Shares of Dish TV India fell 4% on May 15 after the company reported consolidated revenue of Rs 504.8 crore for the March 2023 quarter, down 21.5% from Rs 642.7 crore a year ago.

Dish TV India’s subscription revenue fell 32.3% to Rs 389 crore, accounting for 77.1% of its total revenue in Q4FY23. The company’s advertising revenue stood at Rs 10.2 crore, while it earned Rs 91.7 crore from marketing and promotional expenses during the same period.

Apart from lower revenue, Dish TV India’s EBITDA plummeted 93.5% to Rs 23.5 crore in March 2023 from Rs 359.23 crore in March 2022 quarter. The company’s net loss narrowed to Rs 1,720.6 crore from Rs 1,997.6 crore a year ago. The net loss for the December 2022 quarter was Rs 2.85 crore, indicating poor operating performance and lower revenue-impacted profitability.

“Large private broadcasters, despite not being fully in the free DTH game, continue to throw sweeteners such as free-to-watch commodities, ultimately impacting the overall revenue of the DTH industry,” Dish TV said in a statement.

The quarter also saw Dish TV India take write-downs on several assets, including assets under development of Rs 280 crore, brands of Rs 110.5 crore, customer and distribution relations of Rs 567.87 crore, and property, plant, plant, and equipment of Rs 328 crore.

The company also took a goodwill impairment of Rs 621.09 crore on goodwill and intangible assets acquired from Videocon d2h, a company merged with Dish TV.

“Goodwill and other intangible assets acquired under the company’s merger with the former Videocon d2h Limited are periodically tested for impairment to ensure that their book value does not exceed their recoverable amount,” the company said. Goodwill or other intangible assets related to the business have no residual value.”

The company’s market capitalisation has increased by 12.54% over the past year but is down more than 16% year-to-date. The stock was trading 2.48% lower at Rs 15.70 on the NSE at 9:57 am, while benchmark Nifty Media was trading 0.15% higher at 1,704.30.