Dish TV revenues of INR 2,786 million, up 44 % YOY

Company Brief

Noida, January 22, 2010

Dish TV India Limited (Dishtv) (NSE: DISHTV EQ, BSE: 532839), India's No. 1 direct-to-home company today announced its unaudited financial results for the third quarter of fiscal 2010 ended 31St December 2009. Gross sales and operating revenues during the quarter stood at Rs. 2,786 million as compared to Rs. 1,929 million in the corresponding period last fiscal representing a 44 % growth. The nine months revenues for FY10 stood at Rs. 7,886 million, an increase of 49 % over the corresponding period last fiscal. The consolidated EBITDA for the third quarter stood at Rs 117 million, compared to the Rs 389 million EBITDA loss incurred during the corresponding period last fiscal.

Mr. Subhash Chandra, Chairman, Dishtv, said, "The DTH segment in India continues to grow at a rapid pace. While 2.4 million new subscribers have opted for DTH during this quarter, more than 6.5 million new subscribers have taken DTH service in the nine months ending December 2009. The DTH category pioneered by Dishtv in India has caught the fancy of television users in India and I am happy to report that Dishtv continues to maintain leadership position in this category."

Commenting on the performance during the quarter, Mr. Chandra added "Our third quarter results are consistent with our objective of growing our business by offering superior television experience to our subscribers. We continued to add subscribers across the country with growth in all key parameters. During the quarter, Dishtv successfully raised USD 100 million through issue of GDRs, which would be utilized towards expanding its subscriber base. The Indian growth story remains buoyant and I am confident that the television industry would continue to grow at a healthy pace. With innovative, high quality content being offered by broadcasters, demand for superior digital DTH service would expand further. Dishtv is well positioned to capture a leading share of this growth story and create long term shareholder value."

Mr. Jawahar Goel, Managing Director, Dishtv, commented, "Continued robust demand for our service fueled a 44 % growth in revenues over the corresponding period last year. Dishtv added 0.55 new subscribers during the quarter and has 35 % market share in the Indian DTH market. With more than 250 channels and services, Dishtv continued to offer the widest content offering. We are investing for the future and executing operational efficiencies with the goal of driving long-term, profitable growth."

Revamping its marketing communication, Dishtv unveiled its new brand positioning revolving around the emotional connect with the customer. Focusing on its new tagline 'Ghar aayi zindagi'(Bring home life), the company designed a 360 degree brand campaign featuring its brand ambassador, India's leading filmstar- Shah Rukh Khan. As part of this new brand positioning, Dishtv also changed its logo depicting a more progressive, approachable, ambitious and contemporary brand identity aiming to connect strongly with its existing and new subscribers.

Dishtv added another jewel to its crown of innovative active services with the launch of 'Cinema Active' for the movie-lovers. Cinema Active has been launched in association with India's leading multiplex chain - Fun Cinema. The service empowers Dish TV subscribers to get an easy access to complete movie listing along with the show timings at all Fun Cinema screens across the nation and to book movie tickets.

During the quarter, Dishtv also entered into a tie up with Axis Bank for collection of DTH Subscription Recharge. This would ensure that Dishtv subscribers can now pay their subscription recharge by dropping their cheque at any of the 3900 plus ATMs of Axis Bank. They can also avail of the Internet Banking facility of the bank to make the subscription payments through ATMs. This is for the first time that Axis Bank's ATM network is being leveraged for collection for payment of DTH subscription recharge.

With 250 channels & services on its platform Dishtv has the largest content offering as compared to Cable, Digital Cable, IPTV and the offering of any other DTH players. 4 new channels were added on Dishtv's platform in Q3 FY10, including channels from the general entertainment, regional and news genres.

Dishtv continued to be a market leader with 35 % market share in a 6 player scenario as on 31st December 2009, with sizeable sales and distribution infrastructure of over 800 distributors and 48,000 dealers across 6600 towns – once again, the largest in the category. This reach into far flung markets enables building of a diverse subscriber base across consumer segments, which are supported by its rich content of regional channel offerings.

The table below shows the performance of Dish TV for third quarter FY10 ended Dec 31, 2009.

Analysis of Expenses

Dish TV's main expenses include subscriber related expenses, employees and administrative cost. The following table sets forth the percentage of expenses that each type contributes to total expenses for the quarter ended December 31, 2009 and September 30, 2009. During this quarter Dishtv added 0.55 million subscribers and average subscriber acquisition cost was Rs 2,477/-.

Dish TV is the country's first DTH service provider and continues to be prime mover in this segment. DTH industry is expected to grow more than 50% in the next 3 years and Dish TV would strive to take a large share of the business. The company would continue to focus on increasing ARPU, value added services, commercial sales (e.g. hotels, restaurants, pubs, clubs, malls etc), brand building and penetration, service capability ramp up resulting in value creation for the stakeholders.

Dish TV uses the platform of NSS-6 satellite which is unique in the Indian subcontinent owing to its automated power control and contoured beam which makes it suitable for use in ITU K and N rain zones ideally suited for India's tropical climate.

For Further information, please contact:

Dish TV

Ritu Jain

Tel: +91 9811316770

Email: ritu_jain@dishtv.in