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Tag: Q4-2013

  • Britannia FY-2014 ad and sales promo spends up 13 per cent; PAT up 52 per cent

    Britannia FY-2014 ad and sales promo spends up 13 per cent; PAT up 52 per cent

    BENGALURU: Indian food industry major Britannia Industries Limited (Britannia) advertisement and sales promotion expense (ASP) in FY-2014 at Rs 603.65 crore (8.7 per cent of Net Total Income from Operations or Op Inc) was 13 per cent more than the Rs 534.28 crore (8.6 per cent of Op Inc) that the company spent in the previous fiscal towards this head. However, in Q4-2014, the company’s ASP was 5.9 per cent lower at Rs 146.19 crore (8.1 per cent of Op Inc) than the Rs 155.28 crore (8.7 per cent of Op Inc) in Q3-2014 and 0.4 per cent less than the Rs 146.76 crore (8.9 per cent of Op Inc) in Q4-2013.

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

    In FY-2014, the company reported a 11.8 per cent jump in Op Inc to Rs 6912.71 crore from Rs 6185.41 crore in FY-2013. For Q4-2014, Britannia’s Op Inc at Rs 1812.44 crore was 1.1 per cent more than the Rs 1793.01 crore in the immediate trailing quarter and was 9.7 per cent more than the Rs 1651.66 crore in the year ago quarter Q4-2013.

    Though in rupee value terms, Britannia’s ASP over eight quarters starting with Q1-2013 till Q4-2014 shows an upward linear trend, in terms of percentage of Op Inc., ASP expense seems to have flattened out linearly to about 8.7 per cent of Op Inc over this period (which is also the average ASP in terms if percentage of Op Inc over the 8 quarters).  Over a five year period starting FY-2010 till FY-2014, the company’s ASP spent has been trending upward linearly, both in terms of rupees spent and in terms of percentage of Op Inc. Please refer to Fig. 1A and 1B below.

    Fig. 1B below is quite interesting. During the eight quarters under consideration, the two curves representing percentage changes of Op Inc and ASP between two corresponding quarters (Q-o-q) run side by side, except between Q1-2014 and Q2-2014 where they intersect. This suggests that a change in ASP spends definitely effects the Op Inc, a dip in ASP results in a dip in Op Inc growth, and an increase in ASP results in an increase Op Inc growth.

    Britannia reported PAT of Rs 395.35 crore (5.7 per cent of Op Inc) in FY-2014, which was a phenomenal 52.4 per cent more that the Rs 259.5 crore (4.2 per cent of Op Inc) in FY-2013. For Q4-2014, the company’s PAT at Rs 108.12 crore (6 per cent of Op Inc) which was 7.8 per cent more than the Rs 100.32 crore (5.6 per cent of Op Inc) in Q3-2014 and 17.2 per cent more than the Rs 92.26 crore (5.6 per cent of Op Inc) in Q4-2013. Across the eight quarters and the five years under consideration, PAT curves and ASP curves in terms of percentage of Op Inc run side by side and are almost parallel. The company’s PAT has been climbing upwards from 3.4 per cent of Op Inc in FY-2010 to 5.7 per cent of Op Inc in FY-2014. Across the eight quarters under consideration, PAT has climbed from 3.4 per cent of Op Inc in Q1-2013 to 6 per cent of Op Inc in Q4-2014. As mentioned above, ASP in terms of percentage of Op Inc seems to have flattened out. Please refer to Fig 2 below:

    Commenting on the performance, Britannia managing director Varun Berry said, “Overall, It’s been a good year with double digit revenue growth and a solid profit growth. This is the result of disciplined effort that focused on the primary building blocks of business viz. supporting our brands, an empowered and passionate front-line organisation delivering increased distribution depth in urban and width in rural India, consistently high product quality and improved operational efficiency. Toughening economic environment called for a focus on fundamentals and we did that. We have established a great platform to take our organization to greater heights.”

    The board of directors has recommended a dividend of 600 per cent or Rs 12 per equity share of Rs 2 each.

    Click here to read the full report

  • Inox FY-2014 PAT doubles FY-2013 PAT

    Inox FY-2014 PAT doubles FY-2013 PAT

    BENGALURU: Indian Theatrical film exhibitor Inox Leisure Limited (Inox) reported FY-2014 PAT of Rs 36.93 crore (4.3 per cent of Total Income from operations of Tot Op Inc), 100.2 per cent more than the Rs 18.45 crore (2.4 per cent of Tot op Inc) in FY-2013.

     

    The company reported Tot Op Inc of Rs 868.83 crore in FY-2014, which was 13.5 per cent higher than the Rs 765.29 crore in the previous fiscal. Tot Op Inc of Rs 188.30 crore, was 12.1 per cent less than the Rs 214.27 crore in Q3-2014 and 10.4 per cent more than the Rs 170.59 crore in Q4-2013.

     

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

     

    PAT in Q4-2014 was just Rs 1.43 crore (0.8 per cent of Tot Op Inc) and less than a fourth (1/4.23 times) the Rs 6.47 crore in Q3-2014. The company had reported loss of Rs 9.94 crore in Q4-2013.

     

    Let us look at the other Q4-2014 and FTY-2014 numbers reported by Inox

     

    Inox reported 12.3 per cent higher total expenditure (Tot Exp) in FY-2014 at Rs 797.56 crore (91.8 per cent of Tot Op Inc) as compared to the Rs 710.35 crore (92.8 per cent of Tot Op Inc) in FY-2013. Inox reported Tot Exp of Rs 184.78 crore (98.1 per cent of Tot Op Inc) in Q4-2014, which was 7.8 per cent less than the Rs 200.36 crore (93.5 per cent of Tot Op Inc) in Q3-2014 and 4.9 per cent more than the Rs 176.18 crore (103.3 per cent of Tot op Exp) in Q4-2013.

     

    The company paid Rs 106.07 crore (12.2 per cent of Tot Op Inc) in FY-2014 towards Entertainment Tax, which was 3.9 per cent more than the Rs 102.04 crore (13.3 per cent of Tot Op Inc) in FY-2013. Entertainment Tax in Q4-2014 at Rs 221.2 crore (11.7 per cent of Tot Op Inc) was 12.6 per cent less than the Rs 253.1 crore (11.8 per cent of Tot Op Inc) in Q3-2014 and 2 per cent more than the Rs 216.9 crore (12.7 per cent of Tot Op Inc) in Q4-2013.

     

    Inox incurred a cost of Rs 223.49 crore (25.7 per cent of Tot Op Inc) in FY-2014 towards Exhibition Cost, which was 6.5 per cent more than the Rs 209.94 crore (27.4 per cent of Tot Op Inc) in the previous fiscal. Exhibition cost in Q4-2014 was less by 14.9 per cent at Rs 46.36 crore (24.6 per cent of Tot Op Inc) as compared to the Rs 54.48 crore (25.4 per cent of Tot Op Inc) in the immediate trailing quarter and 2.5 per cent more than the Rs 45.23 crore (26.5 per cent of Tot Op Inc) in Q4-2013.

     

    Inox paid Rs 137.22 crore (15.8 per cent of Tot Op Inc) towards property rent, conducting fees and common facility charges (rent and other charges) in FY-2014, which was 16.4 per cent more than the Rs 117.9 crore (16.8 per cent of Tot Op Inc) in FY-2013. The company paid Rs 35.64 crore (18.9 per cent of Tot Op Inc) in Q4-2014 towards rent and other charges, which was 3.1 per cent more than the Rs 34.58 crore (16.1 per cent of Tot Op Inc) in Q3-2014 and 13.4 per cent more than the Rs 31.42 crore (18.4 per cent of Tot Op Inc) in Q4-2013.

     

    The company paid 3.5 per cent more towards finance cost in FY-2014 at Rs 27.63 crore (3.2 per cent of Tot Op Inc) as compared to the Rs 26.7o crore (3.5 per cent of Tot Op Inc) in FY-2013. Finance cost in Q4-2014 at Rs 6.20 crore (3.3 per cent of Tot Op Inc) was 6.3 per cent less than the Rs 6.62 crore (3.1 per cent of Tot Op Inc) in Q3-2014 and 13.2 per cent lower than the Rs 7.14 crore (4.2 per cent of Tot Op Inc) in Q4-2013.

     

    Inox currently operates 79 multiplexes and 310 screens in 43 cities. Since its inception in 1999, Inox has been active in exploring acquisition and / or expansion opportunities on continuous basis with a view to consolidate its position in the multiplex industry. In 2007, Calcutta Cinema Private Ltd (CCPL), a multiplex cinema theatre company based in West Bengal was merged with Inox. In May 2013, Fame India Limited, another multiplex cinema theatre company having nationwide presence, was merged with Inox.

  • FY-2014: Sea TV reports loss of Rs 6.82 crore

    FY-2014: Sea TV reports loss of Rs 6.82 crore

    BENGALURU: Sea TV Network Ltd, (Sea TV) an MSO and a media and entertainment house of Uttar Pradesh & Uttrakhand reported loss of Rs 6.82 crore in FY-2014 as compared to a profit of Rs 1.29 crore in FY-2013. Though the company incurred a 35.3 per cent drop in EBIDTA as compared to last year, it was still EBIDTA positive at Rs 2.79 (14.3 per cent of Total Income or Tot Inc) crore in FY-2014 as compared to the Rs 4.32 crore (20.3 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.

     

    The company reported 11.4 per cent lower Tot Inc in FY-2014 at Rs 18.82 crore as compared to the Rs 21.24 crore in FY-2013. Tot Inc in Q4-2014 at Rs 4.71 crore was 12.8 per cent more than the Rs 4.17 crore in the immediate trailing quarter and 15.5 per cent more than the Rs 4.05 crore in the year ago quarter Q4-2013.

     

    Sea TV incurred Total Expense (Tot Exp) of Rs 20.73 crore (110.2 per cent of Tot Inc) in FY-2014 which was 11.8 per cent more than the Rs 18.55 crore (87.3 per cent of Tot Inc) in FY-2013. During Q4-2014, the company’s Tot Exp at Rs 4.7 crore (99.8 per cent of Tot Inc) was 3.9 per cent more than the Rs 4.52 crore (108.3 per cent of Tot Inc) of Q3-2014 and 38.3 per cent more than the Rs 3.40 crore (83.4 per cent of Tot Inc) in Q4-2013.

     

    A major portion of Sea TV’s expenditure is Pay Channel Charges (PCC). In FY-2014, PCC at Rs 5.56 crore (29.6 per cent of Tot Inc) was 28.6 per cent more than the Rs 43.3 crore (20.4 per cent of Tot Inc) in FY-2013. PCC in Q4-2014 at Rs 1.41 crore (30 per cent of Tot Inc) was 14.6 per cent lower than the Rs 1.65 crore (39.6 per cent of Tot Inc) in Q3-2014 and 1.5 per cent higher than the Rs 1.39 crore (34.1 per cent of Tot Inc) in Q4-2013.

     

    EBIDTA for Q4-2014 at Rs 1.2 crore (25.5 per cent of Tot Inc) was 40.5 per cent more than the Rs 0.86 crore (20.5 per cent of Tot Inc) in Q3-2014 and 7.4 per cent more than the Rs 1.12 crore (27.5 per cent of Tot inc) in Q4-2013.

     

    The company’s interest cost increased by more than fivefold (5.78 times) to Rs 3.98 crore (21.1 per cent of Tot Inc) in FY-2014 from Rs 0.89 crore (3.2 per cent of Tot Inc) in FY-2013. Interest cost in Q4-2014 at Rs 1.44 crore (30.5 per cent of Tot Inc) was 13 per cent more than the Rs1.27  crore (30.4 per cent of Tot Inc) in Q3-2014 and almost seven times (6.8 times) the Rs 0.21 crore (5.2 per cent of Tot Inc) in Q4-2013.

     

    The company’s result for the three quarters: Q4-2014 – loss of Rs 1.7 crore: Q3-2014 – loss of Rs 1.78 crore: Q4-2014 – Profit of Rs 0.32 crore.

     

    Sea TV claims to own a number of media establishments. Through its subsidiary Sea News Network, it runs a 24×7 news satellite channel SEA NEWS UP/UK, primarily having an eye over the happenings of Uttar Pradesh and Uttarakhand. Through its another subsidiary Sea Print Media & Publications, it operates its first venture in print media, Hindi Daily ‘The Sea Express’. In addition to it, through its third subsidiary Jain Telemedia Services, the company operates another satellite channel focusing on Jainism – ‘Jinvani’. Besides, it says that it has been serving news and entertainment content to as many as 3.75 lakh households of Agra for past nine years through its MSO (Multi-System Operators) service.

     

    Click here for the full report

  • FY-2014: Network18 Media operations segment reports operating profit of Rs 56 crore

    FY-2014: Network18 Media operations segment reports operating profit of Rs 56 crore

    BENGALURU:  Network18 Media and Investments Limited (Network18) Media Operations segment reported an operating profit of Rs 55.77 crore in FY-2014 as compared to a loss of Rs 151.09 crore in FY-2013. The segment reported a revenue of Rs 2,562.49 crore in FY-2014, 17.35 per cent more than the Rs 2,183.66 crore in FY-2013.

     

    Overall, in FY-2014, Network18 has reported a loss of Rs 36.77 crore, much lower than the loss of Rs 105.46 crore in FY-2013. Consolidated revenue in FY-2014 at Rs 2,682.39 crore was 13 per cent more than the Rs 2,382.69 crore in FY-2013.

     

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

     

    Network18 managing director Raghav Bahal said, “We are enthused by the turnaround performance of Network18 for this financial year. All our businesses have delivered strong  operating performances and contributed positively to achieve a new milestone in operating profits this year, 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.”

     

    Let us look at the FY-2014 and Q4-2014 numbers reported by Network18

     

    The company reported a 1.47 per cent growth in Total Income from Operations at Rs 738.32 crore in Q4-2014 as compared to the Rs 727.59 crore in the immediate trailing quarter and 8.66 per cent more than the Rs 679.49 crore in the year ago quarter Q4-2013.

     

    Network18 reported a consolidated loss of Rs 4.12 crore in Q4-2014, much lower than the loss of Rs 11.72 crore in Q3-2014 and as against a profit of Rs 0.47 crore in Q4-2013.

     

    The company’s Total Expense (Tot Exp) for FY-2014 at Rs 2695.58 crore (100.12 per cent of Total Income from operations) was 7.14 per cent more than the Rs 2515.98 crores (105.59 per cent of Total Income from operations) in FY-2014. Total Expenditure for Q4-2014 at Rs 726.07 crore (98.34 per cent of Total Income from operations) was 5.6 per cent more than the Rs 687.59 crore (94.5 per cent of Total Income from operations) in Q3-2014 and 6.25 per cent more than the Rs 683.35 crore in Q4-2013.

     

    Network18’s programming cost in FY-2014 at Rs 522.47 crore (19.41 per cent of Total Income from operations) was 7.81 per cent more than the Rs 484.63 crore (20.34 per cent of Total Income from operations) in FY-2013. Programming cost in Q4-2014 at Rs133.82 crore (18.13 per cent of Total Income from operations) was 14.18 per cent lower than the Rs 155.94 crore (21.43 per cent of Total Income from operations) in Q3-2014 and 25.08 per cent more than the Rs 106.99 crore (15.75 per cent of Total Income from operations) in Q4-2013.

     

    The company has brought down its finance costs to less than half (by 54.97 per cent) in FY-2014 at Rs122.47 crore (4.55 per cent of Total Income from operations) as compared to the Rs 271.98 crore (11.41 per cent of Total Income from operations) in FY-2013. Finance cost in Q4-2014 at Rs 32.08 crore (4.35 per cent of Total Income from operations) was 3.94 per cent more than the Rs 30.87 crore (4.24 per cent of Total Income from operations) in Q3-014 and 17.6 per cent lower than the Rs 38.93 crore (5.73 per cent of Total Income from operations) in Q4-2013.

     

    The company’s Film Production and Distribution (Film) segment reported a fall in revenue of 41.32 per cent to Rs101.77 crore in FY-2014 from Rs 173.43 crore in FY-2013. Network18’s film segment reported a negative revenue of Rs 14.61 crore in Q4-2014 as compared to Rs 35.53 crore in Q3-2014 and Rs 38.93 crore in Q4-2013.

     

    Film segment reported an operating loss of Rs 24.30 crore in FY-2014 as compared to a minor loss of Rs 0.42 crore in FY-2013. The loss in Q4-2014 at Rs 4.59 crore was much lower than the loss of Rs 14.28 crore in Q3-2014. Film segment had reported an operating profit of Rs 6.16 crore in Q4-2013.

     

    Here is what the company has to say:

     

    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 (Refer Note No. 7 in the Notes section).

     

    Operating profits (EBITDA) turned around from a loss of Rs 39.3 crore in FY-2013 to a profit of Rs 87.2 crore in FY-2014, led by a consistent increase in profits generated by the television operations and reduction  in operating losses of the digital businesses.

     

    PBT for the year turned around from a loss of Rs 136.9 crore last year to Rs 16 crore this year led by a strong operating performance and a sharp reduction in interest cost from Rs 272 crore last year to Rs 122.5 crore this year.

     

    Reported operating revenue in Q4-2014 was Rs 738.3 crore, up 8.7 per cent YOY. Reported operating profit (EBITDA) in Q4FY14 was Rs 42.3 crores, up from Rs 12.7 crores last year.

     

    Television and Motion Pictures

     

    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, annual advertising revenues grew 11 per cent year on year. Net Distribution Income (NDI) continued its steady climb to close at Rs 178 crores, up from Rs 15.7 crores in FY-2013.

     

    In this financial year, operating profits from our 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 our Entertainment television business registered a 2.9x growth in operating profits (EBITDA) which stood at Rs108.4 crore.

     

    In Q4-2014, 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.

     

     Reported revenues for Q4-2014 stood at Rs 563.3 crore, up 18.7 per cent and operating profits (EBITDA) in Q4-2014 stood at Rs 69.7 crore, up 101 per cent YOY.

     

    Digital content and eCommerce

     

    FY-2014 revenues from the digital content and eCommerce business grew by 32 per cent from Rs 400.9 crore last  year to Rs 530.8 crore this year. Operating losses (EBITDA) of our digital business were steadily  reduced in this financial year from Rs 125.4 crore to Rs 80.6 crore.

     

    In Q4-2014, the company successfully launched ‘FirstBiz’, a business news portal under the ‘FirstPost’ stable and ‘News18.com’, a web, mobile and tablet service which focuses on local news at the state and city level.

     

    Q4-2014 revenues from the digital businesses stood at Rs 149.4 crore and grew by 35 per cent over the last year.

     

    Network18 CEO B Saikumar said, “All our broadcast operations continued to show improvement in margins. IndiaCast has delivered a stellar swing in net distribution income. Our General news operations have turned around this year, due to a strong focus on operational efficiency. Infotainment operations at A+E Networks I TV18 broke into positive territory. Our broadcast entertainment business at Viacom18 grew profitably. Our digital businesses displayed encouraging revenue growth, successfully launched FirstBiz and News18.com and narrowed operating losses. We are focused on sustaining our strong performance in the coming year.”