Dish TV narrows Q4 consolidated net loss to Rs 402.2 crore

Direct to home (DTH) operator Dish TV India reported a consolidated net loss of Rs 402.2 crore for the quarter ended 31 March 2025, a marked improvement from Rs 1,989.7 crore in the same period last year. The recovery was primarily driven by the absence of deferred tax expenses.

Despite the reduced loss, the company continues to face operational headwinds, with revenue and profitability under pressure. Subscription revenue—the company's main income stream—declined 16.82% year-on-year to Rs 295.9 crore.
Total operating revenue fell 15.55% to Rs 343.7 crore, impacted by continued subscriber churn and a sharp 40.4% drop in advertising income to Rs 4.1 crore.


Total expenditure rose slightly by 1.94% to Rs 246.3 crore. EBITDA for the quarter declined 41.1% to Rs 97.3 crore. Exceptional items stood at Rs 335.4 crore, marginally lower than Rs 402.7 crore in the year-ago period.

Subscription income remained the key revenue driver, accounting for 86.1% of operating revenue. Marketing and promotional fees edged up 2.6% to Rs 35.8 crore, while other operating income declined 16.7% to Rs 7.9 crore.

The company said new subscriber additions were broadly in line with industry trends, although churn remained elevated, resulting in a net decline in the subscriber base.

Amidst these challenges, Dish TV continued efforts to improve operations—focusing on enhancing the quality of new acquisitions, reducing churn, and lowering recurring set-top box (STB) capex. These measures were aimed at freeing up internal cash flows for investment in emerging digital ventures.

Reduced STB-related spending enabled the company to channel internal accruals into initiatives such as ShopZop and FLIQS. Management stated that future digital investments will also be internally funded.

Commenting on the evolving media landscape, CEO Manoj Dobhal said, “As the industry shifts towards hybrid models blending traditional and digital-first approaches, strengthening the content and creator ecosystem is more vital than ever. There’s growing demand for diverse, regional content, and empowering creators is essential to meet this.”

He added, “With Dish TV Smart+ and the FLIQS segment within our WATCHO app, we aim to redefine how creators engage with audiences, ensuring India's talent receives the reach and recognition it deserves.”

Dish TV’s in-house OTT platform, Watcho – OTT Super App, continued its growth trajectory, surpassing 10 million paid subscribers during the quarter. The platform now hosts over 24 apps across a wide range of content categories at competitive prices.

For the full financial year (FY25), the company reported a net loss of Rs 487.7 crore, significantly down from Rs 1,966.6 crore in FY24, largely due to the absence of deferred tax charges, which amounted to Rs 1,597.9 crore last year.

Annual operating revenue declined 15.6% to Rs 1,567.6 crore, with subscription income falling 16.3% to Rs 1,377.1 crore. Advertising revenue dropped 33% to Rs 20.1 crore, while other operating income fell 25.2% to Rs 33.8 crore. Marketing and promotional spend remained stable at Rs 136.7 crore.

Dish TV managed to reduce overall expenditure by 5.8% to Rs 1,038.5 crore. Full-year EBITDA stood at Rs 529.1 crore, a 29.8% decline from Rs 753.7 crore in FY24. Exceptional items for the year totalled Rs 335.4 crore, down from Rs 402.7 crore the previous year.

In a regulatory filing dated 28 May 2025, the company announced the elevation of Manoj Dobhal, Chief Executive Officer and Executive Director, as Chairman of the Board with immediate effect.

The Board also approved the re-appointment of Chandra Wadhwa & Co. as Cost Auditors for FY26, subject to shareholder approval at the upcoming AGM, and the re-appointment of S M A M & Co., Chartered Accountants (FRN: 028845C), as Internal Auditors for FY25.