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Dish TV - Good show, Maintain ACCUMULATE - Emkay
Posted On : 2012-07-24 01:02:42( TIMEZONE : IST )
- Q1FY13 results– Revenues at Rs5.2bn (flat QoQ), EBITDA at Rs1.55bn (up 8% QoQ) & Adj. Net loss stood at Rs164mn v/s Rs180mn in Q4FY12
- Subscription revenue grew 4.6% QoQ driven by ARPU growth of 2.6% QoQ to Rs156. EBITDA growth of 8% QoQ was led by 50%/15% QoQ decline in advertisement/other expenses
- Going forward, ARPU growth is expected to continue led by price hike in packages initiated in July 2012 & digitalization would give momentum to overall subscriber addition
- Maintain ACCUMULATE with revised TP of Rs79 (12x FY14E EV/EBITDA)
