Dish TV India Ltd

About

Dish TV India Ltd is a leading direct-to-home (DTH) company, providing DTH services across the segments in the country.
It offers a large number of SD and HD channels to cater to the requirements of the customers spread all across the country in addition to providing various Value-Added Services.
It provides services under its own 3 brands i.e. DishTV, d2h and Zing Digital.[1]

Key Points

Market Share
Post the amalgamation of Videocon d2h into the company, it continues to be a market leader in DTH Industry with a market share of ~31% with a subscriber base of ~235 lakh subscribers as per FY20.[1]
In FY21, the company did not attract enough new subscribers to compensate for higher churn in existing subscribers and saw a small drop of ~6% in revenues from subscriptions due to conscious constraints on marketing spending by the company.[2]

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  • Market Cap 3,139 Cr.
  • Current Price 17.0
  • High / Low 23.4 / 8.55
  • Stock P/E
  • Book Value 15.1
  • Dividend Yield 0.00 %
  • ROCE 11.7 %
  • ROE -26.6 %
  • Face Value 1.00

Pros

  • Company has reduced debt.
  • Stock is trading at 1.13 times its book value

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 1.21% over past five years.
  • Promoter holding is low: 5.93%
  • Company has a low return on equity of -1.57% for last 3 years.
  • Contingent liabilities of Rs.1813.63 Cr.
  • Promoters have pledged 39.82% of their holding.
  • Company's cost of borrowing seems high
  • Promoter holding has decreased over last 3 years: -54.90%
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
1,517 1,399 926 893 868 869 836 846 816 752 731 718
986 984 390 373 362 326 284 321 312 326 292 291
Operating Profit 532 415 536 520 506 543 551 525 504 426 439 427
OPM % 35% 30% 58% 58% 58% 63% 66% 62% 62% 57% 60% 59%
Other Income 12 -1,553 5 4 3 -1,913 15 4 3 -776 8 4
Interest 144 148 147 138 137 143 122 107 97 92 83 84
Depreciation 353 359 363 369 347 347 342 339 315 536 297 292
Profit before tax 46 -1,645 31 17 25 -1,860 103 84 95 -979 67 55
Tax % -229% 17% 214% 664% 372% 22% 27% 23% 9% -45% 26% 36%
Net Profit 162 -1,360 -32 -91 -65 -1,451 76 66 91 -1,409 50 31
EPS in Rs 0.88 -7.39 -0.17 -0.50 -0.35 -7.88 0.41 0.36 0.49 -7.65 0.27 0.17

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
1,085 1,437 1,958 2,167 2,509 2,688 3,060 3,014 4,634 6,166 3,556 3,249 3,017
965 1,181 1,430 1,587 1,885 1,955 2,035 2,046 3,310 4,112 1,438 1,200 1,221
Operating Profit 120 255 528 580 624 733 1,025 968 1,324 2,055 2,119 2,050 1,796
OPM % 11% 18% 27% 27% 25% 27% 34% 32% 29% 33% 60% 63% 60%
Other Income 37 105 58 110 -52 63 64 61 46 -1,521 -1,915 -797 -761
Interest 97 153 197 128 133 175 209 229 396 629 565 418 357
Depreciation 323 400 522 628 597 614 591 691 1,072 1,441 1,426 1,532 1,440
Profit before tax -263 -192 -133 -66 -158 7 290 109 -98 -1,536 -1,787 -698 -762
Tax % 0% 0% 0% -0% -0% 57% -139% 25% 13% 24% 7% -71%
Net Profit -262 -192 -133 -66 -158 3 692 92 -75 -1,145 -1,639 -1,178 -1,237
EPS in Rs -1.80 -1.25 -0.62 -1.48 0.03 6.50 0.86 -0.41 -6.22 -8.90 -6.40 -6.72
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% -8% 0% 0%
Compounded Sales Growth
10 Years: 9%
5 Years: 1%
3 Years: -11%
TTM: -12%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: -251%
Stock Price CAGR
10 Years: -13%
5 Years: -28%
3 Years: -24%
1 Year: 67%
Return on Equity
10 Years: %
5 Years: -1%
3 Years: -2%
Last Year: -27%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
106 106 106 106 106 107 107 107 184 184 184 184 184
Reserves 271 -69 -200 -262 -419 -420 274 299 6,562 5,298 3,657 2,495 2,590
Borrowings 932 1,076 1,400 1,633 1,410 1,484 1,231 1,137 3,154 2,758 1,784 810 557
1,596 1,610 1,328 1,677 1,673 1,996 2,327 2,627 5,272 6,106 5,983 5,796 5,622
Total Liabilities 2,905 2,723 2,634 3,155 2,770 3,166 3,939 4,170 15,172 14,346 11,609 9,285 8,952
1,105 1,444 1,420 1,434 1,357 1,454 1,810 2,042 12,185 10,235 7,681 6,006 6,168
CWIP 354 442 388 654 423 497 610 580 678 767 1,148 947 435
Investments 356 200 150 278 200 200 232 165 150 0 0 0 0
1,090 637 675 789 790 1,015 1,287 1,383 2,159 3,344 2,780 2,331 2,349
Total Assets 2,905 2,723 2,634 3,155 2,770 3,166 3,939 4,170 15,172 14,346 11,609 9,285 8,952

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
233 395 411 609 705 767 1,132 821 1,036 1,090 2,204 1,574
-880 -643 -502 -786 -301 -670 -809 -625 -493 -452 -926 -481
1,122 66 142 122 -461 -36 -352 -115 -414 -849 -1,257 -1,112
Net Cash Flow 474 -183 52 -55 -56 61 -29 82 129 -210 21 -19

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 12 6 5 5 6 9 9 11 12 8 9 10
Inventory Days
Days Payable
Cash Conversion Cycle 12 6 5 5 6 9 9 11 12 8 9 10
Working Capital Days -357 -287 -167 -196 -177 -202 -228 -255 -348 -248 -557 -587
ROCE % -17% -4% 5% -0% 7% 16% 36% 21% 5% 7% 10% 12%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
60.83 57.99 57.52 55.27 54.95 54.56 23.67 12.81 8.51 7.30 5.93 5.93
12.65 14.99 11.58 12.51 11.24 11.09 9.74 9.16 10.58 10.31 10.19 12.17
1.83 0.86 3.80 5.07 2.93 2.39 2.14 2.78 2.46 2.41 2.37 26.59
24.69 26.16 27.11 27.15 30.88 31.97 64.45 75.25 78.45 79.97 81.51 55.31

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