Dish TV Q1 consolidated net profit down 34.07% to Rs 49.14 crore

Direct-to-home firm Dish TV India Ltd on Thursday reported a 34.07 per cent decline in its consolidated net profit to Rs 49.14 crore for the first quarter ended in June 2021.

The company had reported a net profit of Rs 74.54 crore in the April-June quarter a year ago, Dish TV said in a BSE filing.

Its revenue from the operation was down 12.51 per cent to Rs 730.97 crore during the quarter under review as against Rs 835.58 crore of the corresponding quarter.

Total expenses were at Rs 672.80 crore, down 10.03 per cent in Q1/FY 2021-22 against Rs 747.87 crore in the corresponding quarter.

Commenting on the results, Dish TV India Group CEO Anil Dua said: "Having managed to stand our ground through the pandemic last year we started the new fiscal with a sense of cautious optimism however, the magnitude of the second wave came as a rude shock.

"Though we were operationally buffered due to our digital infrastructure, what did impact us was the fall in consumer spending on entertainment due to other pressing needs."

The setback to consumer confidence will impact customer spending during the first half this fiscal.

"We plan to counter the sluggishness by re-energizing our distribution network with fresh schemes and offers that would maintain our mission of providing unmatched entertainment at unbeatable value-for-money, he added.

Shares of DishTV India Ltd on Thursday settled at Rs 14.03 on BSE, up 18.20 per cent from the previous close.