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Tag: TV18 Broadcast Limited

  • TV18 Broadcast appoints Renuka Ramnath as additional director

    TV18 Broadcast appoints Renuka Ramnath as additional director

    MUMBAI: TV18 Broadcast Ltd has appointed Renuka Ramnath as an additional director of the company with effect from 16 July. Ramnath who is designated as independent director, has been appointed for five years.

    “We wish to inform you that the board of directors of the company at its meeting held on July 16, 2019, has inter alia approved appointment of Renuka Ramnath, as an additional director of the company with effect from July 16, 2019, designated as an Independent Director. Renuka Ramnath is appointed for five (5) years commencing July 16, 2019, subject to approval of the shareholders of the company,” the company posted in a filing on Bombay Stock Exchange.

    Ramnath has over 30 years of experience in the Indian financial sector across private equity, investment banking and structured finance. She started her career with the ICICI Group and had leadership roles in investment banking, structured finance and e-commerce. She led ICICI Venture as the MD and CEO of ICICI Venture to become one of the largest private equity funds in India.

  • TV18 boosts Network18 numbers for third quarter

    TV18 boosts Network18 numbers for third quarter

    BENGALURU: Mukesh Dhirubhai Ambani’s media arm, Network18 reported improved numbers for the quarter ended 31 December 2018 (Q3 2019, quarter under review) as compared to the corresponding year ago quarter Q3 2018). The company reported 13 percent y-o-y growth in consolidated revenue for Q3 2019 at Rs 1,475 crore as compared to Rs 1,267 crore in Q3 2018. Network18 reported profit after taxes of Rs 138 crore for Q3 2018. Consolidated operating EBITA increased 18 percent y-o-y to Rs 88 crore in Q3 2019 from Rs 75 crore in Q3 2018.

    Network18’s numbers comprise of numbers from its publically listed subsidiary TV 18 Broadcast Limited (TV18) and from NW18 Web digital, print and others.

    TV 18 props Network 18 numbers

    TV 18 consolidated revenue of Rs 1,474 crore in Q3 2019 was 22 per cent higher y-o-y than Rs 1,211 crore in Q3 2018. TV 18 consolidated operating EBIDTA for Q3 2019 increased 41 percent y-o-y to Rs 115 crore from Rs 82 crore in Q3 2018

    Revenue growth in Q3 2019 was across all revenue streams. The company’s operating revenue from Business and General news (TV 18 standalone) increased 16 per cent y-o-y to Rs 290 crore from Rs 251 crore. The segment’s operating EBIDTA more than doubled (increased 130 percent) y-o-y in Q3 2019 to Rs 47 crore from Rs 20 crore.

    National News (Business and General) revenue increased 12 percent in Q3 2019 y-o-y to Rs 220 crore from Rs 196 crore. National News (Business and General)  operating EBITDA increased 13 percent y-o-y to 56 crore from Rs 49 crore. National News. Regional News ex-Lokmat operating revenue during the quarter under review increased 27 percent y-o-y to Rs 70 crore from Rs 55 crore. The segment reported a substantially lower loss of Rs 9 crore for Q3 2019 as compared to Rs 29 crore for Q3 2018.The Entertainment segment (Viacom 18, AETN18 and Indiacast) saw a 23 percent y-o-y increase in revenue to Rs 1,185 crore in Q3 2019 from Rs 960 crore.  Operating profit of the Entertainment segment increased 11 percent y-o-y to Rs 68 core from Rs 61 core.

    NW18 Web digital, print and others numbers continue decline

    In Q2 2018, NW18 Web digital, print and others (NW18) revenue declined. The decline continued with a  13 per cent y-o-y fall in Q3 2019 to Rs 49 crore from Rs 56 crore in Q3 2018. NW18 operating EBIDTA was higher loss of Rs 27 crore as compared to a loss of Rs 7 crore in Q3 2018.

    Company speak

    Chairman of Network18, Adil Zainulbhai said: “Regional content consumption continues to see robust growth across all parts of the media industry that we play in, whether broadcasting or digital; and straddling news, entertainment and film. We continue to invest in digital with an eye on the future. We are extending our powerful brands across geographies, business models and mediums, to create the most compelling portfolio of properties in the opportunity-laden Indian media sector.”

    Notes

    Viacom18 and  Indiacast became subsidiaries of TV18 from 28 February 2018 and have been consolidated into TV18/Network18 financials from 1 March 2018. HomeShop18 has ceased to be a subsidiary of Network18 from 15 February 2018 as a result of its acquisition of ShopCJ through a share-swap.

  • Network18 reports improved numbers for Q1

    Network18 reports improved numbers for Q1

    BENGALURU: Network18 Media & Investments Ltd (Network18) reported year over year (y-o-y) growth in consolidated operating revenue for the quarter ended 30 June 2018 (Q1 2019, quarter or period under review) as compared to the year ago quarter (Q1 2018). The company reported consolidated operating profit (EBITDA) of Rs 18 crore in Q1 2019 as compared to a loss of Rs 2 crore during the corresponding year ago quarter. Consolidated operating revenue grew 10 percent y-o-y during the quarter under review to Rs 1,124 crore from Rs 1,025 crore in Q1 2018 on a comparable basis.

    Network18 chairman Adil Zainulbhai said: “We have begun the new fiscal with improved viewership across our portfolio, which shall be the foundation for our growth plans. We continued investments in regional news and entertainment and in digital. We continue to see opportunities in the media space.”

    TV18 Broadcast Limited

    TV18 Broadcast Ltd (TV18) is the listed Network18 broadcast subsidiary and the largest contributor to its numbers. Its consolidated revenues increased 11.1 percent y-o-y in Q1 2019 to Rs 1,088 crore from Rs 979 crore. TV18 consolidated operating profit (EBITDA) almost tripled (2.79 times) y-o-y to Rs 39 crore in Q1 2019 as compared to Rs 14 crore.

    TV18’s growth in revenue was led by Viacom18 and Indiacast revenue for which climbed by Rs 73 crore (a little less than 10 percent) y-o-y during the quarter under review to Rs 832 crore from Rs 759 crore. The company’s business and general news had revenue growth of 14 per cent (Rs 20 crore) y-o-y in Q1 2019 at Rs 173 crore as compared to Rs 153 crore. Regional news (Ex Lokmat) and infotainment had revenue growth of 24 per cent (Rs 16 crore) during the quarter under review at Rs 83 crore as compared to Rs 67 crore in Q1 2018.

    In its investor update, Network18 says that TV18’s subscription revenue increased 10 percent y-o-y during the period under review to Rs 301 crore from Rs 273 crore in Q1 2018.

    Growth in operating profit (EBITDA) was led by business and general news with 25 per cent (Rs 7 crore) y-o-y growth at Rs 35 crore in Q1 2019 as compared to Rs 28 crore in Q1 2018. Viacom18 and Indiacast had 13 per cent y-o-y growth in operating profit at Rs 26 crore from Rs 23 crore in Q1 2018. Operating loss of regional news (Ex Lokmat) and infotainment declined to Rs 22 crore in Q1 2019 from operating loss of Rs 37 crore.

    The numbers mentioned above have been obtained from TV18’s Investor update. It may be noted that Viacom18 and Indiacast became subsidiaries of TV18 from 1 March 2018. Hence, reported financials of TV18 consolidate these entities only from that date. Other y-o-y numbers are not comparable.

    “Our television channels reach out to 700 million people across the country, making every 1 in 2 Indians our consumer. We have 53 domestic channels across news and entertainment, making us a formidable player. The improving advertising environment and our rising viewership are positives, as we continue investing into growing our offerings across genres,” said Zainulbhai in a TV18 investor update.

    Network18 Digital, Print and others

    Network18 Digital, Print and others revenue declined 22 per cent y-o-y in Q 2019 to Rs 36 crore from Rs 46 crore in  the year ago quarter. Operating loss (EBITDA) increased to Rs 21 crore from Rs 16 crore.

  • FY-2016: TV18 income from operations up 10.8 per cent

    FY-2016: TV18 income from operations up 10.8 per cent

    BENGALURU: The Mukesh Ambani group owned TV18 Broadcast Limited (TV18) reported 10.8 per cent increase in consolidated net total income from operations (TIO) in the current year (year ended 31 March 2016, FY-2016 ) at Rs 2,568.97 crore as compared to the Rs 2,318.39 crore in the previous year. TIO in Q4-2016 (quarter ended 31 March 2016, Q4-2016) at Rs 671.34 crore was 6.6 per cent higher YoY as compared to Rs 629.75 but 3 per cent lower QoQ as compared to Rs 624.42 crore in Q3-2016.

     

    Note: The unit of currency in this report is the Indian rupee – Rs (also conventionally represented by INR or ₹). The Indian numbering system or the Vedic numbering system has been used to denote money values in this report. The basic conversion to the international norm would be:

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

    (b) 10,000 lakh = 100 crore = 1 billion = 1 arab.

     

    TV18’s PBDIT on a consolidated basis stood at Rs 252.5crore, same as last year. Q4-2016 consolidated operating PBDIT stood at Rs 99.4crore, up by 20.3 per cent YoY, from Rs 82.6 crore in Q4-2015.

     

    Let us look at some of the other numbers reported by TV18

     

    Consolidated total expenditure (TE) in FY-2016 at Rs 2,366.96 crore (92.1 per cent of TIO) was 12.4 per cent higher than the Rs 2,105.87 crore (90.8 per cent of TIO) in FY-2015. TE in Q4-2016 at Rs 587.04 crore (87.4 per cent of TIO) was 5.7 per cent higher YoY as compared to Rs 555.18 crore (88.2 per cent of TIO), but was 2.4 per cent lower QoQ as compared to Rs 601.19 crore (86.8 per cent of TIO).

     

    TV18’s reported 2.5 per cent increase in programming cost in FY-2016 at Rs 776.46 crore (30.2 per cent of TIO) as compared to Rs 757.52 crore (32.7 per cent of TIO). Programming cost in Q4-2016 declined 20.4 per cent YoY to Rs 161.70 crore (24.1 per cent of TIO) as compared to Rs 203.26 crore (32.3 per cent of TIO) and declined 24.6 per cent QoQ as compared to Rs 214.36 crore (31.0 per cent of TIO).

     

    Employee Benefit Expense (EBE) in FY-2016 increased 21.3 per cent to Rs 493.99 crore (18.8 per cent of TIO) as compared to Rs 399.05 crore (17.2 per cent of TIO). EBE in Q4-2016 increased 35.9 per cent YoY to Rs 138.38 crore (20.6 per cent of TIO) as compared to Rs 101.86 crore (16.2 per cent of TIO) and increased 21.1 per cent QoQ as compared to Rs 114.29 crore (16.5 per cent of TIO).

     

    TV18’s marketing, distribution and promotional (Marketing) expense in FY-2016 increased 12.3 per cent to Rs 505.23 crore (19.7 per cent of TIO) as compared to Rs 449.78 (19.4 per cent of TIO) in the previous year, Marketing expense in Q4-2016 increased 12.2 per cent YoY at Rs 129.44 crore (19.3 per cent of TIO) as compared to Rs 115.37 crore (18.3 per cent of TIO) and increased 14.7 per cent QoQ as compared to Rs 112.89 crore (16.3 per cent of TIO).

     

    Segment Revenue

     

    Two segments contribute to TV18’s TIO – Media Operations (Media Ops); and Film Production and Distribution (Films).

     

    Media Ops reported 8.6 per cent increase in segment revenue for the current year at Rs 2,477.78 crore as compared to the Rs 2,281.35 crore in FY-2015. For Q4-2016, the segment reported a 5.5 per cent increase in YoY revenue of Rs 663.71 crore as compared to Rs 628.95 crore but a 2.7 per cent QoQ decline in revenue as compared to Rs 681.85 crore.

     

    Media Ops reported a 6.6 per cent decline in operating results for FY-2016 at Rs 206.56 crore as compared to Rs 221.17 crore in FY-2015. The segment’s operating result for Q4-2016 was 12.0 per cent higher YoY at Rs 86.05 crore as compared Rs 76.81 crore, but declined 7.5 per cent QoQ as compared to Rs 93.06 crore.

     

    Films segment reported more than double (2.53 times) the revenue in FY-2016 at Rs 129.20 crore as compared to Rs 50.96 crore in the previous year. In Q4-2016, the films segment reported almost five times (4.87 times) revenue at Rs 23.41 crore as compared to the Rs 4.80 crore in Q4-2015 and more than double (2.21 times) the revenue of Rs 10.57 crore in the immediate trailing quarter.

     

    Films segment reported positive operating result at Rs  1.34 crore in the current year as compared to an operating loss of Rs 6.44 crore in the previous year. For Q4-2016, the segment reported a lower operating loss of Rs 0.68 crore as compared to a loss of Rs 2.44 crore in Q4-2015 and an operating loss of Rs 1.22 crore in Q3-2015.

  • FY-2016: TV18 income from operations up 10.8 per cent

    FY-2016: TV18 income from operations up 10.8 per cent

    BENGALURU: The Mukesh Ambani group owned TV18 Broadcast Limited (TV18) reported 10.8 per cent increase in consolidated net total income from operations (TIO) in the current year (year ended 31 March 2016, FY-2016 ) at Rs 2,568.97 crore as compared to the Rs 2,318.39 crore in the previous year. TIO in Q4-2016 (quarter ended 31 March 2016, Q4-2016) at Rs 671.34 crore was 6.6 per cent higher YoY as compared to Rs 629.75 but 3 per cent lower QoQ as compared to Rs 624.42 crore in Q3-2016.

     

    Note: The unit of currency in this report is the Indian rupee – Rs (also conventionally represented by INR or ₹). The Indian numbering system or the Vedic numbering system has been used to denote money values in this report. The basic conversion to the international norm would be:

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

    (b) 10,000 lakh = 100 crore = 1 billion = 1 arab.

     

    TV18’s PBDIT on a consolidated basis stood at Rs 252.5crore, same as last year. Q4-2016 consolidated operating PBDIT stood at Rs 99.4crore, up by 20.3 per cent YoY, from Rs 82.6 crore in Q4-2015.

     

    Let us look at some of the other numbers reported by TV18

     

    Consolidated total expenditure (TE) in FY-2016 at Rs 2,366.96 crore (92.1 per cent of TIO) was 12.4 per cent higher than the Rs 2,105.87 crore (90.8 per cent of TIO) in FY-2015. TE in Q4-2016 at Rs 587.04 crore (87.4 per cent of TIO) was 5.7 per cent higher YoY as compared to Rs 555.18 crore (88.2 per cent of TIO), but was 2.4 per cent lower QoQ as compared to Rs 601.19 crore (86.8 per cent of TIO).

     

    TV18’s reported 2.5 per cent increase in programming cost in FY-2016 at Rs 776.46 crore (30.2 per cent of TIO) as compared to Rs 757.52 crore (32.7 per cent of TIO). Programming cost in Q4-2016 declined 20.4 per cent YoY to Rs 161.70 crore (24.1 per cent of TIO) as compared to Rs 203.26 crore (32.3 per cent of TIO) and declined 24.6 per cent QoQ as compared to Rs 214.36 crore (31.0 per cent of TIO).

     

    Employee Benefit Expense (EBE) in FY-2016 increased 21.3 per cent to Rs 493.99 crore (18.8 per cent of TIO) as compared to Rs 399.05 crore (17.2 per cent of TIO). EBE in Q4-2016 increased 35.9 per cent YoY to Rs 138.38 crore (20.6 per cent of TIO) as compared to Rs 101.86 crore (16.2 per cent of TIO) and increased 21.1 per cent QoQ as compared to Rs 114.29 crore (16.5 per cent of TIO).

     

    TV18’s marketing, distribution and promotional (Marketing) expense in FY-2016 increased 12.3 per cent to Rs 505.23 crore (19.7 per cent of TIO) as compared to Rs 449.78 (19.4 per cent of TIO) in the previous year, Marketing expense in Q4-2016 increased 12.2 per cent YoY at Rs 129.44 crore (19.3 per cent of TIO) as compared to Rs 115.37 crore (18.3 per cent of TIO) and increased 14.7 per cent QoQ as compared to Rs 112.89 crore (16.3 per cent of TIO).

     

    Segment Revenue

     

    Two segments contribute to TV18’s TIO – Media Operations (Media Ops); and Film Production and Distribution (Films).

     

    Media Ops reported 8.6 per cent increase in segment revenue for the current year at Rs 2,477.78 crore as compared to the Rs 2,281.35 crore in FY-2015. For Q4-2016, the segment reported a 5.5 per cent increase in YoY revenue of Rs 663.71 crore as compared to Rs 628.95 crore but a 2.7 per cent QoQ decline in revenue as compared to Rs 681.85 crore.

     

    Media Ops reported a 6.6 per cent decline in operating results for FY-2016 at Rs 206.56 crore as compared to Rs 221.17 crore in FY-2015. The segment’s operating result for Q4-2016 was 12.0 per cent higher YoY at Rs 86.05 crore as compared Rs 76.81 crore, but declined 7.5 per cent QoQ as compared to Rs 93.06 crore.

     

    Films segment reported more than double (2.53 times) the revenue in FY-2016 at Rs 129.20 crore as compared to Rs 50.96 crore in the previous year. In Q4-2016, the films segment reported almost five times (4.87 times) revenue at Rs 23.41 crore as compared to the Rs 4.80 crore in Q4-2015 and more than double (2.21 times) the revenue of Rs 10.57 crore in the immediate trailing quarter.

     

    Films segment reported positive operating result at Rs  1.34 crore in the current year as compared to an operating loss of Rs 6.44 crore in the previous year. For Q4-2016, the segment reported a lower operating loss of Rs 0.68 crore as compared to a loss of Rs 2.44 crore in Q4-2015 and an operating loss of Rs 1.22 crore in Q3-2015.

  • Q3-2016: TV18 YoY EPS up 31%

    Q3-2016: TV18 YoY EPS up 31%

    BENGALURU: The Mukesh Ambani magic seems to be rubbing off on TV18 Broadcast Limited (TV18) acquired by his group in late May 2014. Be it Business News or GEC, most TV18 channels were rated at No. 1 or 2 as per BARC India ratings for the month of December 2015. In the case of general news, the company’s CNN-IBN was rated at the third spot.

     

    TV18 reported a 31.4 per cent YoY increase in consolidated earnings per share at Rs 0.46 in the quarter ended 31 December, 2015 (Q3-2016, current quarter) as compared to the Rs 0.35. EPS in the current quarter almost quadrupled QoQ (3.83 times) as compared to the Rs 0.12. The company reported net profit after tax (PAT) for the current quarter at Rs 78.29 crore (11.3 per cent margin) as compared to Rs 60.38 crore in Q3-2016 (9.9 per cent margin) and Rs 20.27 crore (3.3 per cent margin) in the immediate trailing quarter.

     

    EPS for the nine-month period ended 31 December, 2015 (9M-2016) was Rs 0.57 as compared to a negative (loss) EPS of Rs 0.30 for 9M-2015. PAT for 9M-2016 was Rs 98.51 crore (5.2 per cent margin) as compared to a loss of Rs 50.94 crore during the corresponding nine-month period of the previous year. The company says that Q3-2016 numbers include operating loss of Rs 45 crore on account of new ETV news channels and Colors Infinity and also a one-time expense of Rs 10 crore for rebranding ETV regional entertainment channels as Colors. Further, 9M-2015 profitability vis-?-vis 9M-2016 was significantly influenced by advertisement income on account of the general elections and the union budget says the company.

     

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

     

    TV18 reported 14 per cent YoY growth in total income from operations (TIO) in Q3-2016 at Rs 692.42 crore as compared to Rs 607.23 crore and a 13.8 per cent QoQ growth as compared to Rs 608.53 crore. TIO for 9M-2016 increased 12.4 per cent at Rs 1897.63 crore as compared to the Rs 1688.65 crore in the corresponding period of last year.

  • Q2-2015: TV18 reports improvement over y-o-y and q-o-q results

    Q2-2015: TV18 reports improvement over y-o-y and q-o-q results

    BENGALURU: TV18 Broadcast Limited (TV18) posted a 4.9 per cent q-o-q growth in Total Income from Operations (TIO)  for Q2-2015 at Rs 553.68 crore versus Rs 527.74 crore in Q1-2015 and 14.6 per cent more than the Rs 483.17 crore in Q2-2014. The company’s HY-2015 TIO at Rs 1081.49 crore was 23 per cent more than the Rs 879.36 crore in HY-2014.

     

    TV18 reported PAT at Rs 43.22 crore (7.8 per cent of TIO) as compared to a loss of Rs 154.54 crore (refer additional notes below) in the immediate trailing quarter Q1-2015 and 4.3 times the Rs 10.12 crore (2.1 per cent of TIO) in the year ago quarter Q2-2014. The company reported a loss of Rs 111.32 crore(refer additional notes below)  in HY-2015 versus PAT of Rs 16.05 crore in HY-2014.

     

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

     

     Let us look at the other Q2-2015 and HY-2015 figures reported by TV18

    TV18 reported total expenditure (TE) of Rs 508 crore (91.8 per cent of TIO) in Q2-2015, which was 0.3 per cent lower than the Rs 509.54 crore (96.6 per cent of TIO) in Q1-2015 and 11.4 per cent more than the Rs 455.89 crore (94.4 per cent of TIO) in Q2-2014. For HY-2015, the company’s TE at Rs 1017.53 crore (94.1 per cent of TIO) was 21.2 per cent more than the Rs 839.30 crore (95.4 per cent of TIO) in HY-2014. Please refer to the figure below for TV18’s TIO, TE and PAT across five quarters starting Q2-2014 until Q2-2015.

     

     

    Programming cost at Rs 170.89 crore (30.9 per cent of TIO) was 3.1 per cent more than the Rs 165.71 crore (31.4 per cent of TIO) in Q1-2015 and was 38.1 per cent more than the Rs 123.77 crore (25.6 per cent of TIO) in Q2-2014. For HY-2015, programming cost at Rs 336.6 crore (31.1 per cent of TIO) was a massive 56.7 per cent more than the Rs 210.78 crore in HY-2014.

     

    TV18 has reduced marketing distribution and promotional expenses (marketing expense) in this fiscal. Though its spends on this head in Q2-2015 at Rs 117.32 crore (21.2 per cent of TIO) was 14.8 per cent more than the Rs 102.17 crore (19.4 per cent of TIO) in Q1-2015, it was 29.3 per cent lower than the Rs 166.01 crore (34.4 per cent of TIO) in Q2-2014. Marketing expense in HY -2015 at Rs 219.5 crore (20.3 per cent of TIO) was 28.3 per cent less than the Rs 306.17 crore (34.8 per cent of TIO) in HY-2014.

     

    Other expense at Rs 115.01 crore (20.8 per cent of TIO) in Q2-2015 was 6.3 per cent more than the Rs 108.21 crore (20.5 per cent of TIO) in Q1-2015 and 34.6 per cent more than the Rs 85.47 crore (17.7 per cent of TIO) in Q2-2014. Other expense in HY-2015 at Rs 223.21 crore (20.6 per cent of TIO) was 38.6 per cent more than the Rs 161.1 crore (18.3 per cent of TIO) in HY-2014.

     

    Finance cost in Q2-2014 at Rs 11.89 crore (2.2 per cent of TIO) was 20.3 per cent lower than the Rs 14.92 crore (2.8 per cent of TIO) and 22.3 per cent less than the Rs 15.31 crore (3.2 per cent of TIO) in Q2-2014. Finance cost in HY-2015 at Rs 26.81 crore (2.5 per cent of TIO) was 11.4 per cent lower than the Rs 30.27 crore (3.4 per cent of TIO) in HY-2014.

     

    Segment Revenue

     

    TV18 consolidated revenue comes from two streams – (a) Media Operations (Media) and (b) Film production and distribution (film). Media reported operating income (Op Inc) of Rs 533.83 crore in Q2-2015, which was 4 per cent more than the Rs 513.42 crore in Q1-2015 and was 24.4 per cent more than the Rs 429.07 crore in Q2-2014. Media reported Op Inc of Rs 1047.25 crore in HY-2015, which was 28.9 per cent more than the Rs 812.46 crore in HY-2014. This segment reported operating profit of Rs 50.46 crore in Q2-2015, which was almost triple (2.6 times) the Rs 19.36 crore in Q1-2015 and was 85.1 per cent more than the Rs 27.26 crore in Q2-2014. For HY-2015, Media reported operating profit of Rs 60.83 crore which was 41.1 per cent more than the Rs 49.49 crore in HY-2014.

     

    Film segment reported Op Inc of Rs 19.85 crore in Q2-2015, which was 38.7 per cent more than the Rs 14.32 crore in Q1-2015, but less than a third of the Rs 62.05 crore in Q2-2014. Op Inc from this segment fell to less than half (42.3 per cent) to Rs 34.17 crore in HY-2015 from Rs 80.85 crore in HY-2014. This segment reported loss of Rs 4.38 crore in Q2-2015, loss of Rs 0.95 crore in Q1-2015, operating profit of Rs 3.13 crore in Q2-2014, and a loss of Rs 5.33 crore in both HY-2015 and HY-2014.

     

    Additional Notes:  (1) Pursuant to the enactment of the Companies Act, 2013 (the Act), the Group has, effective from 1 April 2014, reassessed the useful life of its fixed assets and has computed depreciation as provided in Schedule II to the Act. Consequently depreciation for the quarter and half year ended 30 September, 2014 is lower by Rs 13.40 lakhs and higher by Rs 716.30 lakhs respectively and the net profit is higher by Rs 13.40 lakhs and lower by Rs 716.30 lakhs respectively. Further, based on the transitional provision provided in Schedule II, an amount of Rs 744.15 lakhs has been adjusted with the opening reserves during the half year ended 30 September, 2014.

     

    (2) During the quarter ended 30 June, 2014, based on a review of the current and non-current assets, the Group has accounted for (a) obsolescence/impairment in the value of certain tangible and intangible assets to the extent of Rs 122.27 crores and (b) write-off and provisions of non-recoverable and doubtful loans/advances /receivables to the extent of Rs 87.70 crores and the same has been disclosed as Exceptional Items in the consolidated accounts. Further, Exceptional Items also includes Rs 13.31crores towards severance pay and consultancy charge.

     

    (3) Equator Trading Enterprises Private Limited (“Equator”) including its subsidiaries Panorama Television Private Limited and Prism TV Private Limited had become wholly owned subsidiary of the Company with effect from 22 January, 2014. Hence, the consolidated results of the current period include the results of these subsidiary companies. Eenadu Television Private Limited had also become an associate with effect from 22 January 2014 and its results have been accounted as “Associate” under accounting standard 23 on Accounting for Investments in Associates in Consolidated Financial Statements. To this extent, the results of this period are not comparable with the corresponding previous period.

     

    Click here for the financial statement

  • Network18 Q2 FY-14 EBITDA is back to black

    Network18 Q2 FY-14 EBITDA is back to black

    BENGALURU: Investors in TV18 Broadcast Limited (TV18) have a reason to smile and cheer, though the stock market has not reacted positively to the Q2-2013 results post the financial announcement. The stock’s price had taken a shallow dive (down by about 1.75 per cent) at the time of writing this report.

    Though the company has been showing improved performance over the past few quarters, it has returned a profit of Rs 10.1 crore for the current quarter Q2-2014. “While the general news and niche genres witnessed continued softness, our advertising revenues from entertainment led by Colors grew strongly,” says the company.

    TV18 Broadcast, a subsidiary of Network 18 that operates news channels, also operates a joint venture with Viacom, called Viacom18, which houses a portfolio of popular entertainment channels – Colors and Colors HD amongst others.

    Let us look at some of the Q2-2014 figures reported by TV18

    A consolidated summary shows that TV18’s revenue at Rs 483.2 crore for Q2-2014 has grown by almost a third (32.3 per cent) as compared to the Rs 365.1 crore for Q2-2013 and by 22 per cent as compared to the Rs 396.2 crore for Q1-2014.

    Revenue from news and infotaiment at Rs 119.7 crore in Q2-2014 has shrunk by 1.2 per cent as compared to the Rs 121.1 crore in Q2-2013 and is almost flat (grown by 0.6 per cent) as compared to the Rs 119 crore for Q1-2014. Though y-o-y operating profit for Q2-2014 from news and infotainment at Rs 8.4 crore is more than double (2.1 times more) than the Rs 4 crore for Q2-2013, it is almost half (57 per cent) of the Rs 14.7 crore the segment had returned for Q1-2014 (q-o-q).

    It is general news that has bled news and infotaiment profit that has accrued through business news. General news with revenue of Rs 49 crore in Q2-2014 has taken a 19 per cent fall as compared to the Rs 60.3 crore in Q2-2013 and a 11.2 per cent drop to Rs 55.2 crore in Q1-2014. Operating loss from general news at Rs (-8.2) crore more than doubled (operating loss increased by 248 per cent) the Rs (-3.3 crore) reported for Q2-2013 and was almost six times the Rs (-1.4) crore operating loss for Q1-2014. Maybe the group needs to consider a massive revamp of its general news programming and presenters’ offerings?

    Business news with revenue of Rs 65.2 crore saw a more than healthy growth of 26 per cent as compared to the Rs 51.9 crore in Q2-2013 and 14 per cent growth as compared to the Rs 57.3 crore for Q1-2014. Business news returned an operating profit of Rs 18.3 crore, 8.3 per cent higher than the Rs 16.9 crore for Q2-2013 and 4.6 per cent higher than the Rs 17.5 crore in Q1-2014.

    Revenue from entertainment – television (Colors and other channels) in Q2-2014 at Rs 174.5 crore has gone up by a whopping 36 per cent as compared to the Rs 128.5 crore for Q2-2013 and is more by 15 per cent when compared to the Rs 151.8 crore for Q1-2014. TV18’s operating profit from entertainment – television segment at Rs 24.7 crore is 80 per cent more than Rs 13.7 crore for Q2-2013 and 62.5 per cent more than the Rs 15.2 crore in Q1-2014.

    TV18’s entertainment-Motion Pictures segment revenue of Rs 62 crore for Q2-2014 was about 2.8 times more than the Rs 22.1 crore for Q2-2013 and 2.3 times more than the Rs 18.8 crore for Q1-2014. This segment also has returned an operating profit of Rs 3.7 crore in Q2-2014 as compared to losses of Rs (-7.4) crore and Rs (-8.4) crore in Q2-2013 and Q1-2014 respectively.

    Though revenue from IndiaCast has almost doubled to Rs 182.5 crore as compared to the Rs 95 crore in Q2-2013, operating profit of Rs 1 crore from this stream is almost a fourth of the Rs 3.9 crore for Q2-2013 and less than half the Rs 2.3 crore for Q1-2014.

    Inter-segmental eliminations have wiped off a massive Rs 55.1 crore from TV18’s consolidated revenue, but have had a net gain of Rs 1.8 crore to the overall results.

    Note: IndiaCast is a 50:50 joint venture between TV18 and Viacom18 and has been consolidated as such. IndiaCast commenced operations on 1 July 2012 and as such, is consolidated only from Q2 FY13. For the previous year it was consolidated as a 100 per cent subsidiary. TV18 moved to the net distribution income methodology of accounting for carriage and subscription from Q2-2013. Q1-2013 results had been regrouped to ensure comparability. For Q1-2013, gross subscription and carriage numbers are included in the audited results of FY2013. From the current year (FY-2014); TV18 says that it has stopped reporting new operations separately given their vintage and that segmental numbers are based on management accounts and are not audited.

    Viacom 18 numbers

    Q2-2014 revenue for Viacom 18 stood at Rs 546.7 crore, a growth of 34 per cent over the previous quarter. Operating profits grew strongly to Rs 57.5 crore as against Rs 12.6 crore in Q2-2013.

    Television broadcasting revenue for the current quarter (Q2-2014) was Rs 349.1 crore as against Rs 257 crore in the previous year. Operating profit from TV18’s television business stood at Rs 49.4 crore and grew by 80 per cent over previous year. The growth was driven by both strong advertising and distribution revenues, says the company.

    Viacom18 Motion Pictures released five movies during the quarter under review (Q2-2014). The slate had three Hindi titles Bhaag Milkha Bhaag, Luv U Soniyo and Madras Café and two Marathi titles – 72 miles and Kumari Gangubai Non Matric. Bhaag Milkha Bhaag and Madras Café were critically acclaimed and runaway hits. Operating profits from the business stood at Rs 7.5 crore for the quarter (Q2-2014).

    Network18 managing director Raghav Bahl says, “Even though the macroeconomic environment continued to be uncertain, the media and entertainment industry is well poised to deliver robust growth. At TV18, we are confident of maintaining our growth trajectory to create value for our stakeholders. During the current quarter our broadcasting operations turned in strong operating profits. We are particularly heartened by the doubling of operating profits in the first half of the current financial year as compared to previous year.”

    Group CEO B. Saikumar said, “During the current quarter, we turned in robust operating profits for both our broadcasting and motion pictures businesses. We embarked on an operational restructuring programme to realise synergies across the news network which will be instrumental in creating sustained value. Our entertainment business turned in an excellent quarter and IndiaCast continued on its growth trajectory. The advertising environment continues to be lackadaisical especially for news and other niche genres but we remain confident of delivering a strong year ahead.”

  • Network18 Q2 FY-14 EBITDA is back to black

    Network18 Q2 FY-14 EBITDA is back to black

    BENGALURU: Investors in TV18 Broadcast Limited (TV18) have a reason to smile and cheer, though the stock market has not reacted positively to the Q2-2013 results post the financial announcement. The stock’s price had taken a shallow dive (down by about 1.75 per cent) at the time of writing this report.

     

    Though the company has been showing improved performance over the past few quarters, it has returned a profit of Rs 10.1 crore for the current quarter Q2-2014. “While the general news and niche genres witnessed continued softness, our advertising revenues from entertainment led by Colors grew strongly,” says the company.

     

     TV18 Broadcast, a subsidiary of Network 18 that operates news channels, also operates a joint venture with Viacom, called Viacom18, which houses a portfolio of popular entertainment channels – Colors and Colors HD amongst others.

     

     Let us look at some of the Q2-2014 figures reported by TV18

     

    A consolidated summary shows that TV18’s revenue at Rs 483.2 crore for Q2-2014 has grown by almost a third (32.3 per cent) as compared to the Rs 365.1 crore for Q2-2013 and by 22 per cent as compared to the Rs 396.2 crore for Q1-2014.

     

    Revenue from news and infotaiment at Rs 119.7 crore in Q2-2014 has shrunk by 1.2 per cent as compared to the Rs 121.1 crore in Q2-2013 and is almost flat (grown by 0.6 per cent) as compared to the Rs 119 crore for Q1-2014. Though y-o-y operating profit for Q2-2014 from news and infotainment at Rs 8.4 crore is more than double (2.1 times more) than the Rs 4 crore for Q2-2013, it is almost half (57 per cent) of the Rs 14.7 crore the segment had returned for Q1-2014 (q-o-q).

     

     It is general news that has bled news and infotaiment profit that has accrued through business news.  General news with revenue of Rs 49 crore in Q2-2014 has taken a 19 per cent fall as compared to the Rs 60.3 crore in Q2-2013 and a 11.2 per cent drop to Rs 55.2 crore in Q1-2014. Operating loss from general news at Rs (-8.2) crore more than doubled (operating loss increased by 248 per cent) the Rs (-3.3 crore) reported for Q2-2013 and was almost six times the Rs (-1.4) crore operating loss for Q1-2014. Maybe the group needs to consider a massive revamp of its general news programming and presenters’ offerings?

     

    Business news with revenue of Rs 65.2 crore saw a more than healthy growth of 26 per cent as compared to the Rs 51.9 crore in Q2-2013 and 14 per cent growth as compared to the Rs 57.3 crore for Q1-2014. Business news returned an operating profit of Rs 18.3 crore, 8.3 per cent higher than the Rs 16.9 crore for Q2-2013 and 4.6 per cent higher than the Rs 17.5 crore in Q1-2014.

     

    Revenue from entertainment – television (Colors and other channels) in Q2-2014 at Rs 174.5 crore has gone up by a whopping 36 per cent as compared to the Rs 128.5 crore for Q2-2013 and is more by 15 per cent when compared to the Rs 151.8 crore for Q1-2014. TV18’s operating profit from entertainment – television segment at Rs 24.7 crore is 80 per cent more than Rs 13.7 crore for Q2-2013 and 62.5 per cent more than the Rs 15.2 crore in Q1-2014.

     

     TV18’s entertainment-Motion Pictures segment revenue of Rs 62 crore for Q2-2014 was about 2.8 times more than the Rs 22.1 crore for Q2-2013 and 2.3 times more than the Rs 18.8 crore for Q1-2014. This segment also has returned an operating profit of Rs 3.7 crore in Q2-2014 as compared to losses of Rs (-7.4) crore and Rs (-8.4) crore in Q2-2013 and Q1-2014 respectively.

     

    Though revenue from IndiaCast has almost doubled to Rs 182.5 crore as compared to the Rs 95 crore in Q2-2013, operating profit of Rs 1 crore from this stream is almost a fourth of the Rs 3.9 crore for Q2-2013 and less than half the Rs 2.3 crore for Q1-2014.

     

     Inter-segmental eliminations have wiped off a massive Rs 55.1 crore from TV18’s consolidated revenue, but have had a net gain of Rs 1.8 crore to the overall results.

     

     Note: IndiaCast is a 50:50 joint venture between TV18 and Viacom18 and has been consolidated as such. IndiaCast commenced operations on 1 July 2012 and as such, is consolidated only from Q2 FY13. For the previous year it was consolidated as a 100 per cent subsidiary. TV18 moved to the net distribution income methodology of accounting for carriage and subscription from Q2-2013. Q1-2013 results had been regrouped to ensure comparability. For Q1-2013, gross subscription and carriage numbers are included in the audited results of FY2013. From the current year (FY-2014); TV18 says that it has stopped reporting new operations separately given their vintage and that segmental numbers are based on management accounts and are not audited.

     

    Viacom 18 numbers

     

    Q2-2014 revenue for Viacom 18 stood at Rs 546.7 crore, a growth of 34 per cent over the previous quarter. Operating profits grew strongly to Rs 57.5 crore as against Rs 12.6 crore in Q2-2013.

     

    Television broadcasting revenue for the current quarter (Q2-2014) was Rs 349.1 crore as against Rs 257 crore in the previous year. Operating profit from TV18’s television business stood at Rs 49.4 crore and grew by 80 per cent over previous year. The growth was driven by both strong advertising and distribution revenues, says the company.

     

    Viacom18 Motion Pictures released five movies during the quarter under review (Q2-2014). The slate had three Hindi titles Bhaag Milkha Bhaag, Luv U Soniyo and Madras Café and two Marathi titles – 72 miles and Kumari Gangubai Non Matric. Bhaag Milkha Bhaag and Madras Café were critically acclaimed and runaway hits. Operating profits from the business stood at Rs 7.5 crore for the quarter (Q2-2014).

     

    Network18 managing director Raghav Bahl says, “Even though the macroeconomic environment continued to be uncertain, the media and entertainment industry is well poised to deliver robust growth. At TV18, we are confident of maintaining our growth trajectory to create value for our stakeholders. During the current quarter our broadcasting operations turned in strong operating profits. We are particularly heartened by the doubling of operating profits in the first half of the current financial year as compared to previous year.”

     

     Group CEO B. Saikumar said, “During the current quarter, we turned in robust operating profits for both our broadcasting and motion pictures businesses. We embarked on an operational restructuring programme to realise synergies across the news network which will be instrumental in creating sustained value. Our entertainment business turned in an excellent quarter and IndiaCast continued on its growth trajectory. The advertising environment continues to be lackadaisical especially for news and other niche genres but we remain confident of delivering a strong year ahead.”

  • TV18 results show upturn for Q1-2014

    BENGALURU: Indian media and entertainment company TV18 Broadcast Limited (TV18) turned in a profit of Rs 5.9 crore after tax for the quarter on the back of a significantly deleveraged balance sheet as compared to a loss of Rs 23.5 crore in the previous year.

    Income from operations for Q1-2014 stood at Rs107.37 crore, with other income contributing another Rs 2.25 crore to arrive at a net operating income of Rs109.62 crore, lower than the net operating income of Rs136.91 crore reported for Q1-2012 and significantly lower than the net operating income of Rs147.06 crore reported for Q4-2014. TV18’s net profit was Rs 8.91crore for Q1-2014 as against a net loss of Rs 7.79 crore for Q1-2013, but much lower than the net profit of Rs 20.95 crore for Q4-2013.

    Let us take a look at the unaudited Q1-2014 figures

    Q1-2014 revenues from its media operations stood at Rs 383.4 crore, while those from its motion picture business were Rs 18.8 crore. Reduction of inter-segmental revenues of Rs 6 crore resulted in reported revenues for the television and motion pictures business, including IndiaCast revenues of Rs 147.9 crore (75 per cent for the current year) at Rs 396.2 crore for the quarter.

    Reported operating profit for Q1-2014 stood at Rs 23.8 crore, up 57 per cent over the Rs 15.5 crore during the corresponding quarter of the previous year.

    Overall, the company’s motion picture business dragged operating profits down. The company says that the losses from the Motion Pictures business were primarily on account of the tepid audience response received by its movie Bombay Talkies.

    In the current quarter, its release Bhaag Milkha Bhaag has been a critically acclaimed, runaway hit.

    For Q1-2014, motion picture business with revenues of Rs 18.8 crore reported an operating loss of Rs 8.4 crore, bringing down the operating profit of Rs 14.7 crore from the News and Entertainment segment and the Rs 15.2 crore operating profit from the Entertainment – Television business and the Rs 2.3 crore (75 per cent current year) from Indiacast.

    Comparatively, losses from the Motion Picture business were much lower at Rs 2.4 crores during Q1-2013, while during Q4-2013, the Motion Picture business had actually returned a profit of Rs 3 crore during the previous quarter (Q4-2013).

    Advertising Revenues grew 5.5 per cent year for Q1-2015 at Rs 227.5 crore as compared to Rs 215.6 crore the company reported in Q1-2013, but were significantly lower by Rs 50 crore (18 per cent) than the Rs 277.5 crore the company reported for the pervious quarter (Q4-2013).

    Net Distribution Income grew 32 percent sequentially to Rs 34.9 crore for Q1-2014, swinging from a loss of Rs 16 crore during Q1-2013 and higher than the Rs 26.4 crore reported during the previous quarter Q4-2013.

    IndiaCast is a 50-50 joint venture between TV18 and Viacom18 and has been consolidated as such. IndiaCast came into operation on 1 July 2012 and as such, is consolidated only from Q2 FY13. Also for the previous year it was consolidated as a 100 per cent subsidiary. TV18 moved to the Net Distribution Income methodology of accounting for carriage and subscription from Q2FY13. Q1FY13 results have been regrouped to ensure comparability. For Q1FY13, gross subscription and carriage numbers are included in the audited results of FY13. From the current year; we have stopped reporting new operations separately given their vintage. Segmental numbers are based on management accounts and are not audited.

    Effective 1 July 2012, IndiaCast has been managing TV18‘s and Viacom18‘s distribution operations. operating profits Net Distribution Income may be understood as subscription revenues earned by the company minus carriage/placement fees or any promotions/commission paid.

    News and Infotainment Operations

    The summary for this segment shows three streams – General News, Business News and Infotainment (AETN18). For Q1-2014, operating profits from Business News of Rs 17.5 crore were eroded by the Rs 1.4 crore loss reported by General News and another Rs 1.4 crore loss by Infotainment to arrive at a net operating profit of Rs 14.7 crore.

    Overall revenues for this segment were lower at Rs 119 crore for Q1-2014 as compared to the Rs 127 crore for Q1-2013 and significantly lower (by 25 per cent) than the Rs158.3 crore during the last quarter (Q4-2013). Even the revenues from the Business News stream were significantly lower (by 38.6 per cent) at Rs 57.3 crore for Q1-2014 as compared to the Rs 93.3 crore for Q4-2013, but were about six per cent higher than the Rs 54.2 crore reported for the corresponding quarter of the previous years (Q1-2013).

    General News and Infotainment streams revenues were lower for Q1-2014 at Rs 55.2 crore (General News) and Rs 6.5 crore (Infotainment) as compared to the Rs 62.1 crore (General News) and Rs 10.7 crore (Infotainment) for Q1-2013. During Q4-2013, General News reported revenues of Rs 56.1 crore and Infotainment Rs 8.9 crore.

    Entertainment Business

    Q1-2014 revenues for Viacom 18 stood at Rs 408.3 crore as compared to the Rs 340.8 crore for Q1-2013 and Rs 404.8 crore for Q4-2013. Operating profits stood at Rs 15.2 crore as against Rs 2.4 crore in Q1-2013.

    Broadcasting revenues for Q1-2014 were Rs 303.6 crore. The company says that

    operating profits from its broadcasting business grew by 35 per cent over the previous year.

    ETV News and Entertainment (Non-Telugu)

    Figures reported on a 100 per cent basis for this stream are as follows:

    ETV News revenues for Q1-2014 were Rs 27.8 crore with EBITDA of Rs 8.9 crore while revenues from ETV Entertainment stood at Rs 57.5 crore and a negative EBITDA of Rs 42.5 crore.

    Said Network 18 managing director Raghav Bahl, “The macroeconomic environment continues to be challenging and growth prospects remain uncertain. Given this backdrop, our broadcasting operations turned in a steady performance aided by the roll out of digitisation in 42 cities. However, there were pockets of weakness and we are committed to improving segments that are not meeting expectations. We have a strong portfolio of channels and remain confident of unlocking their value for our stakeholders.”

    Added Group CEO B Saikumar, “We continue to turn in steady operating profits from our television businesses. Motion pictures have seen losses this quarter and the management is confident of stemming them in the immediate term. While our news and infotainment businesses have seen distinct softness in advertising, our entertainment businesses led by Colors have performed well on this front. Net Distribution Revenues from IndiaCast are on a strong growth trajectory and we continue to be enthused by its growth potential. The industry is going through several important changes on both the advertising and distribution fronts. We believe that these changes are positive and will lead to a stronger industry structure. We remain confident of delivering a strong year ahead.”