Financials

Q1-2016 TRAI report: Radio industry performance improves

Published

10 years ago

January 5, 2016

BENGALURU: The Telecom Regulatory Authority of India (TRAI) released combined advertisement (Ad) revenues of 239 private FM radio stations for the quarter ended 30 June, 2015 (Q1-2016) a few days ago. There were a total of 243 radio stations in the India as on that date.

Trends across 16 consecutive quarters (four fiscal years)

Please refer to Figures A and B below. The all India simple average revenue per radio station and the QoQ and YoY (year on year) change has been calculated using TRAI data – the overall ad revenue mentioned by TRAI divided by the number of radio stations, which have reported revenue numbers to TRAI.

As has been the trend over the period mentioned above, Q1 of a year is generally the leanest quarter in terms of ad revenue as per TRAI data. The second quarter – Q2 has the next lowest average ad revenues per station. Over the last two consecutive years FY-2014 and FY-2015, the highest ad revenue per radio station per year has been reported for the third quarter (Q3), while in FY-2012 and FY-2013, the highest ad revenue was reported in Q4, so there is a tie for the first and the second highest quarters in terms ad revenue per station between Q3 and Q4.

For the year ended 31 March, 2015 (FY-2015), this website had mentioned that the numbers reported by the radio industry for the year were the probably the best (Indiantelevision link, Radioandusic link) so far. Despite an 8.88 per cent QoQ (quarter on quarter) fall in average ad revenue per station in Q1-2016, the ad average revenue per station of Rs 1.65 crore is the best yet for the first quarter over a period of four years. In Q1-2015, YoY ad revenue grew 11.90 per cent. Hence historical trends indicate that FY-2016 could be an even better year in terms of average revenue per station and overall revenues.

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

(b) The author has taken the liberty to introduce a measure – average revenue per radio station. This is a rough yardstick and may not necessarily be indicative of a station or a networks performance, because factors such as geography and market conditions within the area of operations are among many of the factors that will also determine performance.

(c) This report is skewed more towards general financial numbers in terms of revenue and results, and not operational performance.

The TRAI report for Q1-2016

As per the TRAI report for Q1-2016, the total advertisement revenues reported by 239 radio stations was Rs 393.9 crore or Rs 1.65 crore per station. In the immediate trailing quarter of Q1-2016, that is, for Q4-2015 (quarter ended 31 March, 2015), the combined advertisement revenues reported by 241 radio stations was Rs 435.89 crore or Rs 1.81 crore per station, hence the above mentioned QoQ drop of 8.88 per cent (Rs 0.16 crore) in ad revenue per station. For Q1-2015 (quarter ended 30 June, 2014 or Q1-2015), 241 radio stations reported combined ad revenues of Rs 354.97 crore or Rs 1.47 crore per station, or the above mentioned YoY growth of ad revenue per station of 11.90 per cent or Rs 0.18 crore per station in Q1-2016.

Please refer to Fig A. The slope of the simple linear trend line (the dotted black line with a red end in Fig A below) projects that the average ad revenue per station in Q2-2016 should be about Rs 1.78 crore, which would be significantly higher than the Rs 1.66 crore reported for Q2-2015. How much this figure is in line with the actual number depends upon the numbers reported by the radio companies and revealed by TRAI. But, if one were to go by the published Q2-2016 results of some of the players in this report, the combined revenues of these sample player has gone up in double digits Q2-2016 as compared to Q1-2016, and of course are higher than those reported for Q2-2015.

Further, Figure B below indicates that QoQ fall in ad revenue per station in Q1-2016 was the second steepest fall during a 13 quarter period starting Q1-2013 (Q1-2013 as compared to Q4-2012) until Q1-2016. The steepest QoQ fall in ad revenue per station was in Q1-2013 at 9.95 percent during the same period. The highest YoY rise in ad revenue per station was in 21.31 percent in Q2-2014. Q4 is another quarter that has seen QoQ dips in ad revenue per station in FY-2014 and FY-2015. YoY, ad revenue per station has always increased between Q1-2012 and Q1-2016.

Let us look at how a few radio networks performed:

Note (2): (a) This report considers PAT posted by two radio companies (ENIL – Radio Mirchi, 32 radio stations; Jagran Prakashan – Radio City – 20 radio stations), along with operating results of DB Corp (My FM, 17 stations); B. A.G.Films (Radio Dhamaal, 10 stations); HT Media (Fever FM, four stations); and TV Today (Oye! FM, six stations), or a total of six radio networks that represent 89, or 36.63 per cent of the 243 private FM radio stations in Q1-2016.

(b) While Q3 for the current fiscal (Q3-2016) has already ended on 31 December,2015 and financial results will be declared by the players in a few weeks times, individual Q2-2016 (quarter ended 30 September, 2015) results have already been reported by them. The Q2-2016 numbers of individual players in this report have been obtained from their filings with regulatory bodies, the TRAI number for Q2-2016 has been extrapolated and could prove to be inaccurate.

(c) Revenues for the sample stations mean Total Income from Operations and generally include ad revenue and other operating revenues.

(d) Phase III and other radio stations acquisitions: ENIL has received permission from the Ministry of Information & Broadcasting (MIB) to acquire four stations from TV Today Network Limited (Oye! FM), viz., those at Amritsar, Patiala, Shimla and Jodhpur – which the company says have been/will be re-branded and re-launched shortly as Mirchi, adding to its North India network strength. With another seven stations acquired in phase III auctions, the core Mirchi brand will now be available in 43 cities. There are/will be a total of 39 FM radio stations that Jagran Prakashan Limited currently has. This includes the existing 20 radio stations plus 11 stations acquired in phase III auctions and eight radio stations under the brand Radio Mantra. Radio Mantra was earlier operated by Shri Puran Multimedia, Jagran’s promoter group. Besides, the group also runs a web radio network with 21 web radio streams under Planetradiocity.com. During the Phase III auctions, DB Corp (My FM) acquired 14 frequencies, through which MY FM will extend its presence to seven states and 30 cities with 31 stations. HT Media acquired 10 radio frequencies during phase III auctions, taking its total radio stations to 14. However these changes are not considered here, for this report pertains to the period before the new stations were acquired.

Entertainment Network India Limited (ENIL) that operates brand Radio Mirchi is the only separately listed radio company in India and one of the most profitable ones by far. Other stations/radio brands of consequence, whose results are within the public domain have been considered in this report.

Please refer to Figure C below. The curved black line with a red extrapolated end (curve D in Figure C below) indicates the all India average ad revenue per station as per TRAI data. Three radio networks had average revenue per station that has consistently been higher than the all India average. Revenue per station was the highest in the case of Fever FM (Curve A in the Figure C below) at Rs 6.13 crore in Q1-2016 and 7.34 crore in Q2-2016, followed by Radio Mirchi (Curve B in Fig C below) with Rs 3.17 crore in Q1-2016 and Rs 3.63 crore in Q2-2016. Radio City (Curve C in Fig C below) also reported average revenue per station of Rs 2.37 crore in Q1-2016 (43.64 per cent more than the all India average ad revenue per station of Rs 1.65 crore) and Rs 2.78 crore in Q2-2016.

The other three – Dhamaal (Curve G in Fig C below), My FM (curve E in Fig C below) and Oye! FM (curve F in Fig C below) reported lower average revenue per station than the industry average ad revenue per station.

In Q1-2016, the combined revenues of the six players fell 15.86 per cent (fell Rs 37.51 crore) QoQ to Rs 199.01 crore from Rs 236.51 crore, a drop that was significantly higher than the 8.88 per cent QoQ fall in the average ad revenue per station based on TRAI numbers. Also, YoY, the combined revenue reported by these stations increased by 7.15 per cent from Rs 185.73 crore, much lower than the 11.90 per cent YoY growth in ad revenue per station as per TRAI numbers. These combined QoQ numbers have been significantly pulled down by the 18.38 per cent QoQ drop (Rs 22.87 crore drop) in Radio Mirchi’s revenues in Q1-2016. Combined YoY increase has not been as sharp as compared to the industry average, because all the players reported lower revenue growth rates in Q1-2016 as compared to Q1-2015 than the growth rate of the all India average ad revenue per station.

The lowest QoQ fall in percentage terms in Q1-2016 was by Fever, which saw revenues drop 5.03 per cent (drop of Rs 1.30 crore), while the highest drop was 36.85 per cent (drop of Rs 1.44 crore) in the case of Oye! FM.

The highest YoY percentage growth in Q1-2016 among the six players in this report in revenues was by Radio City at 10.19 per cent (Rs 4.38 crore), while Oye! FM reported a YoY decline of 26.74 per cent (Rs 0.9 crore) in revenues in Q1-2016.

For Q2-2016, the six networks reported 15.55 per cent QoQ growth in combined revenues to Rs 229.95 crore from Rs 199.01 crore. YoY, combined revenue of the six networks in percentage terms in Q2-2016 increased 10.27 per cent (increased by Rs 21.42 crore). Dhamaal saw the highest YoY revenue growth in Q2-2016 at 25.93 per cent (0.46 crore), while Mirchi saw the highest YoY growth in Q2-2016 in absolute rupees at Rs 12.13 crore (11.65 per cent). Oye! FM saw a YoY decline in revenues of 38 per cent (declined 1.60 crore) in Q2-2016.

Fig D below indicates the operating results of four of the six networks considered in this report and Profit after tax (PAT) for the other two. While Mirchi has reported the highest profit after tax, far surpassing the operating results or EBIDTA reported by the other five, it is Fever FM that is likely to be the most profitable one, considering that during the period under consideration, it had only four radio stations in its network.

Related Topics:Enil HT Media Radio Mirchi Trai TV Today Network Limited

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Page Industries posts steady Q3 growth, declares Rs 125 interim dividend

Published

5 days ago

February 5, 2026

indiantelevision.com Team

MUMBAI: It’s time to brief the markets: Page Industries is showing that even when regulations tighten, it can still keep its footing in the innerwear business. The Bengaluru-based apparel major has reported its financials for the quarter ended 31 December 2025, delivering a performance that remains steady and well put together.

The company’s top line showed plenty of elasticity this quarter. Revenue from operations stretched to Rs 1,38,675.71 lakhs, a healthy jump from the Rs 1,29,085.82 lakhs reported in the preceding quarter. Compared to the same period last year, which stood at Rs 1,31,305.10 lakhs, it’s clear the brand’s grip on the market isn’t loosening. Total income for the quarter, including other finance gains, reached a comfortable Rs 1,39,919.03 lakhs.

However, it wasn’t all smooth silk. The Government of India’s new unified Labour Codes, covering everything from wages to social security, officially kicked in on 21 November 2025. This regulatory shift forced Page Industries to account for a one-time “exceptional item” cost of Rs 3,500.42 lakhs to cover incremental employee benefits and related obligations. Despite this Rs 35-crore legislative snag, the underlying business remained robust. Profit before tax stood at Rs 25,625.35 lakhs after the exceptional hit, and without that one-off cost, the figure would have been a more muscular Rs 29,125.77 lakhs. Net profit for the quarter came in at Rs 18,953.64 lakhs.

Total expenses rose to Rs 1,10,793.26 lakhs, driven largely by raw material consumption of Rs 30,162.65 lakhs and employee benefits of Rs 23,310.66 lakhs. Even so, the company’s operational strength ensured the bottom line remained firmly stitched together.

For shareholders, the news is particularly “fitting.” The Board has declared a third interim dividend for 2025-26 of Rs 125 per equity share. The record date has been set for 11 February 2026, with the payment scheduled on or before 6 March 2026. This follows two previous interim dividends of Rs 150 and Rs 125 declared earlier in the financial year, reinforcing the company’s commitment to sharing the spoils of its success.

Looking at the nine-month stretch ending December 2025, Page Industries has amassed total income of Rs 4,04,090.59 lakhs, with total comprehensive income of Rs 58,231.49 lakhs. While the basic earnings per share for the quarter dipped slightly to Rs 169.93, compared to Rs 183.48 in the same quarter last year, the year-to-date EPS remains a solid Rs 524.57.

Auditors at S.R. Batliboi & Associates LLP have given the results a “limited review” thumbs up, reporting no material misstatements. It seems that, as far as Page Industries is concerned, the business remains as well-constructed as its famous Jockey briefs.

Brands

Hitachi Energy plugs into profit as revenues surge in Q3 FY26

Published

5 days ago

February 5, 2026

indiantelevision.com Team

MUMBAI: Power flows may ebb and surge, but Hitachi Energy India Limited clearly had the current on its side in the December quarter. The energy and power technology major reported a sharp jump in profitability for Q3 FY26, riding strong revenue growth and improved operating margins, even as fresh order inflows moderated from last year’s highs.

For the quarter ended December 31, 2025, Hitachi Energy India posted revenue from operations of Rs 2,168 crore, up 29.6 percent year on year from Rs 1,672 crore in Q3 FY25 and 13.2 percent sequentially from Rs 1,915 crore in Q2 FY26. Including other income, total income for the quarter stood at Rs 2,168 crore, reflecting sustained execution momentum across projects and services.

Profitability surged far faster than topline growth. Profit before tax, before exceptional items, more than doubled to Rs 402 crore, compared with Rs 184 crore a year earlier. After accounting for an exceptional charge of Rs 54 crore linked to the impact of new labour codes, profit before tax came in at Rs 348 crore, still up nearly 89 percent year on year. Net profit for the quarter rose 90.3 percent to Rs 261 crore, compared with Rs 137 crore in the same period last year, even as it remained largely flat sequentially.

Margins told an equally strong story. PBT margin expanded to 16.0 percent in Q3 FY26 from 11.0 percent a year earlier, while profit after tax margin improved to 12.1 percent from 8.2 percent. Operating EBITDA jumped 100.4 percent year on year to Rs 338 crore, with margins expanding to 15.6 percent, signalling tighter cost control and operating leverage.

On a nine-month basis, revenue for the period ended December 31, 2025 rose to Rs 5,604 crore, up from Rs 4,520 crore in the corresponding period last year. Profit before tax for the nine months surged to Rs 878 crore, more than three times the Rs 270 crore reported a year earlier, while net profit climbed to Rs 657 crore, compared with Rs 200 crore in the previous period.

The only soft patch came on the order book. New orders in Q3 FY26 stood at Rs 2,478 crore, sharply lower than Rs 11,594 crore in Q3 FY25, when the company had benefited from a large one-off order win. Excluding that outsized contract, management noted that orders actually grew 73.7 percent year on year, underlining steady underlying demand. Sequentially, orders rose 11.7 percent from Rs 2,217 crore in Q2 FY26. For the nine months, total orders edged up to Rs 16,034 crore, broadly in line with Rs 15,983 crore a year earlier.

With revenues accelerating, margins widening and execution staying on track, Hitachi Energy India’s Q3 numbers suggest that while headline order comparisons may flicker, the business is firmly switched on when it comes to profits.

Brands

Tata Motors posts Q3 loss as JLR cyber incident hits results

Published

5 days ago

February 5, 2026

indiantelevision.com Team

MUMBAI: Tata Motors Passenger Vehicles Limited (TMPVL) had a quarter of two very different moods. Back home, the showrooms were busy, the order books thick, and the festive glow lingered. Overseas, however, a cyber incident at Jaguar Land Rover pulled the plug on profits and dragged the group into the red.

For the third quarter of FY2026, Tata Motors posted a consolidated net loss of Rs 3,483 crore. A year ago, it had reported a profit of Rs 5,485 crore. Revenue also slipped sharply, down 25.8 per cent year on year to Rs 70,108 crore. Earnings before interest and tax fell into negative territory, with margins dropping to minus 4.7 per cent.

Strip away exceptional items and the picture still looked bruised. Profit before tax stood at a loss of Rs 3,136 crore, while earnings per share from continuing operations came in at minus Rs 9.47.

For the nine months to December, the company reported a net loss of Rs 7,255 crore from continuing operations, with revenue down 14 per cent year on year to Rs 2.3 lakh crore. Free cash flow for the quarter was also negative at Rs 17,900 crore.

Most of the damage came from Jaguar Land Rover. The luxury carmaker saw revenue plunge 39.4 per cent year on year to £4.5 billion. Ebit margins slid to minus 6.8 per cent, and profit before tax before exceptional items stood at a loss of £310 million.

The reasons were a perfect storm: a cyber incident that disrupted production, the wind-down of legacy Jaguar models, a weakening China market, and tariff pressures in the United States. The result was a free cash outflow of £1.5 billion for the quarter and net debt rising to £3.3 billion.

Still, the company has held on to its guidance, expecting Ebit margins of 0 to 2 per cent for the full year.

Back home, the domestic passenger vehicle business offered a more cheerful read. Revenue rose 24 per cent year on year to Rs 15,317 crore. Profit before tax before exceptional items stood at Rs 302 crore, while market share climbed to 13.8 per cent, securing the number two spot.

The company’s electric vehicle play also stayed strong, with a commanding 43.6 per cent share of the EV market and cumulative sales crossing the 2.5 lakh mark. The domestic unit ended the quarter with a net cash position of Rs 5,100 crore.

It was also a record quarter on the ground. Tata clocked its highest-ever quarterly wholesales at 171,000 units, up 22 per cent year on year, while retail sales crossed the 200,000 mark for the first time. The Nexon led the charge as the country’s best-selling model for the quarter, supported by the Punch and the newly introduced Sierra.
The quarter carried Rs 1,597 crore worth of exceptional losses. These included Rs 800 crore tied to the JLR cyber incident, Rs 400 crore linked to the new labour code, and another Rs 400 crore in stamp duty charges.

Yet on the restructuring front, the company booked a windfall. The demerger of the commercial vehicles business delivered an exceptional gain of Rs 82,616 crore. That helped push the nine-month net profit, including these gains, to Rs 76,767 crore.

Chief financial officer Dhiman Gupta called the quarter “challenging as anticipated” due to the cyber incident at JLR, while highlighting the domestic business’ revenue growth and margin improvement quarter on quarter. He added that performance is expected to improve significantly in the fourth quarter as JLR recovers.

JLR chief executive PB Balaji said production returned to normal by mid-November after the shutdown triggered by the cyber incident, and the company is now focused on rebuilding momentum.

Meanwhile, TMPVL managing director and CEO Shailesh Chandra pointed to record wholesales and strong festive demand as key drivers of the domestic business.

As of December 31, 2025, the group’s net debt stood at Rs 39,400 crore, with a debt-equity ratio of 0.61 times. Net worth was reported at Rs 1.07 lakh crore.

In short, Tata’s quarter read like a tale of two garages: one humming with orders and electric optimism, the other grappling with a digital breakdown. If the cyber clouds lift and the domestic engine keeps firing, the next quarter could look far less bumpy.