ITV

Category: Financials

  • Q3-2015: Jagran Prakashan y-o-y revenue up 3.6 per cent; Radio City all numbers up

    Q3-2015: Jagran Prakashan y-o-y revenue up 3.6 per cent; Radio City all numbers up

    BENGALURU: Indian publishing group Jagran Prakashan Limited (JPL) recently signed a share purchase agreement subject to regulatory approvals for 100 per cent acquisition of Music Broadcast Private Limited (MBPL, Radio City) through an all cash deal that JPL says will get it into the high growth and profitable radio segment

     

    The company reported a 3.6 per cent y-o-y increase in revenue in Q3-2015 (current quarter, quarter ended 31 December, 2015) to Rs 470.46 crore from Rs 453.9 crore in Q3-2014 and 7.8 per cent more than the Rs 436.3 crore in trailing quarter Q2-2015. Profit after Tax (PAT) for the current quarter fell slightly by 1.5 per cent to Rs 66.7 crore (14.2 per cent of TIO) as compared to the Rs 67.7 crore reported for Q3-2014.

     

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

     

    Radio City’s all numbers in Q3-2015 up

     

    As per JPL’s investor presentation, Radio City reported 38 per cent y-o-y growth in revenue to Rs 59.7 crore in the current quarter as compared to the Rs 42.5 crore in Q3-2014. Radio City’s expense was up 21 per cent in the current quarter at Rs 37.1 crore as compared to the Rs 30.5 crore in the corresponding quarter of last fiscal.

     

    Radio City reported more than double the PAT (up 2.49 times) in Q3-2015 at Rs 17.1 crore (29.1 per cent of Radio City’s revenue) as compared to the Rs 6.9 crore (16.1 per cent of Radio City’s revenue) in Q3-2014. Cash profit almost doubled (up 1.99 times) in Q3-2015 at Rs 21 crore (35.8 per cent of Radio City’s revenue) as compared to the Rs 10.6 crore (24.8 per cent of Radio City’s revenue) in the corresponding year ago quarter.

     

    Let’s look at the other Q3-2015 numbers reported by JPL:

     

    JPL’s advertising revenue in Q3-2015 at Rs 388.4 crore (71.9 per cent of revenue) was 5.6 per cent more than Rs 320.4 crore (70.6 per cent of revenue) in Q3-2014 and 10.3 per cent more than the Rs 306.9 crore (70.3 per cent of revenue) in Q2-2015.

     

    The company’s circulation revenue went up 8.2 per cent in Q3-2015 to Rs 100 crore (21.3 per cent of revenue) as compared to the Rs 92.4 crore (20.4 per cent of revenue) in Q3-2014 and was 3.6 per cent more than the Rs 96.5 crore (22.1 per cent of revenue) in Q2-2015.

     

    JPL’s major revenue comes from its publication Dainik Jagran (DJ). DJ reported 8.6 per cent higher revenue of Rs 361.12 crore in Q3-2015, as compared to the Rs 332.53 crore in Q3-2014 and 7.5 per cent more than the Rs 336 crore in Q2-2015. It has reported operating margin in Q3-2015 for DJ at Rs 129.12 crore, 18.9 per cent more than the Rs 108.62 crore in the corresponding quarter of last year and 17.1 per cent more than the Rs 336 crore in the immediate trailing quarter.

     

    JPL’s total expenditure in Q3-2015 was down 0.2 per cent at Rs 364.53 crores (77.5 per cent of JPL revenue) as compared to the Rs 365.09 crore (80.3 per cent of JPL revenue) in Q3-2014 but 10.6 per cent more than the Rs 329.5 crore (75.5 per cent of JPL revenue) in Q2-2015.

     

    A major component of total expenditure is raw materials consumption (RMC). JPL’s RMC in the current quarter fell 2.6 per cent to Rs 158.5 crore (33.7 per cent of JPL revenue) from Rs 162.7 crore (35.8 per cent of JPL revenue) in Q3-2014 and was 1.1 per cent lower than the Rs 160.3 crore (36.7 per cent of JPL revenue) in the previous quarter.

     

    Operating profit for the current quarter at Rs 132.5 crore (28.2 per cent of JPL revenue) was 20.6 per cent more than the Rs 109.9 crore (24.2 per cent of JPL revenue) in the corresponding year ago quarter and was 24.8 per cent more than the Rs 106.2 crore (24.3 per cent of JPL revenue) in Q2-2015.

     

    The group is engaged primarily in printing and publication of newspaper and magazines in India. The other activities of the company comprise outdoor advertising, event management services and digital business. Among JPL’s subsidiaries include Midday Infomedia Limited, Suvi Info Management (Indore) Private Limited, Nai Dunia Media Limited, Shabda-Shikar Prakashan- Firm, Leet OOH Media Private Limited and X-pert Publicity Private Limited.

  • FY-2014: Imax reports 0.9% higher revenue; net income down 19.1%

    FY-2014: Imax reports 0.9% higher revenue; net income down 19.1%

    BENGALURU: Entertainment, technology and distribution company Imax Corp (Imax) reported flat (up 0.9 per cent) revenue for the year ended 31 December, 2014 (FY-2014, current year) at $290.54 million as compared to the $287.94 million in FY-2013. The company’s adjusted net income after non-controlling interest in the current year fell 19.1 per cent to $24.23 million from $30.80 million last year.

     

    For the quarter ended 31 December, 2014 (Q4-2014, current quarter), Imax reported a drop of 2.5 per cent in revenue to $102.46 million as compared to the $105.05 million reported for the corresponding year ago quarter. Adjusted net income fell 5.8 per cent to $52.49 million in the current quarter as compared to the $55.70 million in Q4-2013.

     

    “We achieved a great deal over the course of 2014, including the completion of our world-class laser projection system, the sale of a 20 per cent stake in our China business, the signing of long term film deals with most major studios and continued network growth,” said Imax CEO Richard L. Gelfond. “We believe these accomplishments position us well, not only to take advantage of the 2015 film slate, which is already off to a great start, but also to help drive long-term growth.”

     

    The company’s equipment and products sales stream reported almost flat revenue (up 0.1 per cent at $78.1 million in the current as compared to the $78.66 million in FY-2013. The stream reported an 8.1 per cent growth in revenue in Q4-2014 at $41.08 million as compared to the $38.01million in the previous year’s corresponding quarter.

     

     Imax’s service stream reported 2.3 per cent growth in revenue to $ 42.61 million in FY-2014 as compared to the $139.46 million in FY-2013. This stream reported a 3.9 per cent drop in revenue to $40.79 million in Q4-2014 as compared to the $42,46 million in Q4-2013.

     

    The company’s rental stream reported a one per cent drop in revenue to $60.71 million in the current year as compared to the $61.29 million in the previous year. For Q4-2014, revenue for this stream fell a massive 18.1 per cent to $18.43 million from $22.51 million in the year ago quarter.

     

    Imax finance income rose 4.7 per cent in to $8.52 million in FY-2014 as compared to the $8.14 million in FY-2013. For the current quarter finance income was 4.3 per cent up at $2.15 million as compared to the $2.06 million in Q4-2013.

     

    Alternatively, breakup of revenue in segments as opposed to streams above:

     

    Fourth-Quarter Segment Results

     

    Revenue from sales and sales-type leases was $33.2 million in Q4-2014, compared to $32.6 million in the Q4-2013, primarily reflecting the installation of 26 full, new theatre systems under sales and sales-type lease arrangements in the most recent fourth quarter, compared to 24 installations in Q4-2013. In addition there were two digital system upgrades in existing locations in Q4-2014, compared to four upgrades in Q4- 2013.

     

    Revenue from joint revenue-sharing arrangements was $23 million in the quarter, compared to $24.5 million in the prior-year period. During the current quarter, the company installed 29 new theatres under joint revenue-sharing arrangements, compared to 30 in the year ago period. The company had 451 theatres operating under joint revenue-sharing arrangements as of 31 December, 2014, as compared to 382 theatres one year prior.

     

    Production and Imax DMR (Digital Re-Mastering) revenues were $25.6 million in Q4- 2014, compared to $28.6 million in Q4- 2013. Gross box office from DMR titles was $226.9 million in Q4- 2014, compared to $244.5 million in the prior-year period. The average global DMR box office per screen in Q4- 2014 was $292,200 compared to $366,300 in the prior-year period.

  • FY-2014: Technicolor reduces financial debt despite lower group revenues

    FY-2014: Technicolor reduces financial debt despite lower group revenues

    BENGALURU:  Global technology player in the media and entertainment sector Technicolor reported profit from continuing operations at €137 million as compared to a loss of €111 million last year. The company reported net income after tax, excluding costs due to debt repayments, at €149 million in the year ended 31 December, 2014 (FY-2014) as compared to €69 million in FY-2013. The company reported net financial debt at nominal value (non IFRS) of €645 million in the current year as compared to the €784 million in FY-2013.

     

    Group revenue in FY-2014 was however lower by 3.4 per cent at €3332 million as compared to the €3449 million in the previous year. Group revenue excluding legacy activities in FY-2014 was 1.4 per cent lower at €3315 million as compared to the €3362 million in the preceding year.

     

    Adjusted EBITDA from continuing operations amounted to €550 million in FY-2014 compared to €537 million in 2013, recording year-over-year growth of 3.1 per cent at constant currency. Adjusted EBITDA margin stood at 16.5 per cent, up by 1.0 point year-on-year, reflecting strong Connected Home  performance, driven by continued operating efficiency and better product mix, sustained revenue growth in Production Services, particularly in higher-margin VFX activities, and lower corporate costs, mostly related to transversal functions, which helped to offset the exit from legacy activities and weaker DVD Services contribution, as well as continuing investments in new Technology business initiatives says the company.

     

    The Group’s financial result was loss of €117 million in FY-2014 compared to loss of €288 million in FY- 2013, reflecting the following informs Technicolor:  Net interest costs amounted to €65 million in FY-2014, a significant reduction compared to €112 million in FY-2013, due to lower borrowing costs stemming from the refinancing and re-pricing transactions and from the material decrease in gross debt achieved during the period. Other financial charges amounted to €FY-52 million in 2014, of which costs related to the refinancing and re-pricing transactions for €26 million, including an IFRS reversal recognised as a non-cash charge for €20 million due to the debt prepayments done in FY-2014.

     

    Segment results (Company Speak Excerpts)

     

    Technology

     

    Technology revenues amounted to €490 million in FY-2014, up 1.2 per cent at current currency compared to 2013. Licensing revenues totalled €479 million in FY-2014, broadly unchanged from FY-2013, as a double-digit decline in revenues from the MPEG LA pool (which represented 45 per cent of Licensing revenues in FY-2014 compared to 53 per cent in FY-2013) was offset by robust double-digit revenue growth across other patent license programs. The Group benefited principally from a strong level of new contracts in the fourth quarter of FYT-2014 in its Digital TV program, and from additional revenues related to the LG smartphone patent license agreement signed in February 2014.

     

    Entertainment Services

     

    Entertainment Services revenues (excluding legacy activities) amounted to €1,442 million in FY-2014, down 5.7 per cent at current currency compared to FY-2013, as weaker performance for DVD Services was partially offset by strong revenue growth across Production Services, particularly in Visual Effects (VFX) activities.

     

    Legacy activities generated revenues of €17 million in FY 2014, down by about 81 per cent at current currency compared to 2013.

     

    Connected Home

     

    Connected Home revenues were €1,382 million in FY-2014, up 2.6 per cent at current currency compared to FY-2013, highlighting a good level of activity across most regions, as reflected by record product shipments of more than 34 million units for the year (+5.6 per cent). The Connected Home segment continued to expand faster than the market, achieving year-on-year revenue growth of 4.4 per cent at constant currency, and also succeeded to post revenue increases in each of the quarters of the year. This performance resulted from further market share gains across all regions, in particular in North America and Europe, Middle-East & Africa, as well as ongoing improvement in overall product mix, especially in Latin America. In FY-2014, HD products accounted for 79 per cent of total set top box shipments (FY-2013: 55 per cent), while Ultra Broadband devices (DOCSIS 3.0, VDSL, Fiber) represented 62 per cent of total Broadband CPE volumes (FY-2013: 52 per cent), both product categories recording significant year-on-year mix improvement, in line with the segment’s roadmap.

     

    Technicolor CEO Fredrick Rose said, : “I am extremely proud of the work done by everyone in Technicolor to deliver a fantastic performance in 2014 resulting in a positive net income and the initiation of a dividend. As we now embark on our Drive 2020 strategic plan, we will remain fully focused on creating shareholder value as a leader in media and entertainment services, developing and monetizing video and audio technologies.”

  • December quarter: P&G Healthcare marketing spends down 10 per cent, PAT up 18.4 per cent

    December quarter: P&G Healthcare marketing spends down 10 per cent, PAT up 18.4 per cent

    BENGALURU: Consumer goods company Procter & Gamble Hygiene and Health Care Limited (P&G Healthcare) reduced its ad and sales promotion spends (ASP, marketing spends) by 10 per cent in the quarter ended 30 December, 2014 (DQ-2014, current quarter) to Rs 87.85 crore (13.5 per cent of net Total Income from Operations or TIO) from Rs 97.56 crore (17.1 per cent of TIO) in the year ago quarter (DQ-2013) and reduced by 16.2 per cent as compared to the Rs 104.88 crore (18.2 per cent of TIO) in the immediate trailing quarter SQ-2014.

    Notes: (1) The company’s financial year ends on June 30, hence results for the quarter ended June 30, 2014 are JQ-2014, for the quarter ended September 30, 2013 are SQ-2014; for the quarter ended December 31, 2013 are DQ-2014 and for the quarter ended March 31, 2014 are MQ-2014. Similar nomenclature is applicable for other years.

    (2) 100,00,000 = 100 Lakhs = 10 million = 1 crore.

    Across 12 quarters starting MQ-2012 until the current quarter (DQ-20140, P&G Healthcare’s ASP spends both in terms of absolute rupees and as percentage of TIO were the lowest at Rs 37.99 crore and 7.8 per cent of TIO respectively in JQ-2014.

    Though in terms of absolute rupees, P&G Health’s ASP shows an upward linear trend, in terms of percentage of TIO, the linear trend is downwards. The company’s highest ASP in absolute rupees was in the previous quarter at Rs 104.88 crore (18.2 per cent of TIO), while the highest in terms of percentage of TIO was in DQ-2012 at 20.1 per cent of TIO (Rs 94.58 crore). Although in terms of absolute rupees, P&G Healthcare’s ASP shows an upward linear trend, in terms of percentage of TIO, the linear trend is downwards.

    P&G Healthcare’s ASP is made up of two components – advertisement (ad) and trade incentives (incentive) spends. From FY-2008 (year ended June 30, 2008) until FY-2013, the company’s ASP is split has shifted towards increasing incentive spends – the company’s incentive spend has moved from about 20 per cent of ASP to 44 per cent in FY-2013, with a slight dip to 42.1 per cent in FY-2014.

    Ad spends proportionately moved downwards from 80 per cent in FY-2008 to 56 per cent in FY-2013, moving upwards slightly to 57.9 per cent of ASP in FY-2014. This does not mean that the company has been spending lower amount of money towards ad spends, it’s just that with higher budgets, the skew is more towards spending more on trade incentives. Please refer to Fig -1 below.

    The company’s TIO in DQ-2014 at Rs 644.51 crore was 12.8 per cent more than the Rs 571.27 crore in DQ-2013 and 11.8 per cent more than the Rs 576.49 crore in SQ-2014. TIO shows an upward linear increase trend over the 12 quarters under consideration.

    Profit After Tax (PAT)

    P&G’s PAT in the current quarter at Rs 90.66 crore (14.1 per cent of TIO) was 18.4 per cent more than the Rs 76.57 crore (14.1 per cent of TIO) in the corresponding year ago quarter DQ-2013 and was a whopping 47.4 per cent more than the Rs 61.50 crore (10.7 per cent of TIO) in the preceding quarter SQ-2014.

    During the 12 quarter period under consideration in this report, the company’s highest PAT in absolute rupees has been during the current quarter, while in terms of percentage of TIO, the highest was in JQ-2014 at 18.5 per cent (Rs 89.92 crore). While PAT shows an upward linear trend in terms of absolute rupees and percentage of TIO during the past 12 quarters, over the past seven years starting FY-2008 until FY-2014, PAT in terms of percentage of TIO shows a declining linear trend.

    P&G Healthcare attributes the improvement in PAT to its continued focus on brand fundamentals and that both its feminine and healthcare businesses continued to deliver double digit growth in a competitive market environment behind superior products, strong innovation and strength  of product portfolio.

  • Q3-2015: Godrej Consumer Products marketing spends down 4.2 per cent; all categories grow

    Q3-2015: Godrej Consumer Products marketing spends down 4.2 per cent; all categories grow

    BENGALURU: Following a strong turnaround in the last quarter, Godrej Consumer Products Limited (GCPL) reported 12.8 per cent y-o-y growth in consolidated Income from Operations (TIO) to Rs 2235.71 crore from Rs 1982.27 crore and an 8.5 per cent q-o-q growth from Rs 2060.12 crore. For the nine month period ended 31 December, 2014 (9M-2015), the company’s TIO increased 9.1 per cent to Rs 6184.34 crore from Rs 5670.89 crore in 9M-2014.

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

    GCPL‘s advertising and publicity spends (ad) in the current quarter reduced 4.2 per cent to Rs 217.87 crore (9.7 per cent of TIO) from Rs 227.53 crore (11.5 per cent of TIO) in the corresponding year ago quarter, but increased 3 per cent from the Rs 211.69 crore (10.3 per cent of TIO) in the preceding quarter. In 9M-2015, the company’s ad spend was 1.1 per cent lower at Rs 6709.78 crore (11 per cent of TIO) than the Rs 687.19 crore (12.1 per cent of TIO) in 9M-2014.

    During the 11 quarter period starting Q1-2013 until Q3-2015, GCPL’s simple average ad spends was 10.8 per cent of TIO. Consequently, the current quarter’s ad spends were 1.1 per cent lower than average. GCPL’s ad spend shows an increasing linear trend in terms of absolute rupees, but a liner dip in terms of percentage  of TIO during the period under consideration. GCPL’s highest ad spends in terms of absolute rupees and percentage of TIO was in Q1-2014 at Rs 239.06 and 13.8 per cent of TIO respectively. The company’s lowest ad spend in terms of absolute rupees and percentage of TIO was in Q4-2014 at Rs 145.78 crore and 7.5 per cent of TIO.

    GCPL’s TIO in the current quarter was the highest. TIO shows an increasing linear trend during the period under consideration.

    The company’s profit after tax (PAT) in the current quarter increased 20.3 per cent to Rs 263.7 crore (11.8 per cent of TIO) from RS 195.77 crore (9.9 per cent of TIO) and was 12.4 per cent more than the Rs 243.53 crore (11.4 per cent of TIO) in Q2-2015. For 9M-2015, PAT at Rs 641.55 crore (10.4 per cent of TIO) was 22.6 per cent more than the Rs 523.44 crore (9.2 per cent of TIO) in 9M-2014.

    GCPL’s PAT was highest, both in terms of absolute rupees and percentage of TIO at Rs 334.14 crore and 19.4 per cent of TIO in Q4-2013. While PAT shows an increasing linear trend in absolute rupees during the 11 quarters under consideration, in terms of percentage of TIO, the linear trend is downward.

    GCPL says in its earnings release that all categories have grown.

    Household Insecticides

    Household insecticides growth momentum has returned to normal levels and GCPL says that it clocked a growth of 16 per cent, well ahead of category growth. The company’s focus on improving market share continues and GCPL exited December 2014 with highest ever market share in this category. It launched a Neem Low Smoke Coil variant, to premiumise its coil franchise and aid market share gains. Good knight Fast card continues to see strong demand and the company plans to leverage its distribution strength for next level of growth.

    Soaps

    In Soaps, the company says that it continued double-digit growth momentum and outperformed the category (where growth recovered to low single digits) with a value growth of 11 per cent. GCPL says that it recorded strong growth across its key brands. This was aided by focused marketing campaigns, consumer offers and localised activation programmes. Gross margins during the quarter benefited from lower palm oil prices and have improved significantly.

    Hair Colours

    GCPL sustained strong growth momentum in Hair Colours and clocked a volume led sales growth of 10 per cent, despite a significantly higher base from last year. It says that it outperformed the category and gained further market share. Godrej Expert Rich Cr?me continues to gain market share, backed by a strong build-up in distribution and large-scale activation programmes.

    Air Fresheners

    Air Freshener brand, Godrej aer, continues to do well, aided by GCPL’s innovative gel format technology and consumer engagement initiatives. In little over two years of launch, it now features among the top 3 players in the car air care and home spray categories claims GCPL. The company recently launched a unique vehicle PUC renewal campaign to create awareness about air pollution.

    Health and Wellness

    GCPL’s recently launched Health and Wellness portfolio of hand washes, a hand sanitiser and anti-mosquito spray, under Godrej Protekt, is being well received in modern trade says the company.

    Liquid Detergents

    GCPL claims that Liquid Detergents sales have increased by 13 percent, despite the late onset of the winter and that Ezee continues to do well aided by the Ezee ‘Rahaat Ek Abhiyaan’ campaign.

    Company Speak

    Commenting on the financial performance of Q2-2015, Godrej group chairman Adi Godrej said, “After a few quarters of sluggish growth, consumer demand in India started to show early signs of a recovery in the third quarter of FY 2015. Our business has delivered strong, competitive double-digit growth across categories. We have also further strengthened our leadership positions across our core categories.

    Consolidated organic constant currency sales increased by 16 per cent, ahead of the market. Organic constant currency operating earnings growth was even stronger at 28 per cent, led by prudent cost management, benign raw material costs and our efforts to effectively leverage our brand platforms.

    In organic constant currency terms, our international business registered a robust top-line growth of 20 per cent and an operating earnings growth of 43 per cent.

    After a challenging few quarters, the growth prospects of the Indian economy are looking more favourable. We expect the economy to pick up pace in FY 2016. We are beginning to see improved consumer sentiment on the ground and are hopeful that this will translate into better consumer demand in the quarters ahead. With our relentless focus on innovation, we are in a good position to capitalise on the uptick in demand and growth. We will continue to focus on sustaining and extending leadership in our core categories. We are becoming operationally more efficient, while investing for the longer term.

    We expect growth in the second half of this fiscal year should be better than the first half. Consequently, our intent is to deliver a stronger performance overall this year, compared to the previous year.

    The medium and long-term growth prospects in India and our other emerging markets remain robust. I am confident that with our clear strategic focus, differentiated product portfolio, superior execution and top-notch team, we will continue to deliver industry-leading results in the future.”

    Click here to read the unaudited financial statement

  • Q3-2015: Saregama reports lower results; television production segment disappoints

    Q3-2015: Saregama reports lower results; television production segment disappoints

    BENGALURU: Indian custodians of music company Saregama Limited (Saregama) reported an 8.9 per cent drop in Total Income from Operations (TIO) in Q3-2015 to Rs 39.21 crore from Rs 43.02 crore in the corresponding year ago quarter (Q3-2014) and a drop of 4.8 per cent from the Rs 41.20 crore reported in the immediate trailing quarter (Q2-2015). PAT for the current quarter (Q3-2015) was 25.5 per cent more at Rs 1.28 crore (3.3 per cent of TIO) than Rs 1.02 crore (2.4 per cent of TIO) in Q2-2014 and fell by 38.5 per cent from the Rs 2.08 crore (5 per cent of TIO) in Q3-2014.

     

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

     

    In the nine month period ended 31 December, 2014 (9M-2015), Saregama’a TIO fell 1.3 per cent to Rs 122.72 crore from Rs 124.36 crore reported for 9M-2014. PAT for 9M-2015 at Rs 6.73 crore (5.5 per cent of TIO) increased 26 per cent from Rs 5.34 crore (4.3 per cent of TIO) in 9M-2014.

     

     Revenue Streams

     

    The company’s net sales income in Q3-2014 at Rs 14.05 crore (35.8 per cent of TIO) was 8.3 per cent less than the Q2-2015 sales income of Rs 15.33 crore (37.2 per cent of TIO) and was 22.9 per cent lower than the Rs 18.22 crore (42.4 per cent of TIO) in Q3-2014. For 9M-2015, net sales income fell 6.2 per cent to Rs 44.45 crore (36.2 per cent of TIO) from Rs 47.41 crore (38.1 per cent of TIO) in 9M-2014.

     

    License Fee income in Q3-2015 at Rs 26.1 crore (66.7 per cent of TIO) was 1.3 per cent more than the Q2-2015 license fee income of Rs 25.80 crore (62.6 per cent of TIO) and was 6 per cent higher than the Rs 24.67 crore (57.3 per cent of TIO) in Q3-2014. License Fee Income rose 1.8 per cent to Rs 78.06 crore (63.6 per cent of TIO) in 9M-2015 from Rs 76.71 crore (61.7 per cent of TIO) in 9M-2014.

     

    Segment Results:

     

    Two segments’ contribute to Saregama’s revenue – Music and Films and Television serials (TV).

     

    Music

     

    Saregama’s Music segment reported 2.5 per cent rise of operating revenue to Rs 26.60 (67.8 per cent of TIO) in Q3-2015 from Rs 25.96 crore (63 per cent of TIO) in Q2-2015 and increased 1.8 per cent from Rs 26.13 crore (60.7 per cent of TIO) in Q3-2014. For 9M-2015, operating revenue fell 1.5 per cent to Rs 79.44 crore (64.7 per cent of TIO) from Rs 80.68 crore (64.9 per cent of TIO) in 9M-2014.

     

    The segment reported 50.1 per cent increase in operating profit to Rs 9.92 crore in the current quarter from Rs 6.61 crore in the preceding quarter and was 15.8 per cent more than the Rs 8.57 crore in Q3-2014. Operating profit from the music segment increased 9.5 per cent to Rs 28.72 crore from Rs 25.24 crore in 9M-2014.

     

    Films and Television serials (TV)

     

    Operating revenue from the TV segment fell 11.4 per cent in Q3-2015 to Rs 13.15 crore from Rs 15.24 crore (37 per cent of TIO) in Q2-2015 and fell 20 per cent from Rs 16.89 crore (39.3 per cent of TIO) in Q3-2014. In 9M-2015, operating revenue from the TV segment fell 0.9 per cent to Rs 43.28 crore (35.3 per cent of TIO) from Rs 43.68 crore (35.1 per cent of TIO) in 9M-2014.

     

    This segment reported a loss of Rs 0.23 crore in Q3-2015 as compared to the operating profit in Q2-2015 of Rs 0.19 crore and an operating profit of Rs 0.69 crore in Q3-2014. In 9M-2015, TV segment reported operating loss of Rs 0.86 crore against an operating profit of Rs 3.60 crore in 9M-2014.

     

    Let us look at the other numbers reported by Saregama for Q2-2015.

     

    Saregama’s Total Expenditure (TE) in Q3-2015 at Rs 37.57 crore (95.8 per cent of TIO) was 6.8 per cent less than the Rs 40.33 crore (97.9 per cent of TIO) in Q2-2015 and was 9.9 per cent lower than the Rs 41.7 crore (96.9 per cent of TIO) in Q3-2014. For 9M-2015, TE fell 1.9 per cent to Rs 117.06 crore (95.4 per cent of TIO) from Rs 119.37 crore in 9M-2014.

     

    Saregama paid 32.3 per cent lower Royalty Fees at Rs 3.10 crore (7.9 per cent of TIO) in Q3-2015 as compared to the Rs 4.58 crore (11.1 per cent of TIO) in Q2-2015, but was 11.2 per cent less as compared to the Rs 3.49 crore (8.1 per cent of TIO) in Q3-2014. 9M-2015 Royalty Fees paid by the company fell 14.6 per cent to Rs 13.2 crore (10.6 per cent of TIO) from Rs 15.24 crore (12.3 per cent of TIO) in 9M-2014.

     

     Saregama’s cost of production of films, television and portal (Production cost) in Q3-2015 at Rs 13.60 crore (34.7 per cent of TIO) was 5.8 per cent lower than the Rs 14.44 crore (35 per cent of TIO) in Q2-2015 and was 4.4 per cent less than the Rs 14.23 crore (33.1 per cent of TIO) in Q3-2014. 9M-2015 production cost at Rs 41.79 crore (34.1 per cent of TIO) was 12.9 per cent more than the Rs 37.03 crore (29.8 per cent of TIO) in 9M-2014.

  • Q2-2015: Prime Focus revenue up 43.3 percent, loss widens by Rs 36 crore

    Q2-2015: Prime Focus revenue up 43.3 percent, loss widens by Rs 36 crore

    BENGALURU: Prime Focus Limited (PFL) reported 48.3 per cent growth in Income from Operations (TIO) in the quarter ended 31 December, 2015 (Q2-2015, current quarter) to Rs 316.67 crore from Rs 222.33 crore in the corresponding year ago quarter (quarter ended 31 December 2013, or Q3-2014) but was 10.7 per cent lower than the Rs 356.96 crore in the immediate trailing quarter Q1-2015 (q-o-q).

     

    Notes:

     

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

     

    (2) The company had filed results for a fifteen month period ended 30 June 2014, hence y-o-y comparison is being done between Q2-2015 and Q3-2014 and q-o-q comparison is between Q2-2015 and  Q1-2015 (quarter ended 30 September 2014).

     

    The company’s loss widened by Rs 36.17 crore in Q2-2015 as compared to the profit after tax (PAT) of Rs 10.33 crore (4.6 per cent of TIO) and a loss of Rs 22.01 crore in the immediate trailing quarter.The company says that loss for the quarter widened primarily due to non-cash tax charges, adverse FX fluctuation, residual exceptional integration expenses and finance charges.

     

    PFL, in its earnings release for the previous quarter (Q1-2015), had said that loss for Q1-2015 had risen to Rs 22.02 crore because margins had been impacted primarily due to seasonal effects and due to significant duplication of costs in the creative services business in the first quarter post-merger. The company had initiated a global Integration process at its London, Vancouver and Indian facilities across both these entities. Consequently, the effects of the first phase of one time integration costs were also reflected in the financials claimed PFL. In its current quarter earnings release, PFL says Global integration of DNeg and PFW was proceeding as expected, with major integration expenses already incurred.

     

    PFL’s simple EBIDTA excluding other income and based on the numbers submitted by it to the stock exchanges at Rs 35.48 crore was 20.9 per cent less than the EBIDTA of Rs 48.88 crore in the year ago quarter, but was a whopping 67.4 per cent more than the Rs 21.19 crore in the immediate trailing quarter.

     

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  • Q3-2015: HT Media Radio segment reports 42.2% higher operating result

    Q3-2015: HT Media Radio segment reports 42.2% higher operating result

    BENGALURU: HT Media Limited’s (HT Media) radio segment reported a 42.2 per cent q-o-q growth in operating result for Q3-2015 at Rs 9.44 crore versus the Q2-2015 operating profit of Rs 6.64 crore and was 21.2 per cent more than the Rs 7.79 crore in the corresponding quarter of 2014. The segment’s 9M-2015 operating result at Rs 20.65 crore was 27.9 per cent more than the Rs 16.15 crore in 9M-2014.

     

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

    (2) The figures mentioned in this report are consolidated figures unless stated otherwise.

     

    HT Media’s radio segment reported revenue of Rs 25.81 crore, six per cent more than the Rs 24.35 crore in Q2-2014 but 3.2 per cent lower than the Rs 26.67 crore in Q3-2014. The company operates four radio stations in the country under the brand Fever 104 FM.

     

    Let us look at the other Q3-2015 and 9M-2015 figures reported by HT Media:

     

    HT Media reported eight per cent higher total income from operations (TIO) at Rs 605.50 crore as compared to the Rs 560.88 crore in Q2-2015 and 4.2 per cent more than the Rs 533.53 crore in Q3-2014. For 9M-2015, HT Media reported TIO of Rs 1712.79 crore, which was 3.4 per cent more than the Rs 1656.86 crore in 9M-2014.

     

    The company’s PAT for Q3-2015 at Rs 63.97 crore (10.6 per cent of TIO) was 45.8 per cent more than the Q2-2015 PAT of Rs 43.89 crore (7.8 per cent of TIO) but 4.6 per cent lower than the Rs 67.02 crore (11.5 per cent of TIO) in Q3-2014. For 9M-2015, HT Media reported PAT of Rs 140.53 crore (8.2 per cent of TIO), which was 18.6 per cent lower than the Rs 172.69 crore (10.4 per cent of TIO) in 9M-2014.

     

    Three segments contribute to HT Media’s revenue – (1) Printing and publishing of newspapers and periodicals (Publishing), (2) Radio and (3) Digital.

     

    HT Media’s publishing segment reported revenue of Rs 553.2 crore (91.4 per cent of TIO) for the current quarter, which was eight per cent more than the Rs 510.75 crore (91.1 per cent of TIO) in Q2-2015, and 3.7 per cent more than the Rs 533.53 crore (91.8 per cent of TIO) in Q3-2014. In 9M-2015, the publishing segment reported revenue of Rs 1565.49 crore (91.4 per cent of TIO), which was 2.1 per cent more than the Rs 1533.96 crore (92.6 per cent of TIO) in 9M-2014.

     

    HT Media’s publishing segment reported an increase in operating profit of 17.1 per cent to Rs 78.49 crore in Q3-2015 as compared to the Rs 67.04 in Q2-2015, but was 8.7 per cent lower than the Rs 85.93 crore in the corresponding year ago quarter. The segment reported a 7.4 per cent fall in operating profit to Rs 210.08 crore in 9M-2015 versus Rs 226.97 crore in 9M-2014.

     

    The company’s digital segment reported 6.9 per cent higher revenue at Rs 26.65 crore in Q3-2015 as compared to the Rs 24.93 crore in Q2-2015 and 36.4 per cent more than the Rs 19.54 crore in Q3-2014. For 9M-2015, HT Media’s digital segment reported a 38.4 per cent growth in revenue to Rs 74.13 crore versus the Rs 54.40 crore in 9M-2014. This segment has been regularly reporting operating loss (loss). Its loss in Q3-2015 was Rs 14.42 crore; Q2-2015 was Rs 14.7 crore; for Q3-2014 loss was Rs 7.6 crore. For 9M-2015, HT Media’s digital segment reported loss of Rs 41.31 crore versus Rs 34.73 crore in 9M-2014.

     

    The company, in its investor presentation, says that advertising revenue in the current quarter grew 12 per cent to Rs 496.7 crore from Rs 444.4 crore in the immediate trailing quarter and grew four per cent as compared to the Rs 478.3 crore in the corresponding year ago quarter.

     

    Circulation revenues in Q3-2015 at Rs 73.4 crore grew two per cent q-o-q from Rs 71.7 crore in Q2-2015 and grew 10 per cent from Rs 66.5 crore in Q3-2014.

     

    Other revenue increased one per cent in Q3-2015 to Rs 79.8 crore from Rs 78.7 crore in Q2-2015 and was 10 per cent more than the Rs 72.3 crore in Q3-2014 further informs HT Media.

     

    HT Media chairperson and editorial director Shobhana Bhartia said, “We are happy to report revenue growth across all our core businesses on the back of higher advertising in the festive season. We increased our circulation in the Hindi belt, strengthening our position in Uttar Pradesh and Bihar; Mumbai is growing steadily; and we remain the most read English daily in Delhi and the national capital region. Our digital businesses continue to show traction and radio remains highly profitable.”

     

    “Raw material costs show a downward trend and we will benefit from the same in coming quarters. The announcement of Phase III expansion in FM Radio is a positive development and we believe we will be able to add to our portfolio of stations. We expect to close the year on a strong note and carry the momentum into the next year. The company is well positioned to seize any opportunity that comes its way,” she added.

  • Q3-2015: United Spirits marketing spends up 15.8 per cent

    Q3-2015: United Spirits marketing spends up 15.8 per cent

    BENGALURU: United Spirits Limited (USL) spent 229.75 crore (9.9 per cent of Total Income from Operations or TIO) in Q3-2015 (quarter ended December 31, 2015, current quarter) towards Advertising and Sales Promotion (ASP, marketing). This was 15.8 per cent more than the Rs 198.40 crore (9.1 per cent of TIO) that the Vijay Mallya led UB group company had spent in the immediate trailing quarter (previous quarter, Q2-2015, q-o-q) and 2.3 per cent more than the Rs 225.06 crore (also 9.9 per cent of TIO) in the corresponding year ago quarter (Q3-2014).

    During the nine month period ended 31 December, 2014 (YTD, 9M-2015), USL spent Rs 647.98 crore (10.1 per cent  of TIO) towards ASP, which was three per cent more than the Rs 629.15 crore (9.8 per cent of TIO) in the corresponding nine month period of the previous year.

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

    (2) All numbers in this report are standalone, unless stated otherwise

    (3) The UB group owns Indian Premier League  (IPL) cricket team Royal Challengers (RCB) Bangalore and the I-League teams (I-League is an Indian professional  league for Men’s Association football clubs)  Mohun Bagan A. C and the East Bengal F. C. and is the co-owner of the Formula One team Sahara Force India. Mallaya is a member of the World Motor Sport Council representing India in the FIA (Fédération Internationale de l’Automobile).

    Over the previous eight quarters starting Q4-2013 until Q3-2015, ULS’s ASP spend had been the highest in terms of absolute rupees in the current quarter. As mentioned above the company had spent approximately the same per centage of TIO in Q3-2014. During the eight quarters under consideration, the highest spends by the company in terms of per centage of TIO is 11.4 per cent (219.83 crore) in Q1-2015, while lowest has been in the previous quarter.

    During the eight quarters under consideration in this report, USL’s ASP shows a sharp upward linear trend in absolute rupees and a slight linear downward gradient to flat in terms of per centage of TIO. Please refer to Fig 1 below.

    The company reported TIO of Rs 2318.23 crore in Q3-2015, which was 6.4 per cent more than the Rs 2178.58 crore in the immediate trailing period and was 2.3 per cent more than the Rs 2266.26 crore in the year ago quarter. During 9M-2015 USL’s TIO at Rs 6420.71 crore was almost flat (lower by 0.3 per cent) than the Rs 6441.93 crore in 9M-2015. Refer Fig 2 below For the 8 quarter period under consideration, TIO shows an upward linear trend.

    USL reported PAT for Q3-2015 at Rs 78.81 crore, which was 21.4 per cent more than the Rs 64.92 crore in Q3-2014. The company had reported a loss of Rs 27.83 crore in the immediate trailing quarter.

    The company’s Earnings before interest, depreciation, tax and amortization (EBIDTA) for Q3-2015 was Rs 238.1 (10.3 per cent of TIO), which was 2.1 per cent more than the Rs 233.29 crore (10.7 per cent of TIO) in Q2-2015 and 7.3 per cent more than the Rs 222.07 crore (9.7 per cent of TIO) in Q3-2014. For 9M-2015, EBIDTA at Rs 616.49 crore (9.6 per cent of TIO) was 16.6 per cent more than the Rs 739.18 crore (11.5 per cent of TIO) in 9M-2014.

  • Q3-2015: DQ Entertainment reports lower numbers

    Q3-2015: DQ Entertainment reports lower numbers

    BENGALURU: The Tapas Chakravarti led DQ Entertainment (International) Limited (DQEIL) reported a profit after tax (PAT) of Rs 2.24 crore (9.3 per cent of Total Income from Operations or TIO) in Q3-12015 (quarter ended 30 December, 2014, current quarter) versus a loss of Rs 12.39 crore in Q3-2014. PAT for the current quarter, however was down to less than a third (down by 70.5 per cent) as compared to the Rs 14.43 crore (2.47 per cent of TIO). PAT in 9M-2015 at Rs 6.61 crore (5.6 per cent of TIO) was less than a one fourth (down 76.5 per cent) the Rs 28.11 crore (20.4 per cent of TIO) in HY-2014.

     

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

     

    Two segments contribute to DQEIL revenues – animation and distribution. The company’s animation segment, reported an operating profit of Rs 19.93 crore on segment revenue of Rs 22.61 crore in Q3-2015. For Q3-2014, animation segment had reported operating profit of Rs 20.56 crore on higher operating revenue of Rs 37.88 crore, while in Q2-2015, the segment reported revenue of Rs 39.94 and an operating profit of Rs 23.62 crore. For 9M-2015, this segment reported revenue of Rs 72.47 crore and an operating profit of Rs 46.51 crore versus higher revenue of Rs 107.03 crore and higher operating profit of Rs 59.34 crore in 9M-2014.

     

    The company’s distribution segment reported the following numbers: Q3-2015 – Revenue Rs 23.1 crore, operating profit Rs 15.37 crore; Q3-2014 – Revenue Rs 12.97 crore, operating profit Rs 6.49 crire; Q2-2015 – Revenue Rs 12.71 crore, operating profit Rs 12.02 crore; 9M-2015 – Revenue Rs 46.51 crore, operating profit Rs 26.2 crore; 9M-2014 – Revenue Rs 30.83 crore, operating profit Rs 14.01 crore.

     

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