expected to increase further.
Con Call Highlights
• Full benefit of merger synergy will be reflected from Q2FY19 onwards.
• Seasonality is there in ARPU increase considering the IPL in this quarter, however going forward also the ARPU increase will sustain owing to Ala carte offerings and increase in the box prices.
• With the alignment of Ind AS related policies post-merger, revenue from sell of set top boxes have been apportioned over a period of time depending on offerings. This has resulted in deferment of revenue of Rs15cr from Q1FY19 to next quarters.
• Subscriber break up currently stood at 55% rural and 35% urban.
• Company is aggressively providing content on its platform.
• Company is focusing on expanding in South market as well.
• License fee paid in this quarter stood at Rs260cr, and provisioning stood at Rs410cr.
Dish TV India Ltd is currently trading at Rs. 73.30, up by 0.4 points or 0.55% from its previous closing of Rs. 72.90 on the BSE.
The scrip opened at Rs. 72.90 and has touched a high and low of Rs. 73.60 and Rs. 72.70 respectively. So far 59,13,832 (NSE+BSE) shares were traded on the counter. The stock is currently trading below its 200 DMA.
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