Dish TV Q3FY15 Results Report By HDFC Sec, Motilal Oswal & ICICI-Direct

Dish TV’s (DITV) Q3FY15 results were ahead of estimates on account of higher than expected revenue growth as well as cost control. Management commentary on the business outlook is positive and we concur with the same. We see high visibility of growth in the near-term as well as medium–term. Subscriber adds will continue to remain robust due to (1) The 2015 cricket world cup, followed by (2) consistent gains in Phase-III/IV markets, and finally, (3) mandatory digitization of phases III/IV. We believe there is increased visibility on ARPU growth as well, on account of initiatives from MSOs (following reference interconnect offer – RIO, arrangements with a leading broadcaster, more such deals to follow) to raise customer rates by enforcing content packaging and billing. Dish TV has no significant renegotiations with broadcasters till September 2016, which lends visibility to margin expansion as well. Further to these, Dish TV stands to gain from regulatory initiatives on GST/ reduction in license fees.

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