Tag: Financial

Sahara One PAT in FY-2014 down to one third of FY-2013 PAT

BENGALURU: Sahara One Media & Entertainment Limited (Sahara One) reported a little more than one third the PAT at Rs 1.78 crore (2 per cent of net revenue from operations or Op Rev) in FY-2014 as compared to the Rs 5.29 crore (4.3 per cent of Op Rev) in FY-2013. During the last two quarters of FY-2014, the company has incurred loss, and the profit that it has reported is residual from the PAT of the first two quarters of the year. Further, Sahara One’s operating revenue net of service tax (in FY-2013) at Rs 91.39 crore in FY-2014 dropped 25.3 per cent from Rs 122.28 crore in FY-2013.

Sahara One reports revenue from two segments – television and motion pictures. The revenue numbers from its motion pictures segment have been negligible in FY-2013 and FY-2014. However a significant portion of the loss has been attributed to motion pictures segment.

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

Sahara One results for the quarters in FY-2014 were: Q1-2014-PAT of Rs 1.21 crore: Q2-2014, Rs 4.10 crore, Q3-2014 loss Rs 3.37 crore: Q4-2014 loss Rs 0.15 crore. For Q4-2013, Sahara One had reported a loss of Rs 1.74 crore.

The company’s EBIDTA (including other income) was a positive at Rs 2.95 crore in FY-2014 as compared to a negative EBIDTA (including other income, excluding service tax) of Rs 1.69 crore in FY-2013.

Let us look at the other numbers reported by Sahara One in FY-2014 and Q4-2014

The company reported Op Rev of Rs 20.95 crore in Q4-2014, which was 2.6 per cent more than the Rs 20.41 crore in Q3-3014, but 21 per cent less than the Rs 26.52 crore in Q4-2013.

Other income figures: FY-2014 Rs 10.04 crore (1.06 per cent of Op Rev); FY-2013 Rs 10.30 crore (8.34 per cent of Op Rev); Q4-2014 Rs 2.24 crore (10.7 per cent of Op Rev); Q3-2014 Rs 2.36 crore (11.5 per cent of Op Rev) and Q4-2013 Rs 1.66 crore (6.3 per cent of Op Rev).

Sahara One’s Total Expense (Tot Exp) in FY-2014 at Rs 98.68 crore (108 per cent of Op Rev) in FY-2014 was 26.6 per cent less than the Rs 134.48 crore (110 per cent of Op Rev) in FY-2014. Tot Exp in Q4-2014 at Rs 23.54 crore (112.4 per cent of Op Rev) was 3.8 per cent more than the Rs 22.67 crore (111.1 per cent of Op Rev) in Q3-2014 and 17.8 per cent less than the Rs 28.63 crore (108 per cent of Op Rev) in Q4-2013.

Content cost is a major expense head for Sahara One. The company paid Rs 84.49 crore (93.5 per cent of Op Rev) towards purchase of content (content cost) in FY-2014, which was 28.9 per cent less than the Rs 102.27 crore (98.4 per cent of Op Rev) in FY-2014. Sahara One paid Rs 17.2 crore (112.4 per cent of Op Rev) towards content cost in Q4-2014, which was 40.8 per cent lower than the Rs 29.06 crore (142.4 per cent of Op Rev) in Q3-2014 and 35.2 per cent less than the Rs 26.53 crore (100 per cent of Op Rev) in Q4-2013.

The company’s trade payables, trade receivables and inventory numbers have all gone up in FY-2014 as compared to FY-2013. Here are the figures: Trade Payables – FY-2014 at Rs 41.02 crore (44.9 per cent of Op Rev) which was 17.9 per cent more than the Rs 34.78 crore (28.4 per cent of Op Rev) in FY-2013; Trade receivables – FY-2014 at Rs 78.89 crore (81.9 per cent of Op Rev) which was 2.06 times (more than double) the Rs 36.31 crore (29.7 per cent of Op Rev) in FY-2013. Inventories – FY-2014 at Rs 50.26 crore (55 per cent of Op Rev) which was 18.5 per cent more than the Rs 43.41 crore (34.7 per cent of Op Rev) in FY-2013.

Here are the segment numbers: Television segment: FY-2014 revenue Rs 95.83 crore, segment result operating profit Rs 12.62 crore : FY-2013 revenue Rs 135.04 crore, segment result operating profit of Rs 8.01 crore.

Motion Pictures: FY-2014 revenue Rs 0.01 crore, segment result loss of Rs 0.73 crore: FY-2013 revenue Rs 0.15 crore, segment result loss of Rs 1.88 crore.

Unallocated: FY-2014 unallocated revenue Rs 6.58 crore, result -unallocated loss Rs 4.53 crore; FY-2014 unallocated revenue Rs 7.38 crore, result- unallocated loss of Rs 2.64 crore.

June 5, 2014
Despite lesser releases, Eros FY-2014 PAT up by 29 per cent to Rs 199.69 crore!

BENGALURU: It missed hitting Rs 200 crore PAT by just around Rs 31 lakh in the recently concluded FY-2014. The Sunil Lulla led Eros International Media Limited (Eros) belongs to a select league of a handful of publicly listed Indian media and entertainment companies that have only grown bigger and bigger in terms of bottom line as well as topline as compared to rest that have made it a norm to show blood across their balance sheets. And all this despite a 10.4 per cent drop in the number of films released to 69 in FY-2014 from 77 in FY-2013!

Last year, the company entered the Rs 1000 Total Income club. This year, it continued its membership in that select peerage and how! In FY-2014, Eros reported a growth of just 6.1 per cent in Total Income (Tot Inc) to Rs 1139.64 crore from Rs 1074.35 crore in FY-2013. As mentioned above, the company recorded a PAT of Rs 199.69 crore (17.5 per cent of Tot Inc) in FY-2014, which was a whopping 29.2 per cent more than the Rs 154.53 crore (14.4 per cent of Tot Inc) in FY-2013.

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

Eros released 30 Hindi films, 37 Tamil/Telugu films and 2 other regional language films in FY-2014 as compared to the 30 Hindi, 44 Tamil and 3 other regional language films in FY-2013.

Let us look at the other numbers reported by Eros in FY-2014 and Q4-2014

Tot Inc in Q4-2014 at Rs 280.97 crore was 8.9 per cent less than the Rs 308.36 crore in Q3-2014 and 83.3 per cent more than the year ago quarter Q4-2013.

PAT in Q4-2014 at Rs 34.54 crore (12.3 per cent of Tot Inc) was 31.2 per cent less than the Rs 50.18 crore (16.3 per cent of Tot Inc) in Q3-2014 and more than triple (3.6 times) the Rs 9.58 crore (6.2 per cent of Tot Inc) in Q4-2013.

Eros reported Total Expense (Tot Exp) for FY-2014 at Rs 641.44 crore (56.3 per cent of Tot Inc), which was 13.9 per cent lower than the Rs 744.81 crore (69.3 per cent of Tot Inc) in FY-2013. Eros Q4-2014 Tot Exp at Rs 209.86 crore (74.7 per cent of Tot Inc) was 4.4 per cent less than the Rs 219.47 crore (71.2 per cent of Tot Inc) in Q3-2014 and 54.1 per cent more than the Rs 136.20 crore (88.9 per cent of Tot Inc) in Q4-2013.

Eros Finance cost in FY-2014 was 3.48 times at Rs 32.71 crore (2.9 per cent of Tot Inc) as compared to the Rs 9.39 crore (0.9 per cent of Tot Inc) in FY-2013. The company’s finance cost in Q4-2014 at Rs 14.52 crore (5.2 per cent of Tot Inc) was almost double (1.97 times) the Rs.7.38 crore (2.4 per cent of Tot Inc) in Q3-2014 and 7.4 times the Rs 1.96 crore (1.3 per cent of Tot Inc) in Q4-2013.

The company’s trade payables and receivables have both gone down in FY-2014 as compared to FY-2013.

Here are the figures: Trade Payables FY-2014 – Rs 36.98 crore (3.2 per cent of Tot Inc) – down 15.5 per cent from Rs 43.74 crore (4.1 per cent of Tot Inc) in FY-2013.

Trade Receivables – FY-2014 – Rs 151.45 crore (13.3 per cent of Tot Inc) – down 11.1 per cent from Rs 170.44 crore (15.9 per cent of Tot Inc) in FY-2013.

In its press release, Eros has indicated the breakup of revenue for FY-2014 as: Theatrical revenue – Rs 474.9 crore (42 per cent of Total revenue); Overseas Revenue –Rs 293.4 crore (26 per cent of Total revenue) and Other Revenue –Rs 366.4 crore (32 per cent of Total Revenue).

Eros managing director Sunil Lulla said, “This has been an excellent year for the company with strong operational and financial performance. Our strategy to focus on a diversified mix of high, medium and low budget movies, emphasis on regional language films along with monetisation of our catalogue across various platforms has enabled us to deliver such strong performance.”

“We are confident that our leadership position within the industry, monetization of our extensive movie library and positive structural sector trends should enable us to create huge value for all stakeholders going forward. On the back of a well-funded movie slate scheduled for FY-2015, we expect to deliver yet another strong financial performance in the coming year,” added Lulla.

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June 2, 2014
Hathway Bhawani Cabletel & Datacom FY-2014 loss triples, EBIDTA down

BENGALURU: Hathway Bhawani Cabletel and Datacom Limited (HBC&DL) reported consolidated loss of Rs 4.05 crore in FY-2014, 3.19 times the loss of Rs 1.27 crore in FY-2013. The company’s EBIDTA (including other income) in FY-2014 at Rs 4.74 crore (28.9 per cent of Total Income of Tot Inc) was down 19.4 per cent from the Rs 5.89 crore (32.1 per cent of Tot Inc) in FY-2013.

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

(2) Annual figures are on a consolidated basis, quarterly figures are standalone.

HBC&DL reported consolidated Tot Inc of Rs16.38 crore in FY-2014, which was 10.6 per cent lower than the Rs 18.32 crore in FY-2013. Its Q4-2014 standalone Tot Inc at Rs 4.08 core was 18.8 per cent more than the Rs 3.43 crore in the immediate trailing quarter and 16.8 per cent more than the Rs 3.5 crore in the year ago quarter Q4-2013.

Let us look at the other numbers reported by HBC&DL for FY-2014 and Q4-2014

The company’s consolidated Total Expense (Tot Exp) in FY-2014 at Rs 20.09 crore (123.4 per cent of Tot Inc) was 1.6 per cent more than the Rs19.78 crore (108.5 per cent of Tot Inc) in FY-2013.

Standalone Q4-2014 Tot Exp at Rs 5.06 crore (124.9 per cent of Tot Inc) was 16.4 per cent more than the Rs 4.35 crore in Q3-2014 and 12.2 per cent more than the Rs 4.51 crore (129.3 per cent of Tot Inc) In Q4-2013.

The company’s pay channel cost in FY-2014 at Rs 7.35 crore (54.2 per cent of Tot Inc) was 13 per cent less than the Rs 8.45 crore (46.3 per cent of Tot Inc) in FY-2013. The company’s standalone and consolidated pay channel cost for the year and the quarters is the same. Pay channel cost in Q4-2014 at Rs 0.87 crore (21.4 per cent of Tot Inc) was 57.1 per cent less than the Rs 2.02 crore (59.1 per cent of Tot Inc) in Q3-2014 and 63.2 per cent lower than the Rs 2.35 crore (67.3 per cent of Tot Inc) in Q4-2013.

The company’s consolidated inventories in FY-2014 have dropped by 24.5 per cent to Rs 2.39 crore from Rs 4.35 crore in FY-2013.

The company’s consolidated trade payables in FY-2014 has gone up by 47.3 per cent to Rs 6.66 crore from Rs 4.52 crore in FY-2013. HBC&DL’s trade receivables have also gone up in FY-2014 by 67.2 per cent to Rs 0.54 crore from Rs 0.32 crore in FY-2013.

Standalone EBIDTA details for the three quarters: Q4-2014 Rs (-0.77) crore: Q3-2014 Rs (-0.72) crore: Q4-2013 Rs (-0.8) crore (all the three quarter have reported negative EBIDTA.)

Results for the three quarters: Q4-2014 loss Rs 1 crore; Q3-2014 loss Rs 1.02 crore: Q4-2013 loss Rs 0.78 crore.

Click here for the full report:

June 2, 2014
Den Network’s profit run continues in FY-2014; topline rises

BENGALURU: At a time when most companies involved in carrying television signals from the broadcaster to the consumer via cable have reported losses and are complaining about poor collections, Den Networks Ltd (Den Networks) has reported profits, albeit slightly lower by 3.6 per cent as compared to last fiscal’s.

The company’s assets and liabilities show that its trade receivables in FY-2014 has gone up by 20.4 per cent to Rs 391.92 crore (35.1 per cent of Operating Revenue of Op Rev) as compared to the Rs 325.62 crore (35.6 per cent of Op Rev) in FY-2013 as is obvious, in terms of percentage of Operating revenue vis-a-vis the previous year, the percentage of trade receivables has dropped fractionally.

Den Networks reported a PAT of Rs 75.14 crore (6.7 per cent of Op Rev) for FY-2014, as compared to the PAT of Rs 77.94 crore (8.5 per cent of Op Rev) in FY-2014. In Q4-2014, the company reported a PAT of Rs 15.21 crore (5.04 per cent of Op Rev), lower by 5.4 per cent than the Rs 16.08 crore (5.9 per cent of Op Rev) during the immediate trailing quarter and 41.7 per cent lower than the Rs 26.08 crore (9.61 per cent of Op Rev) in Q4-2014.

On the topline front, Den Networks has crossed the Rs 1000 crore operating revenue mark in FY-2014. The company reported Op Rev of Rs 1116.69 crore which was 22.2 per cent more than the Rs 914.05 crore last fiscal. Op Rev for Q4-2014 at Rs 301.86 crore was 10 per cent more than the Rs 274.46 crore in Q3-2014 and 11.2 per cent more than the Rs 271.43 crore in the year ago quarter Q3-2013.

Here’s what the company has to say in its investor update:

The company’s income from operations in Q4-2014 at Rs 930.43 crore can be broken in to streams –Rs 281.69 crore from its cable business and Rs 648.65 crore from its distribution business. After cost of distribution rights of Rs 633.57 crore, net revenue from the segment along with other income is Rs 17.44 crore, while the net revenue from the cable including other income is Rs 308.23 crore. The cable business has shown a positive result before tax of Rs 11.78 crore, while its distribution business a negative result or loss of Rs 4.6 crore.

Consolidated Full Year EBITDA for FY-2014 was Rs 367.71 crore, a 52 per cent jump from Rs 242.70 crore in FY-2013. The Company says that it has incurred expenses of Rs 15 crore (approx) towards broadband and DAS Phase III and IV cities in this year, which have been considered in the EBITDA.

Full Year EBITDA for FY-2014 Rs 357.51 crore, a 54 per cent jump from Rs 231.72 crore in FY-2013 EBITDA margins stood at 32.1 per cent.

Subscribers and Set Top Box Deployment

In Q4-2014, Den Networks claims to have deployed 450,000 set top boxes. It says that it now has digitised approximately 6.1 million homes of its total subscriber base of 13 million homes. The company says that it has an estimated analog base of 7 million homes in its Phase III and IV markets. It confirms that it is well capitalised to meet the deployment requirements of its existing analog subscriber base in these cities.

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May 31, 2014
Siti Cable reports 45 per cent jump in EBIDTA for FY-2014

BENGALURU: The Essel group’s Subhash Chandra-led Siti Cable Network Ltd (Siti Cable) has reported a 44.7 per cent jump in operating profit (EBIDTA) in FY-2014 to Rs 125.9 crore as compared to the Rs 87 crore in the previous fiscal. The company reported a 46.8 per cent jump in total revenue to Rs 710.3 crore in FY-2014 from the Rs 483.7 crore in FY-2013. Some of the digital dividend – courtesy the government mandated digitisation – seem to be accruing to its top line in terms of higher subsription revenues.

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

Siti Cable’s operating revenue in FY-2014 at Rs 697.24 crore was 48.46 per cent more than the Rs 469.64 crore in FY-2014. Operating revenue in Q4-2014 at Rs 233.34 crore was 41.26 per cent more than the Rs 165.18 crore in the immediate trailing quarter and 65.15 per cent more than the Rs141.29 crore in the year ago quarter Q4-2013. Operating revenue in its case is derived mainly from subscriber related income, income from bandwidth charges, advertisements, and other operating revenues.

Siti Cable chairman Subhash Chandra said, “The cable television industry in India is rapidly changing with the visible signs of progression towards the complete digitalization. Television viewers are getting familiar with inherent advantages of digitization through cable, digital cable is playing an instrumental role in digitization. Digital cable television is a major engine of growth for Siti Cable across all geographies. Our sustained investment in this segment will further enhance the customer television viewing experience.”

Let us look at the other FY-2014 and Q4-2014 numbers reported by Siti Cable:

The company’s total expense (Tot Exp) in FY-2014 was 47.5 per cent more at Rs 668.20 crore (95.83 per cent of operating revenue or Op Inc) as compared to the Rs 453.01 crore (96.46 per cent of Op Inc) in FY-2013. Tot Exp in Q4-2014 at Rs 233.07 crore (99.88 per cent of Op Inc) was 41.04 per cent more than the Rs165.25 crore (100.04 per cent of Op Inc) in Q3-2014 and 59.99 per cent more than the Rs145.68 crore (103.11 per cent of Op Inc) in Q4-2013.

A major component of the Tot Exp are channel carriage, pay channel and related costs (CPRC). Siti Cable paid 42.5 per cent more towards CPRC in FY-2014 at Rs 333.95 crore (47.9 per cent of Op Inc) as compared to the Rs 234.35 crore (49.9 per cent of Op Inc) in FY-2013. In Q4-2014, CPRC cost at Rs 124.16 crore (53.21 per cent of Op Inc) was 44.96 per cent more than the Rs 85.65 crore (51.85 per cent of Op Inc) in Q3-2014 and 42.39 per cent more than the Rs 87.20 crore (61.72 per cent of Op Inc) in Q4-2013.

Siti Cable’s finance cost in FY-2014 at Rs119.11 crore (17.08 per cent of Op Inc) was 37.88 per cent more than the Rs 86.39 crore (18.39 per cent of Op Inc) in FY-2013. Finance cost in Q4-2014 at Rs 31.24 crore (13.39 per cent of Op Inc) was a mere 0.06 per cent more than the Rs 31.22 crore (18.9 per cent of Op Inc) in Q3-2013 and 21.2 per cent more than the Rs 25.77 crore (18.24 per cent of Op Inc) in Q4-2013.

Clearly, the MSO -which has 56 analogue and 14 digital headend, a network of 12,000 km of coaxial and fibre optic cable, in 80 cities and reaching 10 million viewers – has more or less completed its investment in phase I and phase II towns and has hence gone easy on borrowings in the last quarter, leading to lower interest costs. With the mandate to complete phase III and phase IV of digitisation, it’s possible that its finance costs may rise again. Unless, of course, the fruits of digitisation in phase I and phase II in terms of higher subscriber revenue negate that need in the coming quarters.

Other Expense in FY-2014 at Rs 202.64 crore (29.06 per cent of Op Inc) was 60.35 per cent more than the Rs126.37 crore (26.91 per cent of Op Inc)) in FY-2013. This expense head in Q4-2014 at Rs 75.39 crore (32.31 per cent of Op Inc) was 68.93 per cent more than the Rs 44.63 crore (27.02 per cent of Op Inc) in Q3-2014 and more than double (2.22 times) the Rs 33.92 crores (24.01 per cent of Op Inc) in Q4-2013.

The company’s loss in FY-2014 at Rs 94.06 crore was 46.8 per cent more than the Rs 64.07 crore in FY-2013. Siti Cable’s Q4-2014 loss at Rs 22.81 crore widened by 26.97 per cent as compared to the Rs 17.97 crore in Q3-2014, but was 17.98 per cent lower than the Rs 27.81 crore in Q4-2013.

Here are some Q4-2014 highlights from the Siti Cable press release.

Total revenue for the fourth quarter ended 31 March 2014 was Rs 243.4 crore as compared to Rs 147.4 crore during corresponding quarter of the last fiscal.

The consolidated operating profit (EBITDA) for the fourth quarter ended 31 March 2014 was Rs 27.9 crores as compared to operating profit (EBITDA) of Rs 26 crore during corresponding quarter of the last fiscal. Gross Billing started in Delhi , Kolkata (DAS Ph-1 cities).

Siti Cable CEO V D Wadhwa said, “Our continuous efforts towards expanding the subscriber base, faster implementation of gross billing in Delhi and Kolkata , high focus on adherence to regulatory compliances and cost controls measure has helped us in delivering the healthy performance on a quarter on quarter basis. During the year, we have set the benchmark in being the pioneer company to monetize the business by collecting higher subscription on per subscriber basis, best backend infrastructure, fair and transparent commercial policies in dealing with all our associates”.

He further added, “We are well placed to benefit from the ongoing digitization implementation and fully geared up to grow revenue and profitability at a faster pace.”

May 28, 2014
Q4-2014: Jagran Prakashan reports 17 per cent increase in consolidated ad revenues

BENGALURU: Jagran Prakashan Limited (JPL) has reported a16.83 per cent jump in its advertisement revenue in Q4-2014 to Rs 291.66 crore from Rs 249.63 crore in Q4-2013. The company reported a 14.27 per cent hike in operating revenue to Rs 420.75 crore in Q4-2014 from Rs 368.20 crore in Q4-2013. PAT however in Q4-2014 dipped (-30.6) per cent to Rs 55.18 crore from Rs79.94 crore in Q4-2013.

Overall in FY-2014, JPL has reported consolidated operating revenue of Rs 1702.73 crore up by 11.89 per cent from Rs 1521.80 crore. Operating Profit of Rs 382.61 crore up by 29.60 per cent from Rs 295.22 crore, Profit Before Tax (PBT) of Rs 305.72 crore up by 19.82 per cent from Rs 255.16 crore, and PAT of Rs 226.26 crore for FY-2014 as against Rs 254.70 crore in FY-2013.

JPL chairman and managing director said, “In continuation of Q3FY14, Q4FY14 once again witnessed a steep growth of 17 per cent in advertisement revenue with further improvement in per copy realisation. On cost front, we continued to keep check. However, increase in newsprint prices partially due to depreciating rupee was unexpected and it lowered the operating margins by 3 per cent. I expect the prices to remain stable at current level. As a result of overall growth in revenues and control over cost, the Company recorded a robust growth in operating profit as well as profit before tax.”

“In FY14, almost all the businesses under investment phase have given improved performance which will improve further. In particular, Naidunia and Digital performed incredibly and strengthened their respective market positions. Digital Advertising recorded growth of 150 per cent and Naidunia recorded growth of 27 per cent in circulation and 30 per cent in advertising revenue. Similarly, Punjabi Jagran grew in acceptability and reduced its loss by more than half and I-Next too had a good year cutting down its loss by 67 per cent. With the new government at centre, my optimism increases manifold and I am seeing fiscal 2014-15 a far more awarding for all the stake holders.”

The Board of Directors of the Company has recommended Final Dividend of Rs 2 per equity share of Rs 2 each (100 per cent) on the paid up equity share capital of the Company.

May 28, 2014
TV18 reports PAT of Rs 104 crore in FY-2014

BENGALURU: TV18 Broadcast Limited (TV18) has reported a PAT of Rs 103.63 crore (5.27 per cent of net total income from operations or Op Inc) in FY-2014 as compared to a loss of Rs (-25.45) crore in the previous fiscal. The company reported a (-30.51) per cent drop in Q4-2014 PAT to Rs 35.91 crore (6.37 per cent of Op Inc) from Rs 51.68 crore (9.83 per cent of Op Inc) in the immediate trailing quarter, but more than double (2.08 times) the PAT of Rs 17.30 crore (3.44 per cent of Op Inc) of the year ago quarter Q4-2013.

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

TV18 reported Op Inc of Rs1968.13 crore in FY-2014, which was 15.83 per cent more than the Rs 1699.13 crore in FY-2013. Op Inc in Q4-2014 at Rs 563.29 crore was 7.2 per cent more than the Rs 525.47 crore in Q3-2014 and 18.67 per cent more than the Rs 474.68 crore in Q4-2013.

Two segments – Media Operations and Film production and distribution contribute to TV18’s revenues.

TV18’s Media operations segment reported operating revenue of Rs 1895.46 crore in FY-2014, 20.85 per cent more than the Rs 1568.45 crore in FY-2013. The segment reported an operating profit of Rs 185.05 crore which was more than double (2.22 times) the Rs 83.23 crore in FY-2013. For Q4-2014, the segment reported operating revenue of Rs 579.41 crore which was 15.05 per cent more than the Rs 503.59 crore in Q3-2014 and 33.2 per cent more than the Rs 434.98 crore in Q4-2013. Media operations segment reported an operating profit of Rs 54.33 crore which was (-33.12) per cent lower than the Rs 81.24 crore in Q3-2014, but 2.55 times the Rs 21.30 crore in Q4-2013.

Let us look at the other Q4-2014 and FY-2014 numbers reported by TV18

The company’s film production and distribution (film) segment reported an operating loss of Rs (-24.20) crore in FY-2014 as compared to a loss of Rs (-0.42) crore in FY-2013. Revenue reported by this segment in FY-2013 at Rs 101.77 crore was (-41.32) per cent lower than the Rs 173.43 crore in FY-2013. Loss reported by TV18’s film segment in Q4-2014 was Rs (-4.59) crore against a negative operating revenue of Rs (-14.61) crore. The segment had reported operating revenue of Rs 35.53 crore and a loss of Rs (-14.28) crore in Q3-2014, while in Q4-2013, it had reported operating revenue of Rs 54.20 crore and an operating profit of Rs 6.16 crore.

TV18’s Total Expense (Tot Exp) in FY-2014 at Rs 1813.19 crore (92.13 per cent of Op Inc) was 11.30 per cent more than the Rs 1629.04 crore (95.87 per cent of Op Inc) in FY-2013. Tot Exp in Q4-2014 at Rs 513.76 crore (91.21 per cent of Op Inc) was 11.66 per cent more than the Rs 460.12 crore (87.56 per cent of Op Inc) in Q3-2014 and 11.66 per cent more than the Rs 450.97 crore (95.01 per cent of Op Inc) in Q4-2013.

TV18’s programming cost in FY-2014 at Rs 508.64 crore (24.84 per cent of Op Inc) was 7.74 per cent more than the Rs 472.10 crore (27.78 per cent of Op Inc) in FY-2013. In Q4-2014, the company spent Rs 155.28 crore (27.57 per cent of Op Inc) towards programming cost, which was 8.9 per cent more than the Rs 142.58 crore (27.13 per cent of Op Inc) in Q3-2014 and 47.34 per cent more than the Rs 105.39 crore (22.20 per cent of Op Inc) in Q4-2013.

The company paid Rs 60.53 crore (3.08 per cent of Op Inc) towards finance cost in FY-2014 which was less than half (42.15 per cent) of the Rs 143.61 crore (8.45 per cent of Op Inc). Finance cost in Q4-2014 at Rs 13.16 crore (2.34 per cent of Op Inc) was (-23.09) per cent lower than the Rs 17.10 crore (3.26 per cent of Op Inc) it paid in Q3-2014 and (-42.66) per cent lower than the Rs 24.46 crore (5.15 per cent of Op Inc) in Q4-2013.

Network18’s marketing expense in FY-2014 at Rs 597.44 crore (30.36 per cent of Op Inc) was 5.18 per cent more than the Rs 568.03 crore (33.43 per cent of Op Inc) in FY-2013. Marketing expense in Q4-2014 at Rs 150.48 crore (26.71 per cent of Op Inc) was 6.89 per cent more than the Rs 140.78 crore (26.79 per cent of Op Inc) in Q3-2014 and (-16.87) per cent lower than the Rs 181 crore (38.13 per cent of Op Inc) in Q4-2013.

Other expense in FY-2014 at Rs 366.61 crore (18.63 per cent of Op Inc) was 25.67 per cent more than the Rs 291.73 crore (17.17 per cent of Op Inc) in FY-2013. TV18’s other expense in Q4-2014 was 11.55 per cent more at Rs 108.36 crore (19.24 per cent of Op Inc) as compared to the Rs 97.14 crore (18.49 per cent of Op Inc) in Q3-2014 and 34.1 per cent more than the Rs 80.81 crore (17.02 per cent of Op Inc) in Q4-2013.

TV18’s take on its results:

Note: Reported results are inclusive of the financial consolidation of ETV News (100 per cent) and ETV Entertainment (50 per cent) from 22 Jan 2014 till 31 March 2014. On 22 Jan 2014, post receipt of required regulatory approvals, TV18 completed the acquisition of the ETV channels – 100 per cent of ETV News, 50 per cent of ETV Entertainment and 24.5 per cent of ETV Telugu. In accordance with the accounting policies, ETV News and ETV Entertainment have been consolidated at 100 per cent on a line by line basis.

FY-2014

Reported annual revenues on a consolidated basis are up 15.8 per cent to Rs 1,968.1 crore and operating profits (EBITDA) have nearly doubled to Rs 210.5 crore.

On a consolidated basis, advertising revenues grew 11 per cent year on year. Net Distribution Income (NDI) continued its steady climb to close at Rs 178 crore, up from Rs 15.7 crore in FY13.

Operating profits from television operations doubled from Rs 114.2 crore to Rs 233.6 crore. General News delivered a 6.9x growth in annual operating profits and grew to Rs 22 crore. Business News remained stable despite a downturn in the markets and the absence of the Union Budget.

Infotainment broke into positive territory and entertainment television business registered a 2.9x growth in operating profits (EBITDA) which stood at Rs 108.4 crore.

Q4-2014

Reported revenues on a consolidated basis are up 18.7 per cent YOY. Advertising revenues stood at Rs 357.8 crore. The Entertainment and General News businesses witnessed encouraging advertising revenue growth. Net Distribution Income (NDI) continued its strong financial performance through the quarter.

The company successfully launched MTV Indies and Rishtey in the entertainment segment and ETV Bangla, ETV Kannada and ETV Haryana in the regional news segment.

On a consolidated basis, operating profits (EBITDA) grew 2x to Rs 69.7 crore, with television operations delivering a 2.4x growth from Rs 31.6 crore to Rs 74.4 crore.

TV18 Head Honcho Speak:

Network18 managing director Raghav Bahls said, “We are enthused by the outstanding performance of TV18 for this financial year. All our businesses contributed positively to achieve our highest ever post-tax profits of Rs 103.6 crore, despite the continued uncertainty in the macro-economic environment. We are confident of sustaining our growth trajectory, as we continue to extract value from our existing operations as well as profitably grow our newer initiatives.”

Network18Group former CEO B. Saikumar said, “We are extremely pleased that all our broadcast operations continued to deliver their margins despite softness in the advertising environment. IndiaCast has delivered a stellar swing in net distribution income. While our Business news operations remained stable, our General news operations, led by CNN IBN, have turned around this year, due to a strong focus on operational synergies, further aided by the elections. Infotainment operations at A+E Networks I TV18 broke into positive territory. Our broadcast entertainment business at Viacom18, led by Colors, profitably grew operations along with the successful launch of Rishtey and MTV Indies. We are focused on delivering a strong performance in the coming year, as we look forward to an improving media landscape.”

Viacom18

Viacom 18 Media is a 50/50 joint venture operation in India between Viacom Inc and the Network18 Group, (with interests in television, internet, filmed entertainment, mobile content & allied businesses, comprising brands like CNBC TV18, CNBC Awaaz, Newswire18, moneycontrol.com, CNN-IBN, IBN 7, Homeshop18 and E18 amongst others).

Viacom 18 Media Pvt. Ltd. operates six general entertainment channels – MTV, Nickelodeon, Vh1, Colors, Sonic, Comedy Central and film business through Viacom18 Motion Pictures, that produces, acquires and distributes Hindi films, This apart, Viacom18 also runs Viacom’s consumer products division in India.

May 28, 2014
FY-2014: BAG Films reports Rs 6.09 crore PAT: Radio segment operating loss widens by 68 per cent

BENGALURU: B.A.G. Films & Media Limited (Bag Films) reported consolidated PAT of Rs 6.09 crore (4.14 per cent of Total Income) in FY-2014 as compared to a loss of Rs (-82.16) crore in FY-2013. Overall, even for FY-2014, the company has reported a loss of Rs (-9.13) crore, however, contribution from minority interest of Rs 15.22 crore has resulted in the positive PAT for the year mentioned above.

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

For Q4-2014, Bag Films reported a (-90.91) per cent drop in PAT to Rs 0.67 crore (1.61 per cent of Total Income) as compared to the Rs 7.02 crore (17.85 per cent of Total Income) in Q3-2014 and a loss of Rs (-7.29) crore in Q4-2013.

Bag Films reported 24.34 per cent higher total income in FY-2014 at Rs 147.15 crore as compared to the Rs 118.35 crore in FY-2013. Total Income for Q4-2014 at Rs 41.87 crore was 6.45 per cent more than the Rs 39.35 crore in the immediate trailing quarter and 27.21 per cent more than the Rs 32.92 crore in the year ago quarter –Q4-2013.

Despite a much lower operating q-o-q loss in Q4-2014, the company’s radio segment reported a loss of Rs (-2.18) crore in FY-2014 as compared to an operating loss of Rs (-1.3) crore in FY-2013. The segment reported an operating loss of Rs (-0.10) crore which was about one ninth the loss of Rs (-88.43) crore in Q3-2014 and about one twelfth the loss of Rs (-117.46) crore in Q4-2013.

Bag Films radio segment reported (-1.22) per cent drop in operating revenue in FY-2014 to Rs 5.09 crore from Rs 5.15 crore in FY-2013. In Q4-2014, the segment’s operating revenue jumped 84.24 per cent to Rs 1.63 crore from Rs 0.89 crore in Q3-2014 and was 30.1 per cent more than the Rs 1.25 crore in Q4-2013.

Bag Films FM Radio segment operates under the brand name ‘Radio dhamaal’ and is available at the frequency of 106.4 and is present in seven states and 10 towns of India.

Bag Films has informed the stock exchanges that the Board of Directors of the Company at its meeting held on 26 May 2014, inter alia, has not proposed any dividend for the Financial Year ended 31 March 2014.

Let us look at the other FY-2014 and Q4-2014 numbers reported by Bag Films

Bag Films Total Expense in FY-2014 at Rs 137.23 crore (93.26 per cent of Total Income) was (-6.13) per cent lower than the Rs 146.19 crore (123.53 per cent of Total Income) in FY-2013. Total Expense in Q4-2014 at Rs 33.63 crore (80.32 per cent of Total Income) was (-6.99) per cent lower than the Rs 36.16 crore (91.93 per cent of Total Incoms) and (-8.20) per cent lower than the Rs.36.64 crore (111.3 per cent of Total Income) in Q4-2013.

The company’s finance cost in FY-2014 was 73.55 per cent more at Rs 19.48 crore (13.25 per cent of Total Income) as compared to the Rs 11.23 crore (9.49 per cent of Total Income) in FY-2013. In Q4-2014 finance cost at Rs 7.65 crore (18.27 per cent of Total Income) was 60.01 per cent more than the Rs 4.53 crore (11.51 per cent of Total Income) in Q3-2014 and more than double (2.08 times) the Rs 3.68 crore (11.19 per cent of Total Income) in Q4-2013.

Bag Films reported lower depreciation numbers for FY-2014 at Rs 18.66 crore (-10.39) per cent lower than the Rs 20.82 crore in FY-2013. Depreciation for Q4-2014 at Rs 4.61 crore was (-2.06) per cent lower than the Rs 4.71 crore in Q3-2014 and (-18.23) per cent lower than the Rs 5.64 crore in Q4-2013.

During FY-2014, the company has pared its employee cost to Rs 17.95 crore from Rs 19.72 crore in FY-2013.

Segments Results

The following segments contribute to Bag Films revenue: Audio-visual production, movies, leasing, FM radio and television broadcasting. FM radio results have been mentioned above. The company has mentioned revenue and result from movies as NIL. We shall look at two other segments – Audio-visual production and television broadcasting in this report.

Bag Films Audio-visual production segment reported revenue of Rs 48.59 crore in FY-2014 which was 76.51 per cent more than the Rs 27.53 crore in FY-2013. Revenue from this segment in Q4-2014 at Rs 11.17 crore was (-23.66) per cent lower than the Rs 14.64 crore in Q3-2014 but more than double (2.16 times) the revenue of Rs 5.17 crore in Q4-2013.

Audio-visual production segment reported operating profit of Rs 9.31 crore in FY-2014, as compared to a loss of Rs (-2.78) crores in FY-2013. In Q4-2014, Audio-visual production segment reported 50.08 per cent growth in operating results to Rs 4.92 crore as compared to the Rs 3.28 crore in Q3-2014 and a loss of Rs (-1.89) crore in Q4-2013.

Bag Films runs News 24 and E24 television channels. Its Television broadcasting (TV) segment reported operating revenue of Rs 89.44 crore in FY-2014, which was 6.57 per cent more than the Rs 83.93 crore in FY-2013. The company’s TV segment reported revenue of Rs 26.47 crore in Q4-2014, which was 12.16 per cent more than the Rs 23.60 crore in Q3-2014 and 2.2 per cent more than the Rs 25.90 crore in Q4-2013.

Bag Films TV segment reported more than triple (3.17 times) operating profit at Rs 31.09 crore in FY-2013 as compared to the Rs 9.80 crore in FY-2013. Operating profit by this segment in Q4-2014 at Rs 9.43 crore was 10.12 per cent more than the Rs 8.56 crore in Q3-2014 and 3.04 per cent more than the Rs 9.15 crore in Q4-2013.

Bag Films has informed BSE that the Board of Directors of the Company at its meeting held on 26 May 2014, has approved the preferential issue of 80,000,000 (Eight crore only) warrants convertible into equity shares at a later date, on a preferential basis, to Promoters/Promoter Group and Non Promoters subject to approval of the shareholders in the forthcoming Annual General Meeting and such regulatory or statutory approvals as may be necessary/required.

May 27, 2014
Jyothy Labs FY-2014 ad spends up 65 per cent, PAT up 141 per cent

BENGALURU: Indian FMCG company Jyothy Laboratories Limited (Jyothy Labs) announced 140.97 per cent higher PAT in FY-2014 at Rs 106.11 crore (8.42 per cent of total income or Op Inc) as compared to the Rs 44.04 crore in FY-2013 (4.32 per cent of Op Inc).

The company spent Rs 135.36 crore (10.74 per cent of Op Inc) towards advertising and sales promotion (Ad & SP), 64.46 per cent more than the Rs 81.81 crore (8.03 per cent of Op Inc) in FY-2013.

Jyothy Labs portfolio includes household brands led by its flagship fabric whitening brand Ujala, Henko, Mr. White, Chek, Exo, Pril, Margo, Fa, Neem and Maxo.

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

Over a nine quarter period starting Q4-2014 until Q4-2014, Jyothy Labs Op Inc has shown an upward linear trend. Q4-2014 Op Inc at Rs 333.41 crore was 12.1 per cent higher quarter on quarter (qoq) as compared to the Rs 297.43 crore and 22.14 per cent more than the Rs 272.97 crore in Q4-2013.

The company’s Ad & SP spend over the nine quarter period and also over a three year period staring FY-2012 until FY-2014 show an upward linear trend, both in terms of absolute value and in terms of percentage of Op Inc. Ad & SP spend in Q4-2014 at Rs 39.60 crore (11.88 per cent of Op Inc) was 44.12 per cent more than the Rs 27.48 crore (9.24 per cent of Op Inc) and 95.82 per cent (almost double) the Rs 202.22 crore (7.41 per cent of Op Inc) in the year ago quarter Q4-2013.

Please refer to Fig 1A and Fig 1B below for Op Inc and Ad & SP trends.

The company’s PAT too has shown an upward trend over the nine quarters under consideration as is evident from Fig 2A below.

However, over a three year financial period starting FY-2012 until FY-2014, PAT has shown a downward linear trend in terms of percentage of Op Inc. In absolute value terms, PAT has shown an upward trend. Please refer to figure 2B below.

Jyothy Labs chairman and managing director M P Ramchandran said, “We have sustained our growth momentum despite inflationary pressures, rising input costs and moderation in demand. Our sustained focus on visibility of our brands through marketing exercise and advertising spends has helped us to deliver above industry growth. Our portfolio will get a further boost with the launch of innovative products in FY-2015.”

“Going forward we expect growth rate to sustain on the sales and margin front. We continue to enhance our market share in the urban market without losing our focus on the rural market,” he added.

May 22, 2014
ZMCL reports growth in ad, subscription revenue by 9, 18 per cent in FY-2014

BENGALURU: Zee Media Corporation Limited (ZMCL), the erstwhile Zee News Limited, reported advertising (ad) revenue of Rs 220.51 crore in FY-2014, 9.2 per cent more than FY-2013. The company also reported an 18.5 per cent growth in subscription revenue to Rs 99.9 crore in FY-2014.

ZMCL total income from operations in FY-2014 at Rs 335.16 crore was 10.32 per cent more than the Rs 303.82 crore in FY-2013. The company’s total income from operations in Q4-2014 at Rs 82.78 crore was (-9.72) per cent lower than the Rs 91.69 crore in Q3-2014 and 4.69 per cent more than the Rs 79.07 crore in Q4-2013.

Let us look at the other numbers reported by ZMCL for FY-2014 and Q4-2014

ZMCL PAT for FY-2014 at Rs 18.93 crore (5.65 per cent of income from operations) was (-21.67) per cent lower than the Rs 24.17 crore (7.95 per cent of income from operations) in the previous fiscal. The company reported PAT of Rs 4.11 crore (4.97 per cent of income from operations) in Q4-2014, which was (-30.52) per cent lower than the Rs 5.92 crore (6.45 per cent of income from operations) in the immediate trailing quarter and (-40.16) per cent lower than the Rs 6.87 crore (8.69 per cent of income from operations) during the year ago quarter Q4-2013.

Other income during FY-2014 at Rs 20.81 crore was (-11.7) per cent lower than the Rs 23.58 crore in FY-2013.

The company has suffered operational loss in Q4-2014. Other income of Rs 9.70 crore which includes dividends of Rs 3.60 crore and Rs 4.80 crore from ZMCL’s subsidiary companies as well as exceptional item of Rs 5.98 crore and a negative tax expense of Rs 2.01 crore has resulted in a PAT of Rs 4.11 crore mentioned above in Q4-2014.

The company’s total expense for FY-2014 at Rs 325.76 crore (97.19 per cent of income from operations) was 17.08 per cent more than the Rs 278.23 crore (91.58 per cent of income from operations) in FY-2013. In Q4-2014, total expense at Rs 93.09 crore (112.47 per cent of income from operations) was 12.67 per cent more than the Rs 81.30 crore (88.67 per cent of income from operations) in the immediate trailing quarter and 19.28 per cent more than the Rs78.05 crore in Q4-2013.

ZMCL’s operational cost at Rs 66.13 crore (19.73 per cent of income from operations) in FY-2014 was 24.86 per cent more than the Rs 52.96 crore (17.43 per cent of income from operations) in FY-2013. The company’s operational costs in Q4-2014 at Rs 20.28 crore (24.5 per cent of income from operations) in Q4-2014 was 23.8 per cent more than the Rs16.38 crore (17.86 per cent of income from operations) in Q3-2014 and 43.34 per cent more than the Rs14.15 crore (17.89 per cent of Income from Operations) in Q4-2013.

ZMCL reported a 11.49 per cent increase in Employee Benefit Expense (EBE) in FY-2014 at Rs 99.1 crore (29.57 per cent of Income from Operations) as compared to the Rs 87.71 crore (28.87 per cent of Income from Operations) in FY-2013. The company’s EBE dropped (-3.56) per cent in Q4-2014 to Rs 25.13 crore (30.36 per cent of Income from Operations) from Rs 26.06 crore (28.42 per cent of Income from Operations) in Q3-2014 and was 8.31 per cent more than the Rs 23.2 crore (29.35 per cent of Income from Operations) in Q4-2013.

Other expense in FY-2014 at Rs82.82 crore (24.71 per cent of Income from Operations) was 38.17 per cent more than the Rs 59.94 crore (19.73 per cent of Income from Operations) in FY-2013. The company’s Q4-2014 other expense at Rs27.83 crore (33.62 per cent of Income from Operations) was 44.97 per cent higher than the Rs19.2 crore (20.94 per cent of Income from Operations) in Q3-2014 and 30.64 per cent more than the Rs 21.31 crore (26.95 per cent of Income from Operations) in Q4-2013.

May 21, 2014