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DISHTV - Dish TV India

📊 NSE: DISHTV 🏢 Entertainment / Electronic Media Software 📅 Last Updated: 12/13/2025 21:35

📢 Recent Corporate Announcements

Dish TV Fined ₹9.2 Lakh by NSE and BSE for Board Composition Non-Compliance

🔴 NEGATIVE ⭐ 7/10

REGULATORY 📅 13 Mar 2026, 02:56 PM

Dish TV India Limited has been fined ₹4,60,000 each by the NSE and BSE (totaling ₹9,20,000) for failing to comply with SEBI Regulation 17(1) regarding board composition for the quarter ended December 31, 2025. The company failed to maintain the minimum requirement of six directors, operating with only three. Management attributes this to shareholder rejection of director appointments and the restrictive requirement of obtaining prior approval from the Ministry of Information and Broadcasting (MIB) for new appointments. The board claims these factors are beyond their control, despite efforts to maintain legal minimums.

Total fines of ₹9,20,000 imposed by stock exchanges for non-compliance with SEBI LODR Regulation 17(1).
Company failed to meet the SEBI-mandated minimum of 6 directors for the quarter ended December 31, 2025.
Shareholders rejected the appointments of Independent Directors on August 14, 2025, leading to the current shortfall.
MIB guidelines restrict the board from appointing more than 3 directors without prior government approval, creating a regulatory deadlock.
The board maintains that the non-compliance is due to external factors beyond the control of management and promoters.

💡 Investors should remain cautious as the persistent friction between shareholders and the board, coupled with regulatory fines, indicates ongoing governance challenges. Monitor for any progress in obtaining MIB approvals or shareholder consensus on future director appointments.

Dish TV Fined ₹9.2 Lakh by NSE and BSE for Board Composition Non-Compliance

🔴 NEGATIVE ⭐ 6/10

REGULATORY 📅 13 Mar 2026, 02:56 PM

Dish TV India Limited has been fined ₹4.60 lakh each by the NSE and BSE (totaling ₹9.20 lakh) for failing to maintain the minimum required board strength of six directors during the quarter ended December 31, 2025. The company stated that the non-compliance is due to shareholders rejecting previous director appointments and the mandatory requirement for prior approval from the Ministry of Information and Broadcasting (MIB) for new appointments. While the company has maintained a minimum of three directors to satisfy the Companies Act, it has struggled to meet the SEBI LODR requirement of six. Management claims these regulatory and shareholder-driven delays are beyond their control.

NSE and BSE imposed fines of ₹4,60,000 each for non-compliance with Regulation 17(1) of SEBI LODR.
The company failed to maintain the minimum requirement of 6 directors on the Board for the quarter ended December 31, 2025.
Shareholders rejected the appointments of Independent Directors Mr. Mayank Talwar and Mr. Gurinder Singh on August 14, 2025.
MIB guidelines restrict the Board from appointing more than 3 directors without prior government approval, hindering SEBI compliance.
The Board maintains that the non-compliance is due to factors outside the control of the company and its promoters.

💡 Investors should be cautious as the ongoing governance struggle and friction between shareholders and management regarding board composition pose a persistent risk. Monitor for MIB approvals or new shareholder votes that could stabilize the board structure.

Dish TV Recommends Appointment of Three Independent Directors to Strengthen Board

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 13 Mar 2026, 01:31 PM

Dish TV India Limited has announced the recommendation and approval for the appointment of three new Independent Directors to its board. The board has proposed Mr. Ashok Anant Paranjpe, Mr. Arun Kumar Kapoor, and Ms. Heena Naishadh Bhatt for these roles, subject to shareholder and regulatory approvals. Mr. Paranjpe, a legal expert with over 20 years of experience, is slated for a five-year term. These appointments are intended to ensure compliance with statutory board requirements and enhance corporate governance.

Board recommended the appointment of Mr. Ashok Anant Paranjpe as an Independent Director for a 5-year term.
Approved Postal Ballot Notice to seek shareholder consent for three Independent Director appointments.
Proposed directors include Mr. Arun Kumar Kapoor, Ms. Heena Naishadh Bhatt, and Mr. Ashok Anant Paranjpe.
Appointments are subject to approval from the Ministry of Information and Broadcasting (MIB) and shareholders.
Mr. Ashok Anant Paranjpe brings extensive legal expertise in Real Estate, Banking, and Dispute Resolution.

💡 Investors should monitor the outcome of the postal ballot to see if shareholders approve these appointments, as board stability is crucial for the company's strategic direction. Strengthening the board with independent legal and industry experts is a positive step for governance.

Dish TV Recommends Appointment of Three Independent Directors to Strengthen Board

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 13 Mar 2026, 01:28 PM

Dish TV's board met on March 13, 2026, to recommend the appointment of three new Independent Directors: Mr. Ashok Anant Paranjpe, Mr. Arun Kumar Kapoor, and Ms. Heena Naishadh Bhatt. Mr. Paranjpe, a legal expert with over 20 years of experience, is proposed for a five-year term. These appointments are subject to shareholder approval via postal ballot and regulatory clearance from the Ministry of Information and Broadcasting. The move is critical as it addresses the statutory requirement to maintain a minimum of three directors on the board.

Proposed appointment of Mr. Ashok Anant Paranjpe as an Independent Director for a 5-year term.
Approval of Postal Ballot Notice for the appointment of three Independent Directors to the board.
Appointments are subject to mandatory approval from the Ministry of Information and Broadcasting (MIB).
Mr. Paranjpe brings extensive legal expertise in Real Estate, Banking, and Finance from MDP Associates.
Board meeting was conducted efficiently within 45 minutes on March 13, 2026.

💡 Investors should view this as a positive step toward stabilizing corporate governance and should monitor the upcoming postal ballot results. Successful appointments will ensure the board meets regulatory compliance and improves oversight.

Dish TV Q3 FY26: Consolidated Net Loss Widens to ₹276.2 Crore as Revenue Declines

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 07 Feb 2026, 08:55 PM

Dish TV India Limited reported a significant deterioration in its financial performance for the quarter ended December 31, 2025. Consolidated net loss widened sharply to ₹276.23 crore from a loss of ₹46.54 crore in the same period last year. Total consolidated income from operations fell by approximately 18.5% year-on-year to ₹385.71 crore, reflecting persistent challenges in the DTH business. For the nine-month period, the company's net loss has ballooned to ₹603.41 crore compared to ₹85.46 crore in the previous year.

Consolidated total income from operations fell to ₹385.71 crore in Q3 FY26 from ₹473.03 crore in Q3 FY25.
Consolidated net loss for the quarter stood at ₹276.23 crore, a nearly six-fold increase from the ₹46.54 crore loss YoY.
Nine-month consolidated net loss reached ₹603.41 crore, significantly higher than the ₹85.46 crore loss in the prior year period.
Standalone net loss for the quarter was ₹68.90 crore on a total income of ₹117.76 crore.
Basic and diluted Earnings Per Share (EPS) for the quarter stood at ₹(1.44) on a consolidated basis.

💡 Investors should remain cautious as the company's financial health continues to decline with widening losses and shrinking revenue. The sharp increase in nine-month losses suggests deep-rooted operational challenges and competitive pressure in the media distribution space.

Dish TV India Amends Fair Disclosure Code for Price Sensitive Information

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 06 Feb 2026, 10:15 PM

Dish TV India Limited has updated its 'Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information' (UPSI) following a Board meeting on February 6, 2026. The amendment aligns the company's internal policies with SEBI (Prohibition of Insider Trading) Regulations, 2015. The code emphasizes prompt, uniform, and universal dissemination of price-sensitive information to avoid selective disclosure. It also provides a clear framework for sharing information for 'Legitimate Purposes' with external advisors and partners.

Board of Directors approved the amended Fair Disclosure Code on February 6, 2026.
The policy mandates immediate sharing of credible UPSI with stock exchanges and the company website to ensure uniform price discovery.
Defines 'Legitimate Purpose' for sharing UPSI with lenders, auditors, and consultants in the ordinary course of business.
Requires transcripts or records of analyst meetings to be published on the company website to prevent misrepresentation.
Establishes the Chief Financial Officer or a designated officer as the Chief Investor Relations Officer (CIRO) for UPSI dissemination.

💡 This is a routine governance and compliance update that does not impact the company's business fundamentals. No immediate action is required from investors.

Dish TV India to Shift Registered Office Within Mumbai Effective February 12, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Feb 2026, 09:51 PM

Dish TV India Limited has announced a change in its registered office location within Mumbai, Maharashtra. The office will move from Goregaon (West) to Vikroli (West) effective February 12, 2026. This administrative change was approved by the Board of Directors during their meeting on February 6, 2026. As the relocation is within the same city and jurisdiction of the Registrar of Companies, it does not impact the company's operational structure or business strategy.

Registered office shifting from Goregaon (West), Mumbai 400062 to Vikroli (West), Mumbai 400083
Change is effective from February 12, 2026, following Board approval on February 6, 2026
Relocation remains within the local limits of the city and the jurisdiction of the existing Registrar of Companies
Board meeting for approval commenced at 15:00 Hrs and concluded at 16:45 Hrs

💡 This is a routine administrative update with no impact on financials or operations; no action is required from investors. Focus should remain on the company's quarterly financial performance and subscriber growth metrics.

Dish TV to Shift Registered Office within Mumbai Effective February 12, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Feb 2026, 09:51 PM

Dish TV India Limited has announced the relocation of its registered office within the city of Mumbai, effective February 12, 2026. The office will move from Goregaon (West) to Vikhroli (West) following approval from the Board of Directors on February 6, 2026. This change is within the local limits of the city and remains under the jurisdiction of the same Registrar of Companies. As an administrative update, it does not impact the company's core business operations or financial standing.

Relocation of registered office from Goregaon (West) to Vikhroli (West), Mumbai.
The change in address is effective from February 12, 2026.
Board of Directors approved the move during a meeting held on February 6, 2026.
The move remains within the local limits and the same Registrar of Companies jurisdiction.

💡 No action is required as this is a routine administrative change. Investors should focus on the company's quarterly financial performance and subscriber growth metrics instead.

Dish TV Board Responds to Rs 9.2 Lakh Fine for Non-Compliance with Board Composition Norms

🔴 NEGATIVE ⭐ 6/10

REGULATORY 📅 06 Feb 2026, 06:36 PM

Dish TV India Limited has been fined Rs. 4,60,000 each by the NSE and BSE (totaling Rs. 9.2 lakh) for failing to meet SEBI's requirement of having at least six directors on its board during the quarter ended September 30, 2025. The company's board stated that the non-compliance was due to shareholders repeatedly rejecting director appointments and restrictive MIB guidelines that limit appointments without prior approval. While the company maintained the Companies Act minimum of three directors, it could not reach the SEBI-mandated six due to these external constraints. The management maintains that these circumstances are beyond their control.

NSE and BSE imposed fines of Rs. 4,60,000 each for non-compliance with Regulation 17(1) of SEBI LODR.
The company failed to maintain the minimum requirement of six directors for the quarter ended September 30, 2025.
Shareholders rejected director appointments on two separate occasions: December 12, 2024, and August 14, 2025.
MIB guidelines restrict the company to a maximum of three directors without prior approval, conflicting with SEBI's six-director mandate.
The Board claims the non-compliance is entirely beyond the control of the company, its board, and management.

💡 Investors should be cautious as the persistent friction between shareholders and management regarding board appointments indicates significant governance challenges. While the fine amount is not financially material, the inability to form a stable, compliant board remains a key risk factor.

Dish TV Board Responds to Rs 9.2 Lakh Fine for Board Composition Non-Compliance

🔴 NEGATIVE ⭐ 6/10

REGULATORY 📅 06 Feb 2026, 06:36 PM

Dish TV India Limited has addressed the fines totaling Rs 9.2 lakh imposed by NSE and BSE for failing to maintain the minimum board strength of six directors during the quarter ended September 30, 2025. The company explained that the non-compliance resulted from shareholders repeatedly rejecting director appointments and restrictive Ministry of Information and Broadcasting (MIB) guidelines. While the company maintained the legal minimum of three directors to satisfy the Companies Act, it failed to meet the SEBI requirement of six. Management asserts that these factors are beyond their control, highlighting ongoing governance friction between the board and shareholders.

NSE and BSE imposed fines of Rs 4,60,000 each (Total Rs 9,20,000) for non-compliance with Regulation 17(1).
The non-compliance pertains to the board composition requirements for the quarter ended September 30, 2025.
Company cited shareholder rejection of director appointments on December 12, 2024, and August 14, 2025, as a primary cause.
Dish TV maintained a board strength of three directors but failed to meet the SEBI LODR requirement of six directors.
Management claims the situation is beyond their control due to MIB's prior approval requirements for new appointments.

💡 Investors should monitor the ongoing conflict between the board and shareholders, as persistent governance issues and regulatory fines can impact investor sentiment. The inability to stabilize board composition remains a key risk factor for the company's long-term strategic stability.

Dish TV Q3 FY26: Revenue Drops 19.8%, Reports EBITDA Loss of ₹415 Million

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 06:01 PM

Dish TV reported a significant decline in financial performance for Q3 FY26, with operating revenues falling 19.8% YoY to ₹2,991 million. The company swung to an EBITDA loss of ₹415 million compared to a profit of ₹1,227 million in the previous year, primarily due to a 32.2% drop in subscription revenues. Net loss widened substantially to ₹2,762 million, further impacted by a ₹700 million exceptional item and a 36.1% increase in total expenditure. Management is attempting to pivot towards a hybrid DTH-OTT model and scaling its 'Watcho' platform to stabilize the business.

Operating revenue declined 19.8% YoY to ₹2,991 million, with subscription revenue slumping 32.2% to ₹2,245 million.
Reported an EBITDA loss of ₹415 million, a sharp reversal from the ₹1,227 million profit in Q3 FY25.
Net loss for the quarter widened to ₹2,762 million from ₹465 million in the same period last year.
Total expenditure rose 36.1% YoY to ₹3,406 million, driven by an 84.7% surge in other expenses.
Marketing and promotional fees grew 27.3% YoY to ₹399 million, representing 13.3% of total revenue.

💡 Investors should exercise extreme caution as the core DTH business is shrinking rapidly and the company has turned EBITDA negative. The success of the pivot to OTT and the new no-subsidy hardware model needs to be monitored closely before considering any fresh positions.

Dish TV Q3 FY26 Net Loss Widens to ₹2,762 Million; Revenue Drops 20% YoY

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 06:01 PM

Dish TV reported a weak financial performance for Q3 FY26, with operating revenues falling 19.8% YoY to ₹2,991 million. The company swung to an EBITDA loss of ₹415 million from a profit of ₹1,227 million in the previous year, largely due to a 32.2% decline in subscription revenues. Net loss widened significantly to ₹2,762 million, further pressured by a 36.1% increase in total expenses and a ₹700 million exceptional item. Management is attempting a strategic pivot toward a hybrid DTH-OTT model and scaling the 'Watcho' platform to counter traditional DTH churn.

Operating revenue declined 19.8% YoY to ₹2,991 million, with subscription revenue falling 32.2% to ₹2,245 million.
EBITDA turned negative at ₹(415) million compared to a profit of ₹1,227 million in the year-ago quarter.
Net loss widened to ₹2,762 million from ₹465 million in Q3 FY25.
Total expenditure increased by 36.1% YoY to ₹3,406 million, driven by higher cost of goods and other expenses.
Other operating income grew 267.6% YoY to ₹298 million, reflecting growth in non-core digital segments.

💡 Investors should exercise caution as the core DTH business faces severe revenue erosion and widening losses. While the pivot to a hybrid OTT model and no-subsidy hardware is a necessary strategic shift, its ability to restore profitability remains unproven in the near term.

Dish TV Q3 FY26: Net Loss Widens to ₹132.3 Cr; Revenue Declines 20% YoY

🔴 NEGATIVE ⭐ 9/10

EARNINGS 📅 06 Feb 2026, 05:44 PM

Dish TV India reported a significant widening of consolidated net loss to ₹132.3 crore for the quarter ended December 31, 2025, compared to a loss of ₹51.7 crore in the same period last year. Revenue from operations fell nearly 20% YoY to ₹299.1 crore, reflecting continued pressure on the DTH business model. The company's financial health remains precarious with a negative net worth, exacerbated by a massive ₹7,202.7 crore license fee demand from the Ministry of Information and Broadcasting. An exceptional impairment charge of ₹70 crore was also recognized during the quarter.

Consolidated revenue from operations dropped 19.8% YoY to ₹299.05 crore from ₹373.03 crore.
Net loss for the quarter widened to ₹132.3 crore against a loss of ₹51.7 crore in Q3 FY25.
Recognized an exceptional impairment charge of ₹70 crore related to intangible assets and advances.
MIB issued a demand notice on Dec 30, 2025, for ₹7,202.73 crore in license fees including interest.
Company carries a provision of ₹4,803.96 crore for license fee disputes as of December 31, 2025.

💡 Investors should remain highly cautious as the company faces severe revenue contraction and a regulatory liability that far exceeds its current financial capacity. The negative net worth and ongoing legal disputes over license fees present significant 'going concern' risks despite the company's current debt-free status.

Dish TV Q3 FY26: Consolidated Net Loss Widens to ₹276 Cr; Revenue Drops 20% YoY

🔴 NEGATIVE ⭐ 9/10

EARNINGS 📅 06 Feb 2026, 05:42 PM

Dish TV India reported a significant decline in consolidated revenue to ₹299 crore for Q3 FY26, down from ₹373 crore in the previous year's corresponding quarter. The net loss widened drastically to ₹276 crore, exacerbated by a ₹70 crore exceptional impairment charge. The company is currently battling a massive ₹7,203 crore license fee demand from the Ministry of Information and Broadcasting, against which it has provisioned ₹4,804 crore. Due to accumulated losses, the company now has a negative net worth, leading to significant concerns regarding its ability to continue as a going concern.

Consolidated revenue from operations fell 19.8% YoY to ₹29,905 lacs from ₹37,303 lacs.
Net loss for the quarter surged to ₹27,623 lacs compared to a loss of ₹4,654 lacs in Q3 FY25.
Exceptional impairment charge of ₹7,000 lacs recorded in Q3 FY26 related to technology advances.
MIB issued a demand notice for ₹720,273 lacs (approx. ₹7,203 Cr) towards license fees including interest.
Company reports negative net worth as accumulated losses have exceeded its equity share capital.

💡 Investors should exercise extreme caution as the company faces severe financial distress and a massive regulatory liability that exceeds its current valuation. The 'going concern' warning and negative net worth make the stock highly risky and speculative.

Dish TV Submits SEBI Compliance Certificate for Quarter Ended December 31, 2025

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 12 Jan 2026, 06:14 PM

Dish TV India Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Pvt. Ltd., confirms that all share certificates received for dematerialization during the quarter ended December 31, 2025, were processed within the prescribed timelines. It further verifies that physical certificates were mutilated and cancelled after due verification. This is a standard procedural filing required by SEBI to ensure the integrity of electronic shareholding records.

Compliance certificate submitted for the quarter ended December 31, 2025.
Confirmation that dematerialization requests were accepted or rejected within mandated timelines.
Physical security certificates were mutilated and cancelled after verification by the depository participant.
Registrar and Share Transfer Agent (RTA) MUFG Intime India Pvt. Ltd. handled the verification process.

💡 No action is required from investors as this is a routine regulatory compliance filing. Investors should continue to monitor the company's financial performance and operational updates.

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💰 Financial Performance

Revenue Growth by Segment

Consolidated operating income declined by 13.75% YoY to INR 2,802.49 Cr in FY2022 from INR 3,249.36 Cr in FY2021, primarily due to a shrinking subscriber base. Revenue has seen a sustained downward trend from INR 6,166.13 Cr in FY2019.

Geographic Revenue Split

Primarily domestic (India) operations across 9,300 towns. The company divested its entire stake in its Sri Lankan subsidiary, Dish TV Lanka Private Limited (DLPL), effective September 28, 2022, due to the ongoing economic crisis in that region.

Profitability Margins

Net loss for FY2022 widened to INR 1,867.23 Cr from INR 1,189.86 Cr in FY2021. PAT margins deteriorated significantly to -66.63% in FY2022 compared to -36.62% in FY2021, impacted by heavy impairment charges.

EBITDA Margin

Core profitability is under pressure due to declining revenues and exceptional impairment losses of INR 2,653.90 Cr in FY2022, which included write-offs of goodwill and intangible assets acquired from the Videocon d2h merger.

Capital Expenditure

The industry is capital-intensive, requiring consistent investment in set-top box (STB) technology and software revamping to maintain market share. Specific planned INR Cr figures for future capex are not disclosed in available documents.

Credit Rating & Borrowing

Acuité downgraded and withdrawn the long-term rating to 'ACUITE BB-' from 'ACUITE BB' as of January 2023. CARE Ratings also withdrawn its rating following the repayment of INR 500 Cr in bank facilities.

⚙️ Operational Drivers

Raw Materials

Set-top boxes (STBs), bandwidth capacity (1,422 MHz), and DTH infrastructure software. These represent the primary technological inputs for service delivery.

Capacity Expansion

Current network includes 655+ channels and services, including 70+ HD channels. Bandwidth capacity stands at 1,422 MHz following the Videocon d2h amalgamation.

Raw Material Costs

Not disclosed as a specific percentage of revenue, but the company reported exceptional impairment of INR 203 Cr on intangible assets under development and related advances in FY2022.

Manufacturing Efficiency

Not applicable as a service provider; however, the current ratio is low at 0.26 times as of March 31, 2022, indicating operational liquidity pressure.

Logistics & Distribution

Distribution is managed through a ubiquitous presence in 9,300 towns aided by over 2.5 lakh recharge outlets.

📈 Strategic Growth

Growth Strategy

Growth is targeted through digital engagement and product differentiation. The company elevated Ankush Narang to 'Head - DTH Marketing' in December 2025 to drive brand equity and digital strategies. The 'WATCHO' OTT app was launched to counter the shift toward streaming platforms.

Products & Services

Direct-to-Home (DTH) television subscriptions, High Definition (HD) and Standard Definition (SD) channel packages, Value-Added Services (VAS), and OTT streaming via the Watcho application.

Brand Portfolio

DishTV, d2h, Zing, and Watcho.

New Products/Services

Watcho OTT application launched in 2019 to expand footprint in the digital streaming segment.

Market Expansion

Focus remains on domestic market leadership following the 2018 merger with Videocon d2h and the 2022 divestment of the Sri Lankan unit.

Market Share & Ranking

Market share declined to 22.04% as of May 2022, down from 31.23% in September 2019.

Strategic Alliances

Amalgamation with Videocon d2h Limited in 2018 to expand market share and bandwidth capacity.

🌍 External Factors

Industry Trends

The industry is shifting from traditional pay-DTH to OTT streaming and free-to-air services. DTH operators are evolving into aggregators to maintain relevance.

Competitive Landscape

Intense competition from other DTH players, cable operators, and OTT giants like Netflix and Amazon Prime.

Competitive Moat

Moat is based on a massive distribution network (2.5 lakh+ outlets) and brand pioneer status, but sustainability is challenged by the rapid adoption of high-speed internet and OTT apps.

Macro Economic Sensitivity

Highly sensitive to inflation and conservative consumer spending, which contributed to the 13.75% revenue decline in FY2022.

Consumer Behavior

Volatile viewing habits with top-end users alternating between DTH and streaming, while bottom-end users prefer free-to-air services.

Geopolitical Risks

The economic crisis in Sri Lanka forced the divestment of the DLPL subsidiary in 2022.

⚖️ Regulatory & Governance

Industry Regulations

Regulated by TRAI and the Ministry of Information and Broadcasting. Compliance with Up-linking Guidelines is required for board appointments.

Environmental Compliance

Environmental issues are not a prime concern for the broadcasting industry; focus is on data privacy and board oversight.

Legal Contingencies

Pending dispute with the Ministry of Broadcasting regarding license fees totaling ~INR 4,164.05 Cr, for which a provision of INR 3,945.06 Cr was created as of FY2022.