Dish TV

The company continues to remain in the red but the gratifying part is that the losses have come down. Compared to the net loss of Rs.38 crore in Q3FY14, the net loss came in this Q3 at Rs.3 crore, which is just about in the red. Anticipation that it is close to a turnaround in next quarter has driven up the stock to a new high at Rs.79.40. Its net sales rose 17% (YoY) at Rs.711 crore.

The company has done well on the operational front with EBITDA rising 43% at Rs.189 crore. Margins saw a huge expansion of 500 bps to 26.6%. Lower cost of set top box with constant content cost drove up volumes, which has helped the performance. During the quarter, its subscription revenue rose 17.5% at Rs.655 crore, driven by net addition of 4.16 lakh new net subscribers in Q3. This has raised its market share to 28% in current Q3. Average revenue per user (Arpu) increased by Rs. 5 to Rs 177 per user.