A focus on the impending merger benefits with Videocon d2h (direct to home) is making investors turn a blind eye to the weak financial performance of Dish TV India Ltd. The company’s shares gained more than 1% on Wednesday even as its September quarter results showed no concrete signs of revival and performance lagged industry peers. Revenue is down 3.9% from the year-ago quarter. As costs remained high, operating profit or earnings before interest and tax dropped 18.7%. Operating performance wasn’t exciting either. Average revenue per user (Arpu) at Rs149 is up just 0.7% from the June quarter and down 8% from a year ago. Subscriber additions are up 1% on a sequential basis. Comparatively, Arpu of Videocon and Bharti Airtel d2h businesses increased in the range of 2-7% on a sequential basis. “Lower increase was due to partial benefit accruing from GST implementation. Net addition was also lower compared to both Videocon and Bharti Airtel,” Emkay Research said in a note. N...