The year gone by was a watershed year for your Company. Dish TV became the first andonly operator to turn profitable at a net profit level for the full fiscal year.
What is heartening is that Dish TV was able to swing to profitability while at the sametime maintain strong double digit growth and market share momentum as well in an economicenvironment which can be described as tepid at best and where many marquee names arestruggling to eke out single digit growth.
The accomplishments were made possible by your Companys single minded focus onprofitable growth. The work done by your Company in the past 2-3 years to deleverage andstrengthen the balance sheet while at the same time provide impetus for growth throughinnovative new products has borne rich dividends.
The second brand Zing targeting Phase 3 and Phase k markets of digitization has been aresounding success boosting Dish TV to leading market share position in almost everymarket in which it has been launched. The unique offering targeting consumers of contentin regional languages has been very well accepted by the viewers.
Your Company simultaneously focused on driving the penetration of High Definition settop boxes in Urban markets and met with considerable success substantially improving themarket share of the high definition offering.
In order to further premiumise the range Dish TV has launched a unique producttargeting the movie goers which will provide on demand movie viewing without the need foran internet connection. The product is currently being launched and will strengthen ourpremium line up as well provide a fillip to the brand.
Your Companys subsidiary also commenced operations in Sri Lanka and expects toget a firm foothold in that market soon. Your Company also created a wholly ownedsubsidiary Dish Infra Services Private Limited to focus on non licensed activities likehardware sales and other ancillary activities.
All of these activities provided strong impetus to all the business metrics. During theyear under review Gross revenues grew from Rs. 25750 Mn to Rs. 28363 Mn an increase of10%. EBITDA margins improved from 25% to 26% and EBITDA grew from Rs. 6261 Mn to Rs. 7354Mn a growth of 17%.
Your Company turned profitable during the year posting a profit after tax of Rs. 10 Mnvs a loss of Rs. 350 Mn during the prior year.
The business momentum continues strongly and we expect all the initiatives the Companyhas undertaken to continue to provide strong revenue and earnings momentum going forward.
Your Company is well placed to take advantage of the upcoming digitization in Phase 3and Phase 4 markets and is well placed to capitalize on the opportunities offered by thesame. In a tough economic environment your Company remains focused on delivering superiorshareholder value by innovation and excellent execution.
We remain enthusiastic and look forward to the future with confidence as we set on ourtask to build a world class Company focused on leading the media revolution in the countryand driving value for our shareholders.
Dr. Subhash Chandra