dish tv india ltd share price Management discussions


With over 9 billion doses administered, the year 2021 witnessed mass vaccination drives across the world. Even while the distribution was highly uneven with 75% population in advanced economies getting at least one vaccination dose as compared to only 55% in emerging and developing economies, it had a huge impact on reducing the resurgence of COVID-19, allowing most countries to avoid lockdowns, while focusing on ramping up vaccination, and expanding testing. Despite the pandemic waning down, global growth is projected to slow down from an estimated 6.1% in 2021 to 3.6% in 2022 and 2023. Even before geopolitical tensions escalated in early 2022, inflation in many countries had been rising due to supply-demand imbalances and policy support during the pandemic. Prompting a tightening of monetary policy. With inflationary pressures increasing a more aggressive monetary policy response is expected from policymakers across the globe. As per RBI estimates the Indian economy is expected to grow at 7.2% with an inflation estimate of around 6.5%. In recent months there is some respite from inflation but it will take time to return to normalcy.

Advanced economies grew 5.2% in 2021 and are expected to grow at 3.3% in 2022 and 2.4% in 2023. Emerging economies fared better than advanced economies in 2021 growing at 6.8%. In 2022 and 2023, emerging economies are expected to grow at 3.8% and 4.4% respectively with India leading the way.

Indian Economy

At the start of FY 2021-22, the economy was grappling with the after effects of a strong second COVID-19 wave. Continuous government support through growth oriented and relief policies of the past two years coupled with Pan-India vaccination programme, helped to keep the economy afloat. Post opening up of the economy, revival in demand was rapid. The last quarter, however, was impacted by the third Covid wave and geopolitical conflicts which caused global level inflationary pressure. Though India continues to tread its growth path, inflationary pressure poses a significant challenge.

As per the World Economic Outlook by the IMF, India is set to remain the fastest growing economy in the world. Braving the COVID-19 pandemic and the ongoing geopolitical tensions, the Indian economy is expected to witness 8.7% GDP growth in FY 2021-22 as against a GDP contraction of 6.6% witnessed in FY 2020-21, as per the provisional estimates by the National Statistics Office (NSO). According to the S&P Global India manufacturing purchase managers index, the manufacturing industry in India had a strong start to FY 2022-23, posting a marked expansion in new orders and production. GST collections were less impacted during the second Covid wave than during the first wave. Revenue receipts significantly improved in the latter half of FY 2021-22 as the economy recovered and pent-up demand drove consumption.

The Union Budget 2022-23 aimed to harness the momentum that has led to India emerging as the fastest-growing large economy. New and ambitious targets are taken up by India in the green economy and tech industries. The four key pillars for development that have been chalked out are inclusive development, productivity enhancement, energy transition and climate action. The government is pushing forward with its citizen empowerment agenda, promising jobs, inclusive development, healthcare transformation and female empowerment. Under PLI scheme, 6 million new jobs are expected to be created in 14 different industries and generate an additional Rs 30,00,000 crore revenue. The government is focused on promoting a digital economy, fintech, technology-enabled development, energy transition, and climate action. The economic growth rate is expected at 8.2%, almost twice faster than Chinas 4.4%, led by lower base effect, successful vaccination drive and offtake of government programmes spurring investments and activity. Strong fiscal, monetary and budgetary interventions are expected to keep India on track to become USD 5 trillion economy by 2025.


Indian Media and Entertainment (M&E) Sector

The Indian media and entertainment (M&E) sector posted 16.4% growth in 2021 to reach Rs 1.61 trillion (USD 21.5 billion) from

Rs 1.39 trillion in 2020. Despite the sharp recovery, the sector is still 11% short of pre-pandemic 2019 levels, due to the second Covid wave. While television remained the largest segment, digital media cemented its position as a strong number two segment at Rs 68 billion, followed by a resurgent print. The future of content consumption will be a mix of television, OTT, mobile, etc. with television expected to continue being the ubiquitous platform considering the average per capita income in the country. A few important trends that were seen in the M&E space are as follows:

Video remained the largest earning segment in 2021, holding on to its gains of 2020 as work-from-home and school-from- home remained significant for most Indians throughout 2021.
Digital subscription grew 29% to reach Rs 56 billion in 2021.
Almost 80 million paid video subscriptions across almost 40 million Indian households generated Rs 54 billion.

Source: Tuning into consumer - Indian M&E rebounds with a customer-centric approach by FICCI-EY, March 2022

Indian Television (TV) Industry

The Indian Television industry grew 5% in 2021 to Rs 720 billion from Rs 685 billion in 2020 aided by a sharp spike in advertising revenues despite a 6% drop in distribution revenues. In 2021, television advertising grew 25% reaching Rs 313 billion, almost reaching 2019 levels of Rs 320 billion. Subscription revenue continued to fall for the second year in a row registering 6.2% decline reaching Rs 407 billion. The de-growth is attributable to reduction of six million pay TV homes and a fall in consumer-end ARPUs. The fall in homes has been due to both cord-cutting at the top end as well as movement to free DTH at the bottom end of the customer pyramid. In 2021, broadcasters earned revenues from an average of 125 million paid subscriptions, as compared to 131 million reported in 2020. The fall in paid subscriptions is believed to be led by rural subscribers who are churning out and moving to free TV platforms and some number of urban subscribers moving consumption to connected TVs. Connected TV sets doubled to 10 million connections. COVID 19 related lockdowns accelerated the use of OTT Platforms in average household and it still continues though the expensive OTT content viewership is slightly impacted due to continued inflationary pressure and television coming up with new programs after the lifting of lockdowns

Source: Tuning into consumer – Indian M&E rebounds with a customer-centric approach by FICCI-EY, March 2022


The M&E sector grew at 17% in 2022 to reach Rs 1.89 trillion (USD 25.2 billion) and recovered its 2019 levels. The Indian M&E sector will grow at a CAGR of 13% and add INR 707 billion in three years. While television households will continue to grow at 1% till 2025, growth is expected to be driven by connected TVs and free television, thereby stressing the core pay television market. Subject to implementation of ad caps and regulatory restrictions on pricing, television revenues are expected to grow to Rs 826 billion by 2024. Smart connected TVs will exceed 40 million by 2025 leading to around 30% of content consumed on large screens to be social, gaming, digital, etc. The share of regional content will increase to 60% of television consumption in 2025 from around 55% in 2020. The LCO business model is expected to run in the hybrid mode with a linear TV wire in addition to a broadband connection for providing efficient content services, broadband connectivity, smart home services and locality/ community services.

Source: Tuning into consumer – Indian M&E rebounds with a customer-centric approach by FICCI-EY, March 2022


Dish TV India Limited (the Company), the pioneer of digital entertainment in India, credited with changing the face of Indian Television, is one of the leading players in Direct-to-Home (DTH) market. The Company has a strong Pan-India presence across urban, rural and semi-urban regions with multiple individual brands like Dish TV, Zing and d2h under its umbrella. These brands enjoy strong brand equity with a large number of SD /HD channels and value-added services, spanning across price points. The Company offers more than 700 channels and services including HD channels. The vast distribution network spread across the length and breadth of the country, encompasses over 2,900 distributors and around 2,54,000 dealers/recharge outlets that span across 9,300 towns. In addition, the Company owns multiple call-centres spread across 22 cities to provide round-the-clock customer care service in multiple language given the linguistic diversity of India. To provide customers with ease of recharge availability the Company is continuously engaging with major digital Fintech Companies which are largely popular.

The Company is committed to lead the DTH space and constantly endeavours to serve the customer wherever, whenever, whatever (content) and on whichever (device). The Companys product range spans the entire spectrum from the SD set top box to the top-of-the-line hybrid box. In line with customers growing interest in streaming services, the OTT platform, Watcho, was launched which has now become a critical part of the business strategy. Watcho is a multi-faceted platform offering original content, Live TV and user generated content. With over 50 million users and many more enhancements in the offing, it can be expected to play an even bigger role in Dish TVs performance. Watcho continues to attract large section of subscribers both in rural and urban areas and continues to provide them with new age content across genres. More particularly user generated content (SWAG) is a big draw amongst the youth. We will continue to enrich and enhance the usability, of the Watcho platform to attract more subscribers and revenue in the days to come.

Connected Devices

The Company has enhanced the connected devices portfolio with its Android TV 9.0 powered, hybrid HD set-top boxes called Dish SMRT Hub and d2h Stream for DishTV and d2h brands respectively. These set top boxes are capable of providing online content, games and smart services and therefore, convert any ordinary TV into a smart TV. In addition, the Chromecast feature enables mirroring of content to the big screen TV from other devices like mobile phone. The integrated Google Assistant allows customers to interact with the device via voice commands through the Bluetooth enabled universal remote. Another smart product offering from the Company is the Alexa-enabled smart dongle called Dish SMRT Kit and d2h Magic with Alexa for the respective brands. These devices are designed to convert an existing Dish TV set-top box into an Alexa enabled connected box. This allows the user to not only access popular OTT apps, but also get access to over 30,000 Alexa Skills and smart home functionalities like setting personalized reminders, account notifications, trending content recommendations, basic troubleshooting etc. This device resonates well with the youth as it brings home superior OTT content entertainment without the need for a new TV or set top box. Another innovative offering from the Company is the Zing Super Box (2-in-1 box). A freemium product for viewing pay TV channels along with Free to Air package. This has created huge buzz in the dealer community and is attracting subscriber from Hindi heartland in a big way. The Company will focus on this product to counter Free Dish and local cable operators.

Regional Content

Being pioneers in the Indian digital space, the Company has a deep understanding of the pulse of the consumer. The Company thus offers strong regional content through Dish TV and d2h. This commitment is the reason behind the Companys strong performance in the Southern markets, West Bengal, Orissa and Maharashtra.


The home-grown OTT platform has grown leaps and bounds crossing the 50 million user mark and doubling its presence in FY 2021-22. The platform enjoys a strong presence in semi urban markets and is gaining traction and visibility in Tier-1 cities. During the year, several original series like Papa Ka Scooter, Jaunpur, etc were released across genres like thriller, romcom, family drama. During the third quarter, ‘Watcho partnered with Asias largest content festival - India Film Project (IFP) for its 11th season to encourage emerging artists and content creators to showcase their work. The association allowed participants to submit their original content on Watchos creator platform called ‘Watcho SWAG and subsequently view their entries on the App itself. The platform is poised to become the medium to carry Dish TV India to the next level, by being a critical connect between the Company and youth. With a growing young population who are the decision makers of household viewing of content, the Indian market presents the right opportunity for Watchos growth given its strong content distribution model.

Value-Added Services

Dish TV offered a new value-added service ‘Shorts TV Active, in partnership with ShortsTV, the worlds only TV channel dedicated to short movies. Leveraging on its stronghold in the regional content space, ‘Punjabi Active and ‘Telugu Active services were extended for its Punjabi and Telugu speaking viewers. The Company provides differentiated content through these value-added services including celebrity chat shows, behind-the-scenes of new movies, action and comedy scenes, chat shows and songs. On another unique offering, the Company showcase plays across genres – from musicals and classics to drama, mystery, comedy and satire, featuring some of the most acclaimed actors from theatre and small screen. This theatre service is called ‘Rangmanch Active. To deepen connect with the senior citizen viewers, the Company offers ‘Ayushmaan Active service on both of its brands, Dish TV and d2h. The Company also has an educational channel ‘Kalvi Tholaikkatchi, aimed to provide good quality education within the home premises. This service had become greatly popular during pandemic when mobility restrictions developed the need for a robust online platform for educational growth.

Empowering subscribers

The Company has adopted technological advancements both in back end and front end to make its services and products more user friendly and increase reach. Powered by Artificial Intelligence & Machine Learning, ‘Scan to help is a new service on My DishTV app, it supports Hindi and English for easy understanding. The feature is targeted to increase the practice of self-help amongst subscribers facing basic technical errors on the Set-top Box. The user can simply scan the error plate and receive an update on the account status and current subscription. In addition, the app can also raise a ‘Service Ticket within the journey itself. Bad weather conditions at the broadcasting centre, prompts the app to take an update of the weather conditions in the subscribers locality and proceed with technical troubleshooting. Similarly Do-it-yourself (DIY) or Self-Help centre are also provided on the websites. Such features help in reducing the number of cases being referred to the customer care benefiting both the Company and the subscribers. Regular queries related to recharges made, pack information, troubleshooting, service-related queries/ complaints and more, are quickly addressed by the self-help centres. The tool, a probable one-stop solution for all queries, is aimed to completely automate the customer service ecosystem.

Technology, critical game changer in todays times, forms an integral part of business functioning. The IT systems are now CMMI ML5 V2 (DEV & SVC) and ISO 20000-2018 certified. Dish TV is the only media Company which is CMMI certified. The addition of feature of QR code-based capture of "Signal strength" and "signal quality" in the technician app is aimed at increasing efficiency of the service technicians.


Pioneer in digital entertainment: The Company has established its stronghold in the Indian M&E space owing to its first mover advantage in addition to its vast distribution, technological edge, solid channel partner ecosystem, and a wide variety of offerings.

Strong foothold in semi-urban and rural areas: Low market penetration in the semi-urban and rural areas provides ample growth opportunity to the Company. The Company benefits from its deeply entrenched vast distribution network. Improving standard of living, rapidly developing infrastructure bode well for growth of subscribers in the semi-urban and rural markets.

Large dealer/ distributor network: The Company has been successful in spreading its distribution network across the length and breadth of the country with special focus on smaller towns and villages.

Multi-brand leverage: The Companys different brands enable it to provide offerings across price points covering the needs of different consumer segments. Each of the three brands have a stronghold in a particular region. While Dish TV enjoys high top of-the-mind consumer brand recall, d2h has high brand loyalty in trade circles.

Watcho: The Companys in-house OTT platform has garnered huge acceptance reflected in the downloads during the year.

Watcho has not only strengthened its portfolio it also caters to the larger regional language and semi-urban area market.

With a variety of original content, the app has become highly popular with the youth, socially aware and contemporary socials.


Strong Customer Connect: The Company follows a customer centric approach which is crucial to its success. With evolving technology, the Company is constantly focusing on launching technologically advanced boxes to remain connected to its young audiences. During the year, the Company launched Zing Super Box (2-in-1 box) for viewing pay TV channels. The Company also launched several new channels and VAS on Dish platform apart from launching lot of innovative and original content on Watcho. To serve customers more effectively the Company is investing in data management and analytics for both Dish and Non-Dish platforms enabling better understanding of consumption and behavioural data.

Technological Innovation: The Company is cognizant of the crucial role technology plays in the business which it operates in and thus always strives to not only keep pace but also stay ahead in terms of technology. The consumption has shifted to linear family viewing TV supplemented with individual viewing with OTT apps. Though this does not drastically impact reach of linear channels but increases consumption of OTT video content. The Company has successfully extended its bandwidth to serve this new market while continuing to serve its existing consumer base. The Company has been working to integrate the digital content library with the superior viewing experience available on a TV vis-?-vis smaller screens.


The past couple of years has changed the media and entertainment space as consumers have been spoilt for choices with over 850 channels in the linear space and 40+ big and small OTT platforms laden with abundance of movies, TV shows, web-series, time-shifted content etc. Content watching has seen a dramatic increase to almost 4.5 hours per day per as against 3.6 hours in 2018. This presents business like ours with both opportunities as well as challenges. Competition has increased not only within the DTH space but also from streaming platforms, free-to-air government run distribution platform, telcos, and cable TV.

The Company continues on its innovation journey to keep pace with changing times. With new launches of set top boxes and VAS the Company has managed to stay on track for business, reaching out to far more viewers than before. Though vulnerability persists due to shifting viewing habits which influence the recharge behaviour of its subscribers, creative content and innovative platforms and services helped the Company to perform well. The Company values customers changing tastes and preferences and is constantly striving towards adapting to and leveraging these emerging trends.

The presence of multiple content delivery platforms is seen as an opportunity at Dish TV. The Company is actively looking beyond contemporary offerings of Hybrid Boxes and OTT platform ‘Watcho and are working towards new ways to serving both existing as well as new subscribers. Continued focus on technology and customer centricity, together with a lean balance sheet and optimised cost structure, the Company is in a sweet spot to tap on the emerging opportunities. Government support in terms of vaccination drives, rural electrification and other rural income focused schemes bode well for the Company who has a stronghold in the smaller towns and villages. With developing infrastructure in the hinterlands in terms of both roads and highways and housing for all, the Company expects the demand for television and pay-tv content should increase in the vast non-urban population.

The Company is confident that television is and will continue to be the most dominant, value-for money and fuss-free entertainment option for majority of Indians. The Company is committed to serve the Indian population with quality content and focus on both linear watching and OTT based individual viewing.


The Company launched ‘QR Scan Feature aimed at giving customers a hassle-free single click payment experience to recharge_their_Dish TV account or paying utility bills. The QR code scan can be used on the Companys websites, and using any UPI app or wallet. The Company also launched a special ‘Get 1 for 5 Recharge Offer as per which a complimentary month of subscription was provided for every five months of recharge. In addition, a ‘Lucky Recharge Offer wherein customers could avail up to 100% cashback on recharge of Rs 501 was also launched.

The Company continued to run its subscriber friendly pay-later scheme wherein viewers who miss their recharge dates due to any reason whatsoever get 3 days of grace viewing. The amount so credited to their account gets automatically adjusted from the next recharge amount paid by them.

With an aim of supporting vaccination the Company launched the offer of crediting one full day of television entertainment free of cost to all those subscribers who got themselves vaccinated and uploaded their vaccination certificate on the Company website. Similarly, a day of extra subscription was credited to all hospitals and medical facilities with a Dish TV or d2h connection as a mark of gratitude.

With growing inflationary pressure, the Company maintained a cautious approach towards expense management and achieved overall operating efficiencies with significant 6% reduction in total expenses during the year.


Key Consolidated financial highlights

Particulars (Rs Million) FY 22 FY 21 % Change (YoY)
Subscription revenue* 25,311 29,874 (15.3)
Total Revenue from Operations* 28,025 32,494 (13.8)
Expenditure 11,582 12,324 (6.0)
EBIDTA 16,442 20,170 (18.5)
% EBITDA 58.7 62.1 (5.48)
Other Income 239 156 53.3
Depreciation 10,709 15,319 (30.1)
Financial Expenses 3,246 4,184 (22.4)
PBT Before Exceptional Item 2,727 823 231.3
% PBT 9.7 2.5 284.2
Exceptional Item 26,539 7,798 240.3
PBT After Exceptional Item (23,812) (6,975) (241.4)
Tax (5,140) 4,924 240.4
Net Profit (18,672) (11,899) (56.9)
% Net Margin (66.6) (36.6) (81.9)

During the year operating revenue stood at Rs 28,025 million as compared to Rs 32,494 million in FY 2020-21 led by 15.3% decline in subscription revenue. EBITDA stood at Rs 16,442 million as compared to Rs 20,170 million in FY 2020-21. EBITDA margin contracted to 58.7% from 62.1% in FY 2020-21. Depreciation declined 30.1% to Rs 10,709 million from Rs 15,319 million in FY 2020-21. Finance costs continued to decline due to repayment of borrowings in FY 2021-22 as well. Finance cost declined 22.4% to Rs 3,246 million from Rs 4,184 million in FY 2020-21.

PBT before exceptional item grew 3.3x from Rs 823 million to Rs 2,727 million in FY 2021-22.

The Company reported exceptional losses of Rs 26,539 million including Rs 2,030 million as an impairment charge on intangible assets under development and related advances, Rs 16,169 million and Rs 7,177 million respectively as an impairment charge on the goodwill and intangible assets acquired from Videocon d2h Limited in FY 2017-18 and Rs 1,163 million recognised as a foreign exchange fluctuation loss due to the ongoing economic crisis in Sri Lanka.

Net loss for the full year stood at Rs 18,672 million as compared to Rs 11,899 million in the previous year.

The Company stayed focused on deleveraging its balance sheet for the fourth year in a row and paid-off Rs 4,343 million during the year thus reducing its overall debt to Rs 3,756 million at the end of FY 2021-22 as compared to Rs 8,099 million at the end of FY 2020-21. Details of Significant Change in Key Financial Ratios:

Ratios FY 22 FY 21 % Change Remarks for > 25% or < -25% Change
Debtors Turnover (x) 3.86 3.57 8.07% -
Inventory Turnover (x) 2.23 0.42 427.64% Increase in Cost of Goods Sold during current year on account of higher sale quantity as compared to previous year to maintain business operation. Whereas average inventory level remained same for current year and previous year.
Interest Coverage Ratio (x) 25.53 13.50 89.09% Interest coverage Ratio has improved on account of reduction in interest cost due to repayment of borrowings.
Current Ratio (x) 0.13 0.12 10.96% -
Debt Equity Ratio (x)* 0.43 0.31 39.22% Debt equity ratio has improved on account of repayment of debt during the year.
Operating Profit Margin (%) 20.46 14.93 37.04% Operating profit margin has improved due to lesser depreciation during current year.
Net Profit Margin (%) -66.63 -36.62 -81.95% Net profit margin has reduced on account of higher impairment of goodwill, trademark/brand and intangible assets under development.
Return on Net worth – RoNW (%) -213.30 -45.28 -371.10% Higher loss on account of impairment has caused reduction net worth resulting to lesser return on net worth.


We, at Dish TV, acknowledge that certain intrinsic risks are inherent to business continuity. We endlessly strive to strike a balance between managing risk and exploiting opportunities. To effectively achieve strategic and operational goals an effective risk management process is crucial. We have thus adopted an integrated Risk Management Policy within the overall Risk Management Framework which enables us to ensure timely identification, evaluation, monitoring, mitigation and reporting of any internal and external risks for the Companys growth. The most important risks are discussed below with the appropriate mitigation measures adopted by the Company:

Technology risk: The way consumers consume entertainment is rapidly evolving with respect to the devices and platforms (mediums) used. This makes it imperative to adapt with changing consumer pattern to stay relevant. Your Company also faces the risk of losing business in the event that the consumer switches to alternative devices and platforms.

Mitigation: The Company is cognizant of change in consumers consumption behaviour and is taking constant efforts to remain relevant with changing times. We continue to offer innovative new products including new value-added services and adapt to technological developments. We invest in upgradation of both back-end and front-end technologies from time to time. We closely monitor new technological advancements and strive to keep pace with competitive offerings be it in terms of ease, cost, or diversity of content.

Regulatory risk: Being a part of the broadcasting industry, the Company is regulated by the norms prescribed by the Ministry of Information & Broadcasting, Ministry of Electronics and Information Technology and Telecom Regulatory Authority of India (TRAI). It is mandatory to comply with all prescribed compliances which also govern important business aspects like pricing, content bundling, etc. The Company faces the risk of penalty, suspension of business or loss in business in the event of non-compliance or significant deviations.

Mitigation: The Company keeps a close watch on all the applicable rules and statutes and ensures strict compliance both in in letter and spirit.

Economic Risk: The entertainment industry forms a significant contributor to Indias GDP and thus is influenced by the macroeconomic developments. Any slowdown or high inflationary environment may impact discretionary spending which may in turn impact consumer spending on entertainment.

Mitigation: Entertainment in the form of television has almost become a basic need. Even in times of slowdown, M&E industry is one of the last to get impacted as television is an important medium to remain engaged. The Company thus remains fairly insulated from temporary macroeconomic slowdown as was witnessed during the pandemic. Also, innovative content, growing media channels and personalization, help to engage the consumer.

Competition Risk: Given the lucrative growth prospects of the industry the Company faces intense competition from cable and other DTH players distributing TV content. With proliferation of the internet, competition is evolving and the Company is also competing with other entertainment mediums such as the internet, OTT platforms, and free content providers including DD Direct. Mitigation: The Company follows a highly subscriber-focused approach. To keep competition at bay, the Company strives to create innovative content, delivery platforms and offer unique value-added services. So as to retain existing customers and attract new customers, the Company offers a wide variety of content and technology. In addition to the standard HD and SD set-top boxes, we launched several premium offerings including Android-powered SMRT Hub & Stream set-top box, Alexa powered SMRT Kit & Magic set-top box and OTT platform Watcho.

Capital intensive business: The nature of the industry itself is capital intensive, which has further intensified with digitization. The need for sophisticated broadcast equipment, communications equipment, and other information technology equipment for normal business activities. The Company has to adapt to technological innovations to remain relevant. Mitigation: The Company keeps a close watch on the technological developments in the industry and adopts cost effective measures to embrace technological advancements in a timely manner. While adapting to latest technology the Company ensures to remain price competitive. This may lead to lag in launching new products/technology. Delay may also be caused due to failure of third-party suppliers to deliver services and products, failure in network upgradation, capital shortfalls, etc.


The Company has devised robust internal control systems emphasizing its strong culture of integrity and ethics. Commensurate with the size and industry of operations, the internal control framework enables efficient conduct of business, financial control, adequate safeguarding of assets, prevention of frauds/errors and appropriate regulatory compliance. Regular monitoring of adequacy, accuracy and efficacy enables to closely monitor risks and implement adequate mitigation measures. Periodic assessment by the internal audit function ensures fair evaluation and monitoring of the internal control, processes, structure and resource allocation. High standard of Corporate Governance is ensured led by risk-based audits and regular review of financial, operational and compliance controls. The internal control framework is also responsible for the alignment of operations with its long-term and short-term business objectives. The Board of Directors reviews the internal control framework and key audit findings on a quarterly basis. Timely redressal of any deviations and further corrective course of action is ensured so as to strengthen the internal control framework.


Your Company values human capital as an important driver of business growth. We extend an employee-friendly work culture which enables both personal and professional growth. This enables the employee to remain committed to achieve organizational goals. We strive to provide a safe, conducive and productive environment. Best in class HR policies enable us to achieve high retention rate and attract superior talent. Your Company has a diverse employee base. Human Resource Management is compelled to be on its feet to maintain high level of agility. A flat organization structure, orientation, open-door policy and incentive-based work culture, ensure high productivity and greater adoption of the Companys values and culture. Your Company encourages skill development by investing in training programs. We also encourage employees to participate in industry conferences to keep abreast with industry developments.

As the economy opened up, we made adequate arrangements to ensure smooth transition from work-from-home to physical office while ensuring utmost safety of all employees. The count of permanent employees on the Companys rolls as of March 31, 2022, was 376.


Statements in this Management Discussion and Analysis of the Company describing the Companys objectives, expectations or predictions may be forward-looking within the meaning of applicable laws and regulations. Forward-looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realised. The Company assumes no responsibility to publicly amend, modify or revise forward-looking statements, based on any subsequent developments, information or events. Thus, the Companys actual performance/ results could differ from the projected estimates in the forward-looking statements. The discussions on our financial condition and result of operations should be read together with our audited, consolidated Financial Statements and the notes to these statements included in the Annual Report.


Standalone and Consolidated Financials as on FY 2022:

Table below presents Standalone & Consolidated Financials for the Current and Previous Financial Year.

Statement of Profit and Loss Account for the year ended FY 2022

(Rs in mn)
Particulars Standalone Consolidated
FY 2022 FY 2021 FY 2022 FY 2021
Income _ _ _ _
Revenue from Operations 13,837.00 16,039.60 28,024.90 32,493.60
Other Income 1,303.30 1,401.90 239.21 155.98
Total Revenue 15,140.30 17,441.50 28,264.11 32,649.58
Expenses _ _ _ _
Purchase of stock in trade (Consumer premises equipment
related accessories /spares) - - 225.58 85.23
Change in inventories of stock- in- trade - - 117.12 6.27
Operating expenses 4,789.10 5,601.30 6,078.96 6,995.90
Employee benefit expense 695.00 695.40 1,495.18 1,529.70
Finance Cost 2,685.50 3,024.70 3,245.81 4,183.62
Depreciation & amortization expense 2,361.30 2,845.60 10,708.99 15,319.07
Other expenses 2,313.80 2,539.90 3,665.47 3,706.57
Total Expenses 12,844.70 14,706.90 25,537.11 31,826.36
Profit before prior period items & tax from continuing operation 2,295.60 2,734.60 2,727.00 823.22
Exceptional items 27,719.00 6,537.20 26,538.80 7,798.10
Profit/ (Loss) before tax from continuing operation -25,423.40 -3,802.60 -23,811.80 -6,974.88
Tax expense -1,199.20 2,974.80 -5,139.60 4,923.63
Profit/ (Loss) after tax for the year from continuing operation -24,224.20 -6,777.40 -18,672.20 -11,898.51
Profit/ (Loss) for the year -24,224.20 -6,777.40 -18,672.20 -11,898.51

Balance Sheet as at FY 2022

(Rs in mn)
Particulars Standalone Consolidated
FY 2022 FY 2021 FY 2022 FY 2021
ASS ETS _ _ _ _
(1) Non-current assets _ _ _ _
(a) Property, Plant & Equipment 2,173.70 3,140.30 15,758.50 20,915.90
(b) Capital work-in-progress 24.90 75.90 5,061.00 3,952.80
(c) Goodwill - - 6,211.50 22,380.10
(d) Other intangible assets 7,223.20 15,533.40 8,206.80 16,765.80
(e) Intangible assets under development - - 4,556.40 5,520.00
(f) Financial assets _ _
(i) Investments 31,000.56 51,541.20 0.00 -
(ii) Loans 8,470.51 7,417.30 - -
(iii) Other financial assets 99.60 101.80 102.50 103.40
(g) Deferred tax assets (net) 3,640.57 2,441.35 11,930.57 6,501.61
(h) Current tax assets (net) 460.50 758.00 352.74 964.51
(i) Other non-current assets 1,150.60 1,198.20 7,232.50 8,373.50
_ _ _ _
(2) Current Assets _ _ _ _
(a) Inventories - - 95.20 211.80
(b) Financial assets _ _ _ _
(i) Investments - - - -
(ii) Trade receivables 697.10 686.60 803.60 930.50
(iii) Cash and cash equivalents 429.90 471.20 737.31 939.70
(iv) Bank balances other than (iii) above 973.80 307.01 1,084.50 615.00
(v) Loans - 149.90 - 187.20
(vi) Other financial assets 100.00 207.29 153.10 10.80
(c) Other current assets 494.70 681.48 4,359.61 4,385.70
Group of assets classified as held for sale 0.29 0.29 33.67 89.00
Total Assets 56,939.94 84,711.22 66,679.50 92,847.32
_ _ _ _ _
EQUITY: _ _ _ _
(a) Equity share capital 1,841.26 1,841.32 1,841.26 1,841.32
(b) Other equity 6,596.79 30,820.86 7,519.00 25,028.41
(c) Non-controlling Interest - - -606.10 -589.57
Total 8,438.04 32,662.18 8,754.15 26,280.16
_ _ _ _
(1) Non-current liabilities _ _ _ _
(a) Financial liabilities _ _ _ _
(i) Borrowings - - 739.10 2,685.80
(ii) Lease liability 18.90 18.30 18.90 18.30
(iii) Other financial liabilities 0.10 16.70 - -
(b) Provisions 85.80 105.20 188.50 252.24
(c) Deferred Tax Liabilities (net) - - - -
(d) Other non-current liabilities 47.50 45.50 102.20 116.76
_ _ _ _ _
(2) Current liabilities _ _ _ _
(a) Financial liabilities _ _ _ _
(i) Borrowings - 850.40 3,016.70 5,413.00
(ii) Trade payables 5,738.80 10,758.70 7,004.32 11,923.59
(iii) Lease liability 1.40 1.40 1.40 1.40
(iv) Other financial liabilities 248.40 710.30 1,282.53 2,601.09
(b) Other current liabilities 2,692.70 2,111.94 5,651.76 5,864.77
(c) Provisions 39,458.90 37,430.60 39,464.60 37,444.39
(d) Current tax liabilities (net) 209.40 - 209.40 -
Liability directly associated with group of assets classified as - - 245.95 245.82
held for sale
Total Equity & Liabilities 56,939.94 84,711.22 66,679.50 92,847.32


We are pleased to share the Consolidated Financial information for the year ended March 31, 2022 compared to previous year ended March 31, 2021. At the close of FY 2022, Dish TV India Limited has three Subsidiary Companies i.e., Dish T V Lanka (Private) Limited (Dish Lanka) with 70% equity holding, Dish Infra Services Private Limited with 100% equity holding and C&S Medianet Private Limited with 51% equity holding. The Consolidated Financial Statements have been prepared after elimination of inter Company transactions, if any.

Revenue from Operations

Revenue from Operations includes Subscription Revenue, Infra support services, Lease rentals, Teleport services, and Marketing & Promotional Fee, Sale of CPE & accessories, Advertisement Income & Other operating income. Revenue from Operations decreased by INR 4,468.70 mn from INR 32,493.60 mn in FY 2021 to INR 28,024.90 Mn in FY 2022.

Other Income

Interest & Other Income increased by INR 83.23 mn or from INR 155.98 mn in FY 2021 to INR 239.21 mn in FY 2022.

Purchases of stock- in- trade

Purchases of stock in trade increased by INR 140.35 mn from INR 85.23 mn in FY 2021 to INR 225.58 mn in FY 2022.

Change in inventories of stock- in- trade

Change in inventories of stock in trade increased by INR 110.85 mn or 1768.00% from INR 6.27 mn in FY 2021 to INR 117.12 mn in FY 2022.

Operating expenses

Operating expenses decreased by INR 916.94 mn or -13.11% from INR 6995.90 mn in FY 2021 to INR 6,078.96 mn in FY 2022.

Employee benefit expenses

Overall employee benefit expenses decreased by INR 34.52 mn or -2.26% from INR 1529.70 mn in FY 2021 to INR 1495.18 mn in FY 2022.

Finance Cost

Finance cost decreased by INR 937.81 mn or -22.42% from INR 4183.62 mn in FY 2021 to INR 3245.81 mn in FY 2022. This is due to Loan repayment during the year.

Depreciation and amortization expense.

Depreciation and amortization decreased by INR 4610.08 mn or -30.09% from INR 15319.07 mn in FY 2021 to INR 10708.99 mn in FY 2022.

Other Expenses.

Other Expenses is decreased by INR 41.10 mn or -1.11% from INR 3706.57 mn in FY 2021 to INR 3665.47 mn in FY 2022.

Profit and Loss before tax.

Loss before Tax for the FY 2022 INR 23,811.80 mn. Loss before Tax for the FY 2021 INR 6,974.88 mn.

Profit and Loss for the year

Loss for the FY 2022 is INR 18672.20 mn. Loss for FY 2021 is INR 11898.51 mn.


(i) Equity and Liabilities Share Capital

Share capital is INR 1,841.3 mn in FY 2022 and FY 2021.

Other equity

Other equity decreased by INR -17,509.41 mn or -69.96%, from INR 25028.41 mn in FY 2021 to INR 7519.00 mn in FY 2022.

Non-current Borrowings

Long Term Borrowings decreased by INR 1946.70 mn or -72.48%, from INR 2685.80 mn in FY 2021 to INR 739.10 mn in FY 2022.

Lease Liabilities

Lease Liabilities stood at INR 18.90 mn as on March 31, 2022 as against 18.30 mn as on March 31, 2021.

Non-Current Provisions

Non-current Provisions decreased by INR 63.74 mn from INR 252.24 mn as on March 31, 2021 to INR 188.50 mn as on March 31, 2022.

Other non-current Liabilities

Other non-current Liabilities includes income received in advance. Other Long Term Liabilities stood at INR 102.20 mn as on March 31, 2022 as against INR 116.76 mn as on March 31, 2021.

Current Liabilities

Current Liabilities includes current Borrowings, Trade Payables, Other Financial Liabilities, Other Current Liabilities, current Provisions and Current tax liabilities. Current Liabilities stood at INR 56,630.70 mn as on March 31, 2022 as against INR 63,248.24 mn as on March 31, 2021.

(ii) Assets

Non-Current Assets Property, plant & equipment

Tangible assets stood at INR 15,758.50 mn as on March 31, 2022 as against INR 20,915.90 mn as on March 31, 2021.

Intangible Assets

Intangible assets (including Goodwill) stood at INR 18,974.70 mn as on March 31, 2022 as against INR 44,665.98 mn as on March 31, 2021.

Capital Work-in-Progress

Capital Work-in-Progress increased by INR 1108.20 mn from INR 3952.80 mn as on March 31, 2021 to INR 5061.00 mn as on March 31, 2022.

Non-Current Investments

Non-Current Investments stood at INR 10 as on March 31, 2022 as against INR 10 as on March 31, 2021.

Deferred tax assets

Deferred tax assets stood at INR 11930.57 mn as on March 31, 2022 as against INR 6501.61 mn as on March 31, 2021.

Other non-current financial assets

Other Long Term financial assets decreased by INR 0.90 mn from INR 103.40 mn as on March 31, 2021 to INR 102.50 mn as on March 31, 2022.

Other Non-Current Assets

Other Non-Current Assets (Including Current tax assets) stood at INR 9,338.01 mn as on March 31, 2021 as against INR 7,585.24 mn as on March 31, 2022.

Current Assets Inventories

Inventories stood at INR 95.20 mn as on March 31, 2022 and INR 211.80 mn as on March 31, 2021.

Current Investments

Current Investments stood at Nil as on March 31, 2022 and as on March 31, 2021.

Trade Receivables

Trade Receivables stood at INR 803.60 mn as on March 31, 2022 as against INR 930.50 mn as on March 31, 2021.

Cash and Bank Balances

Cash and Bank Balances stood at INR 1,821.81 mn as on March 31, 2022 as against INR 1,554.70 mn as on March 31, 2021.

Current Loans

Loans and Advances stood at NIL as on March 31, 2022 as against INR 187.20 mn as on March 31, 2021.

Other current financial assets

Other current financial assets stood at INR 153.10 mn as on March 31, 2022 as against INR 10.80 as on March 31, 2021.

Other Current Assets

Other Current Assets stood at INR 4,359.61 mn as on March 31, 2022, registering an decrease of 0.59% against the INR 4,385.70 mn as on March 31, 2021.