Category: Financials

Q3-2015: Just Dial y-o-y income up 28.8 per cent

BENGALURU: Indian search engine and directory services provider Just Dial Limited (Just Dial) reported a 28.8 per cent jump in its total income from operations (TIO) in Q3-2015 to Rs 154.42 crore from Rs 119.86 crore in Q3-2014 and a 4.8 per cent increase from the Rs 147.40 crore in Q2-2015. In 9M-2015, the company’s TIO increased 29.6 per cent to Rs 436.85 crore from Rs 337.08 crore in 9M-2014.

Let us look at the other numbers reported by Just Dial:

Just Dial’s PAT for Q3-2015 increased 8 per cent to Rs 32.14 crore (20.8 per cent of TIO) from Rs 29.75 crore (24.8 per cent of TIO) in the corresponding quarter of last year and was 2.1 per cent more than the Rs 31.49 crore (21.4 per cent of TIO). PAT during 9M-2015 at Rs 91.73 crore (21 per cent of TIO) was 6.1 per cent more than the Rs 86.46 crore (25.6 per cent of TIO) in 9M-2014.

The company’s Total Expenditure (TE) in Q3-2015 at Rs 110.42 crore (71.5 per cent of TIO) was 21.6 per cent more than the Rs 90.77 crore (75.7 per cent of TIO) in Q3-2014 and was 0.6 per cent less than the Rs 111.11 crore (75.4 per cent of TIO) in Q2-2015. TE in 9M-2015 at Rs 328.27 crore (50.8 per cent of TIO) was 33.9 per cent more than the Rs 245.18 crore (72.7 per cent of TIO) in 9M-2014.

Employee Benefit Expense (EBE) is the major expense head for Just Dial. EBE in Q3-2015 at Rs 78.64 crore (50.9 per cent of TIO) was 31.9 per cent more than the Rs 59.64 crore (49.8 per cent of TIO) in Q3-2014 and 3.8 per cent more than the Rs 75.78 crore (51.4 per cent of TIO) in Q2-2015. EBE in 9M-2015 at Rs 221.76 crore (50.8 per cent of TIO) was 33.5 per cent more than the Rs 166.16 crore (49.3 per cent of TIO) in 9M-2014.

Just Dial reported depreciation and amortisation expense (Depreciation) of Rs 6.11 crore (4 per cent of TIO), which was 43.8 per cent more than the Rs 4.25 crore (3.5 per cent of TIO) in Q3-2014 and was 3.2 per cent less than the Rs 6.31 crore (4.3 per cent of TIO) in Q2-2015. In 9M-2015, depreciation at Rs 18.13 crore (4.2 per cent of TIO) was 40.2 per cent more than the Rs 12.93 crore (3.8 per cent of TIO) in 9M-2014.

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

January 29, 2015
Q3-2015: Emami q-o-q marketing expenses up 16 per cent; PAT doubles

BENGALURU: Over the past 12 quarters, Q3 of a financial year has traditionally been a good quarter for Emami Limited (Emami). The company’s advertisement and sales promotional spends have been highest during the period under consideration. Following its past convention, Emami increased its advertisement and sales promotion (ASP) spends in Q4-2015 by 16 per cent to Rs 119.25 crore (17.2 per cent of Total Income from Operations or TIO) from Rs 102.84 crore (21 per cent of TIO) in the immediate trailing quarter (Q2-2015) and 35.7 per cent more than the Rs 87.85 crore (15 per cent of TIO) in the corresponding year ago quarter (Q3-2014). During 9M-2015 (YTD), the company’s ASP was up 37 per cent to Rs 312.19 crore (18.8 per cent of TIO) from Rs 227.88 crore (16.6 per cent of TIO) in 9M-2014.

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

During a 12 quarter period starting Q4-2013 until the current quarter, Emami’s Q3-2015 ASP is the highest so far in terms of absolute rupees – Rs 119.25 crore (17.2 per cent), but Q2-2015 ASP in terms of per centage of TIO was highest at 21 per cent (Rs 102.84 crore). Fig A below indicates a steep upward linear trend for ASP in terms of absolute rupees and an upward linear gradient for ASP in terms of per centage of TIO. Traditionally, during the last three financial years (FY-2012, FY-2013, FY-2014), Emami’s ASP has been lowest in the fourth quarter and if the company follows the same trend, a drop in ASP for Q4-2015 can be expected.

Among the brands in Emami’s portfolio are Zandu, Zandu Balm, Himani Navratna, BoroPlus, Fair and Handsome, Emami Vasocare, Emami Mentho Plus, Himani Fast Relief, Zandu Sona Chandi Chyawnprash Plus, Zandu Kesari Jivan, etc.

PAT and Income

Emami’s PAT in Q3-2015 almost doubled (grew by 98 per cent) to Rs 183.70 crore (26.5 per cent of TIO) from Rs 92.76 crore (18.9 per cent of TIO) in Q2-2015 and was 21.9 per cent more than the Rs 150.68 crore (25.8 per cent of TIO) in Q4-2014. During 9M-2015, PAT at Rs 347.28 crore (20.9 per cent of TIO) was 19.2 per cent more than the Rs 291.32 crore (21.2 per cent of TIO) in 9M-2014.

Pease refer to Fig B below. In terms of absolute rupees and percentage of TIO, PAT shows an upward linear trend during the 12 quarter period under consideration.

Emami’s TIO in Q3-2015 at Rs 692.26 crore was 41.4 per cent more than the Rs 489.60 crore in Q2-2015 and 18.4 per cent more y-o-y from Rs 584.67 crore. During 9M-2015, TIO at Rs 1663.59 crore was 21 per cent more than the Rs 1375.06 crore in 9M-2014. TIO shows an increasing linear trend during the 12 quarters under consideration.

January 29, 2015
Q3-2015: Titan q-o-q income, PAT and ad spends down

BENGALURU: Titan Company Limited reported lower q-o-q Total Income from Operations (TIO) and Profit After Tax (PAT) in Q3-2015 as compared to the corresponding numbers reported in the immediate trailing quarter Q2-2015.

The company also spent 8.6 per cent less towards advertisement (ASP) in Q3-2015 at Rs 96.75 crore (3.3 per cent of TIO) as compared to the Rs 105.83 crore (2.9 per cent of TIO) in Q2-2015 and 18 per cent less than the Rs 118.04 crore (4.4 per cent of TIO) in the corresponding quarter of last year. (Refer to Fig A below).

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

Over a 12 quarter period starting Q4-2012 until the current quarter (Q3-2015), Titan’s ASP shows an upward linear trend in absolute rupees, but a downward linear trend in terms of percentage of TIO. Titan’s simple average ASP in terms percentage of TIO during these 12 quarters is 3.6 per cent. The company’s highest ASP during the 12 quarters under consideration has been in Q3-2014 at Rs 118.04 crore (4.4 per cent of TIO) in terms of absolute rupees. In terms of percentage of TIO, ASP was highest at 4.7 per cent of TIO (Rs 103.44 crore) in Q1-2013 during the same 12 quarter period.

Titan’s lowest ASP during the quarters under consideration was in Q4-2013, both in terms of absolute rupees and percentage of TIO at Rs 66.63 crore (2.5 per cent of TIO)

Income and PAT

Titan’s TIO in Q3-2015 at Rs 2922.51 crore was 18.7 per cent lower than the Rs 3593.07 crore in Q2-2015 and 9.2 per cent more than the Rs 2675.77 crore in the corresponding quarter of last year. TIO shows a linear increasing trend during the 12 quarter period under consideration.

Titan’s PAT in Q3-2015 at Rs 190.73 crore (7.1 per cent of TIO) was 20.5 per cent less than the Rs 239.98 crore in Q2-2015 and 15.2 per cent more than the Rs 165.57 crore in Q3-2014. PAT shows a slightly increasing trend in absolute rupees and an almost flat to a slightly downward trend in terms of per centage of TIO during the 12 quarter period in this report.

Businesses and Brands

Titan has three revenue segments – watches having the brands –Titan, Xylus, Nebula, Sonata and Fastrack and Zoop; Jewellery with Tanishq, Zoya, Gold Plus from Tata, Mia and Fq teen diamonds; and ‘Other’ such as eyewear under the Titan EYE+ brand, apparel and eyewear also under Fastrack brand and precision engineering among others.

Jewellery contributes about 80 per cent to Titan’s TIO. Last quarter (Q2-2015), its jewellery distribution brands Tanishq and Goldplus from Tata showed an upsurge in retail sales by as much as 75 per cent and 84 per cent respectively. In the current quarter, Goldplus from Tata grew by 30 per cent, however, Tanishq disappointed with a drop of 4 per cent in sales. Though the jewellery segment reported a 11.2 per cent y-o-y growth to Rs 2347 crore (80.3 per cent of TIO) from Rs 2111 crore (78.9 per cent of TIO), q-o-q, the segment reported a slump of 19.9 per cent from Rs 2929 crore (81.5 per cent of TIO).

The Helios brand from Titan’s Watches business segment in terms of sales also disappointed with a drop of 3 per cent in sales in Q3-2015. ‘Watches’ is Titan’s second largest business segment in terms of sales and contributes about 15-17 per cent to Titan’s TIO. Watches segment reported a y-o-y growth of 0.4 per cent to Rs 453 crore (15. 5 per cent of TIO) in Q3-2015 from Rs 451 crore(16.9 per cent of TIO) in Q3-2014, and a drop of 14 per cent from the Rs 527 crore (14.7 per cent of TIO) in Q2-2015.

The ‘Others’ segment reported 2.9 per cent drop to Rs 134 crore (4.6 per cent of TIO) in Q3-2015 from Rs 138 crore (3.8 per cent of TIO) in Q2-2015 and a growth of 15.5 per cent from Rs 116 crore (4.3 per cent of TIO) in Q3-2014.

Company Speak

Titan managing director Bhaskar Bhat said, “Titan Company, with a large portfolio of strong brands, operating in multiple industries, grew by over 9 per cent in the third quarter. This period, which is a festival quarter, faced heightened activity from e-commerce players participating in this gifting season. Going forward the market sentiment is looking good, with the fiscal budget from the new government coming up, drop in inflation and positive global factors like slump in oil prices. The company is gearing up for the last quarter with the launch of new products and advertising campaigns that are lined up, including activation from some brands.”

January 29, 2015
Eveready profit up three-fold to Rs 15.3 crore in Q3

KOLKATA: Buoyed by strong operational performance, battery major Eveready Industries India has reported a 238 per cent year-on-year jump in its net profit for the third quarter this fiscal to Rs 15.33 crore from Rs 4.53 crore for the same period last fiscal.

The Kolkata-based company’s net sales during the period under review grew nearly 10 per cent y-o-y at Rs 325.22 crore on the back of value growth in batteries and a 22 per cent growth in the new category of lighting products.

Total sales increased by 9.7 per cent y-o-y at Rs 325.42 crore as against Rs 296.59 crore in the year-ago period, Eveready said in a BSE filing.

Overall expenses of the company stood at Rs 298.39 crore as against Rs 282.02 crore in the corresponding period last year.

During the December quarter, the company’s operating EBITDA soared 36.7 per cent y-o-y to Rs 34.18 crore from Rs 25 crore for the corresponding period a year ago, particularly due to progressive price increases being taken in batteries.

Going forward, the company said the outlook looks stable.

The company has an extensive distribution of more than 3,000 distributors reaching more than 5,000 population towns. The company is basing its growth on the new products-especially the lighting products and devices.

Shares of Eveready Industries India closed at Rs 214.20 apiece on the NSE.

January 27, 2015
Q3-2015: HMVL reports higher ad, circulation revenue

BENGALURU: Hindi newspaper ‘Hindustan’, Hindi socio cultural magazine ‘Kadambini’ and children’s Hindi magazine ‘Nandan’ publishers Hindustan Media Ventures Limited (HMVL – not to be confused with HT Media Limited of Hindustan Times, Mint and Fever FM fame) reported a 9.7 per cent growth in Income from operations (TIO) at Rs 206.87 crore as compared to the Rs 188.65 crore in Q3-2014 and 3.7 per cent more than the Rs 199.54 crore in Q2-2015.

For 9M-2015, TIO at Rs 616.49 crore was 12.9 per cent more than the Rs 545.84 crore in Q2-2015. The company’s Total Revenue grew 12.1 per cent in Q3-2015 to Rs 223 crore from Rs 199 crore during the year ago quarter.

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

The company says that y-o-y advertising revenue grew 10.7 per cent to Rs 152.2 crore in Q3-2015 from Rs 137.5 crore in Q3-2014 and circulation revenue grew 11.1 per cent to Rs 51 crore from Rs 45.9 crore in Q3-2014. Other revenue grew 26.9 per cent to Rs 19.8 crore in Q3-2015 from Rs 15.6 crore in Q3-2014.

HMVL’s PAT in the current quarter at Rs 36.58 crore (17.7 per cent of TIO) was 16.3 per cent more than the Rs 31.46 crore in Q2-2015 and 27.1 per cent more than the Rs 28.79 crore ( 15.3 per cent of TIO) in Q3-2014. PAT in 9M-2015 at Rs 101.92 crore (16.5 per cent of TIO) was 21.3 per cent more than the Rs 84 crore (15.4 per cent of TIO) in 9M-2014.

Let us look at the other figures reported by HMVL:

The company’s total expenditure (TE) in Q3-2015 at Rs 172.91 crore (83.6 per cent of TIO) was up 3.6 per cent from Rs 166.88 crore (83.6 per cent of TIO) in Q2-2015 and was 9.9 per cent more than the Rs 157.3 crore (83.4 per cent of TIO) in Q3-2014. For 9M-2015, HMVL has reported 15.4 per cent higher TE at Rs 513.11 crore (83.2 per cent of TIO) versus Rs 444.46 crore (81.4 per cent of TIO) in 9M-2014.

A major component of HMVL’s TE is cost of raw materials (RM). In Q3-2015, HMVL’s RM cost at Rs 86.69 crore (50.1 per cent of TE) was 2.3 per cent more than the Rs 84.8 crore (54.9 per cent of TE) in Q2-2015 and was 7.3 per cent more than the Rs 80.63 crore (51.3 per cent of TE) in Q3-2014. 9M-2015 RM cost at Rs 258.26 crore (50.3 per cent of TE) was 17.6 per cent more than the Rs 219.68 crore (50.3 per cent of TE) in 9M-2014.

The company’s employee cost in Q3-2015 at Rs 24.87 crore (14.4 per cent of TE) was 3.5 per cent less than the Rs 25.77 crore (15.4 per cent of TIO) and was 14.1 per cent more than the Rs 21.80 crore (13.9 per cent of TE) in Q3-2014. Its 9M-2015, employee cost at Rs 80.28 crore (15.6 per cent of TE) was 23.8 per cent more than the Rs 64.63 crore (14.6 per cent of TE) in 9M-2014.

HMVL chairperson Shobhana Bhartia said, “We are pleased to report another quarter of revenue growth and higher profitability on the back of lower raw material costs. After establishing ourselves as a strong player in Uttar Pradesh and Uttarakhand while retaining our dominance in Bihar and Jharkhand, we are now focusing on operational efficiencies to ensure revenue growth is also accompanied by profit growth. We derive confidence from our performance and we will continue to strive to deliver value to our shareholders.”

January 27, 2015
Q3-2015: Raj TV q-o-q PAT up 2.76 times

BENGALURU: South Indian television network Raj TV Limited (Raj TV) reported PAT of Rs 2.09 crore (10.3 per cent of Total Income from operations or TIO) in Q3-2015, which was a 2.76 times the Rs 0.755 crore (3. 8 per cent of TIO) in Q2-2015. Y-o-y PAT was 58.2 per cent less than the Rs 4.99 crore (20 per cent of TIO) in Q3-2014. Overall, FY-2015 has not been as profitable a year as FY-2014 was for Raj TV so far. During 9M-2015, the company reported PAT of Rs 5.51 crore (9.3 per cent of TIO) versus the Rs 13.11 crore (21.3 per cent of TIO) in 9M-2014.

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

Raj TV’s TIO at Rs 20.32 crore in Q3-2015 was 1.2 per cent more than the Rs 20.08 crore in the immediate trailing quarter, but 18.4 per cent less than the Rs 24.92 crore in the corresponding year ago quarter. During 9M-2015, TIO at Rs 59.51 crore was 3.3 per cent lower than the Rs 61.56 crore in 9M-2014.

Let us look at the other figures reported by Raj TV

Raj TV’s Total Expenditure (TE) in Q3-2015 at Rs 18.34 crore (90.2 per cent of TIO) was 4.1 per cent higher than the Rs 17.61 crore (87.7 per cent of TIO) in Q2-2015 and was 1.3 per cent lower than the Rs 18.58 crore (74.6 per cent of TIO) in Q3-2014. During 9M-2015, the company’s TE at Rs 50.75 crore (85.3 per cent of TIO) was 14 per cent more than the Rs 44.52 crore (72.3 per cent of TIO) in 9M-2014.

The company’s operations cost (cost of revenue or COR) in Q3-2015 at Rs 4.46 crore (22 per cent of TIO) was 48.4 per cent less than the Rs 8.65 crore (43.1 per cent of TIO) in Q2-2015 and was 41.4 per cent less than the Rs 7.62 crore (30.6 per cent of TIO) in Q3-2014. The company’s COR for 9M-2015 at Rs 19.34 crore (32.5 per cent of TIO) was 1.1 per cent lower than the Rs 19.55 crore (31.8 per cent of TIO) in 9M-2014.

Raj TV’s administrative and other expense (A&OE) in Q3-2015 at Rs 2.28 crore (11.2 per cent of TIO) was 19.4 per cent lower than the Rs 2.83 crore (14.1 per cent if TIO) in Q2-2015 and was 27.3 per cent less than the Rs 3.13 crore (12.6 per cent of TIO) in Q3-2014. A&OE for 9M-2015 at Rs 7.65 crore (12.9 per cent of TIO) was 14 per cent lower than the Rs.8.89 crore (14.4 per cent of TIO) in 9M-2014.

Employee Benefit Expense (EBE) in Q3-2015 at Rs 6.09 crore (30 per cent of TIO) was 10.3 per cent higher than the Rs 5.52 crore (27.5 per cent of TIO) in Q2-2015 and was 11.5 per cent less than the Rs 6.88 crore (27.6 per cent of TIO) in the corresponding quarter of 2014. EBE for 9M-2015 at Rs 17.04 crore (28.6 per cent of TIO) was 32.5 per cent more than the Rs 12.86 crore (20.9 per cent) in 9M-2014.

The company’s finance costs have gone up 48.3 per cent y-o-y. For Q3-2015, finance cost at Rs 1.6596 crore (8.2 per cent of TIO) was 15.2 per cent more as compared to the Rs 1.4406 crore (7.2 per cent of TIO) in Q2-2015. In Q3-2014, finance cost was Rs 1.3878 crore (5.6 per cent of TIO). Finance cost in 9M-2015 at Rs 4.5472 crore (7.6 percent of TIO) was 42.4 percent more than the Rs 3.1927 crore (5.2 percent of TIO) in 9M-2014.

January 26, 2015
Q3-2015: Colgate Palmolive’s q-o-q marketing spends down 11.3 per cent

BENGALURU: Last quarter (Q2-2015), Colgate-Palmolive (India) Limited (Colgate-Palmolive) spent the highest amount towards advertisement and sales promotion (ASP) in a quarter at Rs 201 crore (20.1 per cent of Total Income or TI) based on the data covering the last 11 quarters starting Q1-2013 until Q3-2015.

In the current quarter (Q3-2015), the company lowered its ASP by 11.3 per cent to Rs 178.21 crore (17.9 per cent of TI), a figure that was 33.7 per cent more than the Rs 121.46 crore (13.4 per cent of TI) in the corresponding quarter of the previous year. Q2-2015 ASP was also the highest in terms of percentage of TI.

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

YTD, Colgate-Palmolive’s ASP was Rs 559.76 crore (19 per cent of TI), 63.5 per cent more than the Rs 342.32 crore (12.7 per cent of TI) in 9M-2014.

Colgate-Palmolive’s brands include Colgate for oral care, Palmolive, Charmis and Halo for personal care, and Axion for household care.

During the period under consideration, Colgate-Palmolive’s ASP was lowest in Q4-2013, both in terms of absolute rupees and ASP as percentage of TI at Rs 82.10 crore and 9.7 per cent of TI. Fig A below indicates an upward linear trend for ASP, both in absolute rupees and percentage of TI.

Though the company’s TI in the current quarter was almost flat (down 0.5 per cent) at Rs 995.99 crore as compared to the Rs 1000.52 crore in the immediate trailing quarter, it was 9.8 per cent higher than the Rs 907.35 crore in Q3-2014. Colgate-Palmolive’s TI shows an increasing linear trend during the period under consideration. Historically, in Q3-2013 as well as Q3-2014, Colgate-Palmolive’s TI has shown a slight dip with respect to Q2 of the corresponding years.

Across seven financial years starting FY-2008 until FY-2014, the company’s TI, ASP and ASP as percentage of TI show an upward linear trend, with the company’s marketing spends being the highest both in terms of absolute rupees and percentage of TI in FY-2014 at Rs 688.66 crore (19.2 per cent of TIO).

Fig A1 above indicates the breakup of Colgate-Palmolive’s advertising and sales promotion across three financial years for which data is available. In Q3-2013 and Q3-2014, ASP was higher than Q2-2013 and Q2-2014 respectively, however, as mentioned above, Q3-2015 ASP is lower than Q2-2015.

PAT

Across four consecutive quarters starting Q4-2014 until the current quarter, Colgate-Palmolive’s PAT has remained almost flat at about Rs 130 crore with small variations. The company’s PAT in Q3-2015 at Rs 130.86 crore (13.2 per cent of TI) was one per cent more than the Rs 129.58 crore (13 per cent of TI) in Q2-2015, but was 16 per cent more than the Rs 112.83 crore (12.7 per cent of TI) in Q3-2014.

Colgate-Palmolive’s PAT has been the highest at Rs 185.22 crore (21.5 per cent of TI) in Q1-2014 during the eleven quarter period under consideration, while the lowest PAT has been in Q3-2013 at Rs 111.05 crore (14.2 per cent of TI). PAT shows a flat to a slightly reducing linear trend in absolute rupees and a steeper linear slide in terms of percentage of TI. The company’s PAT in FY-2014 was Rs 539.87 crore, and unless the company’s results for Q4-2015 show a marked upsurge in absolute rupees, PAT in FY-2015 could be just about equal to or lower than PAT in FY-2014.

In its earnings release, Colgate-Palmolive states that the market share of its toothpaste category has increased by 80 basis points to 56.7 per cent during calendar year 2014 with contribution from its flagship brands Colgate Dental Cream, Active Salt, Max Fresh, Colgate Total and Visible White.

Colgate-Palmolive says that its market share in the toothbrush category also increased by 80 basis points to 42.4 per cent during calendar year 2014.

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January 24, 2015
Q3-2015: Inox reports marked jump in F&B, Ad revenue

BENGALURU: Inox Leisure Limited (Inox) reported 2.21 times PAT in Q3-2015 at Rs 14.30 crores (4.7 per cent of Total Revenues or TR) as compared to the PAT of Rs 6.47 crore (3 per cent of TR) in the corresponding year ago quarter and 2.73 times the Rs 5.23 crore (2 per cent of TR) in Q2-2015, but PAT for 9M-2015 at Rs 24.10 crore (3 per cent of TR) was a steep 31.9 per cent lower than the Rs 35.40 crore (5.2 percent of TR) in 9M-2014.

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

(2) Inox acquired Satyam Cineplexes Limited (SCL) with 38 screens as a wholly owned subsidiary on 8 August 2014 and Q2-2015 and Q3-2015 figures in this report include the figures of SCL.

Revenue streams

Inox TR in Q3-2015 at Rs 304.85 crore was 41.2 per cent more than the Rs 215.83 crore in Q3-2014 and 14.3 per cent more than the Rs 266.66 crore in Q2-2015. TR for 9M-2015 at Rs 807.42 crore was 18.1 per cent more than the Rs 683.40 crore in 9M-2014.

Though Food and Beverages (F&B) and advertisement revenues (ad revenue) constitute just around 25 to 30 per cent of Inox TR, these two account heads have shown healthy 45.1 per cent and 98.4 per cent y-o-y growth respectively in Q3-2015. Both these revenue heads have slowly and steadily started growing their contribution to Inox’s total revenue.

F&B revenue grew to Rs 55.63 crore (18.2 percent of TR) from Rs 38.34 crore (17.8 percent of TIO) in Q3-2015 and grew 9.6 per cent from Rs 50.77 crore (19 per cent of TR) in the immediate trailing quarter. During 9M-2015, F&B revenue grew 22 per cent to Rs 156.30 crore (19.4 per cent of TR) from Rs 128.13 crore (18.7 percent of TR).

Ad revenue in Q3-2015 grew to Rs 28.92 crore (9.5 per cent of TR) from Rs 14.58 crore (6.8 per cent of TR) in Q3-2014 and grew 62.4 per cent from Rs 17.81 crore (6.7 per cent of TR). During 9M-2015, ad revenue grew 84.6 per cent to Rs 61.7 crore (7.6 per cent of TR) from Rs 33.42 crore (4.9 per cent of TR) in the corresponding period of the previous year.

‘Other’ revenue in Q3-2015 at Rs 18.55 crore (6.1 per cent of TR) was 9.5 per cent lower than the Rs 20.50 crore (9.5 per cent of TR) in Q3-2014 and 2.4 per cent more than the Rs 18.12 crore (6.8 per cent of TR) in Q2-2015. For 9M-2015, ‘Other’ revenue at Rs 51.15 crore (6.3 per cent of TR) was 2.8 per cent more than the Rs 49.78 crore (7.3 per cent of TR) during 9M-2014.

Average Ticket Pricing

Inox’s says that its average ticket price (ATP) in Q3-2015 was 175, in Q3-2014 it was Rs 163 and in Q2-2015 it was Rs 162. During 9M-2015, ATP was Rs 166 versus the Rs 157 in 9M-2014. The company claims that its ATP is higher than the exhibition industry’s comparable properties ATP of Rs 171 in Q3-2015, Rs 163 in Q3-2014, Rs 163 in 9M-2015 and Rs 157 in 9M-2014.

Expenditure

Inox total expenditure (TE) in Q3-2015 at Rs 254.44 crore (83.5 per cent of TR) was 35.8 per cent more than the Rs 187.36 crore (86.8 per cent of TR) in Q3-2014 and 10.9 per cent more than the Rs 229.35 crore (86 per cent of TR) in Q2-2015. TE during 9M-2015 increased 19.5 per cent to Rs 686.80 crore (85.1 per cent of TR) from Rs 574.86 crore (84.1 per cent of TR) in 9M-2014.

Entertainment tax paid by the company increased 50.6 per cent to Rs 38.12 crore (12.5 per cent of TR) in Q3-2015 from Rs 25.31 crore (11.7 per cent of TR) in Q3-2014 and was 19.1 per cent more than the Rs 32 crore (12 per cent of TR) in Q2-2015. During 9M-2015, Entertainment Tax paid by the company was 98.69 crores (12.2 per cent of TR), up 17.6 per cent from Rs 83.95 crore (12.3 per cent of TR) in 9M-2014.

Inox Payroll cost in Q3-2015 at Rs 18.99 crore (6.2 per cent of TR) was 36.6 per cent more than the Rs 13.90 crore (6.4 per cent of TR) and 17.7 per cent more than the Rs 16.14 crore (6.1 per cent of TR) in Q2-2015. 9M-2015 payroll cost at Rs 48.83 crore (6.0 per cent of TR) was 31.1 per cent more than the Rs 37.24 crore (5.4 per cent of TR) in 9M-2014.

Distributors share in Q3-2015 increased 38.3 per cent to Rs 75.37 crore (24.7 per cent of TR) from Rs 54.48 crore (25.2 per cent of TR) and was 11.1 per cent more than the Rs 67.81 crore (25.4 per cent of TR) in Q2-2015. This expense head during 9M-2015 at Rs 201.58 crore (25 percent of TR) was 13.8 per cent more than the Rs 177.13 crore (25.9 per cent of TR) during 9M-2014.

F&B cost in Q3-2015 at Rs 13.58 crore (4.5 per cent of TR) was 28 per cent more than the Rs 10.61 crore (4.9 per cent of TR) in Q3-2014 and 1.6 per cent more than the Rs 13.58 crore (5 per cent of TR) in Q2-2015. F&B cost in 9M-2015 at Rs 39.20 crore (4.9 per cent of TR) was 4.8 per cent more than the Rs 37.41 crore (5.5 per cent of TR) in 9M-2014.

Other expenses in Q3-2015 at Rs 108.39 crore (35.6 per cent of TR) was 30.5 per cent more than the Rs 83.07 crore (38.5 percent of TR) in Q3-2014 and 8.4 percent more than the Rs 100.02 crore (35.6 per cent of TR) in Q2-2015. In 9M-2015, other expense at Rs 298.51 crore (37 per cent of TR) was 24.8 per cent more than the Rs 239.12 crore (35 per cent of TR) in 9M-2014.

Depreciation in Q3-2015 increased 57.2 per cent to Rs 20.44 crore (6.7 per cent of TR) from Rs 13 crore (6 per cent of TR) in Q3-2014 and increased 6.4 per cent from Rs 19.21 crore (7.2 per cent of TR) in Q2-2015. 9M-2015 depreciation at Rs 5.74 crore (7.2 per cent of TR) was 52.3 per cent more than the Rs 37.92 crore (5.5 per cent of TR) during 9M-2014.

Inox’s interest cost in Q3-2015 was 88.7 per cent more at Rs 12.49 crore (4.1 per cent of TR) than the Rs 6.62 crore (3.1 per cent of TR) in Q3-2014 and 9.6 per cent more than the Rs 11.40 crore (4.3 per cent of TR) in Q2-2015 Interest cost in 9M-2015 at Rs 30.34 crore (3.8 per cent of TR) was 41.6 per cent more than the Rs 21.43 crore (3.1 per cent of TR) in 9M-2014.

Occupancy and Footfalls

Inox says that it currently has 365 screens in 51 cities and 94 locations in India with a seating capacity of 97039 seats. It plans to increase the number of screens by 12 and seats by 2751 in Q4-2015. Post FY-2015, Inox says that it plans to add 169 screens with seating capacity of 36977 to take its overall total to 546 screens and 136766 seats.

The company says that it has kept pace with the exhibition industry’s comparable properties occupancy rate to 27 per cent in Q3-2014 and 28 per cent in Q3-2015,during 9M-2015, it had the same occupancy rate of 27 per cent as the industry rate of 27 per cent. The company claims a higher footfall of 326 lakhs for 9M-2015 as compared to the industry’s comparable properties footfall of 276 lakh, a figure that has fallen from the 298 lakh footfalls experienced by the industry’s comparable in 9M-2014. Inox claims that the footfalls at its properties was 304 lakh in 9M-2014.

January 22, 2015
Q3-2015: Dish TV reports improved performance, lower loss

BENGALURU: In its earnings release today, India’s largest DTH operator, Dish TV Limited (Dish TV) informed the bourses that its net subscriber base in Q3-2015 had gone up to 1.25 crore, the company says that it has added a net of 4.16 lakh subscribers in this quarter. In Q3-2014, the company has added net 2.2 lakh subscribers in Q3-2014 and 3.78 lakhs subscribers in Q2-2015. The company says further that its average revenue per user (arpu) is Rs.177, versus an arpu Rs 166 in Q3-2014 and Rs 172 in Q2-2015.

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

Dish TV’s total income from operations (TIO) has gone up by 16.5 per cent in Q3-2015 to Rs 713.88 crore from Rs 612.82 crore in Q3-2014 and was 6.2 per cent more than Rs 672.35 crore in Q2-2015. During 9M-2015, Dish TV’s TIO at Rs 2026.93 crore was 13.6 per cent more than the Rs 1783.78 crore in 9M-2014.

The company has reported a lower loss of Rs 2.87 crore in Q3-2015 as compared to a loss of Rs 38.25 crore in Q3-2014 and a loss of Rs 15.07 crore in Q2-2015. In 9M-2015, Dish TV’s loss at Rs 33.98 crore was less than half the loss of Rs 84.63 crore in 9M-2014.

The company reported subscription revenue for the quarter was Rs 655.4 crore up 17.4 per cent y-o-y.

Let us look at the other figures reported by Dish TV :-

Dish TV’s Total expenditure (TE) in Q3-2015 at Rs 684.26 crore (95.9 per cent of TIO) was 8.5 per cent more than the Rs 630.68 crore (102.9 per cent of TIO) in Q3-2014 and 3.4 per cent more than the Rs 661.92 crore (98.5 per cent of TIO) in Q2-2015. In 9M-2015, TE at Rs 1975.07 crore (97.4 per cent of TIO) was 8.5 per cent more than the Rs 1819.87 crore (102 per cent of TIO) in 9M-2014.

The company’s programming content and other costs (programming cost) in Q3-2015 at Rs 198.86 crore (27.9 per cent of TIO) was almost the same as the Rs 198.87 crore (32.5 per cent of TIO) in Q3-2014 and 3.1 per cent more than the Rs 192.87 crore (28.7 per cent of TIO) in Q2-2015. 9M-2015 programming cost at Rs 593.13 crore (29.3 per cent of TIO) was 2.8 per cent more than the Rs 576.87 crore (32.3 per cent of TIO) in 9M-2014.

Dish TV paid 18.7 per cent higher license fees at Rs 75.35 crore (10.6 per cent of TIO) in Q3-2015 as compared to the Rs 63.48 crore (10.4 per cent of TIO) in Q3-2014 and 7.8 per cent more than the Rs 69.87 crore (10.4 per cent of TIO) in the immediate trailing quarter. License Fees in 9M-2015 at Rs 210.66 crore (10.4 percent of TIO) was 13.5 percent more than the Rs 185.56 crore (10.4 percent of TIO) in the corresponding period of last year.

The company’s commission expense at Rs 69.07 crore (9.7 per cent of TIO) was 37.1 per cent higher than the Rs 50.37 crore (8.2 per cent of TIO) in Q4-2013 and 13.7 per cent more than the Rs 60.74 crore (9 per cent of TIO) in Q2-2015. Commission expense in 9M-2015 rose 39.3 percent to Rs 185.33 crore (9.1 percent of TIO) from Rs 133.02 crore (7.5 percent of TIO) in 9M-2014.

Dish TV’s other selling and distribution expense for Q3-2015 at Rs 43.99 crore (6.2 per cent of TIO) was 26.8 per cent more than the Rs 34.69 crore (5.7 per cent of TIO) in Q3-2014 and 18.2 per cent lower than the Rs 53.8 crore (8 per cent of TIO) in Q2-2015. In 9M-2015, other selling and distribution expense t Rs 135.65 crore (6.7 per cent of TIO) was 17.2 per cent more than the Rs 115.76 crore (6.5 per cent of TIO) in 9M-2014.

The company’s costs is Q3-2015 increased 59 per cent to Rs 47.86 crore (6.7 per cent of TIO) from Rs 30.10 crore (4.9 per cent of TIO) in Q2-2014 and was 12.6 per cent more than the Rs 42.51 crore (6.3 per cent of TIO) in Q2-2015. The company’s costs in 9M-2015 increased 29.8 per cent to Rs 129.84 crore (6.4 per cent of TIO) from Rs 100.04 crore (5.6 per cent of TIO) in 9M-2014.

“Dish TV recorded marked improvements in its key financials while maintaining market supremacy during the third quarter of fiscal 2015. Overall, the DTH industry led by Dish TV recorded a healthy 29 percent y-o-y growth in gross additions compared to the corresponding quarter last fiscal,” said Dish TV chairman Subhash Chandra.

Highlighting Dish TV’s third quarter performance Dish TV managing director Jawahar Goel said, “We continued to strengthen our reach in phase 3 and 4 towns much ahead of the government mandated revised deadline for digitisation in those markets. Our bouquet of offerings including fully loaded sports packs and High Definition (HD) packages helped us fill in the expectation gap in phase 1 and 2 households as well. The recently launched ‘Zing’ has been a successful product and now caters to eight regional markets with the latest being Tamil Nadu.”

January 22, 2015
Q3-2015: Zeel PAT up 44.5%; income up 14.8%; ad revenue up 8.5%

BENGALURU: The Subhash Chandra-led content and broadcast player Zee Entertainment Enterprises Limited (Zeel) reported a 44.5 per cent hike in y-o-y PAT to Rs 308.61 crore (22.6 per cent of Total Income from Operations or TIO) in Q3-2015 from Rs 213.59 crore (18 per cent of TIO) in Q3-2014 and a 36 per cent increment from the Rs 227 crore (20.3 per cent of TIO) reported in the previous quarter. The company’s year to date (YTD) PAT at Rs 746.73 crore was 10.7 per cent higher than the Rs 674.5 crore during 9M-2014.

Zeel reported 14.8 per cent higher TIO in Q3-2015 at Rs 1363.72 crore as compared to Rs 1188.36 crore in the corresponding quarter of last year and 22 per cent more than the Rs 1117.82 crore in Q2-2015. TIO for 9M-2015 at Rs 3536.60 was 8.4 per cent more than the Rs 3262.89 crore in 9M-2014.

The company’s advertisement revenue in Q3-2015 at Rs 742.6 crore (54.5 per cent of TIO) was 8.5 per cent more than the Rs 683.41 crore (57.6 per cent of TIO) in Q3-2014 and 18.6 per cent more than the Rs 625.94 crore (56 per cent of TIO) in the immediate trailing quarter. During 9M-2015, ad revenue increased 10.7 per cent to Rs 1990.64 crore (56.3 per cent of TIO) from Rs 1797.69 crore (55.1 per cent of TIO) in 9M-2015.

Let’s look at the other results reported by Zeel:

Zeel reported a 2.3 per cent drop in subscription revenue to Rs 446.13 crore (32.7 per cent of TIO) from Rs 456.49 crore (38.4 per cent of TIO) in Q3-2014, but reported 5.1 per cent higher subscription revenue than the Rs 424.45 crore (38 per cent of TIO) in the immediate trailing quarter. Zeel says that due to a change in arrangements with various operators across international territories, the reporting of subscription revenue for the current year has undergone a change and is not comparable to the with the figures of previous years.

The company’s other income in Q3-2015 more than tripled (up 3.68 times) to Rs 174.99 crore from Rs 47.56 crore in the corresponding quarter of last year and more than doubled (up 2.6 times) the Rs 67.43 crore in Q2-2015. Other Income in 9M-2015 at Rs 263.25 crore more than doubled (up 2.1 times) as compared to the Rs 126.52 crore in 9M-2015.

Zeel’s Total Expenditure (TE) in Q3-2015 at Rs 1027.36 crore (75.3 per cent of TIO) grew 12.8 per cent from Rs 911.10 crore (76.7 per cent of TIO) in Q3-2014 and was 26.7 per cent more than the Rs 810.75 crore (72.5 per cent of TIO) in Q2-2015. 9M-2015 TE at Rs 2603.57 crore (73.6 per cent of TIO) was 8.4 per cent more than the Rs 2401.39 crore (73.6 per cent of TIO) in 9M-2014.

Operation cost in Q3-2015 at Rs 645.57 crore (47.3 per cent of TIO) was 5.9 per cent more than the Rs 609.50 crore in Q3-2014 and 32.3 per cent more than the Rs 470.30 crore (42.1 per cent of TIO) in Q2-2015. Operation cost in 9M-2015 at Rs 1519.25 crore (43 per cent of TIO) was 0.3 per cent lower than the Rs 1524.37 crore (46.7 per cent of TIO) in 9M-2014.

Zeel’s Employee Benefit Expense (EBE) in Q3-2015 at Rs 109.27 crore (8 per cent of TIO) was 14 per cent more than the Rs 95.86 crore (8.1 per cent of TIO) in Q3-2014 and was 1.2 per cent more than the Rs 107.96 crore (9.7 per cent of TIO) in Q2-2015. EBE during 9M-2015 at Rs 328.94 crore (9.3 per cent of TIO) was 13.2 per cent more than the Rs 290.68 crore (8.9 per cent of TIO) in 9M-2014.

Zeel chairman Subhash Chandra said, “Our quarterly performance reflects the investments that Zee is making to grow its business and market share. We will continue to pursue growth opportunities, which would enhance long term shareholder value.”

Zeel managing director and chief executive officer Punit Goenka added, “We had a good quarterly performance reflecting the industry wide trend. On the domestic subscription front, we grew in low double digit figures during the quarter. On a sustained basis, we are growing in high single digits on domestic subscription revenues. Implementation of digitization in the remaining parts of the country will push the growth momentum further.”

January 21, 2015