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  • ALT-Balaji a ray of hope in a productionless Covid quarter for Balaji Telefilms

    ALT-Balaji a ray of hope in a productionless Covid quarter for Balaji Telefilms

    BENGALURU: The most successful television content and film production house in India, the Shobha Kapoor and Ektaa Kapoor led Balaji Telefilms Limited (Balaji) reported a standalone loss of Rs 1.40 crore on a standalone operating revenue of Rs 21.17 crore for the quarter ended 30 June 2020 (Q1 2021, quarter or period under review). Balaji reported a consolidated loss of Rs 27.9 crore for the period under review per an investor presentation. For the corresponding year ago quarter (Q1 2020), Balaji had reported consolidated loss of Rs 42.2 crore on consolidated operating revenue of Rs 90.5 crore. Balaji had reported standalone profit of Rs 10.43 crore in Q1 2020 on a standalone revenue of Rs 116.07 crore. Consolidated EBIDTA for Q1 2021 was a loss of Rs 26.30 crore as compared to a loss of Rs 32.33 crore for Q1 2020.

    Read more stories on Alt Balaji

    Hit by a halt in all production during most of Q1 2021, Balaji has reported consolidated operating revenue of Rs 35.1 crore. A big chunk of the operating revenue – Rs 14.9 crore, came in from Balaji Telefilms OTT platform ALT-Balaji. The company says in a press release that ALT-Balaji subscription revenue increased to Rs 12.9 crore in Q1 2021, while for Q1 2020, ALT Balaji’s reported subscription revenue of Rs 6.7 crore.

    Segment revenue

    Commissioned programmes

    Revenue from Balaji’s commissioned programmes during the quarter under review was less than one-twentieth of the revenue for the corresponding year ago quarter. Balaji reported operating revenue for its Commissioned programmes segment at Rs 4.10 crore for Q1 2021 which was 95.6 percent lower than the Rs 93.17 crore in Q1 2020. The segment reported an operating loss of Rs 6.33 crore in Q1 2021 as compared to an operating profit of Rs 9.67 crore in Q1 2020.

    Films segment

    Revenue from Balaji’s Films segment was 17.49 crore in Q1 2021 as compared to Rs 1.67 crore in Q1 2020. The segment had an operating profit of Rs 5.27 crore as compared to a small loss of Rs 0.10 crore in Q1 2020.

    Digital segment (ALT-Balaji)

    Revenue from Balaji’s Digital segment (OTT segment – ALT-Balaji) in Q1 2021 increased 20.9 percent to Rs 14.90 crore as compared to Rs 12.33 crore in Q1 2020. The segment had a lower operating loss of Rs 25.79 crore in Q1 2021 as compared to an operating loss of Rs 36.83 crore in the corresponding year ago quarter.

    Read more stories on Balaji Telefilms

    Let us look at the other numbers reported by Balaji

    Consolidated total income for Q1 2021 at Rs 40.79 crore was 56 percent lower y-o-y as compared to Rs 92.75 crore. Consolidated total expenses for Q1 2021 fell 48.2 percent y-o-y to Rs 69.57 crore from Rs 134.30 crore.

    Consolidated cost of production declined 69 percent in Q1 2021 to Rs 26.53 crore as compared to Rs 85.69 crore in Q1 2020. Consolidated marketing and distribution expenses in Q1 2021 declined 47.6 percent to Rs 6.07 crore from Rs 11.57 crore in the corresponding quarter of the previous year. Consolidated employee benefits expense in Q1 2021 declined 53.9 percent to Rs 5.52 crore from Rs 11.08 crore in Q1 2020. Consolidated other expenses in Q1 2020 reduced 32.9 percent to Rs 13.20 crore from Rs 19.68 crore in Q1 2020.

    Company speak

    Balaji Telefilms Limited managing director Shobha Kapoor said through a press release, “The quarter has been particularly challenging as all content production activity came to a stop. However, our digital businesses have performed well and we are well positioned to grow that business. We remain confident that our TV business will return to more normal levels of content production as our teams have adapted to shooting under the new rules following all health and safety requirements, we now have 6 shows on air and a couple more in the pipeline. We have initiated several cost optimisation programs during the quarter and should continue to see the benefits of these programs as content production volumes return.”

  • ZEEL reports higher subscription and OTT rights revenues for first quarter

    ZEEL reports higher subscription and OTT rights revenues for first quarter

    BENGALURU: Subhash Chandra’s Zee Entertainment Enterprises Limited (Zeel) reported a profitable quarter, albeit with steep declines in top-line and bottom-line numbers for the quarter ended 30 June 2020 (Q1 20210, quarter or period under review, COVID2019 quarter) as compared to the corresponding year-ago quarter Q1 2020. A number of Indian media and entertainment companies have reported a loss for COVID2019 quarter. Among other silver linings is growth in subscription revenue and growth in other sales and services which includes the sale of rights of movies to OTT platform. These numbers increased y-o-y by 5 per cent and 30.2 per cent respectively.

    Zeel reported 34.7 per cent lower y-o-y operating revenue at Rs 1,312.03 crore for Q1 2021 as compared to Rs 2,008.12 crore in Q1 2020. Total income (Operating revenue plus other income) fell 32.8 per cent y-o-y to Rs 1,338.41 crore from Rs 2,112.03 crore in Q1 2020.

    Ad revenue fell 59.5 per cent y-o-y in Q1 2021 to Rs 421.06 crore from Rs 1,186.71 crore in Q1 2020. Subscription revenue and other sales and service revenue increased y-o-y during the period under review as mentioned above. The company reported Rs 744.34 crore and Rs 708.77 crore as subscription revenue and Rs 146.63 crore and Rs 112.64 crore towards other sales and services for Q1 2021 and Q1 2020 respectively.  Zeel says in an investor presentation that subscription revenue increase was led primarily by increase in its OTT platform ZEE5 subscription revenue.

    Zeel says that international Ad revenue was Rs 37.1 crore, international subscription revenue was Rs 81.8 crore and other sales and services revenue was Rs 15 crore.

    Zeel reported profit after tax (PAT) of Rs 29.28 crore for COVID2019 quarter, which was just about one-eighteenth (declined 94.5 per cent) of the PAT of Rs 529.76 crore for Q1 2020. Operating profit (EBIDTA) for Q1 2021 was Rs 219.93 crore (16.8 per cent of operating revenue), or about one third (down 66.7 per cent) of Rs 659.75 crore (32.9 per cent of operating revenue) for Q1 2020.

    Let us look at the other numbers reported by Zeel for Q1 2021

    Total expenditure for Q1 2021 was Rs 1,280.80 crore which was 6.5 per cent lower y-o-y than the Rs 1,369.99 crore in Q1 2020. Operational costs in Q1 2021 were 15.7 per cent lower y-o-y at Rs 657.79 crore than the Rs 780.02 crore in Q1 2020. Employee benefits expense in Q1 2021 at Rs 200.12 crore was almost flat (fell 0.1 per cent) y-o-y as compared to Rs 200.33 crore in Q1 2020.

    Financial costs were less than a fourth (declined 78 per cent) y-o-y during the quarter under review at Rs 4.52 crore as compared to Rs 20.51 crore in Q1 2020. The company reported a fair value loss of Rs 112,33 crore in Q1 2021 as compared to a fair value gain of Rs 67.88 crore for Q1 2020 for its investments in overseas mutual funds. Advertisement and publicity expenses during the period under review at Rs 111.09 crore were 43.2 per cent lower y-o-y than the Rs 195.46 crore in Q1 2020. Other expenses in Q1 2021 at Rs 123.10 crore were 28.7 per cent lower than the Rs 172.56 crore in Q1 2020.

  • Sun TV operating margin up despite revenue and bottom-line fall in Covid2019 quarter

    Sun TV operating margin up despite revenue and bottom-line fall in Covid2019 quarter

    BENGALURU: Kalanathi Maran’s regional telecaster and FM radio broadcaster Sun Tv Network (Sun TV) reported 44.3 percent y-o-y decrease in consolidated operating revenue for the quarter ended 30 June 2020 (Q1 2021, period or quarter under review) as compared to the corresponding quarter of the previous year Q1 2020. Total Income (operating revenue plus other income) during the quarter declined 38.2 percent y-o-y as compared to Q1 2020. Profit after tax (PAT) declined 33.5 percent y-o-y in Q1 2021 as compared to the year ago quarter. Even the operating profit (EBITDA) for Q1 2021 fell 41.1 percent y-o-y in Q1 2021 as compared to Q1 2020. However, EBITDA margin of operating revenue for Q1 2021 was 66.9 percent as compared to 62.6 percent in Q1 2020. Sun TV is one of the largest networks in the country that has channels across the four major South Indian languages. All the numbers in this reported are consolidated unless stated otherwise.

    The company reported revenue of Rs 611.51 crore and Rs 1,110.04 crore in Q1 2021 and Q1 2020 respectively, PAT for Q1 2021 was Rs 257.11 crore and for Q1 2020 it was Rs 386.81 crore. EBITDA in Q1 2021 was Rs 409.11 crore as compared to Rs 694.95 crore in the corresponding year ago quarter. The company attributes the fall in revenue to the absence of IPL which normally happens during the first quarter and also absence of movie distribution in particular during the COVID2019 quarter. In the corresponding year ago quarter, Sun TV had reported revenue of Rs 244.39 crores and corresponding costs of Rs 138.40 crores for its IPL franchisee SunRisers Hyderabad.

    Sun TV has mentioned in its earnings release for Q1 2021 that subscription revenue during the quarter under review increased 17.6 percent y-o-y to Rs 442.25 crore from Rs 375.95 crore in Q1 2020.

    Let us look at the other consolidated numbers reported by the company for Q1 2021

    Consolidated total expenditure in Q1 2021 was 38.8 percent lower y-o-y at Rs 356.82 crore as compared to Rs 582.09 crore in the corresponding quarter of the previous year.

    Consolidated operating expense in Q1 2021 reduced 52.1 percent y-o-y to Rs 70.85 crore from Rs 148.01 crore in Q1 2020. Consolidated employee benefits expense in Q1 2021 declined 1.2 percent y-o-y to Rs 80.03 crore as compared to Rs 81.02 crore in Q1 2020. Consolidated other expenses (OE) in the Q1 2021 fell 63.1 percent to Rs 51.52 crore as compared to Rs 139.75 crore in Q1 2020.

  • NDTV bottom-line black despite revenue decline in Covid2019 quarter

    NDTV bottom-line black despite revenue decline in Covid2019 quarter

    BENGALURU: The Prannoy and Radhika Roy-led Indian media house New Delhi Television Ltd (NDTV) reported 33.7 percent lower year-on-year (y-o-y) consolidated revenue from operations for the quarter ended 30 June 2020 (Q1 2021, quarter or period under review) as compared to the corresponding quarter of the previous year Q1 2020 and 21.5 percent lower than that reported for the immediate trailing quarter Q4 2020. Despite the sharp drop in consolidated operating revenue, the company reported consolidated profit after tax (PAT) of Rs 7.55 crore for the quarter under review, albeit 54.7 percent lower than the Rs 16.66 crore in Q1 2020 and 17.9 percent lower q-o-q than the Rs 9.20 crore reported for Q4 2020.  Reported consolidated operating revenues for Q1 2021, Q1 2020 and Q4 2020 were Rs 72.73 crore, Rs 109.67 crore and Rs 92.60 crore respectively.  All figures mentioned in this paper are consolidated unless stated otherwise.

    Total income including other revenue for Q1 2021 declined 35 percent y-o-y to Rs 74.02 crore from Rs 113.87 crore in Q1 2020 and declined 27.4 percent from Rs 102 crore in Q4 2020. Calculated consolidated operating profit or simple operating EBITDA for the period under consideration was 36.8 percent lower y-o-y at Rs 15.98 crore (22 percent of operating revenue) as compared to Rs 25.29 crore (23.1 percent of operating revenue) for Q1 2020, but 40.4 percent higher q-o-q than the Rs 11.38 crore (12.3 percent of operating revenue) for Q4 2020.

    Even before the lockdown, the company has been cutting expenses. Consolidated total expenses for Q1 2021 declined 31.2 percent y-o-y to Rs 64.64 crore from Rs 93.96 crore in Q1 2020 and were 27.8 percent lower q-o-q than the Rs 89.49 crore in Q4 2020.  Production expenses and cost of services in Q1 2021 declined 52.5 percent y-o-y to Rs 11.47 crore from Rs 24.16 crore in Q1 2020 and fell 43.6 percent q-o-q from Rs 20.32 crore in Q4 2020. Employee benefits expenses in Q1 2021 were 28.8 percent lower y-o-y at Rs 22.39 crore as compared to Rs 31.46 crore in Q1 2020 and declined 24.2 percent q-o-q from Rs 29.54 crore in Q4 2020.

    Finance costs declined 11.4 percent y-o-y during the period under review to Rs 2.57 crore from Rs 2.90 crore in Q1 2020, but increased 1.6 percent q-o-q from Rs 2.53 crore in Q4 2020. Operating and administrative expenses for Q1 2021 fell 13.5 percent y-o-y to Rs 14.28 crore from Rs 16.51 crore and reduced 32.2 percent q-o-q from Rs 21.07 crore in Q4 2020. Marketing, distribution and promotional expenses for Q1 2021 were 29.7 percent lower y-o-y at Rs 8.61 crore as compared to Rs 12.25 crore in the corresponding quarter of the previous year and 16.3 percent lower q-o-q that the Rs 10.29 crore in the immediate trailing quarter.

    NDTV has two segments – television, media and related operations; and retail/e-commerce. NDTV has reported nil revenue and nil result for the latter for Q2 2021.

    Television segment operating revenue declined 33.3 percent y-o-y in Q1 2021 to Rs 72.73 crore from Rs 108.98 crore in Q1 2020 and was 20.8 percent lower q-o-q than Rs 91.80 crore in Q4 2020. NDTV reported 46.8 percent y-o-y decline in operating profit before exceptional items, share in profit/ (loss) of associate/ joint ventures, interest and tax to Rs 14.70 crore in Q1 2021 from Rs 27.64 crore in Q1 2020 and 20.7 percent lower than Rs 18.54 crore in Q4 2020.

    In note 1 of NDTV’s financial statement it is explained that parent company, which runs television business, has earned a standalone net profit of Rs 4.42 crore (Rs 442 lakh) during the quarter ended 30 June 2020 and, as of that date, the parent company’s current liabilities exceed its current assets by Rs 79.35 crores (Rs 7935 lakh). These conditions, along with other matters described in the note, indicate that a material uncertainty exists that may cast significant doubt on the ability of the parent company to continue as a going concern. The management has stated that the parent company has initiated certain strategic and operational measures included in note one to mitigate the uncertainty. Accordingly, they have prepared the statement on a going concern basis.

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  • TV Today numbers subdued but profitable for first quarter in Covid2019 period

    TV Today numbers subdued but profitable for first quarter in Covid2019 period

    BENGALURU: Most corporates, and more so broadcasters, have reported red bottom-lines for the first full COVID2019 quarter and the first quarter of fiscal 2020-21 (quarter ended 30 June 2020, Q1 2021, quarter or period under review). The pandemic has hit revenues due to the almost global lockdown as humanity grappled with a new unknown danger. The India Today Group’s broadcasting company T. V. Today Network Ltd (TVTN) also reported decline in revenues, but, at the same time reported black in its bottom-line – consolidated Profit after Tax (PAT) for Q1 2021 declined 75 percent y-o-y to Rs 12.76 crore from the consolidated PAT of Rs 51.03 crore for the corresponding year ago quarter Q1 2020. Simple operating EBITDA in Q1 2021 declined 59.7 percent y-o-y to Rs 30.01 crore (17.9 percent of operating revenue) from Rs 75.45 crore (30.2 percent of operating revenue) in the corresponding year ago quarter.

    TVTN reported consolidated Operating revenue of Rs 167.68 crore for the quarter, which was 31.9 percent lower y-o-y than the Rs 246.14 crore for Q1 2020. Total Income (Operating revenue plus other income) for Q1 2021 was 32.6 percent lower y-o-y at Rs 175.45 crore as compared to the Rs 260.50 crore for Q1 2020.

    Segment Revenue

    TVTN has four segments – Television Broadcasting (TV); Radio Broadcasting (Radio); Others; and Newspaper Publishing. TV and Others segments reported positive operating results (operating profits, while Radio and Newspaper Publishing segments reported operating losses for Q1 2021.

    TVTN says that it wants to sell the three radio stations under its Radio segment and is awaiting government approvals for the same. It has also decided to suspend publication of its English newspaper Mail Today from 10 August 2020. The content however will continue to be published in digital format says the company.

    TV segment operating revenue fell 33.7 percent y-o-y to Rs 137/79 crore in the quarter under review from Rs 207.74 crore in Q1 2020. The segment’s operating result declined 60.2 percent y-o-y in Q1 2020 to Rs 25.56 crore from Rs 64.24 crore in Q1 2020.

    Radio segment operating revenue declined 93.9 percent y-o-y in Q1 2021 to Rs 0.23 crore from Rs 3.78 crore in the corresponding year ago quarter. Radio operating result was a higher loss of Rs 5.60 crore in Q1 2021 as compared to an operating loss of Rs 3.73 crore in Q1 2020.

    Others segment had operating revenue of Rs 27.55 crore in Q1 2021 which was 4.7 percent less y-o-y than the Rs 28.90 crore in Q1 2020. Others segment operating result reduced 22.8 percent y-o-y to Rs 5.51 crore in the quarter from Rs 7.14 crore in Q1 2020.

    Newspaper Publishing business operating revenue declined 62.9 percent y-o-y to Rs 2.13 crore in Q1 2020 from Rs 5.74 crore in Q1 2020. The company reported a higher operating loss (result) of Rs 2.22 crore for Q1 2021 as compared to a loss of Rs 0.04 crore in Q1 2020.

    Let us look at the other numbers reported by the company for Q1 2020

    TVTN reported 18.9 percent y-o-y lower consolidated total expenditure for Q1 2021 at Rs 147.64 crore than Rs 182.11 crore for Q1 2020. Consolidated cost of materials consumed during the period under review was 76.5 percent lower y-o-y at Rs 0.16 crore than Rs 0.68 crore in Q1 2020. Consolidated Production cost in Q1 2021 fell 39.7 percent y-o-y to Rs 17.27 crore from Rs 28.65 crore in the year ago quarter. Consolidated Employee Benefit Expenses in Q1 2021 declined 10.1 percent y-o-y to Rs 59.70 crore from Rs 66.44 crore in Q1 2020. Consolidated Finance costs reduced by 22.9 percent y-o-y in Q1 2021 to Rs 0.63 crore from Rs 0.82 crore in Q1 2020. Consolidated Other expenses reduced 20.3 percent y-o-y during the quarter under review to Rs 60.54 crore from Rs 75.93 crore in Q1 2020.

  • Shemaroo op revenue down due to COVID2019 impact

    Shemaroo op revenue down due to COVID2019 impact

    BENGALURU: Indian content creator, aggregator distributor, specifically in the media and entertainment industry and now television broadcaster, Shemaroo  Entertainment Ltd (Shemaroo) reported 39.7 percent drop in consolidated operating revenue at Rs 86.2 crore for the quarter ended 30 June 2020 (Q1 2020, quarter or period under review) as compared to the Rs 143.03 crore  for corresponding year ago quarter Q1 2020. Consolidated operating revenue for Q4 2020 was Rs 122.74 crore. However, the company reported a lower consolidated loss of Rs 12.81 crore for the period under review as compared to the loss of Rs 14.07 crore for the immediate trailing quarter (Q4 2020). The company had reported consolidated profit after tax (PAT) of Rs 16.38 crore in Q1 2020.

    Shemaroo revenue from traditional media in Q1 2021 declined 44.5 percent to Rs 52.3 crore from Rs 94.30 crore in Q1 2020. Revenue from traditional media in Q4 2020 was Rs 76.9 crore. Shemaroo’s revenue from digital media also fell in Q1 2021 to Rs 33.9 crore from Rs 48.7 crore in Q1 2020 (y-o-y decline of 30.4 percent) and Rs 45.8 crore (q-o-q decline of 26 percent) in Q4 2020. However, contribution to revenuefrom digital media has been increasing over time says the company. In Q1 2020, digital media revenue’s contribution to overall revenue was 34.06 percent, which increased to 39.33 percent in Q1 2021. In FY 2020, the contribution of revenue from digital media to operating revenue grew to 38.55 percent from 16.94 percent in FY 2016. Please refer to the figure below:

    Sheamroo says in an investor presentation for Q1 2021 that the nationwide lockdown due to COVID2019 coupled with the overall sluggishness in the Indian economy impacted consumption and hence advertisingspends by brands. It says that during the quarters, deals were either deferred or re-negotiated which had an impact on the margins and cash flows. The company says that since it had alreadyundertaken cost rationalization measures even before the lockdown, it helped the company to tide over this pandemicoperationally. However, Shemaroo says that is cognisant of the external environment and has thereby undertaken several measures to optimize the operations andrationalize thosebusinesses that have been severely impacted.

    Shemaroo’s consolidated operating EBITDA for Q1 2020 was negative Rs 4.89 crore as compared to consolidated operating profit of Rs 31.91 crore for the corresponding year ago quarter. For Q4 2020, Shemarro had negative EBITDA of Rs 3.08 crore.

    Let us look at the other numbers reported by Shemaroo

    Consolidated total income (operating revenue plus other income) for Q1 2021 declined 39.8 percent y-o-y to Rs 86.55 crore from Rs 1543.87 crore in Q1 2020. Consolidated total expenditure for Q1 2021 reduced 15.6 percent y-o-y to Rs 99.82 crore from Rs 118.32 crore in Q1 2020. 

    Consolidated operating costs for the period under review declined 19.1 percent y-o-y to Rs 71.16 crore from Rs 87.91 crore in Q1 2020. Employee benefit expense in Q1 2021 was almost flat (reduced by 0.2 percent) y-o-y at Rs 15.72 crore as compared to Rs 15.75 crore in Q1 2020, Finance costs in Q1 2021 increased 18.9 percent to Rs 6.86 crore from Rs 5.77 crore in Q1 2020. Other expenses in Q1 2021 reduced 43.6 percent y-o-y to Rs 10.22 crore from Rs 7.46 crore in the corresponding year ago quarter.
     

  • Jio topline almost triples as op rev climbs in Q1-20

    Jio topline almost triples as op rev climbs in Q1-20

    BENGALURU: Mukesh Dhirubhai Ambani’s largest start-up in the world Reliance Jio Infocomm Ltd (Jio Infocomm) saw standalone operating revenue climb 33.7 percent to Rs 16,557 crore for the quarter ended 30 June 2020 (Q1 2020, period or quarter under review) as compared to the Rs 12,383 crore for the corresponding year ago quarter Q1 2020. Standalone profit after tax (PAT) increased 182.83 percent (almost tripled) in the quarter under review to Rs 2,520 crore from Rs 891 crore in Q1 2020.

    The company says in an earnings media release that customer addition in Q1 2021 was 0.99 crore despite the COVID2019 related impact. It closed the quarter with 39.83 crore subscribers and ARPU of Rs 140.30 per subscriber per month, higher than the Rs 130.6 in the immediate trailing quarter Q4 2020.

    Jio Infocomm standalone EBITDA for Q1 2021 was Rs 7,005 crore, which was 50 percent higher y-o-y than the Rs 4,670 crore for Q1 2020. Standalone total income (net operating revenue plus other income. without GST) for Q1 2021 increased 35.8 percent y-o-y to Rs 16,833 crore from Rs 12,399 crore in Q1 2020. Jio Infocomm’s network standalone operating expenses during the period under review increased 36.6 percent to Rs 5,225 crore from Rs 3,284 crore.  Standalone access charges in Q1 2021 fell 10.4 percent to Rs 1,393 crore from Rs 1,555 crore. Standalone license fees/spectrum charges for Q1 2021 increased 41.3 percent y-o-y to Rs 1,818 crore from Rs 1,287 crore in Q1 2020. Standalone employee benefit expense in Q1 2021 fell 18.9 percent to Rs 318 crore from Rs 392 crore in Q1 2020. Standalone net finance cost in Q1 2021 declined 29.6 percent to Rs 1,168 crore from Rs 1,660 crore in Q1 2020. Standalone other expenses in Q1 2021 fell 3.7 percent y-o-y to Rs 523 crore from Rs 310 crore in Q1 2020.

    Jio Platforms Ltd

    Jio Platforms Ltd (Jio Platforms) is an Indian digital services company and a subsidiary of Reliance Industries Ltd. The company owns India's largest mobile network operator Jio Infocom and other digital businesses of Reliance Industries Ltd (RIL). Jio Platforms has raised Rs 152,056 crores to bolster Jio’s initiatives towards delivering breakthrough technologies and building the world’s leading digital services platform. Jio Platforms has raised the money across thirteen investors which includes Facebook, Google, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton, Public Investment Fund of Saudi Arabia, Intel Capital and Qualcomm Ventures. Reliance Industries, post completion of these investments, would hold 66.48 percent equity stake in Jio Platforms on a fully diluted basis. Of the total investment, Jio Platforms Limited has already received Rs 1,15,694 crore as subscription amount.

    Jio Platforms consolidated revenue for Q1 2021 increased 12.2 percent from Rs 15,373 crore reported for the immediate trailing quarter. Jio Platforms consolidated PAT for Q1 2021 increased 6 percent to Rs 2,519 crore from Rs 2,377 crore in Q4 2020. Jio Platforms consolidated EBITDA for Q1 2021 increased 12.8 percent q-o-q to Rs 7,047 crore from Rs 6,250 crore in Q4 2020.

    Company Speak

    RIL chairman and managing director Ambani said: “Jio started with a vision of connecting everything by building a robust and secure wireless and digital network and extending the benefits of digital connectivity to everyone in India. Thirteen investors, which include the largest technology companies and investors globally, now share a common vision with us. Jio Platforms Limited with partnerships across promising Indian start-ups and globally renowned technology companies is set to drive the next leg of hyper-growth for digital businesses. Our growth strategy is aimed at meeting the needs of all the 1.3 billion (130 crore) Indians. We remain focused on playing a leading role India’s transformation into a digital society.”

    Reliance Industries

    RIL consolidated revenue for the quarter was Rs 100,929 crore. Consolidated EBITDA for the quarter was Rs 21,585 crore. RIL says that despite lockdown due to COVID2019, net profit including exceptional items for the quarter was higher by 30.6 percent y-o-y at `Rs13,248 crore. Cash Profit was also higher by 16.7 percent y-o-y at Rs 18,893 crore. EPS including exceptional items for the quarter was Rs 20.7 per share, increased 22.1 percent y-o-y.

  • Balaji Telefilms operating profit up; ALT Balaji subs and revenue increase in FY 2020

    Balaji Telefilms operating profit up; ALT Balaji subs and revenue increase in FY 2020

    BENGALURU: The most successful television content and film production house in India, the Shobha Kapoor and Ektaa Kapoor-led Balaji Telefilms Ltd (Balaji) reported 34.1 percent growth in consolidated operating revenue at Rs 573.55 crore for the fiscal ended 31 March 2020 (FY 2020, year under review) as compared to the Rs 427.71 crore reported for the previous year (FY 2019). Consolidated operating revenue for the quarter ended 31 March 2020 (Q4 2020, quarter under review) also increased 21.2 percent y-o-y to Rs 107.68 crore from Rs 88.86 crore in Q4 2019. Consolidated loss of FY 2020 declined to Rs 58.96 crore from Rs 97.75 crore in FY 2019. The company reported lower consolidated loss of Rs 19.84 crore in Q4 2020 as compared to 27.97 crore in Q4 2019.

    Balaji reported having completed 823 hours of commissioned programmes in FY 2020 as compared to 763 hours in FY 2019. Slightly lower programming hours were completed in Q4 2020 – 198 hours as compared to 200.5 hours in the corresponding year ago quarter. The company had halted all production on 18 March 2020 on account of the COVID2019 pandemic.  The company said that the realisation per hour was lower in FY 2020 at Rs 0.37 crore per hour as compared to Rs 0.38 crore per hour in FY 2019 because of lower number of weekend shows. Realisation per hour in Q4 2020 at Rs 0.39 crore per hour was however higher y-o-y as compared to Rs 0.36 crore per hour in Q4 2019.

    On a consolidated basis, the company reported operating profit (Simple EBITDA) of Rs 10.73 crore in FY 2020 as compared to a consolidated operating loss (negative EBITDA) of Rs 105.11 crore in FY 2019. For Q4 2020 also, Balaji reported positive consolidated EBIDTA of Rs 39.58 crore as compared to a consolidated operating loss of Rs 33.24 crore in Q4 2019.

    ALT Balaji numbers

    Though it has yet to become profitable, Balaji’s OTT platform ALT Balaji operating revenue almost doubled (increased 85.1 percent) to Rs 77.49 crore in FY 2020 as compared to Rs 41.87 crore in FY 2019. The company reported lower operating loss for ALT Balaji at Rs 92.16 crore for FY 2020 as compared to an operating loss of Rs 120.81 crore for FY 2019. Balaji says that direct subscription revenue for ALT Balaji has grown over 100 percent year on year.

    ALT Balaji operating revenue increased 61.2 percent y-o-y to Rs 22.18 crore during Q4 2020 as compared to Rs 13.76 crore in Q4 2019. The company reported lower operating loss for ALT Balaji at Rs 14.44 crore for Q4 2020 as compared to an operating loss of Rs 31.75 crore for Q4 2019.

    Commissioned programmes

    Revenue from the company’s television programming (Commissioned programmes) increased 22.5 percent y-o-y to Rs 421.25 crore in FY 2020 as compared to Rs 344.02 crore in the previous year. Commissioned programmes business operating results increased 369.2 percent during FY 2020 to Rs 83.06 crore as compared to Rs 49.09 crore in the pervious year.

    Revenue from the company’s television programming (Commissioned programmes) increased 35.6 percent y-o-y to Rs 110.89 crore in Q4 2020 as compared to Rs 81.80 crore in the corresponding year ago quarter. Commissioned programmes business operating results declined 3.5 percent during Q4 2020 to Rs 19.55 crore as compared to Rs 20.27 crore in the corresponding year ago quarter.

    Films segment

    Revenue from Balaji’s Films segment increased 69.2 percent in FY 2020 to Rs 172.40 crore from Rs 102.27 crore. Films segment operating results grew more than six-fold (grew 555.2 percent) at Rs 54.14 crore as compared to an operating profit of Rs 8.26 crore in FY 2019.

    Revenue from Balaji’s Films segment fell 43.8 percent y-o-y in Q4 2020 to Rs 5.46 crore from Rs 9.72 crore. Films segment operating results was more than three times higher (up 259.4 percent) at Rs 4.49 crore as compared to an operating profit of Rs 1.25 crore in Q4 2019.

    Some standalone numbers

    Standalone PAT for FY 2020 was 63 percent lower at Rs 21.77 crore as compared to Rs 58.87 crore in FY 2019. Balaji’s Standalone PAT for Q4 2020 and Q4 2019 was Rs 10.43 crore and Rs 2.18 crore respectively.

    Balaji’s standalone operating revenue for FY 2020 31 percent higher at Rs 567.63 crore as compared to Rs 438.67 crore in FY 2019. Standalone operating revenue for Q4 2020 and Q4 2019 was Rs 116.06 crore and Rs 82.12 crore respectively.

    Company speak

    Balaji Telefilms Limited managing director Shobha Kapoor said in the investor release, “This year has been one of the best year for Balaji Telefilms despite the partial impact of COVID-19 towards the end of March 2020. We continue to focus on creating good content and growing our digital platform. We are witnessing huge opportunity within the digital space due to COVID-19 and we are gearing ourselves to exploit this opportunity.”

    Let us look at the other numbers reported by Balaji

    Consolidated total income for FY 2020 at Rs 582.16 crore was 26.7 percent higher y-o-y as compared to Rs 459.48 crore. Consolidated total expenses for FY 2020 increased 9.7 percent to Rs 604.33 crore from Rs 1550.90 crore.

    Consolidated cost of production declined 12.6 percent FY 2020 to Rs 349.89 crore as compared to Rs 400.45 crore in FY 2019. Consolidated marketing and distribution expenses in FY 2020 increased 40.4 percent to Rs 60.56 crore from Rs 43.12 crore in the previous year. Consolidated employee benefits expense in FY 2020 declined 26.5 percent to Rs 36.45 crore from Rs 49.57 crore in FY 2019. Consolidated other expenses in FY 2020 increased 19.1 percent to Rs 76.42 crore from Rs 36.45 crore in FY 2019.

    Consolidated total income for Q4 2020 at Rs 106.09 crore was 9 percent higher y-o-y as compared to Rs 97.29 crore. Consolidated total expenses for the quarter under review reduced 5.6 percent y-o-y to Rs 118.74 crore from Rs 125.76 crore.

    Consolidated cost of production declined 16.8 percent y-o-y in Q4 2020 to Rs 75.36 crore as compared to Rs 91.83 crore. Consolidated marketing and distribution expenses in Q4 2020 declined 40 percent y-o-y to Rs 5.01 crore from Rs 8.34 crore. Consolidated employee benefits expense in Q4 2020 declined 35.2 percent y-o-y to Rs 8.57 crore from Rs 13.22 crore. Consolidated other expenses in Q4 2020 reduced 27.5 percent y-o-y to Rs 20.17 crore from Rs 27.82 crore.

  • Dish TV reports higher op profit for FY 2020 and Q4 2020

    Dish TV reports higher op profit for FY 2020 and Q4 2020

    BENGALURU: Indian DTH major Dish TV India Ltd (Dish TV) reported 30.9 percent year-over-year (y-o-y) growth in consolidated operating profit (EBITDA) for the quarter ended 31 March 2020 (Q4-2020, quarter under review) as compared to the corresponding year ago quarter. Consolidated EBITDA for the year ended 31 March 2020 (FY 2020) was 3 percent higher than the previous year (FY 2019).

    Dish TV reported operating revenue of Rs 3,556.34 crore for the year under review. For FY 2019, Dish TV had reported operating revenue of Rs 6,166.13 crore and programming and other costs of Rs 2,278.83 crore. Hence Dish TV’s adjusted operating revenue (operating revenue minus programming costs) works out to Rs 3,887,30 crore. With programming cost becoming a pass-through item in the new tariff regime, subscription and operating revenues for the quarter and fiscal are not comparable with the corresponding period last year says the company in its FY 2020 and Q4 2020 earnings release. For FY 2020 and FY 2019, consolidated operating EBITDA numbers were Rs 2,105.97 crore (59.2 percent of operating revenue) and Rs 2,044.27 crore (33.2 percent of operating revenue and 52.6 percent of adjusted operating revenue) respectively.

    Dish TV reported operating revenue of Rs 869.06 crore for Q4 2020 and Rs 1,398.75 crore for Q4 2019.  Dish TV ‘s consolidated EBIDTA for Q4 2020 and Q4 2019 was Rs 543.22 crore (62.5 percent of operating revenue) and Rs 414.97 crore (29.7 percent of operating revenue) respectively.

    Profit before tax and exceptional items for FY 2020 was Rs 128.15 crore and for FY 2019 profit before tax and exceptional items was Rs 26.85 crore. For Q4 2020 PBT without exceptional items was Rs 55.53 crore, while Dish TV had reported a loss before tax and exceptional items of Rs 82.34 crore for Q4 2019.

    The company has reported exceptional items for FY 2020 in the standalone financial results which included (a). Impairment of goodwill: R. 1,91,5.50 crore (FY 2019 – Rs 1,543 crore) and (b). Impairment of loans/advances to Dish TV Lanka Pvt Ltd (a subsidiary Company): Rs 3.66 crore (net) (FY 2019 – Rs 141.99 crore). Dish TV says that the goodwill acquired pursuant to merger of the company with the erstwhile Videocon d2H Ltd is periodically tested for impairment to ensure that it is carried at no more than its recoverable amount.

    Due to these exceptional items, Dish TV reported a loss of Rs 1.654.84 crore for FY 2020 and a loss of Rs 1,163.41 crore for FY 2019. Losses due to exceptional items in Q4 2020 and Q4 2019 were Rs 1,456.25 crore and Rs 1,361.30 crore respectively.

    Let us look at the other numbers reported by Dish TV for FY 2020 and Q4 2020

    For FY 2020, total expenditure was Rs 3,441.80 crore. The major expenses in FY 2020 were operating expenses of Rs 787.30 crore; employee benefits expense of Rs 193.11 crore; finance costs of Rs 565.22 crore and other expenses of Rs 466.51 crore.

    For Q4 2020, total expenditure was Rs 816.49 crore. The major expenses in Q4 2020 were operating expenses of Rs 172.10 crore; employee benefits expense of Rs 58.13 crore; Finance costs of Rs 143.30 crore and other expenses of Rs 95.32 crore.

    Though y-o-y, finance costs in Q4 2020 were down 2.9 percent as compared to Rs 147.62 crore in Q4 2019, they were up 4.7 percent higher quarter-on-quarter (q-o-q) as compared to Rs 136.91 crore in the immediate trailing quarter Q3 2020. Dish TV said in its earnings release for FY 2020 and Q4 2020 that it has paid balance of the overdue loan amount of Rs. 250 crore during the quarter. The company paid Rs. 445.90 crore in total during the quarter thus reducing its overall debt to Rs. 1817.50 crore at the end of fiscal 2020 as compared to Rs. 2769.50 crore at the close of fiscal 2019.

    Company Speak

    Dish TV group CEO Anil Dua said, “Though our revenues were positively impacted

    by the higher number of win backs and recharges during the initial days of the lockdown, we could not be complacent during such trying times and went all out to scan every cost-centre for greater operational efficiencies. Our all-time high EBITDA and EBITDA margin recorded during the quarter was a result of operational resilience demonstrated by the business.”

  • Den Networks reports higher profits despite lower revenue in Q1-2021

    Den Networks reports higher profits despite lower revenue in Q1-2021

    BENGALURU: Indian cable TV and broadband services provider Den Networks Ltd (Den) reported 3.8 percent lower consolidated revenue for the quarter ended 30 June 2020 (Q1 2021, quarter or period under review) as compared to the corresponding year ago quarter (Q1 2020). Consolidated operating profit (simple EBITDA) for the period under review increased 55.2 percent in Q1 2021 as compared to Q1 2020. The company’s profit after tax (PAT) more than quadrupled (increased by 308 percent) y-o-y in Q1 2021. The company has pared its expenses in Q1 2021 as compared to Q1 2020.

    Den reported consolidated operating revenues of Rs 301.31 crore and Rs 313.15 crore for Q1 2021 and Q1 2020 respectively. Consolidated EBITDA for Q1 2021 was Rs 63.93 crore, for Q1 2020 it was Rs 41.19 crore. PAT for the period under review was Rs 58.32 crore as compared to Rs 14.31 crore in the corresponding year ago quarter. Total Income (revenue) for the period was flat at Rs 364.47 crore as compared to Rs 364.40 crore in Q1 2020.

    Segment Revenue

    Den Networks has two major segments in Cable Business and Broadband Business.

    Den reported 3.6 percent decline in total revenue for its Cable Business in Q1 2021 at Rs 284.47 crore as compared to Rs 295.17 crore in Q1 2020. The company reported 6.93 crore operating result for the quarter under review as compared to an operating loss (negative result) of Rs 11.07 crore for Q1 2020.

    Den reported 14 percent growth in subscription revenue for its Cable Business for Q1 2021 at Rs 195 crore as compared to Rs 171 crore in the corresponding quarter of the previous year. Placement/Marketing Income declined 37.1 percent y-o-y in Q1 2020 to Rs 61 crore from Rs 97 crore. Activation Income increased 4.3 percent in Q1 2020 to Rs 24 crore from Rs 23 crore in Q1 2020. PAT for the segment more than tripled to Rs 65 crore in Q1 2020 as compared to Rs 20 crore for Q1 2020.

    Den reported 6.3 percent lower Broadband Business operating revenue at Rs 16.85 crore in Q1 2021 as compared to Rs 17.98 crore in Q1 2020. The segment’s operating loss (negative result) increased to Rs 6.32 crore in Q1 2020 as compared to operating loss of Rs 5.45 crore in Q1 2020.

    Let us look at the other numbers reported by Den for Q1 2021

    Total expenditure for Q1 2021 declined 12.8 percent to Rs 302.95 crore from Rs 347.32 crore in Q1 2020. Content costs declined 15.2 percent in the quarter to Rs 135.20 crore from Rs 159.41 crore in the corresponding year ago quarter. Placement fees declined 62.8 percent to Rs 3.59 crore in Q1 2021 as compared to Rs 9.65 crore in Q1 2020. Employee benefits expense for Q1 2021 increased 5.1 percent y-o-y to Rs 23.92 crore from Rs 22.75 crore in Q1 2020. Finance costs in Q1 2021 declined 87.2 percent to Rs 2.26 crore from Rs 17.64 crore. Other expenses declined 12.8 percent in Q1 2021 to Rs 74.69 crore from Rs 80.15 crore in Q1 2020.