Dish TV Q1 net profit rises 15% to Rs 20.54 crore, becomes zero-debt company

Its total income in the June quarter was at Rs 503.20 crore

Direct-to-home firm Dish TV India Ltd on Tuesday reported a 15.07 per cent increase in its consolidated net profit to Rs 20.54 crore for the April-June quarter of 2023-24 compared to Rs 17.85 crore a year ago.

The company also announced the appointment of Manoj Dobhal as CEO with effect from August 23, 2023, after receipt of approval from the Ministry of Information and Broadcasting.

Dish TV revenue from the operation declined 17.82 percent to Rs 500.16 crore during the quarter under review as against Rs 608.63 crore of the corresponding quarter, Dish TV said in a regulatory filing.

Dish TV's total expenses in the first quarter of FY2023-24 were down 19.37 percent at Rs 475.46 crore.

Its total income in the June quarter was at Rs 503.20 crore, down 17.94 percent, mainly impacted by a decline in the subscription revenue.

In the June quarter, Dish TV's Subscription revenues were 27.12 percent lower at Rs 397.4 crore as against Rs 545.3 crore a year ago.

Its subscription revenues contributed 79.4 per cent of its total revenue in Q4 of FY23.

However, Dish TV's revenue from 'Marketing and promotional fees' was up two-fold to Rs 82.1 crore, contributing 16.4 per cent of the revenue.

Its advertisement revenue was also up 12.34 per cent at Rs 9.1 crore.

Moreover, Dish TV has also become a debt-free company. By the end of FY23, Dish TV had reduced its overall debt to Rs 72.5 crore.

"Subsequently, during the first quarter of the current fiscal, Dish TV India paid off the last tranche of its outstanding debt of Rs 72.5 crore to become a zero debt organisation," it said.

Dish TV India outgoing CEO Anil Dua said: "Compared to a few quarters earlier, the company is now on a stable wicket both financially and from a product offering perspective. With an able and experienced leadership team at the helm, I am confident that Dish TV India Limited would continue to delight its customers while striving to create shareholder value." Over the number of subscribers, Dish TV said its gross adds during the quarter were 36 per cent higher Year-on-Year. Though the company has not shared any numbers.

Shares of Dish TV India Ltd on Tuesday settled 4.98 per cent higher at Rs 17.49 apiece on BSE.