3. DISH TV 2QFY14: In line; EBITDA up 22% QoQ; strong cash generation; maintain BUY (DITV IN, Mkt Cap USD0.9b, CMP INR52, TP INR65, 25% Upside, Buy) - Dish TV’s 2QFY14 EBITDA grew 22% QoQ to INR1.48b (v/s estimate of INR1.52b). EBITDA margin improved ~420bp QoQ to 25%. - Revenue grew 11% YoY and 2.5% QoQ to INR5.93b. Operating cost declined 2.6% QoQ led by lower advertising and content costs. - Net loss for the quarter declined 47% QoQ to INR160m vs our estimate of INR198m, supported by higher other income. - Subscription revenue grew 13.5% YoY and 1.7% QoQ to INR5.37b driven by ~1.5% increase in net subscriber base to 11.1m. ARPU remained flat QoQ at INR165. - Net adds remained largely flat QoQ at ~0.2m. Monthly churn remained flat at ~0.6% per month (~0.2m subscribers churned during the quarter). - The management has guided for FY14 net additions of ~1m. Pack price increases are likely to be considered post festive season.
Posted on: Fri, 25 Oct 2013 04:33:21 +0000
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