1Q FY 11 operating revenues stood at Rs. 3112 million, an increase of 23.4% as compared to the corresponding period last fiscal.

 EBITDA was Rs. 391 million, up 85.3%. EBITDA margin improved to 12.6% from 8.4 % in the corresponding period last fiscal.

Content cost as a percentage of revenue stood at a new low of 40%.

Total gross subscriber base stood at 7.5 million while the net subscriber base as on June 30, 2010 was 6.2 million. Churn recorded at 0.7% per month.

Dish TV continued to lead with a total market share of over 33% in a 6 operator market scenario.

Dish TV India Limited reported first quarter fiscal 2011 standalone revenues of Rs. 3112 million, representing a strong 23.4 % growth over the corresponding period last fiscal. EBITDA was Rs.391 million, a robust increase of 85.3 % while the net loss reduced to Rs. 631 million, as compared to Rs. 692 million in the corresponding quarter last fiscal.

The Board of Directors in its meeting held today, has approved and taken on record the un-audited standalone financial results of Dish TV for the quarter ended on June 30, 2010.

Mr. Subhash Chandra, Chairman, Dish TV, stated, Digitization continues to play a major role in transforming the face of the Indian media and entertainment industry with DTH being the single greatest force behind it. The category recorded a phenomenal 2.5 million subscriber additions in the first quarter of the current fiscal, moving closer to becoming the largest direct-to-home market in the World in terms of subscribers. Dish TV maintained its leadership position while garnering an all time high incremental market share of ~ 25%.

Commenting on the financial performance, Mr. Chandra said, Dish TV has delivered another quarter of encouraging results and remains focussed on improving operating margins and target bottom-line profitability going forward.

Mr. Jawahar Goel, Managing Director, Dish TV, said, The DTH market in India witnessed sustained expansion through the first quarter of the current fiscal with the category recording around 25% YoY growth. Dish TV outperformed the market by recording a strong growth of 46%. Growth in subscriber numbers triggered operating leverage thus significantly reducing content cost as a percentage of revenues to a new low of 40%.

We continue to endeavor towards strengthening the ARPU levels of the Company and believe that services like High Definition (HD), Video on Demand and Value Added Services (VAS) are instrumental in achieving that in the long term. However, in the current regime of subsidizing content cost, any spike in activations may exert a temporary pressure on the overall ARPU. The ARPU for the quarter was marginally up at Rs. 139, he added.

Dish TV added 0.64 million subscribers during the first quarter with the average subscriber acquisition cost being positively lower at Rs 2147 compared to Rs. 2383 in the previous quarter. The total DTH sub base in the country at the end of the first quarter stood at an estimated 23 million.

The FIFA World Cup 2010 turned out to be a big draw and resulted in increased DTH activations on a Pan-India basis. The activations for the month of June were an approximate 240 thousand recording a huge 83% growth over the corresponding period last year.

'Dish Tru HD', launched on May 27, 2010, became an instant hit with football fans across the country and recorded encouraging activations too. In a pioneering move earlier, Dish TV had introduced Live TV entertainment on two iconic Indian luxury trains 'Palace on Wheels' and 'Royal Rajasthan'. Now, to further re-define the way 'Indian Railways' travelers, especially foreign tourists, perceive in-train entertainment, the company has enabled viewing of HD programming on these trains.

With more than 250 channels and services on its platform, Dish TV has the largest content offering as compared to cable, digital cable, IPTV or any other DTH platform. 8 new channels belonging to varied genres like infotainment, sports, Hindi movies, GEC and devotional were added to Dish TV's platform during the quarter ended June 30, 2010.

Sports would continue to drive the category, with more than 200 days of sporting events in FY 11, the DTH category is expected to see similar growth in the year ahead. Dish TV, with its focus on growth beyond just subscriber numbers, remains well-positioned to leverage the opportunity.

Condensed Statement of Operations:

The table below shows the condensed statement of operations for Dish TV India Limited for the first quarter ended June '10 compared to the quarter ended March '10.

Rs. million	Quarter ended June 2010	Quarter ended March 2010	% Growth QoQ
Gross operating revenues	3112	3037	2.5
Expenditure	2721	2683	1.4
EBITDA	391	354	10.5
Less: Depreciation	889	846	5.1
Less: Financial expenses	133	106	25.5
PBT	-631	-598	-
Less: Provision for tax	0	0	-
PAT	-631	-598	-

Analysis of Expenses:

Dish TV's primary expenses include cost of goods and services, personnel cost, administrative cost, advertisement expenses and selling expenses. The table below shows each type as a percentage of total revenue.

Rs. million	Quarter ended June 2010	% of Gross revenue	Quarter ended March 2010	% of Gross revenue	% Growth QoQ
Cost of goods & services	1794	57.6	1869	61.5	-4.0
Personnel cost	123	4.0	110	3.6	11.8
Administrative cost	134	4.3	187	6.2	-28.3
Advertisement expenses	249	8.0	182	6.0	36.8
Selling & distribution expenses	421	13.5	335	11.0	25.7
Total Expenses	2721		2683		1.4

Dish TV is the country's pioneer service provider and continues to be the leader in this segment. The DTH industry is expected to grow significantly with the estimated 5 year CAGR (2008-13) for the DTH sub base being close to 28%. Dish TV would strive to take a large share of this pie and would continue to focus on ARPU, value-added-services, brand building, penetration and service capability ramp-up thus targeting value creation for the stakeholders.