DISH TV Announces Quarterly Results (3QFY19); Net Profit Up 4365.1%

Wed, 13 Feb

DISH TV has announced its results for the quarter ended December 2018. Here is a detailed performance review of the same:

DISH TV Quarterly Financials

No. of Mths Qtr. Ending		3 Dec-17*	3 Sep-18*	3 Dec-18*	QoQ Change	YoY Change
Net Sales	Rs m	7,408	15,943	15,175	-4.8%	104.8%
Other income	Rs m	158	147	121	-17.4%	-23.3%
Turnover	Rs m	7,566	16,090	15,296	-4.9%	102.2%
Expenses	Rs m	5,403	10,537	9,999	-5.1%	85.1%
Gross profit	Rs m	2,005	5,406	5,176	-4.3%	158.1%
Depreciation	Rs m	1,847	3,675	3,532	-3.9%	91.2%
Interest	Rs m	502	1,592	1,300	-18.3%	159.2%
Profit before tax	Rs m	-186	286	464	62.3%
Tax	Rs m	-150	89	-1,063	-1296.5%
Profit after tax	Rs m	-36	197	1,527	673.9%
Gross profit margin	%	27.1	33.9	34.1
Effective tax rate	%	80.7	31.0	-228.8
Net profit margin	%	-0.5	1.2	10.0

Year-on-Year Performance:

• The company's operating income during the quarter grew 104.8% on a year-on-year (YoY) basis. The expenses were up by 85.1% YoY during the same period.
• The company's operating profit increased by 158.1% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 34.1% in 3QFY19 as against 27.1% in 3QFY18.
• Depreciation charges increased by 91.2% and finance costs increased by 159.2% YoY, respectively.
• Other income declined by 23.3% YoY during the quarter.
• Net profit for the quarter increased by 4365.1% YoY. Net profit margins during the quarter increased from -0.5% in 3QFY18 to 10.0% in 3QFY19.

Quarter-on-Quarter Performance:

• The company's operating income during the quarter fell 4.8% on a quarter-on-quarter (QoQ) basis. The expenses were down by 5.1% QoQ during the same period.
• The company's operating profit increased by 4.3% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 34.1% in 3QFY19 as against 33.9% in 2QFY18.
• Net profit for the quarter increased by 673.9% QoQ, while net profit margins increased from 1.2% in 2QFY18 to 10.0% in 3QFY19.

To see how DISH TV has performed over the last eight quarters, please visit here.

DISH TV Share Price Performance

Over the last one year, DISH TV share price has moved up from Rs 74.7 to Rs 31.5, registering a Loss of Rs 43.2 or around 57.8%.

Meanwhile, the S&P BSE TECK Index is trading at Rs 7,676.9 (up 0.2%). Over the last one year it has moved up from 6,552.7 to 7,676.9, a gain of 1,124 points (up 17.2%).

Overall, the S&P BSE SENSEX is up 5.8% over the year.

Current Valuations

At the current price of Rs 31.5, the price to earnings (P/E) ratio of DISH TV stands at 10.6 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 0.5 times.