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Key points from Dish TV Q1FY12 conference call transcript

Bapun Raz

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Dish TV India's total income in Q1FY12 was Rs 460.3 crore compared to Rs 304.3 crore last year.
EBITDA recorded was Rs 112.2 crore, with margins
further strengthening to reach 24.4%. Net loss
reduced to Rs 18.3 crore compared to Rs 63.1 crore
in the first quarter last fiscal, thus making bottom-
line profitability visible in the coming quarters. Key takeaways from the Dish TV conference
call transcript Breakup of revenue: The subscription revenue was
Rs 392 crores, lease rental was Rs 55 crore which
could have been higher by around Rs 5.5 crore but
for the write-off that the company had to do on
account of set top boxes older than 500 days.
Teleport was Rs 3 crore and bandwidth and other charges were around Rs 9.5 crore. Average Revenue Per User (ARPU) remained steady
at Rs 150 despite a higher subscriber base. The
company maintains exit ARPU guidance for FY12 in
the range of Rs 160 to 165. Subscriber acquisition cost for the quarter was
down to Rs 2,058 compared to Rs 2,224 in the
immediately preceding quarter. The breakup would
be around Rs 1600 for set top box, Rs 250 for
selling and distribution cost and the balance
towards marketing cost. The company expects to add 3 to 3.5 million
subscribers in FY12 despite increase in set top box
prices. There are three ARPU drivers in DTH business
model; one, the plain vanilla price increase that
company takes from time to time, the second is the
pack mix which is the upgradation of customers
from low value packs to higher value packs and the
third element is the HD. Dish TV normally tends to get about 40% to 43% of
subscriber additions in the first two quarters and
56% to 57% in the next two quarters. The gross debt is around Rs 1050 crore while cash
continues to be around Rs 370-380 crore. The
company received around Rs 90 crore from
advances given to some of the group companies. The debt level may not fall but the rate of interest or
the amount of interest outgo will fall because Dish
TV has convert rupee debt into foreign currency
debt. So the company can save around 4% to 5%. License fee is the amount paid to the Ministry of
Information and broadcasting based on the
licensing agreement. Source: Company's website
 
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