(Free Press Release)
DISH TV INDIA LIMITED
EARNINGS RELEASE FOR THE QUARTER & YEAR ENDED MARCH 31, 2012

DISH TV TAKES THE NEXT BIG LEAP, BECOMES FREE CASH FLOW POSITIVE

ADDS 2.5 MN.GROSS SUBSCRIBERS IN FY12; MAINTAINS MARKET LEADERSHIP

ROBUST 39.5% YoY GROWTH IN SUBSCRIPTION REVENUES FOR THE FISCAL

ANNUAL AVERAGE REVENUE PER USER (ARPU) FOR FY12 EMERGES STRONGER AT Rs.153

AT 25.5%, AVERAGE EBITDA MARGIN FOR FY12 ENDS 9% HIGHER THAN FISCAL 2011

EXIT QUARTER EBITDA MARGIN AT ALL TIME HIGH OF 27.5%

Highlights
 Dish TV added 415 thousand new subscribers in the quarter ended March 31, 2012 achieving a total of 12.9 million gross and 9.6 million net subscribers at the end of the period.
 Total standalone operating revenues for the fourth quarter stood at Rs. 5,247 million, recording a growth of 21.2% as compared to the corresponding period last fiscal.
 Subscription revenues for the quarter were Rs. 4,338 million, recording a growth of 19.2% as compared to the corresponding period last fiscal.
 Subscriber Acquisition Cost (SAC) maintained at existing level; Rs. 2,127 compared to Rs 2,124 in the immediately preceding quarter.
 EBITDA at Rs. 1,442 million recorded a massive growth of 59.9% as compared to the corresponding period last fiscal. EBITDA margin for the quarter was 27.5%.
 Net loss of Rs. 490 million negatively impacted by foreign exchange loss of Rs. 65 million.

NOIDA, India; May 17, 2012 - Dish TV India Limited (Dishtv) (BSE: 532839, NSE: DISHTV) today reported fourth quarter fiscal 2012 audited standalone revenues of Rs. 5,247 million, recording 21.2% growth over the corresponding period last fiscal. EBITDA of Rs. 1,442 million registered a significant 59.9% increase over the corresponding quarter last fiscal. EBITDA margin for the quarter stood at 27.5%.
The company today also reported audited results for the financial year ended on March 31, 2012.

The full year fiscal 2012 standalone revenues stood at Rs. 19,578 million, with an EBITDA of Rs. 4,984 million and EBITDA margin of 25.5%. Foreign exchange loss of Rs. 510 million impacted fiscal 2012 net loss of Rs. 1,588 million.

The Board of Directors in its meeting held today, has approved and taken on record the standalone audited results of Dish TV for the quarter ended on March 31, 2012 and the audited results for the financial year ended March 31, 2012.

Mr. Subhash Chandra, Chairman, Dish TV India Limited, said, “The fiscal gone by kept the World on tenterhooks as Global economic powerhouse‘s feared collapse from worsening economic scenarios. India had its share of hiccups all along.”
“Mandatory digitization sets the stage for cleaning up and consolidation in the television industry at a time when inefficiencies have negligible scope in businesses and in economies,” he added.
“It enhances subscription opportunities for the DTH industry. What is more important though, is Digitization‘s ability to trigger a much needed change in the overall ecosystem of the television distribution space, where key metrics like churn and ARPU will no longer be susceptible to the ills of analog cable. Dish TV remains well-positioned to leverage this catalyst for growth,” said Mr. Chandra.
Mr. Jawahar Goel, Managing Director, Dish TV, said, “TRAI‘s recent tariff order is an indication of the regulator‘s intent to go full throttle on the digitization mandate. Though the potential digital customer is still in a state of inertia, expecting last minute deferments, demand for digital boxes is expected to pick up speed closer to the sunset date.”
“Dish TV is all set for the Phase I opportunity and beyond and endeavors to retain its market share in an expanding digital universe. We believe that with its top of the mind recall and efficient ground infrastructure, Dish TV is likely to be one of the preferred choices of the potential digital consumer,” he added.
Commenting on the overall performance, Mr. Goel said, “While managing a trade-off between quality and quantity of new subscribers in the fiscal gone by, the DTH category witnessed a slowdown after a price hike at the entry level. The category added 10.5 million subscribers in fiscal 2012 compared to 13.3 million in the year before that. However, Dish TV witnessed a marked improvement in its key metrics after the price hike was initiated. With quality subscribers coming on board thereafter, Dish TV‘s monthly churn number in the fourth quarter aligned with its internal benchmark.”
“In a bid to clear ambiguity around the revenue recognition of lease rentals, we have revised our accounting policy. Lease rental revenues would henceforth be recognized over a five year period and would be in line with depreciation of fixed assets,” said Mr. Goel.
Dish TV continues to invest in new technologies and content. The company recently launched ´Dish truHD+‘, an HD box capable of digital recording. ´Dish truHD+‘ lends a huge advantage over other DVR‘s in the market by offering unlimited recording capacity, due to its compatibility with any external USB device, which enables consumers to simply plug and play and build an entire library of their favourite programmes.
With mandatory digitization flowing through urban markets in the first two phases of implementation and with increasing High Definition content being launched, HD services are likely to generate significant consumer interest going forward.

Dish TV India Limited continues to be the largest DTH Company in India and the whole of Asia Pacific and is one of the largest DTH platforms in the World.

Condensed statement of operations:

The table below shows the condensed statement of operations for Dish TV India Limited for the fourth quarter ended March ´12 compared to the quarter ended December ´11:
Quarter ended Quarter ended % Growth
Rs. million March 2012 December 2011 Q o Q
Operating revenues 5,247 4,905 7.0
Expenditure 3,805 3,703 2.7
EBITDA 1,442 1,202 19.9
Other Income 94 78 20.5
Depreciation 1,678 1,232 36.2
Financial expenses 348 476 (26.9)
Profit / (Loss) before tax (490) (430) -
Provision for tax 0 0 -
Profit / (Loss) after tax (490) (430) -

The table below shows the condensed consolidated statement of operations for Dish TV India Limited for FY 2012 versus FY 2011:
FY 2012 FY 2011 % Growth
Rs. million (Audited) (Audited) Y o Y
Operating revenues 19,579 14,367 36.3
Expenditure 14,619 11,986 21.9
EBITDA 4,960 2,381 108.3
Other Income 707 1,226 (42.3)
Depreciation 5,219 3,995 30.6
Financial expenses 1,780 1,534 16.0
Profit / (Loss) before tax (1,331) (1,920) -
Provision for tax 0 0 -
Profit / (Loss) after tax (1,331) (1,920) -

Expenditure:
Dish TV‘s primary expenses include cost of goods and services, personnel cost, administrative cost, advertisement expenses and selling expenses. The table below shows each as a percentage of total revenue:

Rs. million Quarter ended
March - 2012 % of Gross revenue Quarter ended
Dec. - 2011 % of Gross revenue % Growth
Q o Q
Cost of goods & services 2,632 50.2 2540 51.8 3.6
Personnel cost 191 3.6 173 3.5 10.4
Administrative cost 253 4.8 232 4.7 9.0
Advertisement expenses 268 5.1 192 3.9 39.6
Selling & distribution expenses 461 8.8 566 11.5 (18.5)
Total Expenses 3,805 72.5 3,703 75.5 2.7

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