Dish TV stock hits 5% upper circuit after firm logs profit in Q1

Dish TV share hit upper circuit of 5% on Thursday after the company reported a consolidated net profit of Rs 74.54 crore in Q1 against net loss of Rs 35.44 crore in the April-June period a year ago.

Share of Dish TV jumped 4.94 per cent to Rs 11.48 on the BSE. On the NSE, it gained 4.56 per cent to Rs 11.45. The stock gained 9% in the last 2 days. The share saw only buyers and no sellers on BSE. Dish TV stock trades higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

However, the share is down 44.81% in one year and lost 12.57% since the beginning of this year. In one month, the share has gained 52.66%.

 Total 1.66 lakh shares changed hands amounting to turnover of Rs 19.01 lakh on BSE.  Market cap of the firm rose to Rs 2,113 crore. Revenue from operations fell 9.79 per cent to Rs 835.58 crore in Q1 from Rs 926.30 crore in the comparable period last fiscal.

"Unlike the initial phase of the lockdown, revenues during the quarter were impacted due to a higher overall churn. In addition, the year-on-year decline in revenues was also due to a high base effect considering the plenty of cricket and general elections related coverage on television during the first quarter of last year," Dish TV said.

Total expenses stood at Rs 747.87 crore as compared to Rs 899.95 crore earlier, down 16.89 per cent. Subscription revenue was at Rs 791.5 crore, down 4.18 per cent from Rs 82.61 crore in Q1 FY2019-20.

Meanwhile, Sensex fell 58 points to 39,026 and Nifty lost 9 points to 11,526 in afternoon trade.

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