New Delhi, May 27 (PTI) Direct-to-home broadcast service provider Dish TV India on Monday said its consolidated net loss widened to Rs 1,989.69 crore in March 2024 quarter due to impairment of investments in OTT business Watcho as well as property, plant and equipment.
The company had reported a net loss of Rs 1,710.62 crore in the January-March quarter a year ago, according to a regulatory filing.
Its revenue from operations was down 19.38 per cent to Rs 406.95 crore during the quarter under review as against Rs 504.82 crore in the corresponding quarter.
According to Dish TV, it had an exceptional item expenses of Rs 402.69 crore in the March quarter and its loss before exceptional items and tax was at Rs 14.24 crore.
“Exceptional items of Rs 402.7 crore for the quarter and fiscal ended March 2024 in consolidated financial results include Rs 301.7 crore as impairment of intangible assets under development (for Watcho) and Rs 101 crore as impairment of property, plant and equipment,” said Dish TV in a regulatory filing.
During the reporting quarter Dish TV’s subscription revenues were at Rs 319.7 crore, down 17.8 per cent, as against Rs 389 crore in Q4 of FY23.
Its operating revenue was also lower by 19.4 per cent at Rs 406.9 crore in the March 2024 quarter. It was at Rs 504.8 crore a year ago.
Its operating revenues include marketing and promotional fees, advertisement income and other income.
Dish TV’s total expenses in the March quarter were down 42.92 per cent to Rs 426.37 crore. This includes the cost of goods and services, personnel cost and other expenses.
Total income of Dish TV in the March quarter was down 19.7 per cent to Rs 412.13 crore.
For the financial year ended March 2024, Dish TV’s consolidated loss has widened to Rs 1,966.57 crore. It was at Rs 1,683.54 crore a year ago.
Dish TV revenue from the operation for FY24 was down 17.9 per cent to Rs 1,856.53 crore. It was at Rs 2,261.85 crore a year ago.
In FY24, Dish TV added over 3 million new subscribers, crossing this benchmark after a gap of more than 3 years.
However, the company said: “Churn rate remained elevated but was not way-off the industry trend. Resultant overall net additions during the quarter and fiscal were in the negative zone.” Shares of Dish TV India Ltd on Monday settled at Rs 16.57 per scrip on BSE, down 3.16 per cent from previous close. PTI KRH HVA HVA
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