Dish TV Reports Widened Q4 Net Loss as Revenue Drops by 19%

Dish TV India, a prominent direct-to-home broadcast service provider, reported a significant increase in its consolidated net loss for the March 2024 quarter. The loss amounted to Rs 1,989.69 crore, primarily due to impairment charges related to its OTT business, Watcho, and its property, plant, and equipment assets. This marks a notable increase from the net loss of Rs 1,710.62 crore recorded in the same quarter of the previous year.

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The company's revenue from operations saw a decline of 19.38% to Rs 406.95 crore during the quarter under review, compared to Rs 504.82 crore in the corresponding quarter last year. This downturn in revenue is attributed to several factors impacting the company's financial performance.

Exceptional item expenses for the March quarter were reported at Rs 402.69 crore. These expenses included an impairment of intangible assets under development for Watcho amounting to Rs 301.7 crore and an impairment of property, plant, and equipment worth Rs 101 crore.

Subscription revenues for Dish TV also experienced a downturn, with figures standing at Rs 319.7 crore, marking a decrease of 17.8% from Rs 389 crore in Q4 of FY23. The operating revenue mirrored this decline, falling by 19.4% to Rs 406.9 crore in the March 2024 quarter from Rs 504.8 crore a year earlier.

The total expenses for Dish TV in the March quarter were reduced by 42.92% to Rs 426.37 crore, encompassing costs of goods and services, personnel costs, and other expenses. Despite these reductions, total income also decreased by 19.7% to Rs 412.13 crore.

For the financial year ending March 2024, Dish TV's consolidated loss widened to Rs 1,966.57 crore from Rs 1,683.54 crore a year ago. Revenue from operations for FY24 fell by 17.9% to Rs 1,856.53 crore from Rs 2,261.85 crore in the previous year.

Despite these financial challenges, Dish TV achieved a milestone by adding over 3 million new subscribers in FY24, reaching this level of growth for the first time in more than three years. However, the company acknowledged that the churn rate remained high and aligned with industry trends, leading to overall net reductions during both the quarter and fiscal year.

On Monday, shares of Dish TV India Ltd closed at Rs 16.57 per scrip on BSE, reflecting a decrease of 3.16% from its previous close.