Dish TV once again disappointed with meaningful deterioration in subscription revenues, which management attributed to heightened impact of demonetization. Subscription revenue declined 10% qoq, impacted by ARPU decline of 11% qoq. Down trading to lower packs and HD to SD platform accelerated in 4Q, resulting to sharp decline in ARPU. Dish TV's performance was substantially weaker than Airtel DTH in terms of both ARPU and subscriber additions. One-off income restricted EBITDA decline. demonetization impact, down trading by subscribers has been the key concern from last few quarters. Subscriber addition guidance for FY18 is ~1.2mn vs 1mn added in FY17....