Category: Financials

FY-2015: Eros PAT up 24%; operating income up 25% due to portfolio approach

BENGALURU: The portfolio approach to movie making by the Sunil Lulla led Indian motion picture production and distribution company Eros International Media has resulted in it posting an increase of 24 per cent in profit after tax (PAT) in FY-2015 (year ended 31 March, 2015, current year) at Rs 247.06 crore (17.6 per cent of Total Income from Operations excluding Other Income, or TIO) as compared to the Rs 199.69 crore (17.6 per cent of TIO) in FY-2014. The company’s TIO in FY-2015 increased 25.3 per cent to Rs 1421.17 crore as compared to the Rs 1134.66 crore in FY-2014.

Note: 100,00,000 = 100 lakh = 10 million = 1 crore

All numbers in this are consolidated unless stated otherwise.

The company’s diversified revenue mix comprises theatrical revenue, which contributed 38 per cent to total revenues, television and others, which contributed 31.3 per cent to total revenues, and overseas revenue, which contributed 30.7 per cent to total revenues. Eros says that its extensive film library of over 2,000 plus films has been increasing its contribution year on year with FY-2015 catalogue revenue at 22 per cent of Total Income as compared to 15 per cent in the previous year and 12 per cent in FY-2013.

Eros managing director Sunil Lulla said, “We have concluded the fiscal on an excellent note based on our strategy of investing in content backed Hindi and regional movies and extensively monetizing it across all platforms such as theatrical, television and digital. The year has reinforced our belief in the portfolio approach to movie-making, which enables us to deliver sustained growth supported by consistently strong presales. Our footprint in the regional market, in particular, has worked very well for us. Along with the healthy performance of our new movie releases, we witnessed a strong upswing in revenue contribution from our 2,000 plus movie library. We are excited about our new venture Trinity Pictures that will build franchise films and look forward towards capitalizing on digital revenue opportunity through ErosNow.”

In FY-2015, Eros released 64 films (44 Hindi and 30 Tamil/Telugu) as compared to 69 (37 Hindi, 30 Tamil/Telugu and two regional language) in FY-2014. Of the 64 films released in FY-2015, 47 were low budget, 10 medium budget and seven high budget films as compared to 44 low budget, 21 medium budget and four high budget films in FY-2014.

Let us look at the other numbers reported by Eros:

The TIO numbers for FY-2015 and FY-2014 have been mentioned above. Eros TIO in Q4-2015 at Rs 449.05 crore was 42.7 per cent more than the Rs 314.62 crore in Q4-2014, but 8.5 per cent lower than the Rs 490.73 crore in Q3-2015.

Eros EBIDTA including other income in FY-2015 at Rs 368.08 crore (25.5 per cent margin), which was 20.8 per cent more than the Rs 304.73 crore (26.7 per cent margin) in FY-2014. EBIDTA including other income in Q4-2015 at Rs 84.74 crore (18.2 per cent margin) was 24.6 per cent more than the Rs 68.01 crore (21.9 per cent margin) in Q4-2014, but 42.9 per cent lower than the Rs 148.43 crore (30.2 per cent margin) in the immediate trailing quarter.

The company’s total expenses (TE) in FY-2015 at Rs 1079.84 crore (76 per cent of TIO) was 28.6 percent more than the Rs 839.93 crore (74 per cent of TIO). TE in Q4-2015 at Rs 382.71 crore (85.2 percent of TIO) was 57.9 per cent more than the Rs 242.31crore (77 per cent of TIO) and 10.8 per cent more than the Rs 345.34 crore (70.4 per cent of TIO) in Q3-2015.

The company’s other expense in FY-2015 almost tripled (2.89 times) to Rs 96.74 crore (6.8 percent of TIO) as compared to the Rs 33.46 crore (2.9 per cent of TIO) in FY-2014. Other Expense in Q4-2015 more than quadrupled (4.05 times) at Rs 56.14 crore (12.5 per cent of TIO) as compared to the Rs 13.87 crore (4.4 per cent of TIO) in Q4-2014 and more than doubled (2.54 times) the Rs 22.13 crore (4.5 per cent of TIO) in the immediate trailing quarter.

Lulla added, “The Indian entertainment industry is in midst of a structural shift and has potential to multiply revenue streams with multiplexing, digital addressability, broadband and mobile penetration as driving themes. Eros has been anticipating and preparing for these changes for many years. We have started FY-2016 on an extremely positive note with the resounding success of Tanu Weds Manu Returns to be followed by Bajarangi Bhaijaan on Eid and Bajirao Mastani on Christmas as our tent pole films for the year. We believe we can continue this growth momentum into FY-2016 as well.”

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May 30, 2015
FY-2015: Tepid box office, World Cup Cricket chop PVR profits

BENGALURU: Impacted by poor movie content and World Cup Cricket towards the end of FY-2015 (year ended 31 March, 2015, current year) Indian motion picture exhibition, production and distribution house PVR Limited reported just 23.1 per cent PAT at Rs 11.64 crore as compared the Rs 50.39 crore in FY-2014.

PVR, in its earnings release, says that there was a 12 per cent drop in the footfalls in Q4-2015 at 1.22 crore and that its entertained one per cent lesser patrons (5.92 crore) in FY-2015 and profit could have been lower but for strong performance of its Food and Beverages (F&B) revenues and Sponsorship income.

Note: 100,00,000 = 100 lakh = 10 million = 1 crore

All numbers are consolidated unless stated otherwise

The company’s Q4-2015 performance has been poor. PVR’s Movie Exhibition segment revenue dropped 4.3 per cent in Q4-2015 to Rs 271.40 crore as compared to the Rs 283.69 crore in Q4-2014 despite the company adding 50 more screens spread over nine properties in FY-2015. Also, Q4-2015 movie exhibition segment revenue was 30.9 per cent lower than the Rs 392.88 crore in the immediate trailing quarter. The movie exhibition segment has reported an operating loss of Rs 14.68 crore in Q4-2015 as compared to operating profits of Rs 18.99 crore of Rs 50.08 crore in Q4-2014 and Q3-2015 respectively. PVR’s movie exhibition revenue in FY-2015 at Rs 1370.31 crore was 9.1 per cent more than the Rs 1255.59 crore in FY-2014. The segment reported 28.2 per cent lower operating profit of Rs 88.23 crore in the current year as compared to the Rs 122.87 crore in FY-2014.

In Q4-2015, PVR’s net Total Income from Operations excluding other income (TIO) at Rs 299.55 crore was 4.5 per cent lower than the Rs 314.23 crore in the corresponding year ago quarter and 28.6 per cent lower than the Rs 419.71 crore in Q3-2015. TIO in FY-2015 at Rs 1481.34 crore was 9.6 per cent more than the Rs 1351.23 crore in FY-2014.

PVR reported a loss of Rs 35.56 crore in Q4-2015 as compared to PAT of Rs 0.74 crore in Q4-2014 and PAT of Rs 31.59 crore in the immediate trailing quarter.

PVR’s EBIDTA in FY-2015 also suffered on this account. EBIDTA including other income in the current year at Rs 209.67 crore (14.2 per cent margin) declined six per cent as compared to the Rs 222.99 (16.5 per cent margin) in FY-2014. EBIDTA including other income in Q4-2015 at Rs 12.71 crore (4.2 per cent margin) was almost a third (down 63.9 per cent) of the Rs 35.18 crore (11.2 per cent margin) and a little more than one seventh (15.3 per cent margin) of the EBIDTA including other expenses of Rs 82.23 crore (19.8 per cent margin) in the previous quarter.

Let us look at the other numbers reported by PVR

PVR’s Total Expenditure (TE) in FY-2015 at Rs 1393.11 crore (94 per cent of TIO) in FY-2015 was 13.2 per cent more than the Rs 1230.22 crore (91 per cent of TIO) in FY-2014. TE in Q4-2015 at Rs 314.12 crore (104.86 per cent of TIO) was 0.5 per cent lower than the Rs 315.58 crore (100.43 per cent of TIO) and 14.9 per cent lower than the Rs 369.33 crore (88 per cent of TIO) in Q3-2105.

The company’s Film Exhibition Cost in FY-2015 at Rs 342.18 crore (23.1 per cent of TIO) was 3.9 per cent more than the Rs 329.49 crore (24.4 per cent of TIO) in FY-2014. Film Exhibition Cost in Q4-2015 at Rs 62.96 crore (21 per cent of TIO) was 8.2 per cent lower than the Rs 68.6 crore (21.8 per cent of TIO) in Q4-2014 and 36.1 per cent lower than the Rs 98.49 crore (23.5 per cent of TIO) in the previous quarter.

PVR’s cost of Food and Beverages consumed (F&B cost) in FY-2015 at Rs 107.38 crore (7.2 per cent of TIO) was 16.3 per cent more than the Rs 92.31 crore (6.8 per cent of TIO) in FY-2015. F&B cost in Q4-2015 at Rs 21.05 crore (seven per cent of TIO) was 2.9 per cent lower than the Rs 21.67 crore (6.9 per cent of TIO) in Q4-2014 and 30 per cent less than the Rs 30.05 crore (7.2 per cent of TIO) in Q3-2015. PVR says that F&B revenues increased 17 per cent in FY-2015 as compared to FY-2014.

The company’s movie production segment (movie segment) in FY-2015 reported 35.9 per cent growth in revenue at Rs 51.23 crore as compared to the Rs 37.71 crore in FY-2014. Movie segment revenue in Q4-2015 at Rs 13.61 crore was 28.3 per cent lower than the Rs 18.99 crore in Q4-2014 and 14.9 per cent more than the Rs 11.85 crore in Q3-2015. The segment reported operating profit of Rs 2.74 crore as compared to an operating profit of Rs 0.90 crore in FY-2014. Operating profit of PVR’s movie production segment in Q4-2015 was Rs 1.54 crore as compared to an operating loss of Rs 0.56 crore in Q4-2014 and an operating profit of Rs 0.43 crore in Q3-2015.

PVR’s Others’ (including Bowling, gaming and restaurant services, etc) segment reported almost flat revenue (down 0.1 per cent) in FY-2015 at Rs 73.96 crore as compared to the Rs 74.02 crore in FY-2014. Revenue from ‘Others’ segment in Q4-2015 at Rs 17.27 crore was 9.9 per cent less than the Rs 19.16 crore in Q4-2014 and 9.1 per cent less than the Rs 19 crore in Q3-2015. The ‘Others’ segment reported slightly higher operating loss of Rs 2.80 crore in FY-2015 as compared to the Rs 2.63 crore in FY-2014. Operating loss of the segment in Q4-2015 at Rs 1.46 crore was higher than the operating loss of Rs 0.96 crore in Q4-2014 and the operating loss of Rs 0.13 crore in Q3-2015.

Assuring stakeholders of a better FY-2016, PVR chairman and managing director Ajay Bijli said, “While Q4-2015 performance stood tepid, with the consumer sentiment coming back Q1-2016 box office have been very strong with movies like Fast & Furious 7, Avengers, Gabbar, Piku and Tanu Weds Manu leading the pack. Going forward we have Dil Dhadakne Do, Jurassic World and ABCD-2 releasing in June followed by Bajrangi Bhaijaan, a Salman Khan starrer and Drishyam in July. The content pipeline looks pretty promising and hopefully the worst in terms of content should be behind us and we expect a blockbuster 2015-16.”

May 30, 2015
FY-2015: Hathway revenue up 15.7%; cable subscription revenue up 44%

BENGALURU: Indian multi system operator (MSO) Hathway Cable and Datacom Limited reported 15.7 per cent growth in consolidated Total Income from Operations (TIO) in FY-2015 (year ended 31 March, 2015, current year) to Rs 1830.60 from Rs 1583.25 crore in FY-2014.

The company has reported 44 per cent growth in consolidated cable subscription revenue in FY-2015 at Rs 840.3 crore. Standalone TIO grew four per cent to Rs 1023.5 crore in the current year. Standalone cable subscription revenue increased 32 per cent to Rs 441.7 crore in FY-2015.

Note: 100,00,000 = 100 lakh = 10 million = 1 crore

Hathway’s consolidated subscription and broadband revenue grew 47 per cent to Rs 247.5 crore, while standalone subscription and broadband revenue increased 37 per cent to Rs 196 crore in FY-2015. Consolidated placement revenue grew nine per cent to Rs 626.9 crore, while standalone placement revenue remained flat at Rs 319 crore in FY-2015. The company’s consolidated and standalone revenues declined by 50 per cent to Rs 82.4 crore and by 40 per cent to Rs 44 crore respectively in FY-2015.

The company has seeded 4.3 lakh set-top-boxes (STBs) in FY-2015, taking its total digital subscribers to 85 lakh.

Let us look at the other numbers posted by Hathway:

FY-2015 consolidated and standalone numbers

Hathway’s consolidated Total Expenditure (TE) in FY-2015 increased 21 per cent to Rs 1903.38 crore (103.9 per cent of TIO) from Rs 1572.75 crore in FY-2015. Standalone TE increased 11.2 per cent to Rs 1110.43 crore (108.6 per cent of TIO) in FY-2015 as compared to the Rs 998.84 crore (101.9 per cent of TIO) in FY-2015.

Hathway’s consolidated Pay Channel cost increased 22 per cent to Rs 813.13 crore (44.4 per cent of TIO) in FY-2015 from Rs 666.41 crore (54.1 per cent of TIO) in FY-2016. Standalone Pay Channel cost in FY-2015 increased 17.8 per cent to Rs 383.99 crore (37.5 per cent of TIO) as compared to the Rs 325.88 crore (33.2 per cent of TIO) in FY-2014.

The company reported 16 per cent drop in consolidated EBIDTA to Rs 259.9 crore and a 27 per cent drop in EBIDTA to Rs 139.4 crore in FY-2015 as compared to the previous year.

Consolidated loss in FY-2015 increased to Rs 180.45 crore as compared to the Rs 111.11 crore in FY-2014, while standalone loss in FY-2015 increased to Rs 175.22 crore from Rs 125.25 crore in FY-2014.

Consolidated average revenue per user (ARPU) in Phase I cities is Rs 100, while in Phase II cities it was Rs 67. Broadband ARPU increased to Rs 540, with Docsis 3 ARPU reaching Rs 750.

Q4-2015 standalone numbers

Hathway’s standalone TIO in Q4-2015 declined 18.3 per cent to Rs 270.03 crore as compared to the Rs 292.72 crore in the corresponding year ago quarter but increased 12.9 per cent as compared to the Rs 239.15 crore in the immediate trailing quarter.

Standalone TE in Q4-2015 at Rs 307.66 crore (113.9 per cent of TIO) was 1.9 per cent lower than the Rs 313.53 crore (107.1 per cent of TIO) in Q4-2014 but 12.1 per cent more than the Rs 274.39 crore (114.7 per cent of TIO) in Q3-2015.

Standalone Pay Channel cost in Q4-201t at Rs 107.34 crore (39.8 per cent of TIO) was seven per cent lower than the Rs 115.41 crore (39.4 per cent of TIO) in Q4-2014 but 14.1 per cent more than the Rs 94.04 crore (39.3 per cent of TIO) in Q3-2015.

Hathway reported higher standalone loss of Rs 58.05 crore in Q4-2015 as compared to the loss of Rs 49.27 crore in Q4-2014 and loss of Rs 39.26 crore in Q3-2015.

May 30, 2015
FY-2015: Sun TV revenue sees 7% growth at Rs 2243 crore

BENGALURU: Sun TV Network Limited reported seven per cent growth in standalone revenue (Total income from operations or TIO) in FY-2015 (year ended 31 March, 2015, current year) at Rs 2243.62 crore as compared to the Rs 2096.78 crore in FY-2014.

TIO in Q4-2015 at Rs 548.58 crore grew 5.5 per cent as compared to the Rs 520.18 crore y-o-y and was 0.7 per cent lower than the Rs 552.44 crore in Q3-2015.

Note: 100,00,000 = 100 lakh = 10 million = 1 crore

All figures in this report are standalone.

The company reported 2.8 per cent growth in profit after tax (PAT) at Rs 737.23 crore (32.9 per cent of TIO) in FY-2015 as compared to the Rs 716.96 crore (34.2 per cent of TIO) in FY-2014. PAT in Q4-2015 at Rs 202.99 crore (37 per cent of TIO) was 2.7 per cent more than the Rs 197.57 crore (38 per cent of TIO) in Q4-2014 but was 5.2 per cent lower than the Rs 214.13 crore (38.8 per cent of TIO) in the previous quarter.

Let us look at the other numbers reported by Sun TV:

Sun TV’s Total Expenditure (TE) in FY-2015 at Rs 1217.25 crore (54.3 per cent of TIO) was 11.8 per cent more than the Rs 1088.41 crore (51.9 per cent of TIO). TE in Q4-2015 at Rs 263.74 crore (48.1 per cent of TIO) was 13.4 per cent more than the Rs 232.62 crore (44.7 per cent of TIO) and was 5.5 per cent more than the Rs 250.05 crore in Q3-2015.

The company reported 5.8 per cent higher employee benefit expense (EBE) in FY-2015 at Rs 203.75 crore (9.1 per cent of TIO) as compared to the Rs 192.53 crore (9.2 per cent of TIO) in FY-2014. EBE in Q4-2015 at Rs 52.16 crore (9.5 per cent of TIO) was three per cent more than the Rs 50.63 crore (9.7 per cent of TIO) in Q4-2014 but was 6.3 per cent lower than the Rs 55.69 crore (10.1 per cent of TIO) in Q3-2015.

Other Expenditure in FY-2015 at Rs 171.4 crore (7.6 per cent of TIO) was 1.1 per cent lower than the Rs 173.38 crore (8.3 per cent of TIO) in FY-2014. Other Expenditure in Q4-2015 at Rs 28.26 crore (5.2 per cent of TIO) was 8.1 per cent more than the Rs 26.15 crore (five per cent of TIO) in Q4-2014 and was 4.9 per cent more than the Rs 26.93 crore (4.9 per cent of TIO) in Q3-2015.

Sun TV’s standalone EBIDTA in FY-2015 at Rs 1614.2 crore (71.9 per cent margin) was 10.4 per cent more than the Rs 1461.71 crore (69.7 per cent margin) in FY-2014. Standalone EBIDTA in Q4-2015 at Rs 423.26 crore (77.2 per cent margin) was 5.8 per cent more than the Rs 399.89 crore (76.8 per cent margin) and was 1.1 per cent lower than the Rs 427.8 crore (77.4 per cent margin) in Q3-2015.

Until now, the company has paid out three interim dividends for FY-2015 totalling 225 per cent or Rs 11.25 per equity share of face value of Rs 5 each as compared to dividends totalling 190 per cent or Rs 9.50 per equity share in FY-2014.

Sun TV share price declined today (29 May) at the closing bell. On the NSE, the share closed at Rs 379.20, down Rs 7.85 (2.03 per cent) from its previous close of Rs 387.05, despite a higher opening of Rs 387.55 in the morning. Today’s Low/High for the script on the NSE was Rs 370.85/Rs 388.80 with a volume of 421126. Overall, the NSE Nifty closed up at 8433.65, up 114.65 points (+1.38 per cent).

On the BSE, the stock closed at Rs 378.70, down Rs 7.50 (1.90 per cent) from its previous close of Rs 386.20 and higher opening of Rs 387.20. Today’s Low/High for the stock on the BSE was Rs 374/Rs 389.45 with a volume of 104288. The BSE Sensex closed at 27824.44, up 321.71 (+1.17 per cent).

May 29, 2015
FY-2015: Siti Cable’s revenue from cable up 31.4% at Rs 910 crore

BENGALURU: The Essel Group’s Subhash Chandra led Siti Cable Network Limited reported revenue of Rs 910.4 crore from its cable operations, up 31.4 per cent as compared to the Rs 693 crore in FY-2014. Cable business includes Subscription, Carriage, Activation and Advertisement revenue streams.

The company reported subscription revenue of Rs 531 crore in FY-2015, which was up 56.4 per cent from Rs 339.5 crore in FY-2014. Last year Siti Cable had reported carriage revenue of Rs 227.1 crore. The company’s revenue from its broadband operations grew 53.3 per cent to Rs 26.5 crore in the current year as compared to the Rs 17.3 crore in the previous year.

Note: 100,00,000 = 100 lakh = 10 million = 1 crore.

Siti Cable’s digital subscriptions increased 34.5 per cent to 53.8 lakh digital subscribers in FY-2015 as compared to the 40 lakh digital subscribers in FY-2014. Overall, the number of subscribers, both digital and analogue remained the same at 1.05 crores in FY-2015 as well as in the previous year. The company claims a broadband subscriber base of 70100 as compared to the 54000 subscribers in Q3-2015 and 48000 in Q2-2015.

Siti Cable reported a 16 per cent higher loss in FY-2015 (year ended 31 March, 2015, current year) at Rs 109.1 crore as compared to the loss of Rs 94.06 crore in FY-2014. The company also reported higher loss in Q4-2015 at Rs 34.13 crore as compared to the Rs 20.86 crore in Q4-2014 and a loss of Rs 20.44 crore in the immediate trailing quarter.

EBIDTA in FY-2015 at Rs 168.4 crore grew 33.8 per cent from Rs 125.9 crore in FY-2014. EBIDTA in Q4-2015 at Rs 32.1 crore was 15.1 per cent more than the Rs 27.9 crore in Q4-2014, but declined 35.9 per cent as compared to the Rs 50.1 crore in Q3-2015.

Let us look at the other numbers reported by Siti Cable:

Siti Cable’s Total Expenditure (TE) in FY-2015 at Rs 901.35 crore (99.5 per cent of Total Income from Operations or TIO) was 34.9 per cent more than the Rs 668.2 crore (95.8 per cent of TIO) in FY-2014. TE in Q4-2015 at Rs 280.49 crore (109.6 per cent of TIO) was 20.3 per cent more than the Rs 233.07 crore (99.9 per cent of TIO) in Q4-2015 and 32.2 per cent more than the Rs 212.11 crore (95.7 per cent of TIO) in Q5-2015.

The company’s carriage sharing, pay channel and related costs (channel cost) in FY-2015 increased 53 per cent to Rs 510.82 crore (66.4 per cent of TIO) as compared to the Rs 333.95 crore (47.9 per cent of TIO) in FY-2014. Channel cost in Q4-2015 was 26.4 per cent higher at Rs 156.98 crore (61.3 per cent of TIO) as compared to the Rs 124.16 crore (53.2 per cent of TIO) in Q4-2014 and 41.3 per cent more than the Rs 111.07 crore (50.1 per cent ot TIO) in Q3-2015.

Siti Cable’s finance cost in FY-2015 increased 1.5 per cent to Rs 120.88 crore (13.3 per cent of TIO) from Rs 119.11 crore (17.1 per cent of TIO) in Q5-2015. Finance costs in Q4-2015 at Rs 31.05 crore (12.1 per cent of TIO) was 0.6 per cent lower than the Rs 31.24 crore (13.4 per cent of TIO), but 3.9 per cent higher than the Rs 29.88 crore in Q3-2105.

Other expenses in FY-2015 at Rs 204.25 crore (22.6 per cent of TIO) was 0.8 per cent more than the Rs 202.64 crore (29.1 per cent of TIO) in FY-2014. Other expense in Q4-2015 at Rs 72.53 crore (28.3 per cent of TIO) was 3.8 per cent lower than the Rs 75.39 crore (32.31 per cent of TIO), but was 44.7 per cent higher than the Rs 50.11 crore (22.6 per cent of TIO) in the immediate trailing quarter.

“Our focus on monetization of existing business in phase 1 & 2 cities in FY15, led to a strong subscription revenue growth of 57 per cent y-o-y and operating EBITDA margin expansion by 491bps. Siti Cable is engaged in proactive seeding and well placed to benefit from the ongoing digitization process. We are looking to expand our broadband presence on DOCSIS Technology in our endeavour to diversify our revenue stream and provide the consumer with a compelling experience,” said Siti Cable executive director and CEO V D Wadhwa.

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May 29, 2015
FY-2015: DQ Entertainment reports consolidated loss of Rs 20 crore on lower revenue

BENGALURU: The Tapas Chakravarti led DQ Entertainment (International) Limited (DQEIL) reported consolidated loss in FY-2015 at Rs 19.71 crore as compared to a profit after tax (PAT) of Rs 43.77 crore in the previous fiscal due to lower consolidated net income from operations (TIO), higher unallocated operating loss and higher finance expenses.

The company reported consolidated loss of Rs 26.33 crore in Q4-2015 as compared to a PAT of Rs 14.66 crore in the corresponding year ago quarter and a PAT of Rs 4.24 crore in the immediate trailing quarter. However, on a standalone basis, the company has reported 19.7 per cent lower PAT at Rs 15.5 crore in the current year as compared to the Rs 19.3 crore in FY-2014.

Note: (1) 100,00,000 = 100 Lakhs = 10 million = 1 crore

(2) All numbers are consolidated unless stated otherwise.

DQEIL reported an 18.7 per cent drop in TIO in FY-2015 to Rs 194.80 crore as compared to the Rs 239.68 crore in FY-2015. TIO in Q4-2015 at Rs 75.81 crore was 25.6 per cent lower than the Rs 101.83 crore in Q4-2014, but 65.8 per cent more than the Rs 45.71 crore in Q3-2015.

The company attributes the change in TIO to change in its business model in the case of production and development of its own IP. Previously the company was producing IP through a special purpose vehicle and recognizing production value, but since FY-2014-15, the company decided to directly produce and capitalize its own IP and will only recognize the distribution revenue on completion of projects and delivery to the broadcasters.

Further, slowdown in production and delay in the start of new projects on account of difficult market conditions have also affected production in the current year.

The company incurred a higher unallocated operating loss in FY-2015 at Rs 54.32 crore as compared to the loss of Rs 38.01 crore in FY-2014. Unallocated loss in Q4-2015 at Rs 26.39 crore was lower than the operating loss of Rs 37.14 crore in Q4-2014, but was higher than the unallocated operating loss of Rs 14.24 crore in Q3-2015.

The company’s finance expenses in FY-2015 increased 69.8 per cent to Rs 42.73 crore as compared to the Rs 25.17 crore in FY-2014. Finance expense in Q4-2015 at Rs 16.78 crore was more than double (2.52 times) the Rs 6.66 crore in Q4-2014 and 54 per cent more than the Rs 10.90 crore in Q3-2015.

Segments

While both segments’ (Animation and Distribution that contribute to the company’s numbers reported operating profits, except Q4-2015 in which Distribution incurred operating loss), unallocated operating losses and higher finance charges ate into the profits during the year as well as during the current quarter.

Animation

Animation segment reported 24 per cent lower revenue at Rs 142.34 crore in FY-2015 as compared to the Rs 187.34 crore in FY-2014. Revenue from this segment in Q4-2015 fell 13 per cent to Rs 69.87 crore as compared to the Rs 80.32 crore in Q4-2014, but was 3.1 times the Rs 22.61 crore in Q3-2015.

Animation segment reported 36.8 per cent lower operating profit at Rs 70.27 crore as compared to the Rs 111.11 crore in FY-2014. Operating profit in Q4-2015 at Rs 33.88 crore was 34.6 per cent lower than the Rs 51.77 crore in Q4-2014, but 70 per cent more than the Rs 19.93 crore in Q3-2015.

Distribution

Distribution segment reported 0.2 per cent increase in revenue to Rs 52.46 crore in FY-2015 as compared to the Rs 52.34 crore in the previous year. Distribution revenue in Q4-2014 at Rs 5.94 crore was 72.4 per cent less (less than a third) than the Rs 21.51 crore in Q4-2014 and was 74.3 per cent lower than the Rs 23.1 crore in the preceding quarter.

Distribution segment reported 10.8 per cent drop in operating profit in FY-2015 at Rs 13.67 crore as compared to the Rs 15.32 crore in FY-2014. In Q4-2015, the segment incurred operating loss of Rs 12.53 crore as compared to the operating profit of Rs 1.25 crore in Q4-2014 and operating profit of Rs 15.37 crore in Q3-2015.

Let us look at the other numbers reported by DQEIL:

Total Expenses (TE) in FY-2015 at Rs 166.45 crore (85.4 per cent of TIO) was 2.8 per cent lower than the Rs 171.16 crore (72.4 per cent of TIO) in FY-2014. TE in Q4-2015 at Rs 85.30 crore (112.5 per cent of TIO) was 1.1 per cent lower than the Rs 86.27 crore (84.7 per cent of TIO) in Q4-2014 and almost tripled (2.98 times) as compared to the Rs 18.9 crore (62.1 percent of TIO) in Q3-2015.

DQEIL Production expense (PE) in FY-2015 increased 10.8 per cent to Rs 21.63 crore (11.1 per cent of TIO) as compared to the Rs 19.52 crore (8.1 per cent of TIO) in FY-2014. PE in Q4-2015 at Rs 16.75 crore (22.1 per cent of TIO) was 6.7 per cent more than the Rs 15.69 crore in Q4-2015 and almost eighteen-fold (17.61 times) the Rs 0.95 crore in Q3-2015.

The company’s Employee Expenses (EBE) in FY-2015 at Rs 63.71 crore (32.7 per cent of TIO) was 11.5 per cent lower than the Rs 71.96 crore (30 per cent of TIO) in FY-2014. EBE in Q4-2015 at Rs 13.59 crore (17.9 per cent of TIO) was 1.8 per cent more than the Rs 13.35 crore in Q4-2015, but 25.1 per cent lower than the Rs 18.15 crore in Q3-2015.

May 28, 2015
FY-2015: Adlabs reports 31% higher footfalls; loss doubles

BENGLAURU: Adlabs Entertainment Limited reported a 30.6 per cent rise in footfalls in FY-2015 10,64,693 as compared to the 8,14,924 footfalls in FY-2014. The company’s standalone loss in FY-2015 widened to Rs 107.16 crore from Rs 52.76 crore in FY-2014 (2.03 times).

Note: (1) 100,00,000 = 100 lakh = 10 million = 1 crore

(2)Adlabs was listed on April 6, 2015 on the BSE and NSEm and hence comparative consolidated numbers are not available for the previous year or for Q4-2014 except those shared by the company in its press release.

Adlabs reported footfalls in Q4-2015 at 3,00,291, which were 25.8 per cent more than the 2,38,773 footfalls in Q4-2014. Consolidated revenue in FY-2015 increased 82.5 per cent to Rs 189.42 crore as compared to the Rs 103.80 crore in FY-2014. Consolidated revenue in Q4-2015 increased 25.6 per cent to Rs 49.43 crore as compared to the Rs 39.35 crore in Q4-2014.

Consolidated EBIDTA in FY-2015 at Rs 20.52 crore more than quintupled (5.33 times) to Rs 20.52 crores as compared to the Rs 3.85 crore in FY-2014. Adlabs reported EBIDTA of Rs 3.68 crore as compared to negative EBIDTA of Rs 1.58 crore in Q4-2014.

Segments

Four major segments contribute to Adlabs numbers- Tickets, Restaurant, Merchandise and Other Operations.

One of the biggest contributors to Adlabs standalone loss is its largest segment-Tickets. This segment reported an operating loss of Rs 49.87 crore in FY-2015 as compared to an operating loss of Rs 26.09 crore in FY-2014. Standalone operating loss in Q4-2015 was 62.4 crore as compared to an operating loss of Rs 17.82 crore in Q4-2014 and an operating profit of Rs 44.77 crore in Q3-2015.

Tickets segment operating revenue in FY-2015 almost doubled (up 98.3 per cent) to Rs 141.53 crore from Rs 71.38 crore in FY-2014. Tickets segment reported 17.9 per cent growth in operating revenue in Q4-2015 to Rs 35.16 crore from Rs 29.83 crore in Q4-2014, but declined 31.2 per cent from Rs 51.09 crore in Q3-2015.

Restaurant segment reported 29.5 per cent growth in operating revenue in FY-2015 to Rs 31.12 crore from Rs 24.02 crore in FY-2015. In Q4-2015, Restaurant Operating segment in Q4-2015 at Rs 8.63 crore was 27 per cent more than the Rs 6.8 crore in Q4-2014, but `17.8 per cent lower than the Rs 10.5 crore in Q3-2015.

Restaurant segment reported operating profit of Rs 12.85 crore, 114.3 per cent more than the Rs 6 crore in FY-2014. Operating profit for the segment in Q4-2015 at Rs 3.7 crore was 59.7 per cent more than the Rs 2.32 crore in Q4-2014, but was 46.4 per cent lower than the Rs 6.89 crore in Q3-2015.

Merchandise segment revenue also more than doubled to Rs 13.66 crore (2.14 times) in FY-2015 from Rs 6.38 crore in FY-2014. Revenue in Q4-2015 was up by 126.4 per cent to Rs 4.39 crore as compared to the Rs 1.94 crore in Q4-2014, but was 18.4 per cent lower than the Rs 5.38 crore in Q3-2015. The segment reported a higher operating profit of Rs 1.87 crore in Fy-2015 as compared to an operating profit of Rs 0.27 crore in FY-2014. Operating profit in Q4-2015 was Rs 0.62 crore, in Q4-2014, it was Rs 0.21 crore and in Q3-2015 it was Rs 1.32 crore.

Other operations reported operating revenue of Rs 3.12 crore in FY-2015; Rs 2.02 crore in FY-2015; Rs 1.24 crore in Q4-2015; Rs 0.79 crore in Q4-2014 and Rs 0.96 crore in Q3-2015.

Other operations segment reported an operating loss of Rs 1.49 crore in FY-2015; operating profit of Rs 0.73 crore in Q4-2015; operating loss of Rs 0.52 crore in Q4-2014; operating loss of Rs 0.92 crore in Q3-2015.

Adlabs reported unallocated operating loss of Rs 22.59 crore in FY-2015; unallocated operating loss of Rs 6.73 crore in FY-2014; unallocated operating profit of Rs 38.5 crore in Q4-2015; unallocated loss of Rs 3.77 crore in Q4-2014; unallocated operating loss of Rs 58.99 crore in Q3-2015.

May 28, 2015
FY-2015: Zee Learn reports profit; adds 500+ franchisee partners

BENGALURU: The Essel group’s education company Zee Learn Limited reported profit after tax (PAT) in FY-2015 as well as across all the four quarters of fiscal 2014-15 (AY-2015-16).

Additionally, the company has also added more than 500 pre-school franchisee partners in FY-2015.

For the current year, the company reported PAT of Rs 9.62 crore (7.9 per cent of Total Income from operations or TIO) as compared to a loss of Rs 1.33 crore in FY-2014. For Q4-2015, the company reported a PAT of Rs 3.81 crore 9.2 per cent of TIO) as compared to a loss of Rs 1.73 crore in Q4-2014 and more than three times (3.48 ties) the PAT of Rs 1.09 crore in the immediate trailing quarter.

Note: 100,00,000 = 100 Lakhs = 10 million = 1 crore

The company’s TIO in FY-2015 at Rs 121.58 crore was two per cent more than the Rs 119.18 crore in FY-2014. TIO in Q4-2015 was 6.8 per cent more at Rs 41.69 crore than the Rs 39.04 crore in Q4-2014 and was more than double (2.1 times) the TIO of Rs 19.84 crore in Q3-2015.

Zee Learn CEO K V S Seshasai said, “The company has shown significant profit after tax, both for current quarter and for the 12 month period. The improved performance is the result of increase in enrolments in Kidzee centres by 18 per cent and by 38 per cent in MLZS during FY-2015 vis-?-vis FY-2014. For the first time, the company has added more than 500 pre-school franchisee partners. Our top line looks muted on account of transferring the operations of servicing educational content of television channel ZeeQ to its group company, Zee Entertainment Enterprises Limited, and due to planned de-growth in non-core businesses.”

Let us look at the other numbers reported by Zee Learn:

Zee Learn’s total expenditure (TE) FY-2015 at Rs 103.45 crore (85.1 per cent of TIO) was 10.4 per cent less than the Rs 115.45 crore (96.9 per cent of TIO) in FY-2014.TE in Q4-2015 at Rs 36.18 crore (86.8 per cent of TIO) was 5.3 per cent lower than the Rs 38.18 crore (97.8 per cent of TIO) in Q4-2014 and was more than double (2.14 times) the Rs 16.91 crore (85.2 per cent of TIO) in Q3-2015.

The company’s marketing, advertisement and publicity expense (marketing expense) for FY-2015 at Rs 14.05 crore (11.6 per cent of TIO) was 2.5 per cent lower than the Rs 13.71 crore (11.5 per cent of TIO) in FY-2014.

In Q4-2105, marketing expense of Rs 8.6 crore (20.6 per cent of IO) was 37.2 per cent more than the Rs 6.27 crore (16.1 per cent of TIO) in Q4-2014 and more than six times (6.14 times) the Rs 1.41 crore (7.1 per cent of TIO) in Q3-2015.

Employee Benefit Expense (EBE) FY-2015 at Rs 24.95 crore (20.5 per cent of TIO) was 20.2 per cent lower than the Rs 31.27 crore (26.2 per cent of TIO) in FY-2014.In Q4-2015, EBE at Rs 6.05 crore (14.5 per cent of TIO) was 24.8 per cent lower than the Rs 8.05 crore in Q4-2014 and 4.5 per cent lower than the Rs 6.33 crore in the year ago quarter.

In FY-2015, Zee Learn’s operating cost at Rs 3.2 crore (2.6 per cent of TIO) was 13.4 per cent lower than the Rs 3.69 crore (3.1 per cent of TIO) in FY-2014.Operating cost in Q4-2015 at Rs 1.25 crore (three per cent of TIO) was 1.2 per cent lower than the Rs 1.27 crore in Q4-2014 and 66.6 per cent more than the Rs 0.75 crore (3.8 per cent of TIO) in Q3-2015.

Other expense in FY-2015 at Rs 23.30 crore (19.1 per cent of TIO) was 8.7 per cent lower than the Rs 25.41 crore (21.3 per cent of TIO) in FY-2014. Other expense in Q4-2015 at Rs 7.41 crore (17.8 per cent of TIO) was 8.6 per cent lower than the Rs 8.11 crore (20.8 per cent of TIO) in Q4-2014 and 71.8 per cent more than the Rs 4.31 crore (21.7 per cent of TIO) in Q3-2015.

May 27, 2015
FY-2015: Higher taxes, employee expenses brings Raj TV PAT down 37%

BENGALURU: The burden of higher taxes coupled with employee expenses has eaten into the profits of South Indian television network Raj TV Limited.

The company’s PAT was down 36.8 per cent in FY-2015 to Rs 8.16 crore (9.9 per cent of Total Income from Operations or TIO) as compared to PAT of Rs 12.91 crore in the previous fiscal.

Raj TV’s PAT in Q4-2015 at Rs 2.64 crore (11.5 per cent of TIO) was more than double (2.63 times) the PAT of Rs 1.01 crore (5.6 per cent of TIO) in the corresponding quarter of last year (Q4-2014) and was 26.7 per cent more than the Rs 2.09 crore in the immediate trailing quarter Q3-2015.

Note: 100,00,000 = 100 lakh = 10 million = 1 crore

The company paid higher taxes in FY-2015 at Rs 4.81 crore as compared to the Rs 2.98 crore in the previous year. Tax expense in the current quarter stood at Rs 5.09 crore as compared to a mere Rs 0.06 crore in Q4-2014 and a tax credit of Rs 1.71 crore in Q3-2015.

Raj TV’s employee benefit expense (EBE) in FY-2015 at Rs 22.9 crore (27.8 per cent of TIO) was 30.1 per cent more than the Rs 17.6 crore (22.2 per cent of TIO) in FY-2014. In Q4-2015, EBE at Rs 5.87 crore (25.5 per cent of TIO) was 24.8 per cent more than the Rs 4.74 crore (26.5 per cent of TIO) in Q4-2014 and 3.7 per cent lower than the Rs 6.09 crore (30 per cent of TIO) in Q3-2015.

The company’s trade receivables in the current year declined to Rs 58.27 crore as compared to the Rs 62.06 crore in the previous year. At the same time, the company’s trade payables have risen to almost six-fold to Rs 2.63 crore as compared to Rs 0.43 crore in the previous year.

Let us look at the other numbers reported by Raj TV:

TIO in FY-2015 at Rs 82.5 crore was 3.8 per cent more than the Rs 79.47 crore in FY-2014. TIO in Q4-2015 at Rs 22.99 crore was 28.4 per cent more than the Rs 17.91 crore in Q4-2014 and was 13.1 per cent more than the Rs 20.32 crore in Q3-2015.

Total Expenditure (TE) in FY-2015 at Rs 64.46 crore (78.1 per cent of TIO) was 7.5 per cent more than the Rs 59.97 crore (75.5 per cent of TIO) in FY-2014. TE in Q4-2015 at Rs 13.70 crore (59.6 per cent of TIO) was 11.3 per cent lower than the Rs 15.45 crore (86.3 per cent of TIO) in Q4-2014 and was 25.3 per cent less than the Rs 18.34 crore in Q3-2015.

The company’s simple EBIDTA without considering other income in FY-2015 improved four per cent to Rs 24.38 crore (29.6 per cent margin) as compared to the EBIDTA Rs 23.45 crore (29.5 per cent margin) in the previous year. EBIDTA in Q4-2015 almost tripled (2.79 times) to Rs 8.89 crore as compared to the Rs 3.19 crore in Q4-2014 and was 18.7 per cent more than the Rs 7.49 crore in Q3-2015.

Click here for the financial statement

May 27, 2015
FY-2015: Bajaj Corp marketing spends up 28.1%; Ad expenditure up 24.5%

BENGALURU: Note: (1) Bajaj Corp’s Limited (Bajaj Corp) Advertisement and Sales Promotion (ASP) expense comprises of two parts – Advertisement Spends (AdSp) and Sales Promotion Spends (SPSp). The ASP figures have been obtained from the Company’s investors’ presentations over various quarters and the Ad Exp from its financial results. SP results have been obtained by deducting the Ad Expenses from the ASP. The figures in the investors’ presentations have been rounded off by the company and hence are assumed as approximate. Consequently the SP figures are assumed to be approximate.

(2) Bajaj Corp Limited is a subsidiary of Bajaj Resources Limited (BRL) and is an exclusive licensee of the brands owned by BRL for a period of 99 years starting 2008.

(3) 100,00,000 = 100 lakh = 10 million = 1 crore

Brands

Bajaj Corp’s mother brand is Bajaj with sub brands/products such as Bajaj Almond Drops Hair Oil, Bajaj Kailash Parbhat Cooling Oil, Bajaj Brahmi Amla Hair Oil, Bajaj Amla Shikakai, Bajaj Jasmine Hair Oil, Bajaj Kala Dant Manjan, and creams, soaps, face washes and face scrubs under the brand name Nomarks.

Marketing Expenses

Bajaj Corp spent Rs 145.14 crore (17.6 per cent of Operating Revenue or Total Income from Operations or TIO) in the year ended 31 March, 2015 (FY-2015, current year), which was 28.1 per cent more than the Rs 113.30 crore (16.9 per cent of TIO) in the previous year. The company’s AdSp in the year at Rs 58.26 crore (7.1 per cent of TIO) in FY-2015 was 24.5 per cent more than the Rs 46.43 crore (6.9 per cent of TIO) in FY-2014. SPSp in FY-2015 at Rs 86.88 crore (10.5 per cent of TIO) was 29.9 per cent more than the Rs 66.87 crore (10.5 per cent of TIO) in FY-2014.

During the thirteen quarter period starting Q4-2012 until Q4-2015 (current quarter), Bajaj Corp’s ASP has been the highest in terms of absolute rupees in the current quarter at Rs 40.92 crore (17.6 per cent of TIO). The company’s highest ASP during the period under consideration in terms of percentage of TIO was in the previous quarter at 19.6 per cent of TIO (Rs 40.24 crore).The lowest ASP during the period under consideration in terms of absolute rupees as well as percentage of TIO was in Q1-2013 at Rs 17.36 crore and 12.6 per cent of TIO.

AdSp in Q4-2015 at Rs 15.15 crore (6.4 per cent of TIO) was 48.1 per cent more than the Rs 10.23 crore (5.5 per cent of TIO), but was 13.7 per cent less than the Rs 17.56 crore (8.5 per cent of TI) in Q3-2015. Bajaj Corp’s highest AdSp in absolute rupees was in Q3-2015 at Rs 17.56 crore (8.5 per cent of TIO), while the highest AdSp in terms of percentage of TIO was in Q1-2014 at 8.8 per cent (Rs 14.98 crore).

SPSp in Q4-2015 at Rs 25.77 crore (10.9 per cent of TIO) was 40.8 per cent more than the Rs 18.31 crore (9.7 per cent of TIO) and was 13.6 per cent more than the Rs 22.68 crore (11 per cent of TIO) in Q3-2015. Bajaj Corp’s highest SPSp in terms of absolute rupees duirng the period under consideration was Rs 25.77 crore (10.9 per cent of TIO) in the current quarter, while the highest SPSp in terms of percentage of TIO was in Q3-2014 at 12.4 per cent (Rs 19.70 crore).

During the thirteen quarter period under consideration, both ASP and SPSp show a linear increasing trend in terms of percentage of TIO, while AdSp in terms of percentage of TIO shows a declining trend.

Revenue, profits

Bajaj Corp TIO in FY-2015 at Rs 852.2 crore was 22.9 per cent more than the Rs 671.73 crore in FY-2014. TIO in Q4-2015 at Rs 236.17 crore was 28 per cent more than the Rs 184.51 crore in Q4-2014 and 14.8 per cent more than the Rs 205.79 crore in Q3-2015.

Profit after Tax (PAT) in FY-2015 at Rs 172.66 crore (20.9 per cent of TIO) was 10.5 per cent more than the Rs 150.44 crore in FY-2014. PAT in Q4-2015 at Rs 54.42 crore (23 per cent of TIO) was 42 per cent more than the Rs 38.31 crore (20.8 per cent of TIO) and 30.1 per cent more than the Rs 41.84 crore (20.3 per cent of TIO) in the immediate trailing quarter. PAT in the current quarter has been the highest in absolute rupees during the period under consideration. PAT in terms of percentage of TIO was highest at 28.5 per cent (Rs 42.20 crore) in Q3-2013.

During the thirteen quarter period under consideration, both TIO and PAT in absolute rupees show a linear increasing trend, while PAT in terms of percentage of TIO shows a linearly declining trend.

Click here for financial statement

Click here for investor presentation

May 27, 2015