ITV

Tag: Results

  • CMRSL achieves 85.3 per cent YoY revenue growth in Q2 FY 2023-24

    CMRSL achieves 85.3 per cent YoY revenue growth in Q2 FY 2023-24

    Mumbai: Cyber Media & Research Ltd (CMRSL), a publicly listed digital marketing company, has announced its Q2 results for FY 2023-24, unveiling an impressive financial performance for the second quarter of the fiscal year 2023-24. With a strong focus on digital marketing, data analytics, and programmatic solutions, CMRSL has positioned itself as an emerging player in the industry

    For Q2 FY 2023-24, CMRSL reported revenue of ₹25.53 crore compared to ₹13.77 crore in the same period of FY 2022-23, showcasing an exceptional YoY growth of 85.3 per cent. Boasting a remarkable growth of 40.4% QoQ, the company has expanded its portfolio by acquiring new clients and agencies, which notably include Sify Technology, Cisco, Tata Teleservices, RepublicTV, and University18, among others.

    CMRSL’s EBITDA for Q2 FY 2023-24 was ₹1.36 Crore, as compared to ₹1.08 Crore for Q2 FY 2022-23, EBITDA grew by 5.9 per cent YoY, while PBT witnessed a robust 65.2 per cent YoY growth, reaching ₹1.84 Crore in the first half of the current fiscal.

    During the second quarter of this fiscal year, CMRSL has strengthened its partnership with Google by being elevated to Google Certified Publishing Partner (GCPP) status. It has also signed up with AdTech partners like Nexxen, InMobi, Gamoshi, and E-Planning. CMRSL’s impressive growth,  strengthened partnerships, and strategic collaborations underscore its dynamic approach to navigating the ever-evolving market landscape.
    CMRSL managing director Dhaval Gupta said, “Our Q2 FY 2023-24 results underscore our commitment to excellence and innovation in the digital marketing space. The remarkable revenue growth is a testament to our team’s dedication and ability to navigate the dynamic market landscape.”

    “Looking ahead, we are enthusiastic about the opportunities that lie before us. Our consistent growth trajectory and the expertise of our team position us well to continue delivering exceptional results. We remain focused on expanding our market reach, strengthening client relationships, and investing in cutting-edge technologies to ensure sustained growth in the digital marketing industry.”

  • Network18’s consolidated revenue grew 12 per cent YoY to Rs 1,549 cr for Q2FY23

    Network18’s consolidated revenue grew 12 per cent YoY to Rs 1,549 cr for Q2FY23

    Mumbai: On Tuesday, Network18 Media & Investments announced its financial results for the quarter that ended 30 September, 2022. Amidst a challenging macro environment, the company reported that its consolidated revenue from operations rose to Rs 1,549 crore (year-on-year) as against Rs 1,387 crore in the corresponding quarter of the preceding fiscal. They have reported a consolidated net loss of Rs 28.84 crore.

    Total expenses were at Rs 1,592 crore, up by 33.88 per cent in Q2FY23, as against Rs 1,189.04 crore earlier. The network’s consolidated operating Ebitda fell 87 per cent year on year to Rs 32 crore in Q2FY23, from Rs 253 crore in Q2FY22.

    According to a regulatory filing, TV news revenue was down three per cent YoY in the second quarter, owing primarily to a decline in advertising revenue. News ad inventory declined by 10 per cent at industry level and the drop was even higher for the network as they continued to optimise inventory on key channels. However, the impact on revenue was much lower as the scale-up of events-led monetisation partially offset the loss of display advertising.

    TV18’s entertainment portfolio had a viewership share of 9.9 per cent in the non-news genre in Q2FY23. Its full-portfolio offering across national, regional, niche, sports, infotainment, and digital has diversified revenue streams and makes it future-ready.

    Network18 continued to invest in content, marketing, and distribution initiatives in order to lay a solid foundation for long-term growth, resulting in a 34% increase in operating costs.

    Growth in revenue was primarily driven by the movie segment, as ad revenue was flat due to the subdued advertising environment. Adjusting for the impact of the withdrawal of Colors Rishtey from DD FreeDish, ad revenue grew in the high single digits on a YoY basis, despite the challenging environment.

    Operating expenses increased by 15 per cent (excluding film production) due to increased content and marketing spending. The higher number of hours (TV and digital), higher episodic costs, and increased spending in regional markets all contributed to the increase in content costs.

    The business’s profitability suffered as advertising revenue fell short of expectations, despite content investments helping us strengthen our ratings in certain markets.

    In addition, increased investments in digital and a drop in Colors Rishtey ad revenue also impacted Ebitda.

    Viacom18 Studio’s Laal Singh Chaddha and Shabaash Mithu received a mixed response from Indian theatre-going audiences but received great traction in international markets and on digital platforms.

    Key highlights:  

        TV18’s CNN News18 and News18 India join CNBC TV18 as undisputed leaders in the English and Hindi markets, respectively.

        News18 Jammu & Kashmir, Ladakh, and Himachal is the first channel launched by a major news network to cover the region.

        Colors fortifies the number two position in the Hindi GEC segment.

        Viacom18’s proposed transaction with Bodhi Tree and Reliance got CCI approval.

    Network18 chairman Adil Zainulbhai said, “The first half of the fiscal has been challenging for most sectors. However, we believe that this phase should only be a minor bump in the long runway for growth. Our presence across the full spectrum of content segments and platforms places us in a unique position to leverage the combined strengths of our assets. We have set clear objectives for our different business segments and are working on executing our plans in that direction. Despite the macro environment being less than ideal for growth currently, we continue to make investments which will help us create a strong foundation for the long term and will hold us in good stead as growth returns.”

  • NxtDigital reports revenue of Rs 548.9 crore in H1 FY23

    NxtDigital reports revenue of Rs 548.9 crore in H1 FY23

    Mumbai: Hinduja Group’s NxtDigital has reported consolidated half-yearly financial results for the fiscal ended 30 September 2022.

    In comparison to the previous fiscal’s equivalent half-year revenue of Rs 543.2 crore, revenue of Rs 548.9 crore has been generated.

    Profits before interest, depreciation, and taxes (Ebitda) increased to Rs 109.3 crore from Rs 102.9 crore in the same period of the previous year.

    For the quarter ended 30 September, the company has improved its Ebitda performance to Rs 55.26 crore as against Rs 51.64 crore recorded the previous year and Rs 54.09 crore for the immediately preceding quarter of the current year.

    Due to the company’s continued focus on new growth drivers, all of its media and communications platforms, including its digital television and broadband verticals, experienced stability in the second quarter.

    Last month, it introduced its 100th honourable NXTHUB, giving users seamless access to broadband, digital television, and OTT content.

    Based on a legally binding MoU with Thaicom, one of the top satellite operators in the world, and following extensive and fruitful testing, NxtDigital is soon to introduce broadband-over-satellite services. In addition to public WiFi and drones to improve rural digital solutions and space-based data technologies for agriculture and resource management, this will be the first step of providing satellite AI solutions.

    The organisation has also concentrated on creating digital solutions based on market dynamics throughout this quarter. It will soon introduce ONEDigital, a one-of-a-kind and cutting-edge all-in-one service that provides consumers with access to the internet, digital television, OTT, public and building WIFI, CCTV systems, and voice over IP/intercom. The company has also created the digital content aggregator app NXTPLAY, which is ready for release and offers over 3,00,000 hours of content from top international and regional OTT networks.

    It has started its ambitious project, NXT Sangram, with the goal of training over 10,000 of its last mile owners or franchisees to make the paradigm shift and become digital services partners, capable of meeting all the digital needs of their communities, in line with these initiatives and building out a digital ecosystem on a national scale.

    NxtDigital MD & CEO Vynsley Fernandes said, “We have remained committed this fiscal to developing solutions to drive growth, based on the dynamic environment and changing consumer preferences. Those focused efforts and technological innovations will now take centre stage as we look to shortly roll out our broadband-over-satellite services, our digital content aggregator app NXTPLAY and ONEDigital, an integrated all-in-one solution that defines true digital convergence. Our ecosystem too has been upgraded in line with delivering solutions for digital communities.”

    The draft scheme of arrangement between NxtDigital, Hinduja Global Solutions, and their respective shareholders has been approved, among other things, by the board of directors of the company. Minority shareholders strongly approved the scheme, with 99.99 per cent of them voting in favour of it at the extraordinary general meeting of shareholders held on 2 September  to approve the scheme of arrangement between the company and Hinduja Global Solutions. On 13 October, the NCLT will have its last hearing.

    In the second corporate action, the company’s board of directors approved the proposed scheme of arrangement between NxtDigital and Hinduja Leyland Finance (HLFL) and their respective shareholders, subject to regulatory and shareholder approvals, for the merger of HLFL with the company. The share exchange ratio for the proposed transfer was also approved by the board. The company is working to get all the required legal, regulatory, and other clearances for the deal.

  • Network18’s Q1 consolidated revenue grows 10% to Rs 1,340 crore YoY

    Network18’s Q1 consolidated revenue grows 10% to Rs 1,340 crore YoY

    Mumbai: Network18 Media & Investments on Tuesday announced its financial results for the quarter ended 30 June, 2022. The company reported that its consolidated revenue from operations rose to Rs 1,340 crore year-on-year, amidst a challenging macro environment. It has witnessed 10 percent growth. During the same period, the company posted a 67.52 per cent decline in consolidated net profit at Rs 39.46 crore.

    According to a regulatory filing, Network18’s net profit stood at Rs 121.51 crore during the April-June period a year ago. However, its total expenses were Rs 1,349.78 crore, up 24.88 percent from Rs 1,080.79 crore during the same period last year.

    Network18’s entertainment business revenues grew 13 per cent in Q1 FY23 despite its free-to-air Hindi general entertainment channel (GEC) going off DD FreeDish.

    Digital News revenue continued to grow at a fast pace, said the report, but added that “TV News revenue was flat YoY despite multiple state elections in the base quarter.”

    TV18’s news channels established strong positions in key markets with CNBC TV18, CNN News18 ranked #2 and News18 India ranked #1, #2, and #3 (refer: source) in their genres, respectively.

    During the quarter, three dedicated sports broadcasting channels were launched by Viacom18- Sports18, Sports18 HD and Sports18 Khel.

    On digital media rights for IPL

    Viacom18 has acquired the non-exclusive rights to digitally streaming of 18 matches in every season of the Indian Premier League in the Indian sub-continent for the seasons starting from 2023 to 2027.

    “After announcing a deal with Bodhi Tree and Reliance, Viacom18 made a giant leap towards building a compelling digital consumer proposition by acquiring the Indian subcontinent exclusive digital rights of the Indian Premier League (IPL),” read the statement.

    Highlights for Q1 FY23:

    • Viacom18 has acquired the exclusive digital streaming rights of the Indian Premier League for the Indian sub-continent for the next five seasons (2023-2027) for Rs 23,757.5 crore. It also won the rights for three out of five international territories, which include major cricketing nations like South Africa, Australia, and the UK, for Rs 594.5 crore.
    • IPL is the highest-reaching sports property in the country and will provide a strong entry point for consumers to come to Viacom18’s digital platform. It will play a pivotal role in helping establish it as India’s leading digital media, entertainment, and sports destination.
    • With rights to a slew of diverse sports properties like football (FIFA World Cup, La Liga, Serie A, and Ligue1), basketball (NBA), badminton, and tennis already acquired, Viacom18 is building one of the largest sporting destinations in the country, offering a compelling proposition for both core and casual sports fans.
    • Viacom18, while continuing to strengthen its broadcasting vertical, is building a digital platform of the future to provide best-in-class products and user experience to the fast-growing Indian digital audience. The platform will utilise a combination of exciting sports action and captivating entertainment content across Hindi and regional languages to build a winning consumer value offering.

      Network18 chairman Adil Zainulbhai said, “First quarter of FY23 has set the tone for the journey that we have undertaken towards making Network18 as India’s leading destination for  content. The big development for us this quarter was the acquisition of exclusive digital rights of  IPL. With strong tailwinds favouring digital consumption, it gives us a perfect opportunity to scale-up  our OTT offering. Coupled with the partnership with Bodhi Tree and Reliance, it will enable our  entertainment business to grow to a multiple of what it is today. We are also working towards  creating a 360 degree news offering with depth and breadth, which not only gives the user seamless experience across platforms, but also optimises for relevance. We are laying down strong foundations on which our businesses can continue to grow for the foreseeable future.”
       

    Source: BARC, All India, News genre, TG:15+, Wk 23’22 to 26’22

    Source: BARC, All India, Non-news genre, TG: 2+, Wk 14’22 to 26’22

    Source: BARC, All India, TG: 2+, Wk 23’22 to 26’22

  • Thomas Cook India posts consolidated income growth of 46% to Rs 3,573 mn

    Thomas Cook India posts consolidated income growth of 46% to Rs 3,573 mn

    Mumbai: India’s leading omnichannel travel services, Thomas Cook announced its financial results for the quarter ended 31 March 2022 reflecting a strong rebound with sustained improvement in profitability despite the third wave of Covid-19 (reducing the effective quarter to 45 days), growing geopolitical concerns and a highly delayed restart of India’s scheduled commercial flights.

    TCIL has reported consolidated operating earnings before interest, taxes, depreciation, and amortization (Ebitda) of Rs 239 million, a 19 per cent growth over Rs 201 million in Q3 FY22 against a previously reported loss of Rs 361 million in Q4 FY21. The consolidated income from operations for the quarter grew by 46 per cent from Rs 3,573 million for Q4 FY21 to Rs 5,221 million in Q4 FY22. The cash and bank balances of the company at a consolidated level as on 31 March 2022 are at Rs 6,399 million. The company continued its focus on cost prudence with reduced costs for Q4 FY22 at Rs 2,754 million, registering 37 percent saving at pre-pandemic levels in Q4 FY20.

    According to the reports, TCIL standalone operating Ebitda of Rs 28 million against a loss of Rs 74 million in Q3 FY22 was led by strong sales recovery by Forex 56 percent and business travel 50 percent. The trend continued in April 2022 with foreign exchange, corporate travel and domestic holidays registering a recovery of 62 percent, 81 percent and 85 percent of pre-pandemic sales respectively.

    TCIL income from operations for the quarter grew by 25 per cent from Rs 636 million in Q4 FY21 to Rs 794 million. The margins for the holiday business & foreign exchange grew by 326 bps and 29 bps, respectively.

    The company continued its focus on cost prudence with reduced costs for Q4 FY22 at Rs 767 million, registering a 51 per cent saving from pre-pandemic levels of Q4 FY20.

    The company’s sustained focus on technology delivered end-to-end digitization across its businesses, including B2C and B2B self-booking/servicing tools and dynamic customization, vendor management and automated accounting/payment solutions. The digital acceleration serves to further augment the company’s omnichannel model towards an enriched customer experience, cost and efficiency benefits.

    Thomas Cook’s managing director Madhavan Menon said, “Despite the Omicron wave reducing the quarter to 45 days and the reopening of Indian skies for scheduled international flights only on 27 March, our teams have delivered a commendable performance this quarter with an operating Ebitda of Rs 239 million. The group’s strong performance was led by foreign exchange, business travel, sterling holidays, DEI & desert Adventures. With other markets opening up, we expect the other group companies to stage quick recoveries too.”

    “Our focus on sustainable cost management balanced with a thrust on technology over the past three years is delivering results in the form of speed, productivity and improved customer experience. Recovery is accelerating continually, with our foreign exchange, corporate travel and domestic holidays businesses registering an estimated sales recovery of 57 percent, 81 percent and 99 percent of pre-pandemic levels as of the end of May 2022 and strong pipelines for the coming quarter and beyond,” Menon added.

  • Voltas Q2: Net profit sinks 26 per cent to Rs 80 crore

    Voltas Q2: Net profit sinks 26 per cent to Rs 80 crore

    MUMBAI: Consumer electronics firm Voltas has posted net profit of Rs 80 crore for the quarter ended 30 September 2020. This is a decline of 26 per cent from the same quarter last fiscal when the company reported net profit of Rs 107.3 crore.

    The consolidated total income for the period was higher by 10 per cent at Rs 1,651 crores as compared to Rs 1,495 crores in the corresponding quarter last year. Earnings per share (face value per share of Re 1) (not annualized) as on 30 September 2020 was Rs 2.37 as compared to Rs 3.22 last year. 

    The results take into account the effect of merger of a 100 per cent subsidiary-universal comfort products limited with effect from 1 April 2019, which has been approved by the National Company Law Tribunal on 11 September 2020.

    Consolidated segment results for the quarter ended 30 September 2020:

    Unitary cooling products for comfort and commercial use: The business achieved overall volume growth of 14 per cent contributed by growth of 11 per cent in room air conditioners, 20 per cent in commercial refrigeration products and 28 per cent in air coolers. Voltas continued to be the market leader and has sustained its no 1 position in the room air conditioner business and further improved its market share to 26.8 per cent in August 2020. Segment revenue increased by nine per cent and was Rs 572 crores as compared to Rs 526 crores in the corresponding quarter last year. Segment result was higher by 37 per cent at Rs 63 crores as compared to Rs 46 crores in the corresponding quarter last year.

    Electro-mechanical projects and services: Segment revenue for the quarter was higher at 15 per cent at Rs 928 crores as compared to Rs 809 crores in the corresponding quarter last year. Segment result was Rs 23 crores as compared to Rs 56 crores last year primarily due to conservative time based provisions, amidst liquidity constraints on some of the old legacy projects. Carry forward order book of the segment was higher at Rs 6,852 crores as compared to Rs 6,567 crores in the corresponding quarter last year.

    Engineering products and services: Segment revenue and result for the quarter were at Rs 93 crores and Rs 29 crores as compared to Rs 80 crores and Rs 25 crores, respectively in the corresponding quarter last year.

    Consolidated results for the six month period ended 30 September:  Impacted by the Covid2019 lockdown, the consolidated total income for the six months period ended 30 September 2020 was at Rs 3,015 crores as compared to Rs 4,192 crores in the corresponding period last year. Profit before tax was at Rs 223 crores as compared to Rs 408 crores last year. Profit after tax was Rs 161 crores as against Rs 274 crores in the corresponding period last year. Earnings per share (face value per share of Re 1) (not annualized) as on 30 September 2020 was Rs 4.82 as compared to Rs 8.21 last year.

  • dittoTV to stream Assembly election results live

    MUMBAI: The seventh phase of polling in Uttar Pradesh in 40 Assembly constituencies, with as many as 826 candidates contesting in this phase, ended on 8 March. This marks the end of the assembly elections in five states – Goa, Manipur, Uttarakhand, Punjab and Uttar Pradesh, and viewers across the country will now be glued to their favorite news channels for the results which will be announced on 11 March.

    dittoTV offers its subscribers one of the largest bouquets of national and regional channels to choose from to follow the poll results and catch the news as it breaks. The results of these 5 state elections will air on national news channels like Zee News, Aaj Tak and India Today and a gamut of regional channels on 11 March 10 am onwards. Viewers can watch it live and on-the-go all day long via dittoTV.

    Zee Entertainment Z5 India Business head of digital Archana Anand said, “The 2017 Elections in India have seen a considerable increase in the turnout of voters. Many people may end up missing out on the live airing since they may be out or may not have easy access to a television set. dittoTV now makes it possible for them to conveniently watch the results of the highly anticipated Assembly elections anywhere, anytime on any internet-enabled device, and at an extremely affordable price point. ”

    This year’s Assembly elections have witnessed a considerable jump in the voter turnout with the turnout percentage increasing to 61.6% as compared to the 2012 Assembly and 2014 Lok Sabha elections. With the Indian audiences becoming increasingly involved in the political scenario of the country, they can keep up with the elections all day via dittoTV.

  • China Digital TV Announces Unaudited First Quarter 2016 Results

    China Digital TV Announces Unaudited First Quarter 2016 Results

    BEIJING, China, May 17, 2016 — China Digital TV Holding Co., Ltd. (NYSE: STV) (“China Digital TV” or the “Company”), the leading provider of cloud-based application platforms and conditional access (“CA”) systems which enable China’s digital cable television market to offer and secure diversified content services, today announced its unaudited financial results for the first quarter ended March 31, 2016.

    “We are off to a solid start in 2016, as evidenced by the better-than-expected performance of our traditional business, and the growth and early-stage monetization of our cloud offerings,” stated Mr. Jianhua Zhu, China Digital TV’s chief executive officer. “In the first quarter, we were able to expand the registered users on our cloud platform to 2.3 million from 1.7 million only a quarter ago. In addition, we have already begun to monetize our cloud offerings in Beijing and Chongqing through subscription fees and purchases of virtual currency. Furthermore, we solidified new partnerships with telecom and cable operators to launch the platform in Sichuan, Qingdao, Guizhou and Hebei. Taken together, we expect that these developments will help us to further accelerate user growth and develop our cloud offerings into meaningful revenue sources in 2016. Going forward, we will focus not only on driving the regional expansion of the platform, but also on refining the content offering, as we add more TV-based games and later expand into other content, such as education and online shopping. Our progress on the cloud front speaks to our innovative spirit and reaffirms our commitment to establishing ourselves as the leading gateway for interactive cloud-based content into the living room.”

    Ms. Yue Qian, China Digital TV’s acting chief financial officer, commented, “We expect smart card business to remain challenging and average selling prices (“ASP”) continue to be under pressure in this quarter. The slight uptick in shipment volumes was supported by growing demand from India. These large and rapidly-digitizing markets, which also include Southeast Asia and the Middle East, represent a substantial growth opportunity for us to promote not only smart card solutions but also digital rights management (“DRM”) solutions. Lastly, we are excited about our plan to separately list our conditional access and related businesses domestically on the New Third Board, and we hope to complete this process by the end of this year.”

    First Quarter 2016 Results

    In the first quarter of 2016, China Digital TV’s smart card shipments increased by 2.3% to 3.02 million from 2.95 million in the prior year period, primarily driven by increased shipments to international markets, but partially offset by a decline in domestic shipments due to the overall maturity of the CA business.

    China Digital TV’s net revenues decreased by 7.3% to US$13.0 million from US$14.0 million in the prior year period. The decrease was primarily due to a decrease in smart card revenues caused by the decline in the ASP of smart cards. The decrease in smart card revenues was partially offset by an increase in revenues from other services.

    Revenues from the Company’s top five customers accounted for 36.0% of total revenues, compared to 28.4% in the prior year period, primarily attributable to the consolidation of certain cable operators in the market.

    Unless otherwise stated, all financial statement measures stated in this press release are based on generally accepted accounting principles in the United States (“U.S. GAAP”).

    Revenue Breakdown

    Revenues from smart cards decreased by 21.6% to US$10.1 million in the first quarter of 2016 from US$12.8 million in the prior year period, primarily due to a decline in ASPs. Sales of smart cards accounted for 76.4% of total revenues in the first quarter of 2016, compared to 89.4% in the prior year period.

    Revenues from other products increased by 146.8% to US$0.9 million in the first quarter of 2016 from US$0.4 million in the prior year period. The increase was mainly attributable to an increase in sales of surface mounted chips. Sales of other products accounted for 7.0% of total revenues in the first quarter of 2016, compared to 2.6% in the prior year period.

    Revenues from services increased by 91.5% to US$2.2 million in the first quarter of 2016 from US$1.1 million in the prior year period. The increase was primarily due to head-end system development and integration, as well as the expansion and monetization of the Company’s emerging cloud platform. Revenues from services accounted for 16.6% of total revenues in the first quarter of 2016, compared to 8.0% in the prior year period.

    Cost of revenues from smart cards and other products increased by 2.6% to US$2.3 million in the first quarter of 2016 from US$2.2 million in the prior year period. The increase was mainly due to an increase in cost of revenues from other products, and was partially offset by a decline in cost of revenues from smart cards. Cost of revenues from smart cards and other products accounted for 52.3% and 16.1%, respectively, of total cost of revenues in the first quarter of 2016, compared to 65.0% and 3.4% in the prior year period.

    Cost of revenues from services in the first quarter of 2016 remained relatively stable at US$1.0 million compared to the prior year period. Cost of revenues from services as a percentage of total cost of revenues also remained relatively stable at 31.6% in the first quarter of 2016, compared to the prior year period.

    Gross profit in the first quarter of 2016 decreased by 10.3% to US$9.7 million from US$10.8 million in the prior year period. Gross margin, was 74.7% in the first quarter of 2016, compared to 77.1% in the prior year period. The decline in gross margin was primarily due to the decreased portion of total revenues accounted for by net revenues from smart cards, which have a higher gross margin than other products and services.

    In the first quarter of 2016, the ASP of smart cards decreased by 23.0% year over year, while the unit cost of smart cards decreased by 19.5% year over year.

    Operating expenses in the first quarter of 2016 decreased by 18.4% to US$7.8 million from US$9.6 million in the prior year period.

    ● Research and development expenses in the first quarter of 2016 decreased by 11.5% to US$3.4 million from US$3.9 million in the prior year period. The decline was mainly due to a decrease in personnel-related expenses.

    ● Selling and marketing expenses in the first quarter of 2016 decreased by 31.3% to US$2.4 million from US$3.5 million in the prior year period. The decline was mainly due to a decrease in personnel-related expenses.

    ● General and administrative expenses in the first quarter of 2016 decreased by 10.4% to US$2.0 million from US$2.2 million in the prior year period. The decline was mainly due to a decrease in personnel-related expenses.

    Income from operations in the first quarter of 2016 increased by 53.8% to US$1.9 million from US$1.2 million in the prior year period.

    Income tax expenses in the first quarter of 2016 decreased by 11.1% to US$1.3 million from US$1.4 million in the prior year period, primarily attributable to a decrease in taxable income.

    Net income attributable to holders of ordinary shares in the first quarter of 2016 increased by 219.3% to US$1.2 million from US$0.4 million in the prior year period.

    Non-GAAP net income2 attributable to holders of ordinary shares in the first quarter of 2016 increased by 163.1% to US$1.2 million from US$0.4 million in the prior year period3.

    Balance Sheet
    As of March 31, 2016, China Digital TV had cash and cash equivalents and restricted cash totaling US$70.9 million.

    Business Outlook
    Based on information available as of May 17, 2016, China Digital TV expects smart card shipment volumes in the second quarter of 2016 to be in the range of 2.0 million to 2.3 million. Net revenues in the second quarter of 2016 are expected to be in the range of US$7.2 million to US$8.2 million.

    About China Digital TV
    Founded in 2004, China Digital TV enables television network operators to manage, extend and diversify content services across households and public areas in China. China Digital TV is the leading provider of cloud-based application platforms and network broadcasting platform (“NBP”) services to Chinese cable operators, helping them to effectively bring mobile gaming apps and other entertainment options to household television sets, and extend cable programming outside the home to any mobile device. China Digital TV is also the leading provider of Conditional Access (“CA”) systems in China’s digital television market. CA systems enable television network operators to secure the delivery of content to their subscribers. The Company has existing cooperation with nearly all of China’s cable television operators.

    For more information please visit the Investor Relations section of China Digital TV’s website at http://ir.chinadtv.cn.

    Safe Harbor Statement
    This announcement contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Such forward-looking statements are made under the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.

    These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “may,” “should” and similar expressions. Such forward-looking statements include, without limitation, statements regarding the outlook and comments by management in this announcement about trends in the CA systems, digital television, cable television and related industries in the PRC and China Digital TV’s strategic and operational plans and future market positions. China Digital TV may also make forward-looking statements in its periodic reports filed with the Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about China Digital TV’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from projections contained or implied in any forward-looking statement, including but not limited to the following: competition in the CA systems, digital television, cable television and related industries in the PRC and the impact of such competition on prices, our ability to implement our business strategies, changes in technology, the progress of the television digitalization in the PRC, the structure of the cable television industry or television viewer preferences, changes in PRC laws, regulations or policies with respect to the CA systems, digital television, cable television and related industries, including the extent of non-PRC companies’ participation in such industries, and changes in political, economic, legal and social conditions in the PRC, including the government’s policies with respect to economic growth, foreign exchange and foreign investment.

    Further information regarding these and other risks and uncertainties is included in our annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. China Digital TV does not assume any obligation to update any forward-looking statements, which apply only as of the date of this press release.

    Reconciliation of Non-GAAP Measures
    Non-GAAP net income attributable to holders of ordinary shares excludes certain non-cash expenses, such as share-based compensation expenses, amortization of intangible assets acquired from business acquisitions and equity method investments. The Company believes that the Non-GAAP net income provides meaningful supplemental information regarding the Company’s performance by excluding certain non-cash expenses that may not be indicative of its operating performance from a cash flow perspective. The Company believes that both management and investors benefit from referring to this additional information in assessing the Company’s performance and when planning and forecasting future periods.

    However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP.

  • China Digital TV Announces Unaudited First Quarter 2016 Results

    China Digital TV Announces Unaudited First Quarter 2016 Results

    BEIJING, China, May 17, 2016 — China Digital TV Holding Co., Ltd. (NYSE: STV) (“China Digital TV” or the “Company”), the leading provider of cloud-based application platforms and conditional access (“CA”) systems which enable China’s digital cable television market to offer and secure diversified content services, today announced its unaudited financial results for the first quarter ended March 31, 2016.

    “We are off to a solid start in 2016, as evidenced by the better-than-expected performance of our traditional business, and the growth and early-stage monetization of our cloud offerings,” stated Mr. Jianhua Zhu, China Digital TV’s chief executive officer. “In the first quarter, we were able to expand the registered users on our cloud platform to 2.3 million from 1.7 million only a quarter ago. In addition, we have already begun to monetize our cloud offerings in Beijing and Chongqing through subscription fees and purchases of virtual currency. Furthermore, we solidified new partnerships with telecom and cable operators to launch the platform in Sichuan, Qingdao, Guizhou and Hebei. Taken together, we expect that these developments will help us to further accelerate user growth and develop our cloud offerings into meaningful revenue sources in 2016. Going forward, we will focus not only on driving the regional expansion of the platform, but also on refining the content offering, as we add more TV-based games and later expand into other content, such as education and online shopping. Our progress on the cloud front speaks to our innovative spirit and reaffirms our commitment to establishing ourselves as the leading gateway for interactive cloud-based content into the living room.”

    Ms. Yue Qian, China Digital TV’s acting chief financial officer, commented, “We expect smart card business to remain challenging and average selling prices (“ASP”) continue to be under pressure in this quarter. The slight uptick in shipment volumes was supported by growing demand from India. These large and rapidly-digitizing markets, which also include Southeast Asia and the Middle East, represent a substantial growth opportunity for us to promote not only smart card solutions but also digital rights management (“DRM”) solutions. Lastly, we are excited about our plan to separately list our conditional access and related businesses domestically on the New Third Board, and we hope to complete this process by the end of this year.”

    First Quarter 2016 Results

    In the first quarter of 2016, China Digital TV’s smart card shipments increased by 2.3% to 3.02 million from 2.95 million in the prior year period, primarily driven by increased shipments to international markets, but partially offset by a decline in domestic shipments due to the overall maturity of the CA business.

    China Digital TV’s net revenues decreased by 7.3% to US$13.0 million from US$14.0 million in the prior year period. The decrease was primarily due to a decrease in smart card revenues caused by the decline in the ASP of smart cards. The decrease in smart card revenues was partially offset by an increase in revenues from other services.

    Revenues from the Company’s top five customers accounted for 36.0% of total revenues, compared to 28.4% in the prior year period, primarily attributable to the consolidation of certain cable operators in the market.

    Unless otherwise stated, all financial statement measures stated in this press release are based on generally accepted accounting principles in the United States (“U.S. GAAP”).

    Revenue Breakdown

    Revenues from smart cards decreased by 21.6% to US$10.1 million in the first quarter of 2016 from US$12.8 million in the prior year period, primarily due to a decline in ASPs. Sales of smart cards accounted for 76.4% of total revenues in the first quarter of 2016, compared to 89.4% in the prior year period.

    Revenues from other products increased by 146.8% to US$0.9 million in the first quarter of 2016 from US$0.4 million in the prior year period. The increase was mainly attributable to an increase in sales of surface mounted chips. Sales of other products accounted for 7.0% of total revenues in the first quarter of 2016, compared to 2.6% in the prior year period.

    Revenues from services increased by 91.5% to US$2.2 million in the first quarter of 2016 from US$1.1 million in the prior year period. The increase was primarily due to head-end system development and integration, as well as the expansion and monetization of the Company’s emerging cloud platform. Revenues from services accounted for 16.6% of total revenues in the first quarter of 2016, compared to 8.0% in the prior year period.

    Cost of revenues from smart cards and other products increased by 2.6% to US$2.3 million in the first quarter of 2016 from US$2.2 million in the prior year period. The increase was mainly due to an increase in cost of revenues from other products, and was partially offset by a decline in cost of revenues from smart cards. Cost of revenues from smart cards and other products accounted for 52.3% and 16.1%, respectively, of total cost of revenues in the first quarter of 2016, compared to 65.0% and 3.4% in the prior year period.

    Cost of revenues from services in the first quarter of 2016 remained relatively stable at US$1.0 million compared to the prior year period. Cost of revenues from services as a percentage of total cost of revenues also remained relatively stable at 31.6% in the first quarter of 2016, compared to the prior year period.

    Gross profit in the first quarter of 2016 decreased by 10.3% to US$9.7 million from US$10.8 million in the prior year period. Gross margin, was 74.7% in the first quarter of 2016, compared to 77.1% in the prior year period. The decline in gross margin was primarily due to the decreased portion of total revenues accounted for by net revenues from smart cards, which have a higher gross margin than other products and services.

    In the first quarter of 2016, the ASP of smart cards decreased by 23.0% year over year, while the unit cost of smart cards decreased by 19.5% year over year.

    Operating expenses in the first quarter of 2016 decreased by 18.4% to US$7.8 million from US$9.6 million in the prior year period.

    ● Research and development expenses in the first quarter of 2016 decreased by 11.5% to US$3.4 million from US$3.9 million in the prior year period. The decline was mainly due to a decrease in personnel-related expenses.

    ● Selling and marketing expenses in the first quarter of 2016 decreased by 31.3% to US$2.4 million from US$3.5 million in the prior year period. The decline was mainly due to a decrease in personnel-related expenses.

    ● General and administrative expenses in the first quarter of 2016 decreased by 10.4% to US$2.0 million from US$2.2 million in the prior year period. The decline was mainly due to a decrease in personnel-related expenses.

    Income from operations in the first quarter of 2016 increased by 53.8% to US$1.9 million from US$1.2 million in the prior year period.

    Income tax expenses in the first quarter of 2016 decreased by 11.1% to US$1.3 million from US$1.4 million in the prior year period, primarily attributable to a decrease in taxable income.

    Net income attributable to holders of ordinary shares in the first quarter of 2016 increased by 219.3% to US$1.2 million from US$0.4 million in the prior year period.

    Non-GAAP net income2 attributable to holders of ordinary shares in the first quarter of 2016 increased by 163.1% to US$1.2 million from US$0.4 million in the prior year period3.

    Balance Sheet
    As of March 31, 2016, China Digital TV had cash and cash equivalents and restricted cash totaling US$70.9 million.

    Business Outlook
    Based on information available as of May 17, 2016, China Digital TV expects smart card shipment volumes in the second quarter of 2016 to be in the range of 2.0 million to 2.3 million. Net revenues in the second quarter of 2016 are expected to be in the range of US$7.2 million to US$8.2 million.

    About China Digital TV
    Founded in 2004, China Digital TV enables television network operators to manage, extend and diversify content services across households and public areas in China. China Digital TV is the leading provider of cloud-based application platforms and network broadcasting platform (“NBP”) services to Chinese cable operators, helping them to effectively bring mobile gaming apps and other entertainment options to household television sets, and extend cable programming outside the home to any mobile device. China Digital TV is also the leading provider of Conditional Access (“CA”) systems in China’s digital television market. CA systems enable television network operators to secure the delivery of content to their subscribers. The Company has existing cooperation with nearly all of China’s cable television operators.

    For more information please visit the Investor Relations section of China Digital TV’s website at http://ir.chinadtv.cn.

    Safe Harbor Statement
    This announcement contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Such forward-looking statements are made under the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.

    These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “may,” “should” and similar expressions. Such forward-looking statements include, without limitation, statements regarding the outlook and comments by management in this announcement about trends in the CA systems, digital television, cable television and related industries in the PRC and China Digital TV’s strategic and operational plans and future market positions. China Digital TV may also make forward-looking statements in its periodic reports filed with the Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about China Digital TV’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from projections contained or implied in any forward-looking statement, including but not limited to the following: competition in the CA systems, digital television, cable television and related industries in the PRC and the impact of such competition on prices, our ability to implement our business strategies, changes in technology, the progress of the television digitalization in the PRC, the structure of the cable television industry or television viewer preferences, changes in PRC laws, regulations or policies with respect to the CA systems, digital television, cable television and related industries, including the extent of non-PRC companies’ participation in such industries, and changes in political, economic, legal and social conditions in the PRC, including the government’s policies with respect to economic growth, foreign exchange and foreign investment.

    Further information regarding these and other risks and uncertainties is included in our annual report on Form 20-F and other documents filed with the Securities and Exchange Commission. China Digital TV does not assume any obligation to update any forward-looking statements, which apply only as of the date of this press release.

    Reconciliation of Non-GAAP Measures
    Non-GAAP net income attributable to holders of ordinary shares excludes certain non-cash expenses, such as share-based compensation expenses, amortization of intangible assets acquired from business acquisitions and equity method investments. The Company believes that the Non-GAAP net income provides meaningful supplemental information regarding the Company’s performance by excluding certain non-cash expenses that may not be indicative of its operating performance from a cash flow perspective. The Company believes that both management and investors benefit from referring to this additional information in assessing the Company’s performance and when planning and forecasting future periods.

    However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similar titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP.

  • Q2-2016: Prime Focus revenue up 47% ;EBIDTA doubles

    Q2-2016: Prime Focus revenue up 47% ;EBIDTA doubles

    BENGALURU: Prime Focus Limited (PFL) reported 47 per cent YoY revenue growth for the quarter ending 31 December, 2015 (Q2-2016, current quarter) at Rs 468.52 crore from Rs 318.67 crore in Q2-2015 and 4.4 per cent higher QoQ as compared to Rs 448.57 crore in the immediate trailing quarter. The company reported more than double (2.02 times) YoY EBITA at Rs 75.56 crore (15.3 per cent margin) as compared to Rs 35.48 crore (11.1 per cent margin) and 37.4 per cent higher QoQ as compared to Rs 52.07 crore (11.6 per cent margin).

    Notes: (1) 100,00,000 = 100 lakh = 10 million =1 crore
    (2) The company had filed results for a fifteen month period ended June 30, 2014, hence YoY comparison is being done between Q2-2016 and Q2-2015 and QoQ comparison is between Q2-2016 and Q1-2016 (quarter ended September, 2015).

    The company reported a lower net loss of Rs 11.40 crore in Q2-2016, a loss of Rs 36.17 crore in Q2-2015 and a loss of Rs 22.51 crore in Q1-2016. 

    Let us look at the other numbers reported by PFL

    Figures A and B below show PFL’s major expense heads. As is obvious, a major expense head for the company is employee benefit expense or EBE.

    PFL’s EBE in Q2-2016 at Rs 284.10 crore (62.4 per cent of TIO) was 43.8 per cent higher YoY as compared to Rs 197.54 crore and (62 per cent of TIO) and was almost flat (went up by 0.5 per cent) QoQ as compared to Rs 282.57 crore (61.6 per cent of TIO).

    Technician’s Fees in the current quarter increased 19.6 per cent YoY to Rs 7.88 crore (1.7 per cent of TIO) as compared to Rs 6.35 crore (2.1 per cent of TIO), but declined 19.3 per cent QoQ from Rs 9.77 crore (2.2 per cent of TIO).

    Fig B indicates that EBE also shows a linear upward trend in terms of percentage of TIO over the twelve quarters starting Q4-2013 until the current quarter Q2-2016. EBE has been the highest in Q2-2016 (62.4 per cent) in terms of absolute rupees, but in terms of percentage of TIO, it was highest in Q3-2015 at 64 per cent.

    Finance and Interest cost in Q12-2016 at Rs 25.11 crore (5.4 per cent of TIO) increased 45.3 per cent YoY from Rs 17.28 crore (5.4 per cent of TIO) and increased 41.4 per cent QoQ from Rs 17.75 crore (four per cent of TIO).