Direct-to-home firm Dish TV India Ltd has reported a consolidated net loss of Rs 1,720.62 crore for the fourth quarter that ended on March 31, 2023, mainly on account of impairments and deferred tax liability.
The company had reported a net loss of Rs 2,031.99 crore in the January-March quarter a year ago, Dish TV said in a BSE filing.
Its revenue from the operation was down 21.45 per cent to Rs 504.82 crore during the quarter under review as against Rs 642.70 crore of the corresponding quarter.
In the March quarter, Dish TV's loss before exceptional items and tax was at Rs 233.73 crore.
Its losses under exceptional items were at Rs 1,907.61 crore.
During the quarter, Dish TV has to go for impairment of Rs 280 crore for assets under development, Rs 110.5 crore for brand, Rs 567.87 crore for customer and distribution relationship and Rs 328 crore for property, plant and equipment.
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Besides it had also an impairment of goodwill of Rs 621.09 crore of its Goodwill and Intangible assets acquired from Videocon d2h, a company which was merged with Dish TV.
"The Goodwill and Other Intangible Assets, acquired pursuant to merger of the Company with erstwhile Videocon d2h Limited, are periodically tested for impairment to ensure that they are carried at no more than their recoverable amount," it said adding "Post this impairment, there is no remaining value of Goodwill or other Intangible Assets relating to the Videocon d2h business..
Dish TV's total expenses were at Rs 747.01 crore, up 23 per cent in Q4/FY23, as against Rs 607.56 crore in the corresponding quarter.
Its total income in the March quarter was at Rs 513.28 crore, down 21 per cent.
During the quarter Dish TV's Subscription revenues were at Rs 389 crore, down 32.3 per cent. Its subscription revenues contributed 77.1 per cent of its total revenue in Q4/FY23.
Dish TV's advertisement revenue was at Rs 10.2 crore and Rs 91.7 crore from 'Marketing and promotional fees.
For the fiscal year ended March 2023, Dish TV's net loss was at Rs 1,683.54 crore. It had reported a net loss of Rs 1,867.23 crore in the previous fiscal.
Its consolidated revenue from the operation was at Rs 1,683.54 crore in FY23, 9.83 per cent lower than the previous fiscal year.
"For Dish TV India Limited, fiscal 2023 had similar corporate challenges holding back big business decisions as fiscal 2022," said Dish TV in a statement.
Dish TV India closed fiscal 2023 with 0.50 million higher subscriber additions as compared to the previous fiscal.
"At a net level though, both, the DTH industry and Dish TV India were down on a Y-o-Y basis," it added.
The DTH industry continued to remain engaged in indirect competition with the government-owned free DTH platform for yet another year in a row.
"Big league private broadcasters, despite not being fully in the free DTH game, continued to throw sweeteners like free viewing of big-ticket properties that ultimately impacted overall revenues of the DTH industry," it said.
Shares of Dish TV India Ltd on Friday settled at Rs 16.18 on BSE, down 0.43 per cent from the previous close.
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