2QFY18 Results Update | Sector: Media
5 December 2017
Dish TV India
BSE SENSEX
32,802
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val, INRm
Free float (%)
S&P CNX
10,118
DITV IN
1,066
85.8 / 1.3
111 / 68
7/-10/-31
481.6
35.6
2019E
34.6
11.7
2.3
2.2
258.1
7.4
34.9
17.9
36.5
10.8
CMP: INR80
TP: INR106(+31%)
Buy
Videocon merger synergies to drive earnings
EBITDA comes in above estimates:
Dish TV (DITV) delivered healthy EBITDA
growth of 7% QoQ (-18% YoY) to INR2.2b in 2QFY18, 4% above our estimate.
Revenue grew 1% QoQ to INR7.5b, supported by a 2% improvement in
subscription revenue. EBITDA margin improved 160bp QoQ, led by lower
SG&A costs, partly offset by higher transponder cost.
Improving operating environment:
EBITDA margin was also aided by the
gradually reducing churn. Net subscriber addition stood at 188,000 to reach
15.9m (+1% QoQ), while ARPUs strengthened to INR149 v/s INR148 in the
previous quarter. Improvement in monthly churn to ~0.8% v/s 1% in 1QFY18
helped reduce subscriber acquisition cost (to INR1,525/sub) and ad
expenses.
Margin-led growth ahead:
Management continued to guide for 1m annual
subscriber adds in FY18/19 and an ARPU improvement in 2HFY18, led by a)
the fading impact of discounts offered two quarters ago and b) HD
penetration. We believe the EBITDA margin should improve to 30.9% in FY18
v/s 28% in 1HFY18, driven by GST gains, better ARPUs and subscriber adds.
Subsequently, FY18 EBITDA is expected to remain flat, while FY18-20E
EBITDA CAGR should come in healthy at 18%, driven by 10% revenue growth
and a margin improvement. Management maintained FY18/19E synergy
guidance of INR1.8b/INR5.1b from the Videocon merger, which could drive
steep EBITDA growth.
Maintaining our rating and TP:
The stock is trading at an EV/EBITDA of 7.8x
on FY19E. We maintain
Buy
with a TP of INR106. We have assigned 8x
EV/EBITDA to the combined entity (Dish TV and Videocon d2h), factoring in
INR2.4b synergy gains v/s management’s guidance of INR5.1b. We believe
EBITDA growth driven by merger synergy should drive the stock price.
FY18
1Q
2Q
3QE
7,389 7,486 8,008
-5.1
-3.9
7.1
5,377 5,325 5,396
2,012 2,161 2,612
-24.0 -18.7
4.7
27.2
28.9
32.6
1,822 1,899 1,870
590
611
375
98
77
76
-302
-272
443
-162
-93
151
53.8
34.3
34.0
-139
-179
292
-135.0 -125.9 9.7
-1.9
-2.4
3.7
FY17
4QE
8,596
21.3
5,662
2,934
54.0
34.1
1,841
139
74
1,029
347
33.8
681
-340.0
7.9
FY18E
2QFY18E
7,554
-3.1
5,467
2,087
-21.4
27.6
1,870
261
87
44
15
34.0
29
-95.8
0.4
Var %
-1
-3
4
124bp
2
134
-12
NM
Financials & Valuations (INR b)
2017 2018E
Y/E Mar
30.1
31.5
Net Sales
9.7
9.7
EBITDA
1.1
0.7
PAT
1.0
0.6
EPS (INR)
-84.2
-40.0
Gr. (%)
4.6
5.2
BV/Sh (INR)
25.1
12.5
RoE (%)
18.0
11.4
RoCE (%)
78.5
130.8
P/E (x)
17.5
15.4
P/BV (x)
Estimate change
TP change
Rating change
Quarterly Performance (Consolidated)
Y/E March
Revenue
YoY Change (%)
Operating expenses
EBITDA
YoY Change (%)
EBITDA margin (%)
Depreciation
Interest
Other Income
PBT
Tax
Effective Tax Rate (%)
Net profit
YoY Change (%)
PAT margin (%)
1Q
7,786
5.7
5,139
2,647
12.3
34.0
1,649
526
115
587
189
32.2
398
-25.0
5.1
FY17
2Q
3Q
7,793 7,480
3.6
-3.0
5,151 4,985
2,642 2,495
3.6
-6.0
33.9
33.4
1,635 1,656
554
591
111
181
565
429
-136
163
(24.1) 37.9
701
267
-19.4 -61.1
9.0
3.6
4Q
7,086
-11.4
5,180
1,906
-26.9
26.9
1,728
573
104
-291
-7
2.4
-284
-105.9
-4.0
30,144 31,479
-1.5
4.4
20,415 21,760
9,729 9,719
-5.1
-0.1
32.3
30.9
6,631 7,432
2,239 1,714
475
325
1,334
898
241
243
18.1
27.0
1,093
656
-84.2 -40.0
3.6
2.1
NM
-277bp
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Aliasgar Shakir
(Aliasgar.Shakir@motilaloswal.com); +91 022 6129 1565
Hafeez Patel
(Hafeez.Patel@motilaloswal.com); +91 22 3010 2611

Dish TV India
Valuation and view
For the combined entity, we expect a CAGR of 8% in revenue and 12% in EBITDA
over FY17-20. This is on the back of 7%/1% CAGR in net subscribers/ARPUs, and
also including EBITDA synergies of INR2.4b/INR4b in FY19/20E.
We believe the merger synergies are not fully captured in valuations. DITV is
valued at 7.8x EV/EBITDA on FY19E basis ex-merger.
Given that the merger is expected to conclude once the MIB approval is
received, the stock should trace the earnings potential.
The stock is trading at an EV of 5.8x FY19E and 4.5x FY20E EBITDA if we factor in
merger synergies of INR2.4b in FY19 and INR4b in FY20 (significantly lower than
management’s expectation of INR5.1b synergies in FY19).
We remain positive on DITV with a TP of INR106 (8x FY19E EBITDA of INR26.8b,
including merger synergies of INR2.4b).
Exhibit 1: Valuation summary (INR b)
Dish + Videocon
EBITDA (excl. synergies)
Market Cap
Net Debt
Enterprise Value
EV/EBITDA (x)
EBITDA Synergies
EBITDA (incl synergies)
Enterprise Value
EV/EBITDA (x)
Target Multiple (x)
Enterprise Value
Net debt
Market Cap
No of Shares (m)
Target Price (INR)
CMP (INR)
Upside (%)
FY19E
24
145
12
157
7
2
26
157
6
8
215
12
203
2
106
80
31%
Source: Company, MOSL
Earnings call Highlights
Key takeaways
DITV has received all approvals to conclude the merger, except from the
Ministry of Information and Broadcasting. Management remains optimistic
about obtaining the approval soon.
Management has maintained its guidance of INR1.8b/5.1b synergies for the
merged entity in FY18/19. Although the expense synergies should accrue
sooner, the revenue synergies should take time due to the approval pending
from MIB.
Guidance for 1m net subscriber adds in FY18 remains intact.
Management expects ARPUs to revive in 2HFY18. The impact of 3-4 months
discounted packages given in March’17 (which continued to pull down ARPU
due to the accrual accounting) may subside from Jan’18.
EBITDA margin is expected to increase 2-3% from 3Q-4QFY18, driven by GST
benefits (as the advance service tax gets wiped off).
5 December 2017
2

Dish TV India
2QFY18 performance and operations
Operating revenue at INR7.5b was up 1.3%, while subscription revenue grew
1.9% QoQ to INR7b.
Revenue from teleport stood at INR55m, band-with at INR220m, advertising at
INR120m and other at ~INR30m.
Margin recovered ~170bp QoQ to 28.9% (from 27.2%).
DITV added 188k net subs during the quarter, with a base of 15.9m as on
2QFY18.
ARPU stood at INR149 and churn stood a little below 0.8% p.m., led by
improvement in consumer sentiment.
Content cost was majorly flat on a QoQ basis. Currently, DITV’s content cost is
31% of revenues v/s Videocon’s 37-38%.
Subscriber acquisition cost stood at INR1,525, led by lower ad expenses.
Increase in operating cost is majorly due to transponder cost and call center
charges.
DITV has recently partly adopted TRAI new tariff orders and started offering
channels at affordable a-la carte rates (except Sports and select south channels
as they are expensive).
Hybrid Box:
DITV has conceptualized a new hybrid box with multiple access divisions in
one box, on a pilot project serving ~800-1000 subscribers. It offers latest
entertainment options as well as DTH services.
Company plans to launch it fully by April-18; however, no decision has been
taken on access fee to be charged to customers.
The box would give DITV an insight as to which channel is more popular and
help evaluate consumer preferences.
At present, HD subscribers form ~60% of the total net subscriber base.
Dish-Videocon merger update:
Received all approvals to conclude the merger, except from the Ministry of
Information and Broadcasting, on which management is optimistic.
Management has maintained its guidance of INR1.8b/5.1b synergies for the
merged entity in FY18/19.
The synergies should come majorly from expenses – content, warehousing and
other operating cost.
Though the expense synergies should accrue sooner, the revenue synergies
should take time due to approval pending from the MIB.
Industry:
On the Free DTH front, negotiation between private broadcasters and
distributors to distinguish in FTA and paid content continues.
10 FTA channels have opted out of the FTA platform due to their inability to pay
high carriage fees. Management expects five more to discontinue.
DD Freedish is impacting Prasar Bharti’s revenue, because of which it is unable
to offset the carriage revenue through auctions. Government has taken
cognizance of this fact.
5 December 2017
3

Dish TV India
Balance sheet and outlook
Guidance for net subscriber adds is maintained at 1m for FY18.
~55% of DITV’s revenues are earned in H2FY18. Management expects gross
revenues to increase by 7-8% in FY18.
ARPU trends depict an improvement in the last three quarters (from INR139 to
INR149). With current plans and push in HD offerings, it should improve ARPU
going forward.
Also, the impact of 3-4 months discounted packages given in March’17 (which
continued to pull down ARPU due to the accrual accounting) may subside from
Jan’18.
Overall APRU should increase 1-2% in FY18.
EBITDA margin is expected to expand 2-3% from 3Q-4QFY18, driven by GST
benefits (as the advance ST gets wiped off)
Management expects to gain majorly from digitization of the phase III and IV
market, as well as from cable players due to its negotiation with broadcasters on
content cost.
Also, government initiatives on rural electrification (increasing TV penetration),
and ~4cr households under the scheme “Housing for All” offers subscriber
growth opportunity.
Provisions include those for license fee of ~INR1.3b, of which INR0.4b is interest.
Gross debt stood at INR1.2b and net debt at INR0.8b.
Increase in trade receivables is majorly due to carriage revenues, advertisement
receivables, etc. But expect to revert back to normal levels soon.
In MPEG-2, DITV has less than 3m subscribers; expected to get upgraded to
MPEG-4 within the next 18 months.
1QFY18
7,389
5,377
2,012
27.2
1,822
590
98
0
-302
-162
53.8
-139.4
-139.4
6,917
15.7
0.2
148
1.0
2QFY18
7,486
5,325
2,161
28.9
1,899
611
77
0
-272
-93
34.3
-178.7
-178.7
7,049
15.9
0.188
149
0.8
YoY%
-3.9
3.7
-18.7
-523bps
12.8
6.4
-55.7
NA
-147
-19.8
5454bps
-125.9
-125.9
-3.3
4.5
-27.4
-7.9
1.9
QoQ%
1.3
-1.0
7.4
163bps
4.2
3.6
-21.4
NA
-9.9
-42.6
-1952bps
28.2
28.2
1.9
1.2
1.1
0.7
-17.5
2QFY18E
7,554
5,467
2,087
27.6
1,870
261
87
0
44
15
34.0
29.1
29.1
6,997
15.8
0.2
148
1.0
v/s est (%)
-0.9
-2.6
3.5
124bps
1.5
134.4
-11.9
NA
-717.1
-722.2
28bps
-714.5
-714.5
0.7
0.1
8.7
0.5
-19bps
Exhibit 2: DITV: Quarterly performance (INR m)
Revenue
Operating expenditure
EBITDA
EBITDA margin (%)
Depreciation
Interest
Other income
Exceptional items
PBT
Tax
Effective tax rate (%)
Reported PAT
Adj. PAT
Other details
Subscription revenue
Net subs (m)
Net adds (m)
ARPU (INR/month)
Monthly churn (as a % of net subs)
2QFY17
7,793
5,136
2,657
34.1
1,683
574
174
0
574
-116
-20.3
689.8
689.8
7,288
15.2
0.3
162
0.8
Source: Company, MOSL
5 December 2017
4

Dish TV India
Exhibit 3: DITV: Summary of estimate change
FY18E
Revenue (INR b)
Old
Actual/New
Change (%)
EBITDA (INR b)
Old
Actual/New
Change (%)
EBITDA Margin (%)
Old
Actual/New
Change (bp)
Net Profit (INR b)
Old
Actual/New
Change (%)
32.3
31.5
-2.6
10.1
9.7
-3.8
31.2
30.9
-37.3
1.1
0.7
-39.4
FY19E
35.6
34.6
-2.7
12.0
11.7
-2.6
33.8
33.8
1.3
2.6
2.3
-8.1
FY20E
39.1
38.0
-2.7
13.8
13.6
-1.2
35.3
35.9
54.2
4.2
4.0
-2.6
Source: MOSL, Company
Exhibit 4: Pro forma income statement of the merged entity (INR m)
Dish TV
17.7
155
31,871
2,740
34,611
FY19E
Videocon
Synergies
15.5
187
33,300
2,928
36,228
-
-
-
Merged
33.3
170
65,165
5,668
70,839
Dish TV
18.9
159
34,905
3,135
38,040
10%
10,421
27%
2,688
7%
2,260
6%
1,805
5%
1,760
5%
5,463
14%
24,397
13,642
17%
36%
7,725
5,917
1,579
1,371
6,125
2,082
34
4,042
FY20E
Videocon
Synergies
16.8
191
36,951
3,090
40,041
11%
14,615
37%
3,203
8%
1,699
4%
714
2%
1,602
4%
4,118
10%
25,951
14,090
14%
35%
6,358
7,732
146
2,298
5,580
1,674
30
3,906
-
-
-
Merged
35.7
174
71,845
6,225
78,081
10%
22,967
29%
5,891
8%
3,960
5%
2,322
3%
2,968
4%
8,212
11%
46,319
31,762
20%
41%
14,083
17,679
1,725
3,669
15,735
5,350
34
10,385
Net Subscriber base (m)
Monthly ARPU (INR)
Income from operations
Subscription revenue
Other operating revenue
Total
% YoY growth
Expenditure
Content cost
as % of sales
License fees
as % of sales
Transponder cost
as % of sales
Other operating exps
as % of sales
Employee Cost
as % of sales
Other expense (SG&A)
as % of sales
Total
EBITDA
% YoY growth
EBITDA margin (%)
Depreciation
EBIT
Other Income
Interest
PBT
Tax
Tax Rate (%)
PAT
9,924
29%
2,454
7%
2,195
6%
1,719
5%
1,630
5%
4,999
14%
22,921
11,690
34%
7,650
4,039
890
1,371
3,558
1,210
34
2,348
13,404
37%
2,898
8%
1,650
5%
680
2%
1,449
4%
3,779
10%
23,860
12,368
34%
6,372
5,996
95
2,428
3,663
1,099
30
2,564
1,151
-
-
71
213
992
2,426
22,178
31%
5,352
8%
3,844
5%
2,328
3%
2,866
4%
7,786
11%
44,356
26,483
37%
14,023
12,461
985
3,799
9,647
3,280
34
6,367
2,069
-
-
197
394
1,370
4,030
-
-
-
-
-
-
Source: MOSL, Company
5 December 2017
5

Dish TV India
Story in charts
Exhibit 5: DITV: Margins witnessing some solace
Revenue (INR b)
Margin (%)
Exhibit 6: DITV: Trend in subscription revenue and growth
Subscription revenue (INR b)
QoQ growth (%)
Source: MOSL, Company
Source: MOSL, Company
Exhibit 7: DITV: Trend in net subscribers and ARPU
Net subs (m)
ARPU (INR)
Exhibit 8: DITV: Net adds up QoQ at 188k; Churn at ~0.8%
Net adds (m)
Monthly Churn (%)
Source: MOSL, Company
Source: MOSL, Company
Exhibit 9: DITV: Subscriber acquisition cost down 15% QoQ
Subscriber acquisition cost (INR'000)
1.1 2.2
-8.4
4.5
-8.3
0.0 1.4 -1.4
-10.1
QoQ growth (%)
8.3
-6.5
1.3
8.5
-2.6
-15.3
7.1
-4.7
0.0
1.8 1.8 1.9 1.8 1.8 1.7 1.7 1.7 1.8 1.7 1.6 1.5 1.6 1.6 1.7 1.7 1.8 1.5
Source: MOSL, Company
5 December 2017
6

Dish TV India
Exhibit 10: DITV: Net subs to increase steadily
Net subs (m)
1.5
1.1
1.1
0.7
9.6
10.7
11.4
12.9
14.5
15.5
16.5
17.7
18.9
150
157
164
174
1.6
1.0
1.0
Net adds (m)
10
1.3
1.1
4
5
Exhibit 11: DITV: ARPU to witness revival
ARPU (INR)
6
-7
162
-5
154
-2
ARPU YoY growth (%)
2
2
152
155
159
Source: MOSL, Company
Source: MOSL, Company
Exhibit 12: DITV: Margins to get a fillip
Consol Revenue (INR b)
33.5
25.6
26.7
22.7
27.3
32.3
EBITDA margins (%)
30.9
33.8
35.9
Exhibit 13: DITV: Subscription revenue to rise led by HD
push
Subscription revenue (INRb)
16
14
16
10
5
4
27.7
5
29.1
31.9
34.9
10
YoY growth (%)
19.6
21.7
24.3
26.9
30.6
30.1
31.5
34.6
38.0
19.2
21.9
25.5
26.6
Source: MOSL, Company
Source: MOSL, Company
Exhibit 14: Merged entity’s ARPU to get a fillip
Net subs (m)
ARPU (INR)
174
170
166
28.4
FY17
30.7
FY18E
33.3
FY19E
35.7
FY20E
170
Exhibit 15: Merged entity’s subscription revenue to increase
Subscription revenue (INRb)
10.7
Yoy growth (%)
10.3
5.9
5.6
55.8
FY17
58.9
FY18E
65.2
FY19E
71.8
FY20E
Source: MOSL, Company
Source: MOSL, Company
5 December 2017
7

Dish TV India
Exhibit 16: Content cost as % subscription revenue to come down gradually
Dish TV
64.6
48.8
40.5
35.5
41.1
41.5
43.7
41.5
40.3
39.6
Videocon
36.5
33.9
31.4
32.1
33.1
33.1
31.1
29.9
Source: MOSL, Company
Exhibit 17:
Dish TV
1-year forward EV/EBITDA trend
66
EV/EBITDA (x)
Avg (x)
Max (x)
Min (x)
44
42.8
22
7.6
0
15.0
7.7
Source: Bloomberg, MOSL, Company
5 December 2017
8

Dish TV India
Financials and Valuations – Dish TV India (ex-merger)
Income Statement
Y/E Mar
Net Sales
Change (%)
EBITDA
EBITDA Margin (%)
Depreciation
EBIT
Interest
Other Income
Extraordinary items
PBT
Tax
Tax Rate (%)
Min. Int. & Assoc. Share
Reported PAT
Adjusted PAT
Change (%)
2013
21,668
10.7
5,795
26.7
6,276
-480
1,284
512
594
-658
0
0.0
0
-658
-1,252
-20.1
2013
1,065
-2,618
-1,553
16,330
0
14,777
35,788
21,448
14,340
6,535
2,782
7,891
86
304
3,645
3,856
16,773
10,099
6,674
-8,882
14,776
2014
24,258
12.0
5,513
22.7
5,973
-460
1,327
660
-415
-1,542
0
0.0
0
-1,542
-1,127
-10.0
2014
1,065
-4,191
-3,126
14,095
0
10,969
40,989
27,418
13,571
4,226
2,000
7,905
75
415
3,427
3,989
16,733
8,230
8,503
-8,828
10,969
2015
26,880
10.8
7,331
27.3
6,138
1,194
1,754
635
0
75
42
56.4
0
33
33
-102.9
2015
1,066
-4,199
-3,134
14,839
0
11,705
48,160
33,621
14,539
4,972
2,000
10,153
99
637
4,287
5,131
19,958
9,221
10,737
-9,805
11,705
2016
30,599
13.8
10,249
33.5
5,907
4,342
2,087
640
0
2,895
-4,029
-139.2
0
6,924
6,924
21,139.0
2016
1,066
2,741
3,807
12,313
-4,360
11,760
57,627
39,527
18,100
6,100
2,320
8,513
126
725
3,392
4,271
23,274
10,950
12,324
-14,761
11,760
2017
30,144
-1.5
9,729
32.3
6,631
3,098
2,239
475
0
1,334
241
18.1
0
1,093
1,093
-84.2
2017
1,066
3,840
4,906
11,428
-5,100
11,234
65,359
46,156
19,203
7,868
1,644
8,793
131
869
2,923
4,871
26,274
11,807
14,468
-17,481
11,234
2018E
31,479
4.4
9,719
30.9
7,432
2,287
1,714
325
0
898
243
27.0
0
656
656
-40.0
2018E
1,066
4,496
5,562
11,428
-5,100
11,889
72,912
53,588
19,323
7,868
1,644
7,747
172
690
1,968
4,916
24,693
11,756
12,937
-16,946
11,889
(INR Million)
2019E
34,611
9.9
11,690
33.8
7,650
4,039
1,371
890
0
3,558
1,210
34.0
0
2,348
2,348
258.1
2019E
1,066
6,844
7,910
11,428
-5,100
14,238
80,098
61,239
18,859
7,868
1,644
12,907
190
759
6,554
5,405
27,041
12,817
14,224
-14,134
14,238
2020E
38,040
9.9
13,642
35.9
7,725
5,917
1,371
1,579
0
6,125
2,082
34.0
0
4,042
4,042
72.1
2020E
1,066
10,886
11,952
11,428
-5,100
18,280
86,937
68,964
17,973
7,868
1,644
20,406
208
834
13,423
5,940
29,611
13,978
15,633
-9,205
18,280
Balance Sheet
Y/E Mar
Share Capital
Reserves
Net Worth
Debt
Deferred Tax
Total Capital Employed
Gross Fixed Assets
Less: Acc Depreciation
Net Fixed Assets
Capital WIP
Investments
Current Assets
Inventory
Debtors
Cash & Bank
Loans & Adv, Others
Curr Liabs & Provns
Curr. Liabilities
Provisions
Net Current Assets
Total Assets
(INR Million)
5 December 2017
9

Dish TV India
Financials and Valuations - Dish TV India (ex-merger)
Ratios
Y/E Mar
Basic (INR)
EPS
Cash EPS
Book Value
DPS
Valuation(x)
P/E
Price / Book Value
EV/Sales
EV/EBITDA
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
Turnover Ratios (%)
Asset Turnover (x)
Debtors (No. of Days)
Inventory (No. of Days)
Creditors (No. of Days)
Leverage Ratios (%)
Net Debt/Equity (x)
2013
-1.2
4.7
-1.5
0.0
2014
-1.1
4.5
-2.9
0.0
2015
0.0
5.8
-2.9
0.0
NM
NM
3.6
13.1
0.0
NM
NM
1.5
5
1
145
-6.4
2013
5,795
1,035
526
-82
-1,179
6,095
-6,980
-886
-1,241
2,858
-5,363
18
1,896
-691
-1
1,222
1,953
1,692
3,645
NM
NM
2.2
6
1
110
-2.8
2014
5,513
1
1,964
-60
-363
7,055
-2,986
4,069
831
1,993
-162
3
-3,987
-625
0
-4,610
2,283
1,144
3,427
NM
NM
2.3
9
1
123
-2.7
2015
7,331
425
404
-99
-386
7,675
-7,057
617
24
3,425
-3,608
35
364
-761
0
-362
3,705
582
4,287
2016
6.5
12.0
3.6
0.0
12.4
22.5
3.1
9.2
0.0
NM
NM
2.6
9
1
123
1.7
2016
10,249
408
1,211
-199
-346
11,324
-9,081
2,243
-287
3,760
-5,608
17
-2,870
-666
0
-3,519
2,197
1,195
3,392
2017
1.0
7.2
4.6
0.0
78.5
17.5
3.1
9.7
0.0
25.1
18.0
2.7
11
2
131
1.4
2017
9,729
226
-160
-1,240
-352
8,204
-8,612
-408
729
2,837
-5,045
6
-495
-657
0
-1,145
2,013
909
2,923
2018E
0.6
7.6
5.2
0.0
130.8
15.4
3.0
9.8
0.0
12.5
11.4
2.6
8
2
125
1.4
2018E
9,719
325
-1,490
-243
-325
7,987
-7,552
435
0
1,514
-6,038
0
0
-1,714
0
-1,714
235
1,733
1,968
2019E
2.2
9.4
7.4
0.0
36.5
10.8
2.6
7.8
0.0
34.9
17.9
2.4
8
2
125
0.4
2019E
11,690
890
1,774
-1,210
-890
12,254
-7,187
5,067
0
2,079
-5,107
0
0
-1,371
0
-1,371
5,775
779
6,554
2020E
3.8
11.0
11.2
0.0
21.2
7.2
2.2
6.1
0.0
40.7
23.2
2.1
8
2
125
-0.3
2020E
13,642
1,579
1,940
-2,082
-1,579
13,500
-6,839
6,661
0
2,768
-4,071
0
0
-1,371
0
-1,371
8,058
5,365
13,423
Cash Flow Statement
Y/E Mar
Adjusted EBITDA
Non cash opr. exp (inc)
(Inc)/Dec in Wkg. Cap.
Tax Paid
Other operating activities
CF from Op. Activity
(Inc)/Dec in FA & CWIP
Free cash flows
(Pur)/Sale of Invt
Others
CF from Inv. Activity
Inc/(Dec) in Net Worth
Inc / (Dec) in Debt
Interest Paid
Divd Paid (incl Tax) & Others
CF from Fin. Activity
Inc/(Dec) in Cash
Add: Opening Balance
Closing Balance
(INR Million)
5 December 2017
10

Dish TV India
NOTES
5 December 2017
11

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Dish TV India
Disclosure of Interest Statement
Analyst ownership of the stock
Dish TV India
No
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12