Like most of the cable and DTH companies in India, the stock has suffered due to the new TRAI tariff order. That has resulted in a fall in business and is likely to persist for a few quarters more. In the latest quarter ended March 2019, the company saw revenues falling from Rs.146 crore to Rs.132 crore on a YOY basis. The expansion in profits was largely on account of deferred tax income of Rs.268 crore and hence may not be comparable. There is also a bigger risk in this business as they face the challenge from the digital environment and ecosystem provided by Reliance Jio. Bharti is also rapidly ramping up its DTH offering and integrating with its telecom offering. However, the TRAI order will also continue to remain an overhang. On the stock

The company has a huge equity base and hence the EPS is substantially diluted. It will require a huge profit boost to really make the stock attractive in valuation terms. It is best to avoid for now till there is greater clarity on regulation and competition.