On Q-o-Q basis, for the quarter ended March 2016, operating revenues grew by 4% at Rs 799.35 crore. The company added 5.08 lakh subscribers taking the subscriber base at 14.5 million (net). Average Revenue per User (ARPU) at Rs 174 vs Rs 172 in Q3 FY16, Rs 171 in Q2 FY16 and Rs 173 in Q1 FY16. OPM declined by 178 bps at 32.6%. The profit before tax increased by 17% to Rs 79.87 crore. The net profit stood at Rs 482.77 crore due to deferred tax of Rs 436 crore.

On Y-o-Y basis, quarter ended March 2016, operating revenues grew 10% at Rs 799.35 crore. The Subscription revenue was at Rs 741 crore (up by 13%), lease rental at Rs 7 crore, teleport at Rs 5 crore, bandwidth at Rs 27 crore, advertisement revenue at Rs 15 crore and others at Rs 4 crore. The company took a price hike across most of its packs in North and South India by around 4-8% with effect from March 22, 2016. OPM inclined by 237 bps at 32.6%. The profit before tax increased by 120% to Rs 79.87 crore. the net profit stood at Rs 482.77 crore due to deferred tax of Rs 436 crore

To further enhance the digital TV experience for subscribers and build an affordable and fast deployment model for itself, Dish TV selected Wyplay's Frog as the Middleware for its next generation Set-Top-Boxes. Wyplay is an HTML5 browser based system and incorporates all features required for traditional linear broadcast TV consumption, on-demand content and applications distributed over the internet.

The company took a price hike across most of its packs in North and South India by around 4-8% with effect from March 22, 2016. That said however, both Dish TV and the DTH sector in total have been reeling under the pressure of an ever increasing Service Tax that they are still not able to pass on to the subscriber.

Rs 99+75 plan contributed 30% of gross adds, driven by cricket calendar.

Churn for the quarter remained steady at 0.7% per month.

Subscriber acquisition cost – Rs 1450 for Q4 and Rs 1500 for FY16

Rs 1100 avg. subsidy given on STB. Avg. Cost of STB is Rs 2250.

Admin and other expenses for Q4 include Forex loss of Rs 6 crore and bad debt provision of Rs 7.5 crore

Dish TV has been keenly working on ways to connect with newer audiences in the country and has taken its entire range of products and services to popular online e-commerce platforms like Paytm, Snapdeal, Amazon and Flipkart

Deferred tax asset has been created at Rs 400 crore out of total Rs 750 crore. Share premium is used to set-off carried forward losses in lieu to decide on future dividend payment, if any. The company has exhausted the tax loss in FY16 and to set off tax outgo from FY17, hence created deferred tax asset

ARPU would have grown by 2.5% of additional service charges was passed on.

Programming cost up QoQ as Jan to March quarter had heavy sport cost. The mgmt expects content cost to rise 7-9% in absolute term in FY17.

The mgmt expects ARPU to see 2.5-3% growth in FY17.

Capex for FY16 was Rs 800 crore and for FY17 it will be slightly more due to HD nos.

HD is 10% of total net subscribers and 19% of gross addition. Dish TV has 1.4mn HD subscribers (21% industry share). Majority of HD additions is happening in DAS I and II cities

The net debt is around 635 crore

Rs 1200 crore is total debt. Most of debt maturing in next 2 yrs. Rs 325 crore maturing this yr.

Foreign debt is around $ 125 mn.

Cost of debt is 9-9.5%.

Inventory of STB stands around1 mn.

65% of subscriber base is MPEG 4.

The mgmt expects t subscriber addition of 1.5 mn in FY17.

For DAS 3, it was estimated earlier around 50 mn customers out of which 30 mn were already taken up and 20 mn were available. As per latest Trai report, 43 mn boxes has been ceded.

The mgmt don't expect delay in DAS 4.

Tax rate will be full for FY17.