ITV

Category: Financials

  • Q2-17: New initiatives lower TV18 operating profit

    Q2-17: New initiatives lower TV18 operating profit

    BENGALURU: The Mukesh Ambani group-owned TV18 Broadcast Limited (TV18) reported operating profit of Rs 9.1 crore for the quarter ended 30 September 2016 (Q2-17, current quarter) as compared to Rs 10.8 crore in the corresponding year-ago quarter. The company says in its earnings release that excluding the impact of new initiatives, the operating profit for the quarter was Rs. 21.2 crore.

    The company’s consolidated gross revenue including proportionate share of joint ventures (JV) in Q2-17 increased 8.6 per cent year-over-year (y-o-y) to Rs 653.47 crore as compared to Rs 608.53 crore. TV18’s total income from operations (TIO) in the current quarter increased 5.3 per cent y-o-y to Rs 239.83 crore as compared to Rs 227,68 crore.

    Consolidated media operations segment revenue (including share of JV) in the current quarter increased 14.4 per cent to Rs 647.19 crore as compared to Rs 565.91 crore in the corresponding year-ago quarter. The segment’s operating profit was just a fraction of the corresponding year ago period at Rs 1.33 crore as compared to Rs 19.75 crore.

    TV18 says that during the quarter the group remained in investment mode to position it well for the future. The information and entertainment bouquet was revamped with new launches, talent pool beefed up and accent was placed on creating/curating high quality content for both TV and digital media. Segment loss before interest and tax on a consolidated basis including the performance of joint ventures stood at Rs. 3 crore for the quarter versus. segment profit of Rs. 24.7 crore in Q2-16. Excluding the impact of new initiatives and one-time expense, the segment profit for the quarter was Rs.70.1 crore

    Film Production and Distribution segment reported 79.8 percent y-o-y drop in revenue at Rs 8.60 crore in Q2-17 as compared to Rs 42.62 crore. The segment reported operating loss of Rs 2.90 crore as against an operating profit of Rs 1.90 crore in the quarter ended 30 September 2015.

  • Q2-17: New initiatives lower TV18 operating profit

    Q2-17: New initiatives lower TV18 operating profit

    BENGALURU: The Mukesh Ambani group-owned TV18 Broadcast Limited (TV18) reported operating profit of Rs 9.1 crore for the quarter ended 30 September 2016 (Q2-17, current quarter) as compared to Rs 10.8 crore in the corresponding year-ago quarter. The company says in its earnings release that excluding the impact of new initiatives, the operating profit for the quarter was Rs. 21.2 crore.

    The company’s consolidated gross revenue including proportionate share of joint ventures (JV) in Q2-17 increased 8.6 per cent year-over-year (y-o-y) to Rs 653.47 crore as compared to Rs 608.53 crore. TV18’s total income from operations (TIO) in the current quarter increased 5.3 per cent y-o-y to Rs 239.83 crore as compared to Rs 227,68 crore.

    Consolidated media operations segment revenue (including share of JV) in the current quarter increased 14.4 per cent to Rs 647.19 crore as compared to Rs 565.91 crore in the corresponding year-ago quarter. The segment’s operating profit was just a fraction of the corresponding year ago period at Rs 1.33 crore as compared to Rs 19.75 crore.

    TV18 says that during the quarter the group remained in investment mode to position it well for the future. The information and entertainment bouquet was revamped with new launches, talent pool beefed up and accent was placed on creating/curating high quality content for both TV and digital media. Segment loss before interest and tax on a consolidated basis including the performance of joint ventures stood at Rs. 3 crore for the quarter versus. segment profit of Rs. 24.7 crore in Q2-16. Excluding the impact of new initiatives and one-time expense, the segment profit for the quarter was Rs.70.1 crore

    Film Production and Distribution segment reported 79.8 percent y-o-y drop in revenue at Rs 8.60 crore in Q2-17 as compared to Rs 42.62 crore. The segment reported operating loss of Rs 2.90 crore as against an operating profit of Rs 1.90 crore in the quarter ended 30 September 2015.

  • Q1-17: Den Networks reports higher standalone revenue, operating profits

    Q1-17: Den Networks reports higher standalone revenue, operating profits

    BENGALURU: Multiple-systems operator Den Networks Limited (Den) reported 21.2 percent increase in standalone Total Income from operations (TIO) for the quarter ended June 30, 2016 (Q1-17, current quarter) as compared to the corresponding year ago quarter (Q1-16). The company also reported a standalone operating profit (EBIDTA) of Rs 4.58 crore (1.9 percent margin) in the current quarter as opposed to a standalone operating loss (negative EBIDTA) of Rs 26.44 crore. Den’s standalone TIO for the current quarter was Rs 238.67 crore as compared to Rs 196.89 crore. EBIDTA including other income was Rs 15.45 crore (6.2 percent margin) in Q1-17 as opposed to an operating loss (including other income) of Rs 6.01 crore in Q1-17.

    However the company reported higher standalone losses for the current quarter as compared to the corresponding year ago quarter. Net loss after tax (PAT) increased to Rs 57.40 crore in Q1-17 as compared to loss of Rs 53.49 crore in Q1-16. Standalone Total Comprehensive Income (TCI) was lower at a negative Rs 56.93 crore in Q1-17 as compared a negative Rs 51.74 crore in Q1-16.

    Segment numbers

    The company has two operating segments – Cable Distribution Network (Cable) and Broadband. Both segments reported improved operating numbers.

    Cable segment reported 15.1 percent growth in standalone operating revenue in Q1-17 at Rs 220.88 crore as compared to Rs 191.87 crore in Q1-16. Standalone operating loss in the current quarter was lower at Rs 31.19 crore as compared to a standalone operating loss of Rs 37.29 core in Q1-16.

    Broadband segment standalone revenue more than tripled (over 3.5 times) in the current quarter to Rs 17.79 crore as compared to Rs 5.02 crore in Q1-16. The segment reported lower standalone operating loss in Q1-17 of Rs 14.26 crore as compared to an operating loss of Rs 19.24 crore in the corresponding year ago quarter.

    Let us look at the other numbers reported by Den

    Standalone Total Expenditure in the current quarter was 12.1 percent higher at Rs 284.12 crore (119 percent of TIO) as compared Rs 253.43 crore (128.7 percent of TIO) in Q1-16.

    As percentage of TIO, Total expenditure in the current quarter was lower as compared to Q1-16. Most major standalone cost heads decreased in the current quarter as compared to the corresponding year ago quarter except for Content Costs, Other Expenses and Depreciation and Amortisation and hence wiped away the increase in TIO and resulted in higher loss. Other factors that contributed to higher loss were lower Other Income and higher Finance costs in Q1-17.

    As mentioned above, a major cost head for Den is Content Costs which increased by a massive Rs 30.70 crore or 35 percent to Rs 107.28 crore (44.9 percent of TIO) in Q1-17 from Rs 79.47 crore (40.4 percent of TIO). Standalone

    Other Expenses increased 5.4 percent in the current quarter to Rs 62 crore (26 percent of TIO) as compared to Rs 58.84 crore (29.9 percent of TIO) in Q1-16.

    Standalone Placement fees declined 21.8 percent in the current quarter to Rs 43.69 crore (18.3 percent of TIO) as compared to Rs 55.89 crore (28.4 percent of TIO).

    Standalone Employee benefits expense in Q1-17 declined 14.3 percent to Rs 19.57 crore (8.2 percent of TIO) as compared to Rs 22.83 crore (11.6 percent of TIO) in Q1-16.

    Standalone Finance costs in the current quarter increased 31.2 percent to Rs 22.82 crore (9.6 percent of TIO) as compared to Rs 17.39 crore (8.8 percent of TIO) in Q1-16.

    Standalone Other Income in Q1-17 was almost half (declined 46.8 percent) to Rs10.87 crore as compared to Rs 20.43 crore in Q1-16.

    Note: (1) All numbers mentioned in this report are standalone unless stated otherwise.

  • Q1-17: Den Networks reports higher standalone revenue, operating profits

    Q1-17: Den Networks reports higher standalone revenue, operating profits

    BENGALURU: Multiple-systems operator Den Networks Limited (Den) reported 21.2 percent increase in standalone Total Income from operations (TIO) for the quarter ended June 30, 2016 (Q1-17, current quarter) as compared to the corresponding year ago quarter (Q1-16). The company also reported a standalone operating profit (EBIDTA) of Rs 4.58 crore (1.9 percent margin) in the current quarter as opposed to a standalone operating loss (negative EBIDTA) of Rs 26.44 crore. Den’s standalone TIO for the current quarter was Rs 238.67 crore as compared to Rs 196.89 crore. EBIDTA including other income was Rs 15.45 crore (6.2 percent margin) in Q1-17 as opposed to an operating loss (including other income) of Rs 6.01 crore in Q1-17.

    However the company reported higher standalone losses for the current quarter as compared to the corresponding year ago quarter. Net loss after tax (PAT) increased to Rs 57.40 crore in Q1-17 as compared to loss of Rs 53.49 crore in Q1-16. Standalone Total Comprehensive Income (TCI) was lower at a negative Rs 56.93 crore in Q1-17 as compared a negative Rs 51.74 crore in Q1-16.

    Segment numbers

    The company has two operating segments – Cable Distribution Network (Cable) and Broadband. Both segments reported improved operating numbers.

    Cable segment reported 15.1 percent growth in standalone operating revenue in Q1-17 at Rs 220.88 crore as compared to Rs 191.87 crore in Q1-16. Standalone operating loss in the current quarter was lower at Rs 31.19 crore as compared to a standalone operating loss of Rs 37.29 core in Q1-16.

    Broadband segment standalone revenue more than tripled (over 3.5 times) in the current quarter to Rs 17.79 crore as compared to Rs 5.02 crore in Q1-16. The segment reported lower standalone operating loss in Q1-17 of Rs 14.26 crore as compared to an operating loss of Rs 19.24 crore in the corresponding year ago quarter.

    Let us look at the other numbers reported by Den

    Standalone Total Expenditure in the current quarter was 12.1 percent higher at Rs 284.12 crore (119 percent of TIO) as compared Rs 253.43 crore (128.7 percent of TIO) in Q1-16.

    As percentage of TIO, Total expenditure in the current quarter was lower as compared to Q1-16. Most major standalone cost heads decreased in the current quarter as compared to the corresponding year ago quarter except for Content Costs, Other Expenses and Depreciation and Amortisation and hence wiped away the increase in TIO and resulted in higher loss. Other factors that contributed to higher loss were lower Other Income and higher Finance costs in Q1-17.

    As mentioned above, a major cost head for Den is Content Costs which increased by a massive Rs 30.70 crore or 35 percent to Rs 107.28 crore (44.9 percent of TIO) in Q1-17 from Rs 79.47 crore (40.4 percent of TIO). Standalone

    Other Expenses increased 5.4 percent in the current quarter to Rs 62 crore (26 percent of TIO) as compared to Rs 58.84 crore (29.9 percent of TIO) in Q1-16.

    Standalone Placement fees declined 21.8 percent in the current quarter to Rs 43.69 crore (18.3 percent of TIO) as compared to Rs 55.89 crore (28.4 percent of TIO).

    Standalone Employee benefits expense in Q1-17 declined 14.3 percent to Rs 19.57 crore (8.2 percent of TIO) as compared to Rs 22.83 crore (11.6 percent of TIO) in Q1-16.

    Standalone Finance costs in the current quarter increased 31.2 percent to Rs 22.82 crore (9.6 percent of TIO) as compared to Rs 17.39 crore (8.8 percent of TIO) in Q1-16.

    Standalone Other Income in Q1-17 was almost half (declined 46.8 percent) to Rs10.87 crore as compared to Rs 20.43 crore in Q1-16.

    Note: (1) All numbers mentioned in this report are standalone unless stated otherwise.

  • DD begins work on next year’s govt. funding

    DD begins work on next year’s govt. funding

    NEW DELHI: India’s television pubcaster Doordarshan, managed by Prasar Bharati, has begun an annual exercise to convey to the government the level of funding it could need for next financial year beginning April 1, 2017.

    While directing the various units  and centres under DD to send in their financial demands, a communiqué from the DD Directorate clarified that such budgeting should not  include any (financial) provisions for vacant posts.

    Prasar Bharati, which runs DD and All India Radio, like many other public broadcasters of the world, is funded with public money that the government allocates to it as part of the country’s annual budgetary
    proposals.

    The official communication from DD head office added that any liabilities from previous year’s budgetary support should be detailed, including separately listing reasons for exceeding allocated budgets for the financial year 2015-16 as also enumerating the likely effect that payment of certain government allowances, bonuses and increased payout to employees likely to have.

    It is estimated that Prasar Bharati has around 40,000 employees on its rolls.

    Though Prasar Bharat is an autonomous organisation, formed under an Act of Parliament of 1990 that was notified only in 1997 paving the way for its formal set up, a majority of its employees are still categorised as government officials, a hangover of pre-Prasar Bharati days when DD and AIR were media units of Ministry of Information and Broadcasting (MIB). Hence, any revision of pay scales for government officials, as notified earlier this year, has an effect of Prasar Bharati officials too.

    ALSO READ:

    DD sets up ‘War Room’ to revitalise programming & revenues

  • DD begins work on next year’s govt. funding

    DD begins work on next year’s govt. funding

    NEW DELHI: India’s television pubcaster Doordarshan, managed by Prasar Bharati, has begun an annual exercise to convey to the government the level of funding it could need for next financial year beginning April 1, 2017.

    While directing the various units  and centres under DD to send in their financial demands, a communiqué from the DD Directorate clarified that such budgeting should not  include any (financial) provisions for vacant posts.

    Prasar Bharati, which runs DD and All India Radio, like many other public broadcasters of the world, is funded with public money that the government allocates to it as part of the country’s annual budgetary
    proposals.

    The official communication from DD head office added that any liabilities from previous year’s budgetary support should be detailed, including separately listing reasons for exceeding allocated budgets for the financial year 2015-16 as also enumerating the likely effect that payment of certain government allowances, bonuses and increased payout to employees likely to have.

    It is estimated that Prasar Bharati has around 40,000 employees on its rolls.

    Though Prasar Bharat is an autonomous organisation, formed under an Act of Parliament of 1990 that was notified only in 1997 paving the way for its formal set up, a majority of its employees are still categorised as government officials, a hangover of pre-Prasar Bharati days when DD and AIR were media units of Ministry of Information and Broadcasting (MIB). Hence, any revision of pay scales for government officials, as notified earlier this year, has an effect of Prasar Bharati officials too.

    ALSO READ:

    DD sets up ‘War Room’ to revitalise programming & revenues

  • Q1-17: Diversified mix boosts Eros revenue

    Q1-17: Diversified mix boosts Eros revenue

    BENGALURU: The Sunil Lulla-led Eros International Media Limited (Eros) reported 22.2 percent increase in total revenue including other income (TR) for the quarter ended 30 June 2016 (Q1-17, current quarter) as compared to the corresponding quarter of the previous year (Q1-16).

    Eros reported lower revenue of Rs 411.08 crore in the current quarter as compared to total revenue of Rs 480.59 crore in Q1-16, but considering the one-time sale of digital rights of Rs. 1,44.20 crore, its revenue for Q1-16 works out to Rs 336.39 crore. The company says that a diversified movie mix that included worldwide releases of
    Housefull 3, Ki and Ka, Nil Battey Sannata, Sardaar Gabbar Singh (Telugu), 24 (Tamil), amongst other releases helped in the double-digit increase in revenue.

    Total comprehensive income including other income after taxes in Q1-17 increased 42.9 percent year-over-year (y-o-y) to Rs 73.87 crore (18percent margin) from Rs 51.70 crore (15.4 percent margin on Rs 336.39 crore, 10.9 percent margin on TR).

    Finance cost in the current quarter increased 9.7 percent y-o-y to Rs 9.40 crore from Rs 8.57 crore. Total Expenditure in Q1-17 declined 14.4 percent to Rs 329.37 crore from Rs 384.94 crore in Q1-16. Employee Benefit Expense in the current quarter increased 52.6 percent to Rs 17.50 crore from Rs 11.54 crore in Q1-16.

    The company also had a diversified revenue mix comprising Theatrical Revenues – 52.1%, Overseas Revenues – 17.2% and Television & Others – 30.7% as a percentage of Income from Operations.

    Company speak

    Commenting on the performance of Q1-17, Eros, executive vice chairman & MD Sunil Lulla said, “Fiscal 2017 has begun on an excellent note for Eros International with notable progress on operational and strategic parameters. Our approach towards investing in high quality portfolio of film content, which is greenlit at appropriate budgets and is monetized across various revenue streams, continues to yield positive results.”.

    “This year is also marked by strong pre-sales of majority of our film slate including, Dishoom, Baar Baar Dekho, Rock On 2, Banjo as well as regional films to leading satellite channels, as a part of our de-risking strategy and ensuring revenue and cash flow visibility,” Lulla said.

    “Q2-17 has also begun well with the power packed performance of Dishoom and Happy Bhaag Jayegi and our Telugu release Janatha Garage is heading to be the biggest Telugu grosser of this year,” Lulla added.

  • Q1-17: Diversified mix boosts Eros revenue

    Q1-17: Diversified mix boosts Eros revenue

    BENGALURU: The Sunil Lulla-led Eros International Media Limited (Eros) reported 22.2 percent increase in total revenue including other income (TR) for the quarter ended 30 June 2016 (Q1-17, current quarter) as compared to the corresponding quarter of the previous year (Q1-16).

    Eros reported lower revenue of Rs 411.08 crore in the current quarter as compared to total revenue of Rs 480.59 crore in Q1-16, but considering the one-time sale of digital rights of Rs. 1,44.20 crore, its revenue for Q1-16 works out to Rs 336.39 crore. The company says that a diversified movie mix that included worldwide releases of
    Housefull 3, Ki and Ka, Nil Battey Sannata, Sardaar Gabbar Singh (Telugu), 24 (Tamil), amongst other releases helped in the double-digit increase in revenue.

    Total comprehensive income including other income after taxes in Q1-17 increased 42.9 percent year-over-year (y-o-y) to Rs 73.87 crore (18percent margin) from Rs 51.70 crore (15.4 percent margin on Rs 336.39 crore, 10.9 percent margin on TR).

    Finance cost in the current quarter increased 9.7 percent y-o-y to Rs 9.40 crore from Rs 8.57 crore. Total Expenditure in Q1-17 declined 14.4 percent to Rs 329.37 crore from Rs 384.94 crore in Q1-16. Employee Benefit Expense in the current quarter increased 52.6 percent to Rs 17.50 crore from Rs 11.54 crore in Q1-16.

    The company also had a diversified revenue mix comprising Theatrical Revenues – 52.1%, Overseas Revenues – 17.2% and Television & Others – 30.7% as a percentage of Income from Operations.

    Company speak

    Commenting on the performance of Q1-17, Eros, executive vice chairman & MD Sunil Lulla said, “Fiscal 2017 has begun on an excellent note for Eros International with notable progress on operational and strategic parameters. Our approach towards investing in high quality portfolio of film content, which is greenlit at appropriate budgets and is monetized across various revenue streams, continues to yield positive results.”.

    “This year is also marked by strong pre-sales of majority of our film slate including, Dishoom, Baar Baar Dekho, Rock On 2, Banjo as well as regional films to leading satellite channels, as a part of our de-risking strategy and ensuring revenue and cash flow visibility,” Lulla said.

    “Q2-17 has also begun well with the power packed performance of Dishoom and Happy Bhaag Jayegi and our Telugu release Janatha Garage is heading to be the biggest Telugu grosser of this year,” Lulla added.

  • Q1-17: TV Today topline, bottomline up

    Q1-17: TV Today topline, bottomline up

    BENGALURU: TV Today Network Limited (TVTN) reported 7.7 percent increase in standalone revenue (TIO) for the quarter ended 30 June 2016 (Q1-17, current quarter) as compared to the corresponding quarter of the previous year (Q1-16). Standalone profit after tax (PAT) increased 23.9 percent in the current quarter as compared to Q1-16. TVYN reported TIO and PAT of Rs 136.94 crore and Rs 22.38 crore (16.3 percent margin) in Q1-17 as compared to Rs 127.12 crore and Rs 18.06 crore (14.2 percent margin), respectively.

    EBIDTA for the current quarter increased 22.9 percent to Rs 36.80 crore (26.9 percent margin) as compared to the Rs 29.95 crore (23.6 percent margin) in the corresponding year ago quarter.

    Segment results

    The company has two main segments – Television broadcasting (TV) and Radio broadcasting (Radio) – it currently three runs radio stations under the brand Oye FM 104.8 at New Delhi, Mumbai and Kolkata. The company has been partially successful in selling off a few of its radio stations to Entertainment Network India Limited (ENIL, Radio Mirchi) and has also recently signed on ENIL on to hawk ads for its three remaining stations. Probably, the results of this association will start showing over the next few quarters.

    TVTN’s TV segment reported 9.1 percent year-over-year (y-o-y) growth in operating revenue to Rs 136 crore in Q1-17 as compared to Rs 124.66 crore in Q1-16. The segment reported an operating profit of Rs 33.79 crore in the current quarter as compared to Rs 28.11 crore in the corresponding year ago quarter.

    Radio segment reported 45.3 percent decline in operating revenue at Rs 1.35 crore in Q1-17 as compared to Rs 2.62 crore in the corresponding year ago quarter. The segment reported a higher operating loss of Rs 3.52 crore in the current quarter as compared to an operating loss of Rs 2.82 crore in Q1-16.

    Let us look at the other numbers reported for Q1-17

    Total expenditure in the current quarter increased 2.3 percent to Rs 107.61 crore (78.6 percent of TIO) as compared to Rs 105.16 crore (82.7 percent of TIO) in Q1-16.

    Production cost increased 11.2 percent y-o-y in Q1-17 to Rs 13.48 crore (9.8 percent of TIO) as compared to Rs 12.11 crore (9.5 percent of TIO). Employee Benefit Expense in the current quarter increased 18.6 percent y-o-y to Rs 38.73 crore (28.3 percent of TIO) as compared to Rs 32.66 crore (25.7 percent of TIO).

    Advertisement expense in Q1-17 declined 18.6 percent to Rs 31.13 crore (22.7 percent of TIO) from Rs 38.24 crore (23.6 percent of TIO) in Q1-16.

    Note: The unit of currency in this report is the Indian rupee – Rs (also conventionally represented by INR). The Indian numbering system or the Vedic numbering system has been used to denote money values. The basic conversion to the international norm would be:

    (a) 100,00,000 = 100 lakh = 10,000,000 = 10 million = 1 crore.

    (b) 10,000 lakh = 100 crore = 1 arab = 1 billion.

  • Q1-17: TV Today topline, bottomline up

    Q1-17: TV Today topline, bottomline up

    BENGALURU: TV Today Network Limited (TVTN) reported 7.7 percent increase in standalone revenue (TIO) for the quarter ended 30 June 2016 (Q1-17, current quarter) as compared to the corresponding quarter of the previous year (Q1-16). Standalone profit after tax (PAT) increased 23.9 percent in the current quarter as compared to Q1-16. TVYN reported TIO and PAT of Rs 136.94 crore and Rs 22.38 crore (16.3 percent margin) in Q1-17 as compared to Rs 127.12 crore and Rs 18.06 crore (14.2 percent margin), respectively.

    EBIDTA for the current quarter increased 22.9 percent to Rs 36.80 crore (26.9 percent margin) as compared to the Rs 29.95 crore (23.6 percent margin) in the corresponding year ago quarter.

    Segment results

    The company has two main segments – Television broadcasting (TV) and Radio broadcasting (Radio) – it currently three runs radio stations under the brand Oye FM 104.8 at New Delhi, Mumbai and Kolkata. The company has been partially successful in selling off a few of its radio stations to Entertainment Network India Limited (ENIL, Radio Mirchi) and has also recently signed on ENIL on to hawk ads for its three remaining stations. Probably, the results of this association will start showing over the next few quarters.

    TVTN’s TV segment reported 9.1 percent year-over-year (y-o-y) growth in operating revenue to Rs 136 crore in Q1-17 as compared to Rs 124.66 crore in Q1-16. The segment reported an operating profit of Rs 33.79 crore in the current quarter as compared to Rs 28.11 crore in the corresponding year ago quarter.

    Radio segment reported 45.3 percent decline in operating revenue at Rs 1.35 crore in Q1-17 as compared to Rs 2.62 crore in the corresponding year ago quarter. The segment reported a higher operating loss of Rs 3.52 crore in the current quarter as compared to an operating loss of Rs 2.82 crore in Q1-16.

    Let us look at the other numbers reported for Q1-17

    Total expenditure in the current quarter increased 2.3 percent to Rs 107.61 crore (78.6 percent of TIO) as compared to Rs 105.16 crore (82.7 percent of TIO) in Q1-16.

    Production cost increased 11.2 percent y-o-y in Q1-17 to Rs 13.48 crore (9.8 percent of TIO) as compared to Rs 12.11 crore (9.5 percent of TIO). Employee Benefit Expense in the current quarter increased 18.6 percent y-o-y to Rs 38.73 crore (28.3 percent of TIO) as compared to Rs 32.66 crore (25.7 percent of TIO).

    Advertisement expense in Q1-17 declined 18.6 percent to Rs 31.13 crore (22.7 percent of TIO) from Rs 38.24 crore (23.6 percent of TIO) in Q1-16.

    Note: The unit of currency in this report is the Indian rupee – Rs (also conventionally represented by INR). The Indian numbering system or the Vedic numbering system has been used to denote money values. The basic conversion to the international norm would be:

    (a) 100,00,000 = 100 lakh = 10,000,000 = 10 million = 1 crore.

    (b) 10,000 lakh = 100 crore = 1 arab = 1 billion.