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TV18 Broadcast’s FY16 EBITDA stays flat due to investments in new businesses

MUMBAI: TV18 Broadcast’s consolidated operating profit stayed flat at Rs 252.5 crore (Rs 2.5 billion) in the fiscal ended 31 March 2016 due to investments in new businesses such as Colors Infinity and OTT service VOOT.

The company reported operating loss of Rs 92 crore (Rs 920 million) in the fiscal on account of new ETV news channels, launch of Colors Infinity and VOOT. There was also a one-time expense of Rs 10 crore (Rs 100 million) for rebranding of ETV regional entertainment channels as Colors.

Operating income at the consolidated level grew 10.8% to Rs 2,569 crore (Rs 25.69 billion) in FY16 compared to Rs 2,318.4 crore (Rs 23.18 billion) a year ago.

The company, which has news and entertainment channels, did not reveal advertising and subscription revenues separately.

There was a marginal increase in programming cost to Rs 776.46 crore (Rs 7.76 billion), up 2.5% from Rs 757.52 crore (Rs 7.6 billion) a year ago. Total expenses, however, grew 12.4% to Rs 2366.95 crore (Rs 23.67 billion) from Rs 2105.87 crore (Rs 21.06 billion) in the prior year. Carriage and employee expenses rose in the fiscal.

Net profit grew to Rs 181.02 crore (Rs 1.81 billion) from Rs 44.54 crore (Rs 445.4 million) a year ago.

Consolidated Results for the Quarter and year ended 31 st march, 2016

Segment performance in fiscal

TV18 Broadcast’s segment revenue from media operations stood at Rs 2477.78 crore (Rs 24.78 billion) in FY16, up 8.6% from Rs 2281.35 crore (Rs 22.81 billion) a year ago. Segment results stood at Rs 206.56 crore (Rs 2.07 billion), up from Rs 221.17 crore (Rs 2.21 billion) in the earlier year.

Film production and distribution raked in revenues of Rs 129.20 crore (Rs 1.29 billion) in FY16 from Rs 50.96 crore (Rs 509.6 million) in the prior year. Segment results stood at Rs 1.34 crore (Rs 13.4 million) compared to a negative of Rs 6.44 crore (Rs 64.4 million) a year ago.

Consolidated segment wise revenue, results and capital employed for the quarter and year ended 31 st march, 2016-1

Lower programming cost in Q4 boosts EBITDA

Helped by lower programming cost, TV18’s EBITDA at the consolidated level stood at Rs 99.4 crore in the fiscal fourth quarter, up 20.2% year-on-year.

Programming cost fell 20.4% to Rs 161.7 crore (Rs 1.62 billion) in the fiscal fourth quarter. Marketing and distribution cost stood at Rs 129.44 crore (Rs 1.29 billion) compared to Rs 112.89 (Rs 1.13 billion) a year ago.

Operating revenue on a consolidated basis stood at Rs 671.3 crore (Rs 6.71 billion) in Q4 FY16, up 6.6% from Rs. 629.7 crore (Rs 6.3 billion) a year ago.

Net profit stood at Rs 82.51 crore (Rs 825.1 million), down from Rs 95.47 crore (Rs 954.7 million) in the earlier year.

Segment performance in Q4

TV18 Broadcast’s segment revenue from media operations stood at Rs 663.71 crore (Rs 6.64 billion) in the fourth quarter of FY16, up from Rs 628.95 crore (Rs 6.29 billion) a year ago. Segment results stood at Rs 86.05 crore (Rs 860.5 million), up from Rs 76.81 crore (Rs 768.1 million) in the earlier year.

Film production and distribution raked in revenues of Rs 23.41 crore (Rs 234.1 million) in Q4 from Rs 4.8 crore (Rs 509.6 million) in the prior year.

The financials of Prism TV have been consolidated as 1 August 2015 as it ceased to be a subsidiary joint venture of TV18 Broadcast.

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