Dish TV

In Q2FY13, the company had ‘managed’ to show a net profit at Rs.55 crore, thanks to exceptional item of Rs.76.43 crore, which was on account of reversal of interest charges and forex adjustments. But for that adjustment, the company would have posted a net loss at Rs.21 crore. This time around, in Q3FY13, the company had no such adjustments to make and thus it ended in the red, posting a net loss at Rs.45 crore, which is much higher than the loss it could have posted in Q2 and the Q1 net loss at Rs.32 crore. Its topline rose 13% (YoY) at Rs.557 crore.

EBIDTA margin fell to 24.7% from 29.1% (QoQ). It added 829 thousand new subscribers in current Q3, achieving a total of 14.7 million gross and 10.5 million net subscribers at the end of the period.  Subscription revenues for the quarter was at Rs.4,94crore, up 16.2% (YoY) and 4.4% on QoQ. Subscriber acquisition cost, which had remained largely flat through preceding Q4 and Q3 at Rs.2127, rose to Rs.2232 in current Q1 and has gone up to Rs.2,273 in Q2. In current Q3, it fell to Rs.2,201 and a falling subscriber acquisition cost is a good thing Average revenue per user (Arpu) strengthened from Rs.156 in Q1FY13 to Rs.159 in current Q2 and in Q3 it was at Rs.160, on the back of aggressive price hikes. Content cost for the year is expected to be within the guided range of 12% increase over the previous fiscal. Q4 is also expected to be tumultuous.