Direct-to-home operator DishTV today reported 61.04 per cent decline in consolidated net profit to Rs 26.68 crore for the quarter ended on December 31, 2016, on account of demonetisation.
The company had posted a net profit of Rs 68.49 crore in October-December period of previous year.
Its total income from operations was down 3.04 per cent at Rs 747.98 crore during the quarter under review as against Rs 771.48 crore of the corresponding quarter a year ago, Dish TV said in a BSE filing.
Total expenses were up 1.79 per cent at Rs 664.04 crore in the said quarter as against Rs 652.33 crore in the same period last year.
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Commenting on the results, Dish TV CMD Jawahar Goel said: “Limited cash supply made people defer their DTH recharges by a few days or weeks depending on the urgency of other basic necessities. The impact was stronger in the second tier and below towns and cities as most of the economy in these areas runs on cash.”
He further said: “Our subscription revenues during the quarter could have been higher by around 8 per in a non-adverse scenario. Lower growth eventually resulted in lower average revenues per user as well.”
Dish TV’s revenue from DTH segment declined 21.94 per cent to Rs 471.23 crore in the third quarter of FY2016-17 as against Rs 603.70 of the corresponding period last fiscal.
Its revenue from infra support service was up 9.45 per cent to Rs 287.46 crore in October-December as against Rs 262.63 crore.
Shares of Dish TV today settled at Rs 87.95 on BSE, down 0.45 per cent from previous close.