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  • Proposed 28% GST on online gaming could lead to decline in active users: ASSOCHAM & EY Report

    Proposed 28% GST on online gaming could lead to decline in active users: ASSOCHAM & EY Report

    MUMBAI: According to a joint report by Assocham and EY, titled ‘GST on Online Skill-Based Gaming’, GST Council’s Group of Ministers (GoMs) are examining the GST on online gaming. One of the considerations by GoM is recommending a levy of 28 percent Goods and Services Tax (GST) on the complete contest entry amount including the prize pool, which can have an adverse effect on the industry. Levy of GST on the contest entry amount would increase the tax burden on the nascent industry by 10 to 20 times. The industry currently pays GST at the rate of 18 percent on the platform fee or the Gross Gaming Revenue (GGR) earned directly by the gaming operators.

    The report estimates that the industry contributes more than Rs 2,200 crore of GST in 2022 and the winnings from online games are subject to income tax, which also contribute a significant amount to the exchequer.

    The report has also listed out the unique features that set online skill-based gaming apart from games of chance. It entails technology solutions that are provided by operators to enable user-interface as well as build a gaming ecosystem and act as facilitators. The fee charged is a fixed consideration and is not dependent on outcome. Its success is also dependent on the superior knowledge of the user and engagement with the game, making skill the predominant element.

    The report notes that the proposed levy of tax at 28 percent from 18 percent, along with 30 percent income tax on winnings, takes the rate of taxation on online gaming between 45-50 percent. With the GST tax proposal leading to higher taxation, it could lead to a decline in active users and discourage domestic gaming industries.

    According to recent industry estimates, there are 500 gaming companies in the country, which have provided employment to thousands of people and have also seen an inflow of Foreign Direct Investment (FDI) worth $2.7 billion. However, they are likely to be impacted by high taxations and would open doors for offshore operators. The report states: “This sector could also help in facilitating the government’s vision for the Animation, Visual Effects, Gaming and Comic (AVGC) sector and encourage the domestic players rather than driving users to foreign companies/ offshore platforms; thereby enhancing government’s revenue collection.”

    Assocham secretary general Deepak Sood said, “The Assocham-EY report on the impact of GST on online skill-based gaming is quite revelatory. The growth of the online gaming industry comes as no surprise as it’s largely youth-driven and has been fuelled by the increasing usage of internet and smartphones, especially during the pandemic. India is expected to become one of the world’s leading markets in the gaming industry, which also bodes well in terms of a robust digital economy GDP as well as an employment-generator. Therefore, any step that the government takes to strengthen the sector through an optimal tax structure is welcome.”

    The report asserts that the right tax structure can have a positive impact on the industry and drive tax revenues. “The crystallisation of the GST valuation mechanism could be a catalyst in enabling ease of doing business and spur growth of this rising sector,” it concludes.

  • FY-2015: Time Warner Cable adds net video customers, revenue up 3.9%

    FY-2015: Time Warner Cable adds net video customers, revenue up 3.9%

    BENGALURU: This the first time since 2006 that Time Warner Cable Inc., (TWC) has reported year-over-year nett video subscriber additions. The company closed the year and quarter ended 31 December, 2015 (FY-2015, current year and Q4-2015, current quarter) with 10.821 million video subscribers, 32,000 (0.3 per cent increase) more than the 10.789 million at the close of FY-2014. The additions were made in Q4-2015, when the company added 54,000 subscribers, hence wiping out the fall of 22,000 until 30 September, 2015. In Q4-2015, TWC reported 10.821 million video customers as compared to 10.727 million in Q3-2015 (0.5 per cent increase).

     

    The company closed the current year with 681,000 more customer relationships than in the previous year. Total customer relationships at the end of FY-2015 and Q4-2015 were 15.129 million as compared to 14,511 million (4.3 per cent increase) at the end of FY-2014 and Q4-2015, and 14.929 million (1.3 per cent increase) in the immediate trailing quarter.

     

    Overall revenue and income

     

    The company reported 3.9 per cent growth in revenue in FY-2015 at $23,697 million as compared to $22,812 million in FY-2014. For Q4-2015, TWC reported 4.9 per cent YoY revenue growth at $6,072 million as compared to $5,790 million. Operating income in FY-2015 however declined 8.5 per cent YoY to $4,239 million as compared to $4,632 million in the previous year. Operating Income in the current quarter declined by 8.2 per cent YoY to $1,125 million as compared to $1,226 million.

     

    Company speak

     

    Time Warner Cable chairman and CEO Rob Marcus said, “I’m incredibly proud of everything we achieved this quarter and in 2015. We made our network more reliable, our products more compelling and our customer service better. And, importantly, our subscriber improvement over the last eight quarters, including our record subscriber performance in 2015, has begun to show up in our financial results. As we begin 2016, we intend to continue to improve the customer experience and build value for our shareholders.”

     

    Segment numbers

     

    Residential video: Residential video revenue in the current year declined 0.9 per cent to $9,907 million as compared to $10,002 million in the previous year. Video revenue in Q4-2015 increased 0.3 per cent YoY to $2,471 million as compared to $2,464 million in Q4-2014. Video Subscription numbers have been mentioned above.

     

    High Speed Data: High Speed Data revenue increased 9.3 per cent in FY-2015 to $7,029 million as compared to $6,428 million in FY-2014. For Q4-2015, the segment’s revenue increased 10.6 per cent YOY to $1,819 million as compared to $1,644 million in Q4-2014. High Speed Data subscribers in FY-2015 increased 8.6 per cent to 12.675 million as compared to 11.675 million in FY-2014. QoQ, relationships increased by 2.3 per cent as compared to 12.394 million in Q3-2015.

     

    Voice: Voice revenue declined 0.1 per cent in FY-2015 to $1,931 million as compared to $1,932 million in FY-2014. In Q4-2015, Voice revenue increased 5.7 per cent YoY to $497 million as compared $470 million. Voice subscribers increased 19.6 per cent in FY-2015 to 6.23 million as compared to 5.284 million in FY-2014. QoQ Voice subscribers increased 3.7 per cent in Q4-2015 as compared to 6.093 million in the immediate trailing quarter.

     

    Multi-Play: In FY-2015, while single play customers increased 2.2 per cent to 5.75 million from 5.63 million and triple play customers increased 21.9 per cent to 5.31 million from 4.356 million, double play customers declined 10.1 per cent to 4.067 million from 4.525 million in FY-2014. QoQ, Single play customers increased 0.8 per cent, triple play customers increased four per cent, while double play customers declined 1.2 per cent.

     

    Business Services: Business services contribution to TWC’s revenue increased to 13.9 per cent in FY-2015 from 12.4 per cent in FY-2014. Overall Business Services Revenue (BSR) in the current year increased 15.7 per cent to $3,284 million from $2,838 million in FY-2014. Total revenue in Q4-2015 increased 14.4 per cent YoY to $864 million (18 per cent of overall revenue) as compared to $755 million (16.4 per cent of overall revenue). A major portion (a little less than 50 per cent) of BSR comes from high speed data and almost 90 per cent of TWC’s business services subscribers opting for this service.

  • FY-2015: Time Warner Cable adds net video customers, revenue up 3.9%

    FY-2015: Time Warner Cable adds net video customers, revenue up 3.9%

    BENGALURU: This the first time since 2006 that Time Warner Cable Inc., (TWC) has reported year-over-year nett video subscriber additions. The company closed the year and quarter ended 31 December, 2015 (FY-2015, current year and Q4-2015, current quarter) with 10.821 million video subscribers, 32,000 (0.3 per cent increase) more than the 10.789 million at the close of FY-2014. The additions were made in Q4-2015, when the company added 54,000 subscribers, hence wiping out the fall of 22,000 until 30 September, 2015. In Q4-2015, TWC reported 10.821 million video customers as compared to 10.727 million in Q3-2015 (0.5 per cent increase).

     

    The company closed the current year with 681,000 more customer relationships than in the previous year. Total customer relationships at the end of FY-2015 and Q4-2015 were 15.129 million as compared to 14,511 million (4.3 per cent increase) at the end of FY-2014 and Q4-2015, and 14.929 million (1.3 per cent increase) in the immediate trailing quarter.

     

    Overall revenue and income

     

    The company reported 3.9 per cent growth in revenue in FY-2015 at $23,697 million as compared to $22,812 million in FY-2014. For Q4-2015, TWC reported 4.9 per cent YoY revenue growth at $6,072 million as compared to $5,790 million. Operating income in FY-2015 however declined 8.5 per cent YoY to $4,239 million as compared to $4,632 million in the previous year. Operating Income in the current quarter declined by 8.2 per cent YoY to $1,125 million as compared to $1,226 million.

     

    Company speak

     

    Time Warner Cable chairman and CEO Rob Marcus said, “I’m incredibly proud of everything we achieved this quarter and in 2015. We made our network more reliable, our products more compelling and our customer service better. And, importantly, our subscriber improvement over the last eight quarters, including our record subscriber performance in 2015, has begun to show up in our financial results. As we begin 2016, we intend to continue to improve the customer experience and build value for our shareholders.”

     

    Segment numbers

     

    Residential video: Residential video revenue in the current year declined 0.9 per cent to $9,907 million as compared to $10,002 million in the previous year. Video revenue in Q4-2015 increased 0.3 per cent YoY to $2,471 million as compared to $2,464 million in Q4-2014. Video Subscription numbers have been mentioned above.

     

    High Speed Data: High Speed Data revenue increased 9.3 per cent in FY-2015 to $7,029 million as compared to $6,428 million in FY-2014. For Q4-2015, the segment’s revenue increased 10.6 per cent YOY to $1,819 million as compared to $1,644 million in Q4-2014. High Speed Data subscribers in FY-2015 increased 8.6 per cent to 12.675 million as compared to 11.675 million in FY-2014. QoQ, relationships increased by 2.3 per cent as compared to 12.394 million in Q3-2015.

     

    Voice: Voice revenue declined 0.1 per cent in FY-2015 to $1,931 million as compared to $1,932 million in FY-2014. In Q4-2015, Voice revenue increased 5.7 per cent YoY to $497 million as compared $470 million. Voice subscribers increased 19.6 per cent in FY-2015 to 6.23 million as compared to 5.284 million in FY-2014. QoQ Voice subscribers increased 3.7 per cent in Q4-2015 as compared to 6.093 million in the immediate trailing quarter.

     

    Multi-Play: In FY-2015, while single play customers increased 2.2 per cent to 5.75 million from 5.63 million and triple play customers increased 21.9 per cent to 5.31 million from 4.356 million, double play customers declined 10.1 per cent to 4.067 million from 4.525 million in FY-2014. QoQ, Single play customers increased 0.8 per cent, triple play customers increased four per cent, while double play customers declined 1.2 per cent.

     

    Business Services: Business services contribution to TWC’s revenue increased to 13.9 per cent in FY-2015 from 12.4 per cent in FY-2014. Overall Business Services Revenue (BSR) in the current year increased 15.7 per cent to $3,284 million from $2,838 million in FY-2014. Total revenue in Q4-2015 increased 14.4 per cent YoY to $864 million (18 per cent of overall revenue) as compared to $755 million (16.4 per cent of overall revenue). A major portion (a little less than 50 per cent) of BSR comes from high speed data and almost 90 per cent of TWC’s business services subscribers opting for this service.

  • Inventory increase jacks Sahara One profit for Q2-2014 despite 31.1 per cent revenue drop

    Inventory increase jacks Sahara One profit for Q2-2014 despite 31.1 per cent revenue drop

    BENGALURU: Sahara One Media and Entertainment Limited (Sahara One) reported increase in inventory of Rs 3.64 crore for Q2-2014 (90.8 per cent of the total PAT) as compared to reduction in inventory of Rs 1.39 crore for Q2-2013 and a reduction in inventory of Rs 1.73 crore for Q1-2014.

     

    Sahara One reported a PAT of Rs 4.1 crore, 8.1 per cent higher than the PAT of Rs 3.79 crore for the corresponding period of last year and more than triple (3.38 times more) the Rs 1.21 crore for the immediate trailing quarter.

     

    Despite a 31.1 per cent drop in Income from operations for the current quarter to Rs 22.61 crore as compared to the Rs 32.80 crore for y-o-y and a reduction of 17.5 as compared to the Rs 27.42 crore q-o-q, the company reported an increase in PAT. The company reported a PBT of Rs 6.15 crore which was 8.8 per cent higher than the Rs 5.65 crore for Q2-2013 and more than triple (3.47 times) the Rs 1.77 crore for the immediate preceding quarter.

     

    Let us look at the other results for Q2-2014 recorded by Sahara One

     

    Other income for Q2-2014 at Rs 2.54 crore was less than half (43.8 per cent) of the Rs 5.79 crore for Q2-2013 and 12.5 per cent lower than the Rs 2.9 crore for Q1-2014.

     

    Total Expenditure reported for Q2-2014 at Rs 18.99 crore was 57.7 per cent of the expenditure of Rs 32.94 crore for Q2-2013 and 33.6 per cent lower than the Rs 28.54 crore for Q1-2014. However, if one were to neglect the effect of the above mentioned increase in inventory of Rs 3.64 crore for Q2-2014 total expense was Rs 22.63 crore.

     

    For Q2-2014, the company reported lower expenditure towards purchase of content at Rs 17.51 crore, as compared to the Rs 27.41 crore (36.1 per cent lower y-o-y ) and 19.4 per cent lower than the Rs 21.73 crore for Q1-2014.

     

    The company has reported revenues from three sources – Television and Movies segments and unallocated revenue.

     

    Television segment reported a 30 per cent drop in revenue to Rs 23.46 crore for Q2-2014 as compared to the Rs 33.53 crore for Q2-2013 and 17 per cent lower than the Rs 28.26 crore for Q1-2014. This segment reported operating profit at Rs 7.29 crore that was more than double (2.52 times) the Rs 2.90 crore for Q2-2013 and almost triple (2.93 times) as compared to the Rs  2.49 crore for Q1-2014.

     

    Income from the movies segment was nil for the current and the corresponding quarter of the last quarter, and just Rs 0.0134 crore for Q1-2014. This segment reported a loss of Rs (-0.1969) crore for Q2-2014 as compared to a loss of Rs (-31.07) crore for Q1-2013 and Rs (-0.1573) crore for Q1-2014.

     

    Sahara One reported unallocated income of Rs 1.68 crore for Q2-2014, a little less than one third (33.13 per cent) of the Rs 5.07 crore for Q2-2013 and 17.7 per cent lower than the Rs 2.04 crore for Q1-2014. For Q2-2014, this revenue source reported a 68.6 per cent higher loss at Rs (-0.94) crore as compared to the loss of Rs (-0.55) crore for the corresponding quarter of last year. Unallocated source of income reported a positive Rs 3.08 crore for Q1-2014.

     

    Capital employed (Segment assets minus segment liabilities) by the television segment rose 80.6 per cent to Rs 78.09 crore for Q2-2014 as compared to the Rs 43.25 crore for Q2-2013 and 34.8 per cent higher than the Rs 57.95 crore for Q1-2014.

     

    Capital employed by the movies segment at Rs 86.27 crore for Q2-2014 was 3.1 per cent more than the Rs 83.71 crore for Q2-2013 and almost flat as compared to the Rs 82.17 crore for Q1-2014.

     

    Unallocated capital employed for Q2-2014 at Rs 133.62 crore was 19.5 per cent lower than the Rs 165.99 crore for Q2-2013 and 10.8 per cent lower than the Rs 149.77 crore for Q1-2014.

  • Tips film segment reports loss of Rs 19.6 crore for Q2-2014; audio products PAT lower

    Tips film segment reports loss of Rs 19.6 crore for Q2-2014; audio products PAT lower

    BENGALURU: Note (1) Considering the nature of business carried on by the company whereby revenues do not necessarily accrue evenly over the year, the results of the quarter may not be representative of the result for the year. As such, the result of the current quarter is not comparable with the result of corresponding quarter.

     

    (2) A major film project by the company starring Akshay Kumar ‘Its Entertainment’ is slated for release in May 2014.

     

    Despite two significant releases in Q2-2014 – Ramaiya Vastavaiya and Phata Poster and Nikla Hero, the Taurani brothers led Tips Industries Limited (Tips) reported a net loss of Rs (-22.32) crore for the quarter, with its film

     

    production/distribution segment chipping in with loss of Rs (-19.6) crore.  The segment reported revenue of Rs 36.51 crore for Q2-2014, as compared to a small Rs 0.06 crore for the corresponding quarter of last year with a loss of (-1.99 crore) and the Rs 0.32 crore for Q2-2014 with a loss of Rs (-1.73) crore.

     

    Audio products sales/income at Rs 6.48 crore for Q2-2014 was 20.3 per cent lower than the Rs 8.13 crore for Q2-2013 and 15.7 per cent lower than the Rs 76.9 crore for Q1-2014. The segment returned a profit of Rs 3.51 crore which was 46 per cent lower than the Rs 6.49 crore for Q2-2013 and 44.2 per cent lower than the Rs 6.29 crore for Q12-104.

     

    Total Income from operations for Q2-2014 was Rs 42.99 crore, which was 5.25 times the Rs 8.18 crore for Q2-2013 and 5.37 times the Rs 8 crore q-o-q.

     

    Total expenditure for Q2-2014 at Rs 62.67 crore was more than 10 times (10.55 times) the Rs 5.94 crore y-o-y and 9.98 times the Rs 6.28 crore q-o-q.

     

    Correspondingly, cost of film production/distribution expense at Rs 55.39 crore for Q2-2014 was much higher than the Rs 1.14 crore for Q2-2013 and the Rs 1.28 crore for Q1-2014.

  • Hathway Q2-2014 y-o-y revenue up 68 per cent, loss returns after two quarters

    Hathway Q2-2014 y-o-y revenue up 68 per cent, loss returns after two quarters

    BENGALURU: Indian Multi Systems Operator (MSO) Hathway Cable & Datacom Limited (Hathway) reported net sales/income from operations of Rs 219.33 crore for Q2-2014, 68 per cent higher than the Rs 130.33 crore the company reported for Q2-2013, but 5.4 per cent lower than the Rs 231 crore for the immediate trailing quarter (Q1-2014).

     

    The company reported a net loss of Rs (-44.44) crore for Q2-2014, 35.26 times higher than the loss of Rs (-1.26 crore) for the corresponding period last year. Earlier, Hathway had reported positive PAT for two consecutive quarters, viz. Q1-2014 when it returned a positive PAT of Rs 5.32 crore and an even higher positive PAT of Rs 28.27 crore for Q4-2013. For FY-2013, the company had reported a net profit for the year from continuing operations of Rs 3.2 crore, while for FY-2012; the company had reported a loss of Rs 5.17 crore.

     

    Let us look at the other Q2-2014 figures reported by Hathway

     

    Hathway’s EBIDTA for Q2-2014 at Rs 40.15 crore was 68.7 per cent more than the Rs 23.8 crore for Q2-2013, but almost half (52.1 per cent) of Rs 77.04 crore for Q1-2014.

     

    The MSO reported a loss before other income, interest and exceptional Items, and tax of Rs (-12.9) crore for Q2-2014, as compared to a loss of Rs (-5.39) crore for Q2-2013 and a profit of Rs 34.55 crore for Q1-2014.

     

    Hathway reported expense of Rs 233.19 crore (5.9 per cent more than the total income of Rs 220.28 crore) for Q2-2014, more than double (2.09 times)  the Rs 111.7 crore for Q2-2013 and about 17.8 per cent more than the Rs 198.01 crore for the immediate preceding quarter (Q1-2014).

     

    Harthway’s pay channel cost at Rs 68.3 crore was 75 per cent more than the Rs 39.05 crore for Q2-2013 and 16.8 per cent more than the Rs 58.45 crore for Q1-2014.

     

    Depreciation and amortisation expense at Rs 51.32 crore was 16.2 per cent more than the Rs 44.18 crore for Q2-2013 and 23.5 per cent more than the Rs 41.54 crore for Q1-2014.

     

    Another major expense head – Other expenses for Q2-2014 at Rs 98.12 crore was up 62.6 per cent as compared to the Rs 60.33 crore for Q2-2013 and 17.3 per cent more than the Rs 83.67 crore for Q1-2014.

     

    Hathway’s finance cost for Q2-2014 at Rs 23.71 crore more than tripled (was 3.25 times) the Rs 7.30 crore for Q2-2013 and was 9.7 per cent more than the Rs 21.61 crore for Q1-2014.

     

    Hathway reported a foreign exchange loss of Rs (-7.51) crore for Q2-2014 as compared to a gain of Rs 4.48 crore for Q2-2013 and a loss of Rs (-8.32) crore for the trailing quarter (Q1-2014).

     

    Revenue and results from the other segments was a minor fraction of the overall revenue.

  • Mukta Arts PAT 0.2% for Q2-2014 despite higher q-o-q income

    Mukta Arts PAT 0.2% for Q2-2014 despite higher q-o-q income

    BENGALURU: Mukta Arts Limited (MAL) announced a PAT of Rs 0.1632 crore and total income from operations of Rs 85.16 crore for Q2-2014, which translates roughly to 0.19 per cent. Revenue for Q1-2014 was lower by 19.2 per cent at Rs 71.45 crore, and for the corresponding quarter last year (Q2-2013) it was 11.8 per cent lower at Rs 76.14 crore. Last quarter (Q1-2014) the company had reported a PAT of Rs 0.74 crore or 1.04 per cent of total income from operations.

     

    Let us take a look at the other figures reported for Q2-2014 by MAL

     

    Total expense for Q2-2014 at Rs 84.61 crore was 12.9 per cent higher than the Rs 74.95 crore for Q2-2013 and 20.3 per cent more than the Rs 70.34 crore for Q1-2014.

     

    The largest chunk of expense is producers/distributors share in the case of MAL. The company has reported Rs 78.21 crore (91.8 per cent of total income from operations) towards this head for Q2-2014, which was 8.6 per cent higher than the Rs 72.04 crore (94.6 per cent of total income from operations) for Q2-2013, and 20.4 per cent more than the Rs 64.94 crore (90.9 per cent of total income from operations) for the immediate preceding quarter (Q1-2014).

     

    Segment Revenue

     

    Four segments – Software division; Equipment division; Theatrical Exhibition division; and Others are responsible for revenue for MAL.

     

    MAL’s software division reported revenue of Rs 79.67 crore for Q2-2014, 6.7 per cent higher y-o-y as compared to the Rs 74.75 crore for Q2-2013 and 20.8 per cent higher than the Rs 65.92 crore for Q1-2014. Despite the higher revenue, profit from this segment was less than a fourth (4.21 times less) at Rs 0.35 crore for Q2-2014 as compared to the Rs 1.46 crore for Q1-2013 and just about half the Rs 9.29 crore for Q1-2014.

     

    Its theatrical segment saw a huge jump in revenue at Rs 3.52 crore for Q2-2014 as compared to the Rs 0.1545 crore for Q2-2014, but was 4.3 per cent lower than the Rs 3.68 crore for Q1-2014. This segment saw a loss of Rs (-0.25) crore for Q2-2014 as compared to a profit of Rs 0.08 crore for Q1-2014 and a loss of Rs (-0.04) crore for Q2-2013.

     

    Revenue and results from the other segments was a minor fraction of the overall revenue.

  • PAT returns to Sri Adhikari Brothers in Q1-2014 after a hiatus in Q4-2013

    PAT returns to Sri Adhikari Brothers in Q1-2014 after a hiatus in Q4-2013

    BENGALURU: Sri Adhikari Brothers Television Network Limited (Sri Adhikari Brothers) reported a PAT of Rs 1.83 crore for Q1-2014 as compared to a loss of Rs 3.02 crore in the preceding quarter (Q4-2013). The content provider had reported a lower PAT of Rs 1.69 crore for the corresponding quarter last year Q1-2013.

     

    Let us take a look at the other results of Sri Adhikari Brothers for Q1-2014

     

    A note by the company’s chartered accountants says – The company has not recognised Current Tax and Deferred Tax as per requirements of Accounting Satndard 22 – ‘Accounting of Taxes on Income’. Pending details of the measurement of above it’s impact on the Profit and Loss for the quarter ended June 30, 2013 cannot be ascertainable.

     

    Sri Adhikari Brothers had a net sales/income from operations for Q1-2014 of Rs 17.52 crore, 39.3 per cent higher than the Rs 12.58 crore for Q1-2013 and 7.9 per cent higher than the Rs 16.24 crore in Q4-2013.

     

    Sri Adhikari Brothers’ total expenditure for Q1-2014 at Rs 15.28 crore was 55 per cent more than the Rs 9.86 crore for Q1-2013, but 19 per cent lower than the Rs 18.85 crore in Q4-2013.

     

    Production expenditure for Q1-2014 at Rs 10.68 crore was more than double (2.15 times more) than the Rs 4.96 crore for Q1-2013, but 70 per cent of the Rs 15.14 crore in Q4-2013.

     

    Other expenditure at Rs 1.93 crore for Q1-2014 was 12.4 per cent lower than the Rs 2.20 crore for Q1-2013, but 43 per cent higher than the Rs 13.49 crore for Q4-2013.

     

    Profit from operations before other income, finance cost, exceptional items and tax for Q1-2014 at Rs 2.24 crore was 17.7 per cent lower than the Rs 2.24 crore for Q1-2013. Sri Adhikari Brothers reported a loss from operations before other income, finance cost, exceptional items and tax for Q4-2013 of Rs 2.62 crore.