Cable TV

Den Networks reports growth in operational and subscription revenue for Q2-2015

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BENGALURU: Den Networks Ltd (Den Networks) reported   that its cable business operational revenues stood at Rs 286.22 crore, up 11 per cent y-o-y from Rs 258.06 crore in Q2-2014 and that its cable business subscription revenues for Q2-2015 were Rs 146.75 crore, up 49.2 per cent y-o-y from Rs 98.34 crore in Q2-2014.

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

Den Networks Total Income from Operation (TIO) at Rs 291.72 crore in the current quarter fell 2.4 per cent from Rs 298.81 crore in the immediate trailing quarter and was 7.3 per cent more than the Rs 271.87 crore in Q2-2014. TIO in HY-2015 at Rs 590.53 crore was 9.2 per cent more than the Rs 540.57 crore in HY-2014.

Den Networks recently launched its high speed broadband and says that the service is gaining great traction and has achieved 9,600 subscribers at an average ARPU of Rs 740 per month.

The company also says that its joint venture (JV) with Snapdeal.com has been received extremely well. Within the first month, Den Networks claims that the company has clocked an annualised Gross Merchandise Value (GMV) in excess of Rs 50 crore based on the annualised latest daily run rate and is expected to scale significantly as the channel gets distributed across networks.

Den Networks COO M G Azhar said, “We are pleased with the overall company’s financial performance as the company continues to invest in transforming from B2B to B2C environment. The Company has started seeing traction in its recently launched broadband services and also in the Den Snapdeal home shopping channel.”

Let us look at the other numbers reported by Den Networks

Total Expense (TE) in Q2-2015 at Rs 297.81 crore (102.1 per cent of TIO) was 4.5 per cent more than the Rs 284.93 crore (95.4 per cent of TIO) in Q1-2015 and 32.7 per cent more than the Rs 224.43 crore (82.6 per cent of TIO) in Q2-2014. HY-2015 TE at Rs 582.74 crore (98.7 per cent of TIO) was 28.3 per cent more than the Rs 454.12 crore in HY-2014.

The company’s content cost in Q2-2015 at Rs 108.91 crore (37.3 per cent of TIO) was 2.3 per cent more than the Rs 106.42 crore (35.6 per cent of TIO) and was 20.3 per cent higher than the Rs 90.54 crore (33.3 per cent of TIO) in Q2-2014. For HY-2015, content cost at Rs 215.33 crore (36.5 per cent of TIO) was 22.7 per cent more than the Rs 175.55 crore (32.5 per cent of TIO) in HY-2014.

The company’s operational, administrative and other costs (admin cost) in Q2-2015 at Rs 78.61 crore (26.9 per cent of TIO) was 11.6 per cent more than the Rs 70.47 crore (23.6 per cent of TI) in Q1-2015 and 18.5 per cent more than the Rs 66.34 crore (24.4 per cent of TIO) in Q2-2014. Admin cost for HY-2015 at Rs 149.08 crore was (25.2 per cent of TIO) was 3.1 per cent more than the Rs 144.66 crore (26.8 per cent of TIO) in HY-2014.

The company reported a loss of Rs 20.45 crore in Q2-2015 versus a PAT of Rs 1.12 crore (0.37 per cent of TIO) in Q1-2015 and a PAT of Rs 11.18 crore (4.1 per cent of TIO) in Q2-2014. The company reported loss at Rs 19.33 crore in HY-2015 as compared to a PAT of Rs 21.33 crore in HY-2014.

The company’s EBIDTA (without considering other income) in Q2-2015 fell 28.4 per cent to Rs 40.94 crore (14 per cent of TIO) from Rs 57.16 crore (19.1 per cent of TIO) in Q1-2015 and fell 51.5 per cent from the Rs 84.48 crore (31.1 per cent of TIO). As per Den Networks investor presentation for the current quarter, its broadband service has eroded Rs 10 crore and its soccer franchise Delhi Dynamos has eroded another Rs 5 crore from Q2-2015 EBIDTA.

Other Income for the periods under consideration is as follows: Q2-2015 – Rs 22.47 crore; Q1-2015 – Rs 18.65 crore; Q2-2014 – Rs 4.71 crore; HY-2015 Rs 41.12 crore; HY-2014 – Rs 11.4 crore.

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