ITV

Tag: TV today

  • TV Today not selling 3 FM stations to ENIL; seeks MIB nod for migration

    TV Today not selling 3 FM stations to ENIL; seeks MIB nod for migration

    MUMBAI: TV Today Network shall not undertake the agreement, entered into with Entertainment Network (India) Limited, to sell three Metro FM Radio stations, as was earlier approved by the board in its meeting held on 13 November 2015, according to a BSE filing.

    TV Today had inked a deal to sell seven Oye FM radio stations to ENIL which operates Radio Mirchi. However, MIB did not approve sale of three stations and the matter went before the Delhi High Court.

    Such sale agreement was subject to the approval of the MIB or an order from the Delhi High Court allowing the sale of Metro Radio stations whichever is earlier.

    TV Today said it would now reorganise the radio business. The company would approach the Ministry of Information and Broadcasting to seek permission to migrate its radio business from phase II to phase III.

    “The committee of senior officials in their meeting held on 19 December, 2016 has approved the initiation of procedural modalities w.r.t proposal of migrating its radio business from phase II to the FM radio phase III, that would enable the company from reorganisation of its radio business,” TV Today said in a BSE filing.

    “The migration fee will involve a total net capital expenditure of Rs 71.36 crore excluding other charges/interest and will be completed within three months,” it added.

  • TV Today to reorganise tabloid and radio business

    TV Today to reorganise tabloid and radio business

    BENGALURU: TV Today Network Limited (TVTN) has informed the bourses that its board of directors has inter-alia approved the acquisition of equity shares of Mail Today Newspapers Private Limited (Mail Today) from its other shareholders and to reorganise its radio business subject to the requisite approvals.

    Mail Today

    TVTN says that Mail Today is of strategic importance to it and can be of great value in the future. Living Media India Limited (LMIL) holds 66.78 percent of the equity shares through its wholly owned subsidiary India Today Online Private Limited (ITOPL), while AN (Mauritius) Limited holds 25.21 percent of the equity shares of Mail Today. Both the entities will transfer the shares to TVTN as a gift so that Mail Today becomes a wholly owned subsidiary of the company. TVTN has valued the equity shares held by ITOPL at Rs 26.80 crore and those held by AN (Mauritius) Limited at Rs 10.12 crore. TVTN says that the fair value loss under IND AS in connection with investment in Mail Today shares presently held by the company amounted to Rs 42.30 crore.

    Mail Today has an authorised share capital of Rs 135 crore, out of which Rs129.09 crore is the paid up capital. It had turnover of Rs 40.43 crore and profit after tax of Rs 6.01 crore for FY-15-16.

    Radio Business

    The TVTN board of directors have approved the acquisition of 100 percent the paid-up capital of Vibgyor Broadcasting Private Limited (VBPL) for the purpose of re-organising its radio business by transferring its radio business through slump sale to VBPL. The price at which the transfer is to take place will be decided at the next board meeting.

    TVTN says that the transfer of the radio business into a separate company is being done to segregate the radio business operations and to have better focused management for the same and enhance the business value in the subsidiary.

    It may be recalled that TVTN has been partially successful in selling off a few of its radio stations to Entertainment Network India Limited (ENIL, Radio Mirchi) of the Bennet Coleman group and has also recently signed ENIL on to hawk ads for its three remaining stations. Permission to sell the remaining three stations to ENIL has been denied by the MIB.

  • TV Today to reorganise tabloid and radio business

    TV Today to reorganise tabloid and radio business

    BENGALURU: TV Today Network Limited (TVTN) has informed the bourses that its board of directors has inter-alia approved the acquisition of equity shares of Mail Today Newspapers Private Limited (Mail Today) from its other shareholders and to reorganise its radio business subject to the requisite approvals.

    Mail Today

    TVTN says that Mail Today is of strategic importance to it and can be of great value in the future. Living Media India Limited (LMIL) holds 66.78 percent of the equity shares through its wholly owned subsidiary India Today Online Private Limited (ITOPL), while AN (Mauritius) Limited holds 25.21 percent of the equity shares of Mail Today. Both the entities will transfer the shares to TVTN as a gift so that Mail Today becomes a wholly owned subsidiary of the company. TVTN has valued the equity shares held by ITOPL at Rs 26.80 crore and those held by AN (Mauritius) Limited at Rs 10.12 crore. TVTN says that the fair value loss under IND AS in connection with investment in Mail Today shares presently held by the company amounted to Rs 42.30 crore.

    Mail Today has an authorised share capital of Rs 135 crore, out of which Rs129.09 crore is the paid up capital. It had turnover of Rs 40.43 crore and profit after tax of Rs 6.01 crore for FY-15-16.

    Radio Business

    The TVTN board of directors have approved the acquisition of 100 percent the paid-up capital of Vibgyor Broadcasting Private Limited (VBPL) for the purpose of re-organising its radio business by transferring its radio business through slump sale to VBPL. The price at which the transfer is to take place will be decided at the next board meeting.

    TVTN says that the transfer of the radio business into a separate company is being done to segregate the radio business operations and to have better focused management for the same and enhance the business value in the subsidiary.

    It may be recalled that TVTN has been partially successful in selling off a few of its radio stations to Entertainment Network India Limited (ENIL, Radio Mirchi) of the Bennet Coleman group and has also recently signed ENIL on to hawk ads for its three remaining stations. Permission to sell the remaining three stations to ENIL has been denied by the MIB.

  • India: 40 per cent smartphone users stream live videos; leads in new subs

    India: 40 per cent smartphone users stream live videos; leads in new subs

    MUMBAI: There is a rise of 5G networks and consumers subscribing to the network. By 2022, there will be a growth in mobile broadband to 6.1 billion unique subscribers. Forecasting the trends in telecom sector across the world, Ericsson Mobility Report has pointed out that approximately half a billion users will be connected to 5G networks by 2022.

    North America (NA) will dominate the industry with nearly 25 per cent of 5G subscriptions in 2022. Asia Pacific will fall next with about 10 per cent of the share.

    The Middle East and Africa will shift from predominantly GSM/EDGE only to approximately 80 percent of users being connected to WCDMA/HSPA and LTE. The report further points out that the mobile subscriber base is estimated to scale 6.8 billion with over 95 per cent people being connected to 4G or 5G networks.

    Ericsson chief strategy officer and technology officer Ulf Ewaldsson opined that almost 90 per cent of smartphone subscriptions are on 3G and 4G networks today, and standardised 5G networks are expected to be available in 2020. He further added that 5G would help automation, IoT and big data.

    The world added 84 million new mobile subscriptions during the third quarter of 2016 with India leading regarding net additions with 15 million, with China closely following with 14 million new mobile subscribers.

    The report points out that the mobile video traffic will grow 50 per cent every year through 2022, accounting for about 75 per cent of all the mobile data traffic. Social media traffic will be the second type of traffic that will dominate the mobile traffic growing 39 per cent each year.

    As for as live streaming is concerned, two in every five smartphone users are interested in live streaming apps in India and other high-growth countries like Brazil, Indonesia and Oman. The reports suggest that the figure dropping to one in every five smartphone users in the United States of America.

    Along with 5G and Mobile Broadband, IoT will also see significant growth, with approximately 29 billion devices connected to the internet, out of which 18 billion of the devices relating to IoT.

  • India: 40 per cent smartphone users stream live videos; leads in new subs

    India: 40 per cent smartphone users stream live videos; leads in new subs

    MUMBAI: There is a rise of 5G networks and consumers subscribing to the network. By 2022, there will be a growth in mobile broadband to 6.1 billion unique subscribers. Forecasting the trends in telecom sector across the world, Ericsson Mobility Report has pointed out that approximately half a billion users will be connected to 5G networks by 2022.

    North America (NA) will dominate the industry with nearly 25 per cent of 5G subscriptions in 2022. Asia Pacific will fall next with about 10 per cent of the share.

    The Middle East and Africa will shift from predominantly GSM/EDGE only to approximately 80 percent of users being connected to WCDMA/HSPA and LTE. The report further points out that the mobile subscriber base is estimated to scale 6.8 billion with over 95 per cent people being connected to 4G or 5G networks.

    Ericsson chief strategy officer and technology officer Ulf Ewaldsson opined that almost 90 per cent of smartphone subscriptions are on 3G and 4G networks today, and standardised 5G networks are expected to be available in 2020. He further added that 5G would help automation, IoT and big data.

    The world added 84 million new mobile subscriptions during the third quarter of 2016 with India leading regarding net additions with 15 million, with China closely following with 14 million new mobile subscribers.

    The report points out that the mobile video traffic will grow 50 per cent every year through 2022, accounting for about 75 per cent of all the mobile data traffic. Social media traffic will be the second type of traffic that will dominate the mobile traffic growing 39 per cent each year.

    As for as live streaming is concerned, two in every five smartphone users are interested in live streaming apps in India and other high-growth countries like Brazil, Indonesia and Oman. The reports suggest that the figure dropping to one in every five smartphone users in the United States of America.

    Along with 5G and Mobile Broadband, IoT will also see significant growth, with approximately 29 billion devices connected to the internet, out of which 18 billion of the devices relating to IoT.

  • Q2-2016: TRAI Report: YoY and QoQ Radio ad revenue up 23 per cent

    Q2-2016: TRAI Report: YoY and QoQ Radio ad revenue up 23 per cent

    BENGALURU:  The radio industry in India has reported the highest advertisement revenue so far for the quarter ended September 30, 2015 (Q2-2016) as per the latest TRAI report. Advertisement revenue in Q2-2016 reported to TRAI by 236 radio stations was Rs 481.56 crore, or Rs2.04 crore per station. The ad revenue per station reported in Q2-2016 increased 23.17 per cent year-on-year (YoY) as compared to Rs 1.66 crore in (Rs 399.26 crore reported by 241 radio stations) Q2-2015 and 23.81 per cent quarter-on-quarter (QoQ) as compared to Rs 1.65 crore (Rs 393.9 crore reported by 239 radio stations) in the immediate trailing quarter.

    Before Q2-2016, the previous highest ad revenue was Rs 443.17 crore reported by 241 radio stations in Q3-2015 orRs 1.84 crore per station.

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

    (b) The author has taken the liberty to introduce a measure – average revenue per radio station. This is a rough yardstick and may not necessarily be indicative of a station or a networks performance, because factors such as geography and market conditions within the area of operations are among many that will also determine performance.

    (c) This report is skewed more towards general financial numbers in terms of revenue and results, and not operational performance.

    Trends across 18 consecutive quarters (four fiscal years, plus two quarters of the current fiscal)

    Please refer to Fig A below – Ad revenue per station has been calculated based on combined ad revenue figures disclosed by TRAI across 18 consecutive quarters starting Q1-2012 until Q2-2016. During the period, in general, ad revenue from radio stations shows an increasing linear trend as is indicted by the broken black trend line. Over the financial years 2012, 2013, 2014 and 2015, it has been noted that ad revenue increases in the following order from lowest to highest – Q1, Q2, Q4, Q3. It may be noted that in fiscals 2012 and 2013 ad revenue per station was actually higher in Q4 than Q3, but in fiscals 2014 and 2015, it was highest in Q3.

    Fig B below shows how ad revenues have changed YoY and QoQ since Q1-2013 until Q2-2016 (across 14 quarters). During this periodboth the YoY and QoQincrease was highest in Q2-2016 at approximately 23 per cent plus each. The previous highest YoY increase was Q2-2014 at 21.31 per cent, while the previous highest QoQ increase was Q3-2013 at 18.85 per cent. While there has never been a YoY decline, in the case of QoQ, revenues have declined in Q1-2013, Q1-2014, Q4-2014, Q1-2015, Q4-2015 and Q1-2016, hence further substantiating the above observations that Q1 of a financial year generally has the lowest ad revenue in a fiscal, while Q3, which is the festival quarter in India, has the highest ad revenue. Further, the QoQ drop in Q4 was not steep, and hence Q4 over the past two fiscals has the next highest ad revenues.

    For the year ended March 31, 2015 (FY-2015), the numbers reported by the radio industry for the year were the probably the best (indiantelevision link, radioandusic link) until then. Despite an 8.88 percent QoQ (quarter on quarter) fall in average ad revenue per station in Q1-2016, the ad average revenue per station of Rs 1.65 crore was the best yet for the first quarter over a period of 4 years. In Q1-2015, YoY ad revenue grew 11.90 percent as compared to Q1-2014.Combined with the great Q2-2016 numbers, historical trends indicate that FY-2016 could be an even better year in terms of average revenue per station and overall revenues.

    As per the latest TRAI data, the sum of average ad revenues per station for the first two quarters of 2016 at Rs 3.69 crore is already 54.4 per cent of the average ad revenue per station of Rs 6.78 crore for fiscal 2015. As mentioned above, Q1 and Q2 generally report the lowest and second lowest ad revenues respectively in a financial year. Results reported by a few companies for the third quarter ended 31 December 2015 (Q3-2016) indicate that YoY and QoQ revenues have risen.  Add to this the revenue of the new stations acquired in phase III auctions if/once they start operations in the fourth quarter, the radio industry should report substantial revenue increases from FY-2016 onwards.

    Let us look at how a few radio networks performed.

    Note (2):  (a) This report considers PAT posted by 2 radio companies (ENIL – Radio Mirchi, 32 radio stations; JagranPrakashan – Radio City – 20 radio stations), along with operating results of DB Corp (My FM, 17 stations); B. A.G. Films (Radio Dhamaal, 10 stations); HT Media (Fever FM, 4 stations); and TV Today (Oye! FM, 6 stations), or a total of 6 radio networks that represent 89, or 36.63 percent of the 243 private FM radio stations in Q2-2016.

    (b) The Q3-2016 numbers of individual players in this report have been obtained from their filings with regulatory bodies, the TRAI number for Q3-2016 has been extrapolated and could prove to be inaccurate.

    (c)Revenues for the sample stations mean Total Income from Operations and generally include ad revenue and other operating revenues.

    (d) Phase III and other radio stations acquisitions: ENIL has received permission from the Ministry of Information & Broadcasting (MIB) to acquire 4 stations from TV Today Network Limited (Oye! FM), viz., those at Amritsar, Patiala, Shimla and Jodhpur – which the company says have been/will be re-branded and re-launched shortly as Mirchi, adding to its North India network strength. With another 7 stations acquired in phase III auctions, the core Mirchi brand will now be available in 43 cities. There are/will be a total of 39 FM radio stations that JagranPrakashan Limited currently has. This includes the existing 20 radio stations plus 11 stations acquired in phase III auctions and 8 radio stations under the brand Radio Mantra.  Radio Mantra was earlier operated by Shri Puran Multimedia, Jagran’s promoter group. Besides, the group also runs a web radio network with 21 web radio streams under Planetradiocity.com.  During the Phase III auctions, DB Corp (My FM) acquired 14 frequencies, through which MY FM will extend its presence to seven states and 30 cities with 31 stations. HT Media acquired 10 radio frequencies during phase III auctions, taking its total radio stations to 14. However these changes are not considered here, for this report pertains to the period before all the new stations have started operations.

    (e) In mid-December 2015, Radio Mirchi added two more station, those at Amritsar and Patalia. It is presumed by the author that the addition of these two mare station brought in no significant addition to income to Radio Mirchi in Q3-2016, hence Radio Mirchi’s revenue per station has been calculated on the basis of 32 stations in this paper for that quarter. However, actual facts could be different.

    Entertainment Network India Limited (ENIL) that operates brand Radio Mirchi is the only separately listed radio company in India and one of the most profitable ones by far. It must be noted that in Q2-2016, ENIL’s revenue made up 50.6 per cent of the combined revenue of the six entities in this paper. In Q3-2016, ENIL contributed to 51.6 per cent of combined revenues. Other stations/radio brands of consequence, whose results are within the public domain have been considered in this report.

    Please refer to Fig C below. It may be noted that the figure of Rs2.30 crore in blue for All India ad revenue per station is a projection based on certain assumptions made by the author, and could be incorrect.

    In Q2-2016 (30 September 2015), combined revenues of the six entities in this report had increased 10.3 per cent YoY and had increased 15.5 per cent QoQ, much lower than the YoY andQoQ increases reported by TRAI (23.17 per cent and 23.81 per cent respectively)

    Combined revenues of the 89 radio stations run by the six entities increased 19.2 per cent YoY to Rs 278.16 crore in Q3-2016 (31 December 2016) as compared to Rs 233.41 crore and increased 21 per cent QoQ as compared to Rs 229.95 crore.

    Combined operating profit/PAT in Q3-2016 of the six entities declined 11.1 per cnt YoY to Rs 60.31 crore as compared to Rs 67.83 crore, but increased 36.6 per cent QoQ from Rs 44.15 crore.

    Music Broadcast Limited (MBL) which runs Radio City reported 14.9 YoY (year-on-year) growth in operating revenue for Q3-2016 at Rs 64.80 crore as compared to Rs 56.39 crore for the corresponding prior year quarter. Revenue in Q3-2016 was 16.7 per cent higher QoQ (quarter-on-quarter) as compared to Rs 55.54 crore in the immediate trailing quarter.

    B. A. G. Films Limited Radio segment Radio Dhamaalreported 1.8 per cent QoQ drop in operating revenue growth at Rs 2.18 crore as compared to Rs 2.22 crore and 10 per cent YoY decline in revenue as compared to Rs2.43 crore.

    HT Media’s radio segment Fever 104 FM reported a 25 per cent YoY increase in operating revenue to Rs 32.26 crore as compared to Rs 28.81 crore and grew 10 per cent QoQ as compared to Rs 29.34 crore.

    ENIL reported 22.9 percent YoY increase in Total Income from Operations (TIO) in the quarter ended December 31, 2015 (Q3-2016, current quarter) at Rs 143.57 crore as compared to the Rs 117.69 crore and 23.5 percent higher QoQ as compared to Rs 116.27 crore in the immediate trailing quarter.

    DB Corp’s My FMrevenue increased 25.8 percent YoY at Rs 32.32 crore as compared to Rs 25.69 crore) and a  34.9 percent QoQ  growth as compared to Rs 23.96 crore.

    TV Today’s Network Limited radio segment Oye! reported49.4 percent YoY decline in operating revenue at Rs 2.02 crore as compared to Rs 4.00 crore, and 22.5 percent lower operating revenue as compared to Rs 2.61 crore in the immediate trailing quarter.

    MBL’s (Radio City) profit after tax (PAT) in Q3-2016 declined 5.4 per cent YoY to Rs 16.17 crore (25 per cent margin) as compared to Rs 17.10 crore (30.3 per cent margin), but increased by more than a third (increased by 34.2 per cent) from Rs 12.05 crore (21.7 per cent margin). PAT for 9M-2016 declined 30.7 per cent to Rs 25.99 crore (15.5 per cent margin) from Rs 37.53 crore (24.9 per cent margin) in the corresponding period of the previous year.

    Dhamaal’s operating profit in Q3-2016 was less than a third (down 68.1 per cent) QoQ at Rs 0.23 crore as compared to Rs 0.73 crore and less than a fourth (down 75.5 per cent) YoY as compared to Rs 0.94 crore in Q2-2015.

    Fever reported 21 per cent decline in operating profit in Q3-2016 at Rs 7.46 crore as compared to Rs 9.44 crore, but was 94.3 per cent more QoQ than of Rs 3.84 crore.

    ENIL’s profit after tax (PAT) in Q3-2016 declined 18.8 percent to Rs 26.99 crore (18.8 percent margin) as compared to Rs 32.84 crore (28.1 percent margin) and was flat QoQ as compared to Rs 26.97 crore (23.2 percent margin) in Q2-2016. The company had entered the Rs 100 crore PAT club in FY-2015 with a PAT of Rs 105.98 crore (24.2 percent margin) on a TIO of Rs 483.48 crore.

    My FM reported almost double the operating profit (grew by 98.7 percent) QoQ at Rs 12 crore as compared to Rs 6.04 crore and increased 27.1 percent YoY as compared to Rs 9.44 crore.

    Oye! loss in the current quarter was higher at Rs2.54 crore as compared to the operating loss of Rs1.94 crore in Q3-2015 but lower than the operating loss of Rs 5.48 crore in Q2-2016.

  • Q2-2016: TRAI Report: YoY and QoQ Radio ad revenue up 23 per cent

    Q2-2016: TRAI Report: YoY and QoQ Radio ad revenue up 23 per cent

    BENGALURU:  The radio industry in India has reported the highest advertisement revenue so far for the quarter ended September 30, 2015 (Q2-2016) as per the latest TRAI report. Advertisement revenue in Q2-2016 reported to TRAI by 236 radio stations was Rs 481.56 crore, or Rs2.04 crore per station. The ad revenue per station reported in Q2-2016 increased 23.17 per cent year-on-year (YoY) as compared to Rs 1.66 crore in (Rs 399.26 crore reported by 241 radio stations) Q2-2015 and 23.81 per cent quarter-on-quarter (QoQ) as compared to Rs 1.65 crore (Rs 393.9 crore reported by 239 radio stations) in the immediate trailing quarter.

    Before Q2-2016, the previous highest ad revenue was Rs 443.17 crore reported by 241 radio stations in Q3-2015 orRs 1.84 crore per station.

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

    (b) The author has taken the liberty to introduce a measure – average revenue per radio station. This is a rough yardstick and may not necessarily be indicative of a station or a networks performance, because factors such as geography and market conditions within the area of operations are among many that will also determine performance.

    (c) This report is skewed more towards general financial numbers in terms of revenue and results, and not operational performance.

    Trends across 18 consecutive quarters (four fiscal years, plus two quarters of the current fiscal)

    Please refer to Fig A below – Ad revenue per station has been calculated based on combined ad revenue figures disclosed by TRAI across 18 consecutive quarters starting Q1-2012 until Q2-2016. During the period, in general, ad revenue from radio stations shows an increasing linear trend as is indicted by the broken black trend line. Over the financial years 2012, 2013, 2014 and 2015, it has been noted that ad revenue increases in the following order from lowest to highest – Q1, Q2, Q4, Q3. It may be noted that in fiscals 2012 and 2013 ad revenue per station was actually higher in Q4 than Q3, but in fiscals 2014 and 2015, it was highest in Q3.

    Fig B below shows how ad revenues have changed YoY and QoQ since Q1-2013 until Q2-2016 (across 14 quarters). During this periodboth the YoY and QoQincrease was highest in Q2-2016 at approximately 23 per cent plus each. The previous highest YoY increase was Q2-2014 at 21.31 per cent, while the previous highest QoQ increase was Q3-2013 at 18.85 per cent. While there has never been a YoY decline, in the case of QoQ, revenues have declined in Q1-2013, Q1-2014, Q4-2014, Q1-2015, Q4-2015 and Q1-2016, hence further substantiating the above observations that Q1 of a financial year generally has the lowest ad revenue in a fiscal, while Q3, which is the festival quarter in India, has the highest ad revenue. Further, the QoQ drop in Q4 was not steep, and hence Q4 over the past two fiscals has the next highest ad revenues.

    For the year ended March 31, 2015 (FY-2015), the numbers reported by the radio industry for the year were the probably the best (indiantelevision link, radioandusic link) until then. Despite an 8.88 percent QoQ (quarter on quarter) fall in average ad revenue per station in Q1-2016, the ad average revenue per station of Rs 1.65 crore was the best yet for the first quarter over a period of 4 years. In Q1-2015, YoY ad revenue grew 11.90 percent as compared to Q1-2014.Combined with the great Q2-2016 numbers, historical trends indicate that FY-2016 could be an even better year in terms of average revenue per station and overall revenues.

    As per the latest TRAI data, the sum of average ad revenues per station for the first two quarters of 2016 at Rs 3.69 crore is already 54.4 per cent of the average ad revenue per station of Rs 6.78 crore for fiscal 2015. As mentioned above, Q1 and Q2 generally report the lowest and second lowest ad revenues respectively in a financial year. Results reported by a few companies for the third quarter ended 31 December 2015 (Q3-2016) indicate that YoY and QoQ revenues have risen.  Add to this the revenue of the new stations acquired in phase III auctions if/once they start operations in the fourth quarter, the radio industry should report substantial revenue increases from FY-2016 onwards.

    Let us look at how a few radio networks performed.

    Note (2):  (a) This report considers PAT posted by 2 radio companies (ENIL – Radio Mirchi, 32 radio stations; JagranPrakashan – Radio City – 20 radio stations), along with operating results of DB Corp (My FM, 17 stations); B. A.G. Films (Radio Dhamaal, 10 stations); HT Media (Fever FM, 4 stations); and TV Today (Oye! FM, 6 stations), or a total of 6 radio networks that represent 89, or 36.63 percent of the 243 private FM radio stations in Q2-2016.

    (b) The Q3-2016 numbers of individual players in this report have been obtained from their filings with regulatory bodies, the TRAI number for Q3-2016 has been extrapolated and could prove to be inaccurate.

    (c)Revenues for the sample stations mean Total Income from Operations and generally include ad revenue and other operating revenues.

    (d) Phase III and other radio stations acquisitions: ENIL has received permission from the Ministry of Information & Broadcasting (MIB) to acquire 4 stations from TV Today Network Limited (Oye! FM), viz., those at Amritsar, Patiala, Shimla and Jodhpur – which the company says have been/will be re-branded and re-launched shortly as Mirchi, adding to its North India network strength. With another 7 stations acquired in phase III auctions, the core Mirchi brand will now be available in 43 cities. There are/will be a total of 39 FM radio stations that JagranPrakashan Limited currently has. This includes the existing 20 radio stations plus 11 stations acquired in phase III auctions and 8 radio stations under the brand Radio Mantra.  Radio Mantra was earlier operated by Shri Puran Multimedia, Jagran’s promoter group. Besides, the group also runs a web radio network with 21 web radio streams under Planetradiocity.com.  During the Phase III auctions, DB Corp (My FM) acquired 14 frequencies, through which MY FM will extend its presence to seven states and 30 cities with 31 stations. HT Media acquired 10 radio frequencies during phase III auctions, taking its total radio stations to 14. However these changes are not considered here, for this report pertains to the period before all the new stations have started operations.

    (e) In mid-December 2015, Radio Mirchi added two more station, those at Amritsar and Patalia. It is presumed by the author that the addition of these two mare station brought in no significant addition to income to Radio Mirchi in Q3-2016, hence Radio Mirchi’s revenue per station has been calculated on the basis of 32 stations in this paper for that quarter. However, actual facts could be different.

    Entertainment Network India Limited (ENIL) that operates brand Radio Mirchi is the only separately listed radio company in India and one of the most profitable ones by far. It must be noted that in Q2-2016, ENIL’s revenue made up 50.6 per cent of the combined revenue of the six entities in this paper. In Q3-2016, ENIL contributed to 51.6 per cent of combined revenues. Other stations/radio brands of consequence, whose results are within the public domain have been considered in this report.

    Please refer to Fig C below. It may be noted that the figure of Rs2.30 crore in blue for All India ad revenue per station is a projection based on certain assumptions made by the author, and could be incorrect.

    In Q2-2016 (30 September 2015), combined revenues of the six entities in this report had increased 10.3 per cent YoY and had increased 15.5 per cent QoQ, much lower than the YoY andQoQ increases reported by TRAI (23.17 per cent and 23.81 per cent respectively)

    Combined revenues of the 89 radio stations run by the six entities increased 19.2 per cent YoY to Rs 278.16 crore in Q3-2016 (31 December 2016) as compared to Rs 233.41 crore and increased 21 per cent QoQ as compared to Rs 229.95 crore.

    Combined operating profit/PAT in Q3-2016 of the six entities declined 11.1 per cnt YoY to Rs 60.31 crore as compared to Rs 67.83 crore, but increased 36.6 per cent QoQ from Rs 44.15 crore.

    Music Broadcast Limited (MBL) which runs Radio City reported 14.9 YoY (year-on-year) growth in operating revenue for Q3-2016 at Rs 64.80 crore as compared to Rs 56.39 crore for the corresponding prior year quarter. Revenue in Q3-2016 was 16.7 per cent higher QoQ (quarter-on-quarter) as compared to Rs 55.54 crore in the immediate trailing quarter.

    B. A. G. Films Limited Radio segment Radio Dhamaalreported 1.8 per cent QoQ drop in operating revenue growth at Rs 2.18 crore as compared to Rs 2.22 crore and 10 per cent YoY decline in revenue as compared to Rs2.43 crore.

    HT Media’s radio segment Fever 104 FM reported a 25 per cent YoY increase in operating revenue to Rs 32.26 crore as compared to Rs 28.81 crore and grew 10 per cent QoQ as compared to Rs 29.34 crore.

    ENIL reported 22.9 percent YoY increase in Total Income from Operations (TIO) in the quarter ended December 31, 2015 (Q3-2016, current quarter) at Rs 143.57 crore as compared to the Rs 117.69 crore and 23.5 percent higher QoQ as compared to Rs 116.27 crore in the immediate trailing quarter.

    DB Corp’s My FMrevenue increased 25.8 percent YoY at Rs 32.32 crore as compared to Rs 25.69 crore) and a  34.9 percent QoQ  growth as compared to Rs 23.96 crore.

    TV Today’s Network Limited radio segment Oye! reported49.4 percent YoY decline in operating revenue at Rs 2.02 crore as compared to Rs 4.00 crore, and 22.5 percent lower operating revenue as compared to Rs 2.61 crore in the immediate trailing quarter.

    MBL’s (Radio City) profit after tax (PAT) in Q3-2016 declined 5.4 per cent YoY to Rs 16.17 crore (25 per cent margin) as compared to Rs 17.10 crore (30.3 per cent margin), but increased by more than a third (increased by 34.2 per cent) from Rs 12.05 crore (21.7 per cent margin). PAT for 9M-2016 declined 30.7 per cent to Rs 25.99 crore (15.5 per cent margin) from Rs 37.53 crore (24.9 per cent margin) in the corresponding period of the previous year.

    Dhamaal’s operating profit in Q3-2016 was less than a third (down 68.1 per cent) QoQ at Rs 0.23 crore as compared to Rs 0.73 crore and less than a fourth (down 75.5 per cent) YoY as compared to Rs 0.94 crore in Q2-2015.

    Fever reported 21 per cent decline in operating profit in Q3-2016 at Rs 7.46 crore as compared to Rs 9.44 crore, but was 94.3 per cent more QoQ than of Rs 3.84 crore.

    ENIL’s profit after tax (PAT) in Q3-2016 declined 18.8 percent to Rs 26.99 crore (18.8 percent margin) as compared to Rs 32.84 crore (28.1 percent margin) and was flat QoQ as compared to Rs 26.97 crore (23.2 percent margin) in Q2-2016. The company had entered the Rs 100 crore PAT club in FY-2015 with a PAT of Rs 105.98 crore (24.2 percent margin) on a TIO of Rs 483.48 crore.

    My FM reported almost double the operating profit (grew by 98.7 percent) QoQ at Rs 12 crore as compared to Rs 6.04 crore and increased 27.1 percent YoY as compared to Rs 9.44 crore.

    Oye! loss in the current quarter was higher at Rs2.54 crore as compared to the operating loss of Rs1.94 crore in Q3-2015 but lower than the operating loss of Rs 5.48 crore in Q2-2016.

  • Q3-2016: TV Today revenue up 18%; PAT up 40%

    Q3-2016: TV Today revenue up 18%; PAT up 40%

    BENGALURU: Following revenue and profit growth in the previous quarter, TV Today Network Limited (TVTN) reported 18.1 per cent YoY increase in standalone Total Income from Operations (TIO) in the quarter ended 31 December, 2015 (Q3-2016, current quarter) to Rs 149.67 crore as compared to Rs 126.88 crore and 17.8 per cent higher QoQ as compared to Rs 127.04 crore.

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

    All numbers in this report are standalone unless stated otherwise.

    Profit after tax (PAT) for Q3-2016 increased 40.1 per cent YoY to Rs 36.90 crore (24.7 per cent margin) as compared to Rs 26.34 crore (20.8 per cent margin) and 51.8 per cent higher QoQ as compared to Rs 24.32 crore (19.1 per cent margin). 

    The company had sold four of its radio stations at Amritsar, Patalia, Jodhpur and Shimla on 18 September, 2015 to Entertainment Network (India) Limited (ENIL) as an ongoing concern for a lump sum consideration of Rs 4 crore adjusted for net working capital as a sale agreement. The transaction resulted in a profit of Rs 2.07 crore included in ‘Other Income’. 

    The company had sought permission from the Ministry of Information and Broadcasting to grant approval of its three radio stations in New Delhi, Mumbai and Kolkata, which was subsequently refused. Subsequently, TVTN has filed a writ petition at the High Court in New Delhi against the MIB’s refusal, which is still pending.

    EBIDTA calculated for Q3-2016 at Rs 55.82 crore (37.3 per cent margin) increased 27.7 per cent YoY as compared to Rs 43.71 crore (34.5 per cent margin) and was 27.7 per cent higher QoQ as compared to Rs 35.71 crore (28.1 per cent margin).

    Segment revenue

    TVTN’s Television Broadcasting segment (TV segment) reported a 16.6 per cent YoY increase in operating revenue in Q3-2016 at Rs 147.65 crore as compared to Rs 126.68 crore and 18.7 per cent more QoQ as compared to Rs 124.43 crore in Q2-2016. Operating profit from the segment in the current quarter increased 49.1 per cent YoY to Rs 54.48 crore as compared to Rs 39.22 crore and 49.1 per cent higher QoQ as compared to Rs 36.68 crore.

    The company’s radio segment reported 49.4 per cent YoY decline in operating revenue at Rs 2.02 crore as compared to Rs 4 crore, and 22.5 per cent lower operating revenue as compared to Rs 2.61 crore in the immediate trailing quarter. The segment’s operating loss in the current quarter was higher at Rs 2.54 crore as compared to the operating loss of Rs 1.94 crore in Q3-2015 but lower than the operating loss of Rs 5.48 crore in Q2-2016.

    Rebranding of Headlines Today to India Today

    In Q1-2016, TVTN rebranded its English news channel from Headlines Today to India Today from 23 May, 2015 in order to benefit from the brand name of India Today. TVTN says that it incurred a marketing expense of Rs 14.38 crore towards re-branding in that quarter. Consequently, the company’s advertisement, distribution and sales promotion expense (ad expense) in Q1-2016 was Rs 38.24 crore (30.1 per cent of TIO). This quarter, TVTN’s ad expense was one per cent lower YoY at Rs 24.82 crore (16.6 per cent of TIO) as compared to Rs 25.06 crore (19.8 per cent of TIO) but was 5.5 per cent more than Rs 23.53 crore (18.5 per cent of TIO) in Q2-2016.

    Let us look at the other numbers reported by TVTN

    Total Expenditure in Q3-2016 at Rs 101.24 crore (67.5 per cent of TIO) was 11.7 per cent higher YoY as compared to Rs 86.20 crore (71.4 per cent of TIO) and was two per cent higher QoQ as compared to Rs 99.03 crore (78 per cent of TIO) in the previous quarter.

    Production cost in Q3-2016 increased 14.9 per cent YoY to Rs 13.75 crore (9.2 per cent of TIO) as compared to Rs 11.96 crore (9.4 per cent of TIO) and almost flat (up 0.2 per cent) QoQ as compared to Rs 13.72 crore (10.8 per cent of TIO).

    Employee Benefit Expense in the current quarter at Rs 37.26 crore (24.9 per cent of TIO) was 19.5 per cent higher YoY as compared to Rs 31.19 crore (20.7 per cent of TIO) and was 11.6 per cent higher QoQ as compared to Rs 33.38 crore (26.3 per cent of TIO) was 16 per cent higher YoY as compared to Rs 28.78 crore.

    Other expenses in Q3-2016 at Rs 18.02 crore (12 per cent of TIO) was 22 per cent higher YoY as compared to Rs 14.77 crore (11.7 per cent of TIO), but was 12.9 per cent lower QoQ as compare to Rs 20.71 crore (16.3 per cent of TIO).

  • Q3-2016: TV Today revenue up 18%; PAT up 40%

    Q3-2016: TV Today revenue up 18%; PAT up 40%

    BENGALURU: Following revenue and profit growth in the previous quarter, TV Today Network Limited (TVTN) reported 18.1 per cent YoY increase in standalone Total Income from Operations (TIO) in the quarter ended 31 December, 2015 (Q3-2016, current quarter) to Rs 149.67 crore as compared to Rs 126.88 crore and 17.8 per cent higher QoQ as compared to Rs 127.04 crore.

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

    All numbers in this report are standalone unless stated otherwise.

    Profit after tax (PAT) for Q3-2016 increased 40.1 per cent YoY to Rs 36.90 crore (24.7 per cent margin) as compared to Rs 26.34 crore (20.8 per cent margin) and 51.8 per cent higher QoQ as compared to Rs 24.32 crore (19.1 per cent margin). 

    The company had sold four of its radio stations at Amritsar, Patalia, Jodhpur and Shimla on 18 September, 2015 to Entertainment Network (India) Limited (ENIL) as an ongoing concern for a lump sum consideration of Rs 4 crore adjusted for net working capital as a sale agreement. The transaction resulted in a profit of Rs 2.07 crore included in ‘Other Income’. 

    The company had sought permission from the Ministry of Information and Broadcasting to grant approval of its three radio stations in New Delhi, Mumbai and Kolkata, which was subsequently refused. Subsequently, TVTN has filed a writ petition at the High Court in New Delhi against the MIB’s refusal, which is still pending.

    EBIDTA calculated for Q3-2016 at Rs 55.82 crore (37.3 per cent margin) increased 27.7 per cent YoY as compared to Rs 43.71 crore (34.5 per cent margin) and was 27.7 per cent higher QoQ as compared to Rs 35.71 crore (28.1 per cent margin).

    Segment revenue

    TVTN’s Television Broadcasting segment (TV segment) reported a 16.6 per cent YoY increase in operating revenue in Q3-2016 at Rs 147.65 crore as compared to Rs 126.68 crore and 18.7 per cent more QoQ as compared to Rs 124.43 crore in Q2-2016. Operating profit from the segment in the current quarter increased 49.1 per cent YoY to Rs 54.48 crore as compared to Rs 39.22 crore and 49.1 per cent higher QoQ as compared to Rs 36.68 crore.

    The company’s radio segment reported 49.4 per cent YoY decline in operating revenue at Rs 2.02 crore as compared to Rs 4 crore, and 22.5 per cent lower operating revenue as compared to Rs 2.61 crore in the immediate trailing quarter. The segment’s operating loss in the current quarter was higher at Rs 2.54 crore as compared to the operating loss of Rs 1.94 crore in Q3-2015 but lower than the operating loss of Rs 5.48 crore in Q2-2016.

    Rebranding of Headlines Today to India Today

    In Q1-2016, TVTN rebranded its English news channel from Headlines Today to India Today from 23 May, 2015 in order to benefit from the brand name of India Today. TVTN says that it incurred a marketing expense of Rs 14.38 crore towards re-branding in that quarter. Consequently, the company’s advertisement, distribution and sales promotion expense (ad expense) in Q1-2016 was Rs 38.24 crore (30.1 per cent of TIO). This quarter, TVTN’s ad expense was one per cent lower YoY at Rs 24.82 crore (16.6 per cent of TIO) as compared to Rs 25.06 crore (19.8 per cent of TIO) but was 5.5 per cent more than Rs 23.53 crore (18.5 per cent of TIO) in Q2-2016.

    Let us look at the other numbers reported by TVTN

    Total Expenditure in Q3-2016 at Rs 101.24 crore (67.5 per cent of TIO) was 11.7 per cent higher YoY as compared to Rs 86.20 crore (71.4 per cent of TIO) and was two per cent higher QoQ as compared to Rs 99.03 crore (78 per cent of TIO) in the previous quarter.

    Production cost in Q3-2016 increased 14.9 per cent YoY to Rs 13.75 crore (9.2 per cent of TIO) as compared to Rs 11.96 crore (9.4 per cent of TIO) and almost flat (up 0.2 per cent) QoQ as compared to Rs 13.72 crore (10.8 per cent of TIO).

    Employee Benefit Expense in the current quarter at Rs 37.26 crore (24.9 per cent of TIO) was 19.5 per cent higher YoY as compared to Rs 31.19 crore (20.7 per cent of TIO) and was 11.6 per cent higher QoQ as compared to Rs 33.38 crore (26.3 per cent of TIO) was 16 per cent higher YoY as compared to Rs 28.78 crore.

    Other expenses in Q3-2016 at Rs 18.02 crore (12 per cent of TIO) was 22 per cent higher YoY as compared to Rs 14.77 crore (11.7 per cent of TIO), but was 12.9 per cent lower QoQ as compare to Rs 20.71 crore (16.3 per cent of TIO).

  • Q2-2016: TV Today revenue up 24.4 percent; PAT up 84.1 percent

    Q2-2016: TV Today revenue up 24.4 percent; PAT up 84.1 percent

    BENGALURU: TV Today Network Limited (TVTN) reported 24.4 per cent YoY increase in standalone Total Income from Operations (TIO) in the quarter ended 30 September, 2015 (Q2-2016, current quarter) to Rs 127.04 crore as compared to Rs 102.13 crore and was flat (reduced by 0.1 percent) QoQ as compared to Rs 127.11 crore.

     

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

    All numbers in this report are standalone unless stated otherwise.

     

    Profit after tax (PAT) for Q2-2016 increased 84.1 percent YoY to Rs 24.32 crore (19.1 percent margin) as compared to Rs 13.21 crore (12.9 percent margin) and was 35.4 per cent higher QoQ as compared to Rs 17.96 crore (14.1 per cent margin).

     

    The company says that it has sold four of its radio stations at Amritsar, Patalia, Jodhpur and Shimla on September 18, 2015 to Entertainment Network (India) Limited (ENIL) as an ongoing concern for a lump sum consideration of Rs 4.00 crore adjusted for net working capital as a sale agreement. Such transaction resulted in a profit of Rs 2.07 crore included in ‘Other Income’.

     

    EBIDTA calculated for Q2-2016 at Rs 35.71 crore (28.1 percent margin) increased 51.7 percent YoY as compared to Rs 23.54 crore (23 percent margin) and was 19.8 percent higher QoQ than Rs 29.82 crore (23.5 percent margin).

     

    Segment revenue

     

    TVTN’s Television Broadcasting segment (TV segment) reported a 27.1 percent YoY increase in operating revenue in Q2-2016 at Rs 124.43 crore as compared to Rs 97.91 crore and almost flat (reduced 0.2 percent) operating revenue as compared to Rs 124.65 crore in Q1-2016.  Operating profit from the segment in the current quarter increased 73.3 percent YoY to Rs 36.68 crore as compared to Rs 21.16 crore and increased 31.2 percent QoQ from Rs 27.98 crore.

     

    The company’s radio segment reported 38 percent YoY decline in operating revenue at Rs 2.61 crore as compared to Rs 4.21 crore, but 5.9 percent higher operating revenue as compared to Rs 2.47 crore in the immediate trailing quarter. The segment’s operating loss in the current quarter was higher at Rs 5.47 crore as compared to the operating loss of  Rs 1.80 crore in Q2-2015 and the operating loss of  Rs 2.61 crore in Q1-2016.

     

    Rebranding of Headlines Today to India Today

     

    Last quarter (Q1-2016), TVTN rebranded its English news channel from ‘Headlines Today’ to ‘India Today’ from May 23, 2015 in order to benefit from the brand name of India Today. TVTN says that it has incurred a marketing expense of Rs 14.38 crore towards re-branding in that quarter. Consequently, the company’s advertisement, distribution and sales promotion expense (ad expense) in Q1-2016 was Rs 38.24 crore (30.1 percent of TIO). This quarter, TVTN’s ad expense was 6.9 percent lower YoY at Rs 23.53 crore (18.5 percent of TIO) as compared to Rs 25.27 crore (24.8 percent of IO) and 38.5 percent lower QoQ as compared to the above mentioned Rs 38.24 crore (30.1 percent of TIO) in Q1-2016.

     

    Let us look at the other numbers reported by TV Today

     

    Total Expenditure in Q2-2016 at Rs 99.03 crore (78 percent of TIO) was 14.9 percent higher YoY than Rs 86.20 crore (84.4 percent of TIO), but 5.9 percent less QoQ than the Rs 105.29 crore (82.8 percent of TIO) in the previous quarter.

     

    Production cost in Q2-2016 increased 17.3 percent YoY to Rs 13.72 crore (10.8 percent of TIO) as compared to Rs 11.70 crore (11.5 percent of TIO) and increased 13.3 percent QoQ as compared to Rs 12.11 crore (9.5 percent of TIO).

     

    Employee Benefit Expense in the current quarter at Rs 33.38 crore (26.3 percent of TIO) was 16 percent higher YoY as compared to Rs 28.78 crore (28.2 percent of TIO) and was 1.7 percent higher QoQ as compared to Rs 32.81 crore (25.8 percent of TIO).

     

    Other expenses in Q2-2016 at Rs 20.71 crore (16.3 percent of TIO) was 38.9 percent higher YoY as compared to Rs 14.91 crore (14.6 percent of TIO) and was 46.5 percent higher YoY than Rs 14.13 crore (11.1 percent of TIO).