Mumbai: Dish TV Limited shares are down more than 10% on weak fourth quarter results.
The stock plunged to a low of Rs 81.30 in early trades and is currently at Rs 82.20, down 10.5% from Wednesday's closing price.
On the National Stock Exchange, the Dish TV counter has clocked a volume of over 8.6 million shares so far in the session. On BSE, around 8.17 lakh shares have changed hands so far at the Dish TV counter this morning, nearly twice its average daily volume.
The company announced just after trading hours on Wednesday that it posted net loss of Rs 28.3 crore (including deferred tax assets of Rs 13 crore) in the fourth quarter, as against net profit of Rs 482.8 crore (including deferred tax assets of Rs 436 crore) in the corresponding quarter last year.
Net profit for the year was Rs 109.3 crore (including deferred tax assets of Rs 74 crore) as against profit of Rs 692.4 crore (including deferred tax assets of Rs 436 crore) in fiscal 2016.
Dish TV's consolidated subscription revenues stood at Rs 620.5 crore in the quarter and operating revenues were Rs 708.5 crore. EBITDA for the quarter was Rs 190.5 crore, compared toRs 260.8 crore in the corresponding quarter last year. EBITDA margin was 26.9% in the fourth quarter of 2016-17, down from 32.6% in the year-ago quarter.
In the fourth quarter of 2016-17, Dish TV added 1.65 lakh net subscribers, taking the aggregate to 15.5 million. Subscription revenues during the quarter were lower by 11.1% compared to the same quarter last year mainly due to the absence of a major cricketing event as well as package down gradation by
existing subscribers.
During the year ended March 2017, the company added 1.03 million net subscribers and earned subscription revenues of Rs 2770 crore.
Demonetization outdid a good monsoon as well as thriving economic conditions of the last year, the company said, adding that consumer spending remained a challenge from the latter half to the fourth quarter. The initial growth momentum that could have catapulted the DTH industry to the next level in terms
of subscriber additions, took a temporary but prolonged hit, the company stated in its filing to the stock exchanges.
Mr. Jawahar Goel, CMD, Dish TV India Limited, said, “Fiscal 2017 threw up unprecedented challenges but the Dish TV team took things in its stride. We minimized the impact of demonetization while focusing on a long-term advantage in the form of recharges through online modes. Despite the odds,
Dish TV managed to increase its reach and subscriber base.”
