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Balaji Telefilms nets Rs 68.25 cr from rights sale of 5 movies; TV content biz strong in FY16

MUMBAI: Balaji Telefilms, India’s leading production house, has sold for Rs 68.25 crore (Rs 682.5 million) the satellite, overseas and music rights of five movies.

While ‘Azhar’, a biopic on Indian cricketer Mohammad Azharuddin, has just hit the screens, the others will be released later. Following a de-risked business model, Balaji Telefilms pre-sells theatrical and satellite rights.

Upcoming Movie Slate balaji

Balaji Telefilms, which has over 18 movies in various stages of development, has employed capital of Rs 181.22 crore (Rs 1.81 billion) in the fiscal ended 31 March 2016 compared to Rs 83.79 crore (Rs 837.9 million) a year ago. In the movie segment, the company reported loss (profit before tax and interest) of Rs 13.41 crore (Rs 134.1 million) in FY16 from Rs 6.24 crore (Rs 62.4 million) in the earlier year.

Revenue from movies stood at Rs 22.49 crore (Rs 224.9 million) in FY16, down from Rs 109.19 crore (Rs 1.09 billion) in the year-ago period. In FY15, the company had released movies like ‘Main Tera Hero’, ‘Kuku Mathur Ki Jhand Ho Gayi’ and ‘Ek Villian’ while in the year under review it released only one movie release.

TV content and standalone performance in FY16

Balaji Telefilms had a great year in the television production business. The company expanded its standalone net profit for the fiscal ended 31 March 2016 to Rs 43.67 crore (Rs 436.7 million) compared to Rs 12.27 crore (Rs 122.7 million) a year ago.

Adjusted EBITDA stood at Rs 41.76 crore (Rs 417.6 million) in FY16, up 228% from Rs 12.74 crore (Rs 127.4 million) in the prior year. Reported EBITDA was at Rs 34.79 crore (Rs 347.9 million), up 173% from Rs 12.74 crore.

Revenue on a standalone basis jumped 20% to Rs 247.3 crore (Rs 2.47 billion) from Rs 205.8 crore (Rs 2.06 billion) a year ago. During the year, the company incurred one time expense of Rs 6.97 crore (Rs 69.7 million) on fund raise through allotment of equity shares of Rs 150.08 crore (Rs 1.5 billion) on a preferential basis.

Financial Performance – Q4 & FY16 (Standalone) balaji

Commissioned programs stood at 1,002 hours in FY16, up 4% from 962 hours in the prior year. Average realisation per hour was at Rs 2.47 million, a growth of 15% from Rs 2.09 million in FY15.

Investment in Balaji Motion Pictures was Rs 30 crore (Rs 300 million) as equity and Rs 228.21 crore (Rs 2.28 billion) as advances for the upcoming movies.

OTT indicators

Alt Digital Media Entertainment (ALT) reported EBITDA loss of Rs 7.73 crore (Rs 77.3 million) in FY16 and loss after tax of Rs 7.93 crore (Rs 79.3 million) in FY16. The expenses are mainly in the nature of salaries and other business overheads.

In the fourth quarter of the fiscal, EBITDA loss stood at Rs 5.25 crore (Rs 52.5 million) and loss after tax at Rs 5.37 crore (Rs 53.7 million).

Consolidated results for FY16

Balaji Telefilms’ consolidated net profit narrowed to Rs 2.74 crore (Rs 27.4 million) in FY16 compared to Rs 5.63 crore (Rs 56.3 million) in the prior year.

Adjusted EBITDA stood at Rs 12.9 crore (Rs 129 million) from Rs 5.63 crore (Rs 56.3 million). Reported Reported EBITDA is Rs 5.94 crore (Rs 59.4 million) from Rs 6.06 crore (Rs 60.6 million) in FY15.

Consolidated revenues fell 17% to Rs 282.79 crore (Rs 2.83 billion) in FY16 compared to Rs 342.65 crore (Rs 3.43 billion) a year ago. Revenue for the previous period was higher due to release of movies such as ‘Main Tera Hero’, ‘Kuku Mathur Ki Jhand Ho Gayi’ and ‘Ek Villian’ as against a single movie release during the current period.

Financial Performance – Q4 & FY16 (Consolidated) balaji

Q4 standalone performance impacted as 3 shows go off air

With three of its shows going off air, Balaji Telefilms’ revenue in the fourth quarter of FY16 fell 6% to Rs 55.73 crore (Rs 557.3 million) from Rs 59.51 crore (Rs 595.1 million) in the year-ago period.

The shows that ended their innings were ‘Meri Aashiqui Tum Se Hi’, ‘Itna Karo Na Mujhe Pyaar’ and ‘Pyar Ko Ho Jane Do’.

Adjusted EBITDA stood at Rs 7.24 crore (Rs 72.4 million) as against Rs 7.67 crore (Rs 76.7 million) in Q4 of FY15. Reported EBITDA was at Rs 2.7 million.

Balaji Telefilms clarified that the reported EBITDA in Q4 of FY16 was lower due to one time expense of Rs 6.97 crore (Rs 69.7 million) on fund raise through allotment of equity shares of Rs 150.08 crore on a preferential basis.

Net profit at Rs 8.2 crore (Rs 82 million)was down 15% from Rs 9.61 crore (Rs 96.12 million) in Q4 FY15.

Hours for commissioned programs decreased to 247 hours as against 258 hours in Q4 FY15.

Average realisation per hour for the quarter was at Rs 2.25 million compared to Rs 2.20 million in Q4 of  FY15.

The company successfully completed fund raise of Rs 150.08 crore through preferential issue for ALT Digital Media.

Show report for the quarter ended March 31, 2016 balaji

Consolidated Q4 performance

In the fourth quarter of FY16, Balaji Telefilms reported consolidated net loss of Rs 13.28 crore (Rs 132.8 million) compared to a profit of Rs 9.61 crore (Rs 96.1 million) a year ago. The loss was after accounting for income tax of Rs 2.52 crore (Rs 25.16 million) relating to the standalone entity of Balaji Telefilms.

Revenue was up 6% to Rs 81.64 crore (Rs 816.4 million) in Q4 of FY16 compared to Rs 76.94 crore (Rs 769.4 million) in the prior-year quarter.

Adjusted EBITDA loss stood at Rs 11.2 crore (Rs 112 million) compared to Rs 9.61 crore (Rs 96.1 million) in Q4 of FY15.

Balaji Motion Pictures in Q4

Balaji Motion Pictures’ revenue in the fiscal fourth quarter increased to Rs 18.68 crore (Rs 186.8 million) from Rs 10.3 crore (Rs 103 million) in the prior-year quarter. This was due to the release of ‘Kya Kool Hain Hum 3’ in the quarter.

EBITDA loss in Q4 was at Rs 13.35 crore (Rs 133.5 million) from a profit of Rs 3.2 million) in the year-ago period. Net loss was at Rs15.84 crore (Rs 158.4 million) compared to a profit of Rs 2.1 million in Q4 of FY15.