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  • Hinduja Ventures Ltd announces reorganisation of its media & communications business

    Hinduja Ventures Ltd announces reorganisation of its media & communications business

    MUMBAI: The Board of Directors of Hinduja Ventures Limited ("HVL") at its meeting held today have accorded In-Principle  approval  for reorganization of Media and  Communications  undertaking of Induslnd Media & Communications Limited ("IMCL"), into HVL subject to all statutory/ regulatory approvals and approval of the shareholders.

    The media  business  of IMCL consists  of digital content  distribution business carried  out through multiple platforms including satellite and fibre and also the Broadband business carried out through its subsidiary.

    IMCL – A handsome turnaround

    IMCL, the only integrated digital platform operator ("DPO") in the country, with delivery via digital cable, satellite ("HITS" or Headend-ln-The-Sky)  and fibre; has seen a handsome turnaround in the quarter due to the successful implementation of the New Tariff Order by the Company from February
    2019  till date  and  holds very good  promise  for improved  operating results  going forward. The
    Company also benefitted  from successfully converting its customer  base to a fully prepaid  model.

    "IMCL has posted a positive Operating profit and positive Profit after tax for the first quarter of the current year. We expect this positive trend to continue, buoyed by cutting-edge technology that will spawn  a series  of innovative  products and solutions,  a robust  inclusive  model with all our cable operator partners and a customer-centric approach"says Vynsley Fernandes, Chief Executive Officer, IMCL.

    The successful implementation of the New Tariff Order by IMCL; while simultaneously ensuring that there is least disruption to customer  service has been very well recognized  by the industry and all stakeholders. In appreciation of this, IMCL has won two prestigious awards at the Annual BCS Ratna Awards- "Best  NTO implementation by a DPO" and "Best  LCO and  Consumer management services."

    Highlights of IMCL:

    IMCL has many firsts to its credit. Some of these are listed below:

    •    Only MSOJDigital Platform Operator  (DPO) to operate in all the states and union territories of the country.
    •    HITS satellite services connected  to 1,500+ physical points-of-presence in India – covering
    2,000+  pin codes across the country.
    •    Only DPO to have a dual digital delivery  platform – Digital caple through  fibre and  HITS
    through satellite.
    •    First DPO to introduce the prepaid collecQon model- 99.5%  of the customer base on prepaid
    •    The Company has:
    o     Introduced multiple types of Set Top Boxes (STBs) ranging from low-cost Standard Definition (SD) STBs to Hybrid High Definition (HD) STBs, that allow conversion of any TV set into a "Smart" TV.
    o     Introduced VAS services channels – branded "NXT Services" across multiple genres and for all age groups – a bouquet which is very popular among consumers
    o     Became the provider  of most  number  of channels  across  DPOs – offering 730+ TV
    channels in key cities and 700+ TV channels via satellite on the HITS platform.
    o     Introduced the "Managed Services" Model whereby small MSOs and LCOs are able to operate profitably  by using the infrastructure of IMCL on an opex model. IMCL has already signed up half a million subscribers on this model -only DPO providing this service as of now
    o     Successfully transitioned to the New Tariff order
    o     Is the DPO with the highest number  of packages for customers to choose from in the NTO regime – 800+ packages; including specially curated  packages in 11languages.

    This reorganization is in line with the growth  plans of IMCL – as a leading player in the digital space;
    and is expected to be value accretive to all stakeholders.

  • IMCL’s Subhashish Mazumdar steps down as SVP

    IMCL’s Subhashish Mazumdar steps down as SVP

    MUMBAI: IMCL's senior vice president – operations and head of customer care, mar-com and regulatory affairs Subhashish Mazumdar has stepped down from his role, Indiantelevision.com has learnt. 31 July was his last working day at IMCL. Mazumdar is likely to exit the cable television business and move into a new domain in a leadership position.

    He joined as chief marketing officer for CAS in Hinduja Media Group in 2003 and subsequently based on various restructuring of the Hinduja Media Group’s IMCL, worked as head of business development for foreign content, regulatory policy head, customer care and process management head, marketing, operations and sales, senior regional head for north and east, head of JVs etc.

    He has been with the Hinduja Group for over 16 years. Mazumdar been involved in strategic work on content on various digital delivery systems in cable and HITS satellite. He was part of the launch of HITS platform as well.

    The veteran executive was also responsible for bringing South Korea’s key international English channel Arirang TV in India. He has played a very valuable and key role in the entire digitisation process of the cable sector. He has an overall career spanning now over 32 years in middle and senior management levels in almost all aspects of business functions like marketing, sales, finance, operations, people management, customer relations, regulatory among others in diverse industry sectors.

    Mazumdar is a post graduate in management from IIM-A.

  • IMCL highly optimistic about impact of tariff order on business

    IMCL highly optimistic about impact of tariff order on business

    MUMBAI: Indusind Media & Communications Ltd (IMCL), the Hinduja Ventures Ltd (HVL) subsidiary, is highly optimistic about the impact of the new tariff order on its business. The MSO asserts that the new regime ensures a more equitable distribution of economic benefits in the value chain. After overcoming major legal battles the new tariff order by Telecom Regulatory Authority of India (TRAI) has finally come to effect from 1 February.

    While earlier the deals between broadcasters and distribution platform operators (DPOs) were not transparent and consumers did not have the option to select channels as per their choice, with the new regime the industry is moving towards an MRP based model. IMCL in its third quarter earnings release said that through proper packaging and pricing and giving the consumers the channels of their choice, the company will now be able to move very fast on the path to profitability. The MSO also added that the change will also enable the company to have a better return on capital employed.

    HVL reported a total income of Rs.10.16 crore for the third quarter on 7 February while the media and communication segment contributed 10 crore. HVL operates across three segments including media and communication, real estate and investment, and treasury and IMCL comes under the first category.

    "IMCL being a progressive player in the MSO industry has looked at the developments in the industry both with respect to the new tariff order and the consolidation very positively and is today in the forefront of providing excellent consumer service through seamless implementation of the new tariff order while ensuring excellent viewership through world class technology. This along with efficient packaging and pricing adopted by it will result in the company move on the path to profitability," IMCL CEO Vynsley Fernandes said.

    Last year another major development took place in the distribution industry with the entry of Jio FTTH. To reach last mile consumers easily, JIO announced majority stake in two large MSOs, Hathway Cable and Datacom and Den Networks.

    “IMCL believes that such consolidation is good for the industry as it creates an environment for technology driven organisations who will now focus on better consumer experience leading to better pricing rather than pure volume growth in a frittered industry,” the release read.

  • Q2 results: Hinduja Ventures reports total income of Rs 26.72 crores

    Q2 results: Hinduja Ventures reports total income of Rs 26.72 crores

    MUMBAI: HVL on standalone basis reported a total income of Rs. 26.72 Crores for the half year ended September 30, 2018.

    Pursuant to adoption of INDAS, the mark to market gains in respect of equity shares held by the Company in IndusInd Bank Limited were reflected in the Balance Sheet as on March 31, 2018.The price at which the mark to market adjustment was carried out in the Balance Sheet on March 31, 2018 was Rs. 1796.75 per share. The corresponding market price as on September 30, 2018 was Rs. 1690.05 per share. This reduction in value in respect of shares held as “Stock in trade” is reflected in the Profit & Loss Account for the current period and in respect of shares held as “Investments” is reflected in “Other Comprehensive Income” in the reserves of the Balance Sheet for the current period.

    The Supreme Court by its Order dated 30th October 2018, has dismissed the appeals made to it against the decision of the Madras High Court upholding the Digital Tariff Order issued by the Telecom Regulatory Authority of India (TRAI). 

    This decision of the Supreme Court is a major positive development for IndusInd Media & Communications Limited (“IMCL”) as it ensures that the pay channel costs which are a major drag on IMCL’s profitability today will in future be a pure pass through cost and in addition IMCL is assured a minimum guaranteed revenuethrough network operating fees. A combination of these factors will ensure that IMCL will begin to become profitable effective the implementation of the Tariff Order. This ordertakes effect from January 03, 2019 in the fourth quarter of the current financial year.

    IMCL has expanded its offerings to 700 TV Channelsand is today providing the largest number of TV channels across the country. The Cable TV industry is today witnessing consolidation and fresh investments. This consolidation is beneficial to IMCL as this enables it to align with a large number of mid-sized operators who are looking at partnering with a large MSO.  IMCL has today close to 5 million subscribers and has plans to double this number. The superior HITS technology continues to fuel the organic growth of the Company in the Phase III & IV locations across the country. 

  • IMCL aspires to hit 7 mn subscribers in a year

    IMCL aspires to hit 7 mn subscribers in a year

    MUMBAI: At a time when the face of India’s multi-billion dollar cable industry is changing rapidly with the emergence of new players, IndusInd Media & Communication Ltd (IMCL), one of the oldest players in the industry, has announced a new offering ‘I Am Mumbai, I Am InDigital’. Consisting of premium 22-channel bouquet of ad-free content, the initiative is aimed at providing viewers with a 360-degree experience. The digital distribution platform standing with almost 5 million subscriber base predicts to reach 7 million subscribers over next four quarters.

    The newly announced expansive range of content under the “NXT Services” brand is available to InDigital customers as well as NXT Digital customers across India. From rhymes, cartoons and movies for kids to dubbed movies in regional languages, cooking, music, the bouquet has content from various genres. However, pricing for the ad-free premium channels has not been decided yet.

    “While we have technology pushing our bouquet and opening our channels, we have realised that we have to give people what they want, not what we want them to have. So we cater to each and every age group. Overall this has been our endeavour to upgrade our approach for our city of Mumbai,” IMCL CEO Vynsley Fernandes said.

    To cater to every customer based on their different requirement and affordability, InDigital has also presented a range of next-generation set-top boxes (STBs). The new products include Standard Definition (SD) Zapper, High Definition (HD) Zapper, HD basic hybrid, HD Dual Tuner, HD Advanced Hybrid, 4K Android Hybrid and along with OTT device from group company ONE Fiber with prices ranging from Rs 1000 to Rs 5000.

    For the OTT box, it has partnered with streaming platform Viu. Speaking about more tie-ups, ONEOTT iNTERTAINMENT LTD(OIL) CEO Yugal K Sharma said that more partnerships are in the pipeline. “As far as I can see today, there will be 10 more strategic alliances I have to do. We are not into the internet business anymore; it is called CDCA (Connectivity, Devices ecosystem, Content and Applications),” Sharma said.

    “The whole industry is now shaping up and moving towards intertainment (entertainment moving on to the internet). I firmly believe that all the Ps are given – product, pricing, placement, promotion, packaging and people strategy which is 97 per cent the same for everyone. We already had our underground fibre systems in Mumbai and all the major metros, which was built for cable TV. Now, we are leveraging that for broadband as well. We have fibre system ready in 32 cities. We have a slight edge over Reliance Jio because we started rolling out our 1 GB plans about two months back,” Sharma commented while asked about competition with Reliance Jio.

    While in broadband segment Jio FTTH is a prime competitor, DTH players pose a challenge to traditional cable players. However, IMCL is not losing confidence owing to its Headend-in-the-Sky(HITS) technology. The HITS platform is on C-band keeping it unaffected from any weather change. But DTH platforms being on the KU band are susceptible to any change in weather. Moreover, the channels provided under HITS technology are priced at low cost. Hence, the company claims HITS as the direct competitor of DTH services.

    Through the HITS services, the company also wants to grow a subscriber base in rural areas. However, other than pure penetration, the company is focusing on managed service business. The smaller MSOs, last mile owners who are keen to embrace digital distribution can migrate by using the technology, rather than making own investment. Even IMCL can take the existing technology and repurpose it.

    Other than technological changes, the new TRAI tariff order is going to disrupt the broadcast and cable industry. Though the matter is still sub judice in the apex court, Fernandes thinks technology readiness to provide so many packages is going to be a challenge for distributors. Moreover, as content preference varies from region to region, smart packaging and segmentation are going to be driving factors.

    Though IMCL is putting high focus on new technologies, the in-house engineering team has come up with innovative designs using minimal capex, even less than 100k. In the next one year, it will definitely like to target the sale of over 2 million STBs.

  • HVL receives NCLT nod for amalgamation of Grant Investrade

    HVL receives NCLT nod for amalgamation of Grant Investrade

    BENGALURU: Hindustan Ventures Ltd (HVL) has informed the bourses that it has received sanction from the National Company Law Tribunal (NCLT) for the scheme of amalgamation between its fully owned subsidiary and transferor company Grant Investrade Ltd (GIL) and itself (transferee company) w. e. f. 31 October 2017. HVL has said that on receipt of the certified copy of the order, it will proceed to file the necessary papers with the Registrar of Companies (RoC) to render the scheme effective. HVL further said that since GIL was its wholly owned subsidiary, no consideration would be paid, neither would any shares be issued.

    As reported by Indiantelevision.com earlier, the board of directors of HVL had approved the amalgamation scheme subject to approval from the National Company Law Tribunal. HVL has business interests in media, real estate and treasury while GIL is in the business of running channels on cable TV and treasury. Earlier, GIL housed the headend in the sky (HITS) business of HVL which has now been merged with the cable TV business under Indusind Media and Communications Limited (IMCL), which is also a subsidiary of the company.

     

  • Hinduja Ventures appoints Ashok Mansukhani as MD; net profit remains flat

    Hinduja Ventures appoints Ashok Mansukhani as MD; net profit remains flat

    MUMBAI: Hinduja Ventures Ltd (HVL) whole-time director Ashok Mansukhani has been elevated as the managing director of the company for two years from 30 April 2018 to 29 April 2020. Mansukhani completes his existing term as whole-time director on 29 April.

    The appointment was effected at the meeting of the board of directors today. Mansukhani was appointed as the MD and CEO of Hinduja Media Group in February 2017 following Tony D’Silva’s exit.

    Mansukhani is a postgraduate from Delhi University and completed his masters in English literature from Kirori Mal College, Delhi University, and his LLB from K C Law College, Bombay University.

    After a distinguished career in Central Government as an Indian Revenue Service Officer for 22 years, he joined the Hinduja Group in 1996 and has handled various senior responsibilities in the Group, in media and Corporate sphere. Mansukhani has been past president of the Multi System Operator Alliance (MSO Alliance) representing all leading MSOs in the country.

    The Board of HVL at its meeting held today approved un-audited standalone financial results for the quarter and nine months ended 31 December 2017.

    HVL, on a standalone basis, reported total income of Rs 169.12 crore for the nine months ended 31 December 2017 as against Rs 173.91 crore for the nine months ended 31 December 2016.

    Net profit for the nine-month period in 2017 stood at Rs 88.80 crore as against Rs 88.39 crore during the corresponding period in 2016, an increase of 0.47 per cent.

    For the quarter ended 31 December 2017, total income of the company stood at Rs 64.88 crore compared with Rs 53.58 crore for the quarter ended 30 September 2017 and Rs 52.79 crore for the quarter ended 31 December 2016.

    Net profit for the quarter ended 31 December 2017 stood at Rs 33.76 crore as against Rs 29.55 crore for the quarter ended 30 September 2017 and Rs 35.99 crore for the quarter ended 31 December 2016.

    IndusInd Media & Communication Ltd (IMCL), a Hinduja Group subsidiary, continues to make inroads into India’s rural areas through its head-end-in-the-sky (HITS) platform. IMCL is the only digital platform operator (DPO) to cover all 29 states and 4 union territories. This is due to major penetration in the past 12 months utilising NXT Digital’s HITS platform.

    The company feels that there is scope for deployment for DPO to an additional 30 million homes in the rural universe of 99 million homes. Another 20 million homes await power to households and will begin to watch television in the next three years.

    Also Read :

    Hinduja Ventures board okays amalgamation with Grant Investrade

    Hinduja Ventures PAT rises marginally Q1FY18, Nxt Digital HITS 640 districts

     

  • HVL reports lower loss for fiscal ’17, media & communications segment revenue up

    HVL reports lower loss for fiscal ’17, media & communications segment revenue up

    BENGALURU: Hinduja Ventures Limited (HVL) reported lower consolidated loss of Rs 566.08 million for the fiscal ended 31 March 2017 (FY-17, current fiscal) as compared to the consolidated loss of Rs 812.068 million for the previous financial year (FY-16). HVL’s consolidated total revenue increased 21.47 percent in FY-17 to Rs 8,260.06 million as compared to Rs 6,799.789 million in the previous year.

    The company’s media and communications segment reported 24.5 percent higher revenue at Rs 6,131.949 million in the current year as compared to Rs 4,925.454 million in the previous fiscal. Loss from the Media and Communications segment operating loss in the current year was higher at Rs 3,148.046 million as compared to Rs 1,858.129 million as compared to the prevision financial year.

    As reported by www.indiantelevision.com, HVL had informed the stock exchanges yesterday that the National Company Law Tribunal (NCLT) has sanctioned the Scheme of Arrangement for the vesting of its direct subsidiary Grant Investrade Limited’s (GIL) Head-end-in-the-sky (HITS) business undertaking to its indirect subsidiary Indusind Media & Communications Limited. Consequently, the company has filed revised financial results for fiscal 2017.

    The company said that the arrangement is expected to strengthen HVL’s investment in the media business, which will in turn unlock the value of its shareholders. Accordingly, pursuant to the aforesaid arrangement, the Headend-in-the- Sky (HITS) business undertaking of GIL vested in to IMCL with effect from 01 October 2016, being the appointed date.

    GIL had received the HITS licence in March 2014. Last year in September, the Hinduja Group had received shareholders’ approval to restructure its media business, which includes cable TV business under IndusInd Media and headend-in-the-sky (HITS) under GIL.

    ALSO READ :

    HVL receives NCLT nod for GIL’s HITS to de-merge into Indusind Media

    Hinduja Ventures PAT rises marginally Q1FY18, Nxt Digital HITS 640 districts

    Hinduja’s NXT Digital enters Fastway-dominated Punjab

    Retransmission law contravened: Sidhu, Fastway refutes ‘monopoly’ charge

  • IndusInd Media board gives nod for rights issue

    MUMBAI: Hinduja Ventures Limited has informed the Bombay Stock Exchange Limited pursuant to Regulation 30(9) and 30(12) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, that the Board of Directors of the company noted that IndusInd Media & Communications Limited, a subsidiary of the Company (“IMCL”) vide its letters dated 24 February, 2017, informed the company that the Board of Directors of IMCL has approved:

    a) the issue of 36,953,438 equity shares of face value of Rs. 10/- each for cash at a premium of Rs. 195/- per share aggregating to Rs. 7,57,54,54,790/- on the rights basis  in the proportion of 1:2 i.e. one equity share for every two shares held.

    b) the redemption of 27,03,60,000 10% Redeemable Cumulative Preference Shares of   Rs. 10/- each held by the Company in IndusInd Media & Communications Limited, a subsidiary of the Company, according to a press release.

    2. Approved to renounce 2,23,29,292 equity shares of Rs. 10/- each offered to the Company by IndusInd Media & Communications Limited, a subsidiary of the Company on rights basis in favour of Grant Investrade Limited, a wholly owned subsidiary of the Company [“GIL”].

    3. The proceeds of the rights issue will be utilised by IMCL for Redemption of Preference Shares, Repayment of ICDs [including ICDs provided by GIL] and the balance if any, for general corporate purpose.

  • Hinduja Group media head Mansukhani spells out priorities

    Hinduja Group media head Mansukhani spells out priorities

    NEW DELHI: The new CEO  & MD of Hinduja Media Group Ashok Mansukhani, a veteran of Indian media industry, has already got his priorities etched out and expressed willingness to work along with all stakeholders of the sector for the overall growth and mutual benefits.

    Speaking to Indiantelevision.com, the bureaucrat-turned-corporate-executive Mansukhani said priorities included getting digital rollout of Indian TV services “back on track”, push for promotion of digitisation and increased education of consumers, explore how some of his cable segment colleagues could benefit from digitisation and last, but not the least, to work towards bringing other segments of the media and entertainment sector, including regulators and policy-makers, together so a conducive environment for a mature dialogue could be created.

    Indirectly admitting that digitisation had hit roadblocks in the last 12-18 months owing to several reasons, Mansukhani said while the third phase of digitisation is coming to an end, edges in the fourth and last phase need to be ironed out. “At the end of the day, it’s a matter of 73 million homes in small towns and hamlets in the last phase of digitisation and we cannot take the task lightly,” he explained.

    Mansukhani, a former Indian Revenue Service government official, has seen the Indian media industry (specifically the electronic medium) grow from staid Doordarshan days to the present vibrant — and possibly a bit chaotic — stage of evolution when the country has over 800 private sector licensed TV channels, several distribution platforms and approximately 50,000 cable operators. His stints at the pubcaster’s headquarters in New Delhi’s Mandi House area, Ministry of Information and Broadcasting (MIB) and later in the private sector with the Hinduja Group, puts him in a unique position.

    According to Mansukhani, who now will be heading the media assets of the multi-billion dollar Hinduja Group, including MSO company IndusInd Media and Communications Ltd (IMCL) and the HITS venture, the Indian media and TV industry is at a critical stage of development and hinted increased litigation and face-off with the regulator and policy-makers could be detrimental  for the industry, which needs to come together to voice the genuine and common concerns of the industry.

    “I would also like to see and explore how we can help cable operator colleagues and others benefit from digitisation,” Mansukhani said, adding that a more concerted effort needs to be put in by stakeholders, including broadcasters, distribution platforms and the regulator, to educate consumers, especially those in small towns, about the long term benefit of digitisation despite the monthly outflow in subscription fee increasing a bit.

    “Consumer education is very important in general and especially for the fourth phase (of digitisation) homes. All of us need to support this education process as it would be beneficial for all stakeholders,” he said.

    Mansukhani comes in place of Tony D’Silva, who joined the Hinduja Group on 1 August 2012 as the president of Hinduja Ventures Limited and strategised the group’s media businesses. D’Silva had expressed a desire to demit office after completion of his contract on 31 January 2017 to pursue “other interests and spend more time with his family,” according to an official statement from the Hinduja Group.

    However, it needs to be seen how Mansukhani grows the comparatively new HITS business carried out under a separate group company, apart from tackling the challenges of IMCL, an MSO.

    ALSO READ:

    Ashok Mansukhani takes over as IMCL CEO & MD

    Distribution vet Tony D’silva departs from IMCL