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Q1-2016: Den Networks revenue down 11%, posts net loss of Rs 52 crore

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BENGALURU: Den Networks Ltd (Den Networks) reported lower Total Income from operations (TIO) in the quarter ended 30 June, 2015 (Q1-2016) at Rs 265.60 crore, 11.1 per cent less than the Rs 298.81 crore in Q1-2015 and 1.7 per cent lower than the Rs 270.30 crore in Q4-2015. 

The company’s loss in the current quarter at Rs 51.89 crore was lower than the Rs 61.15 crore reported in the immediate trailing quarter Q4-2015. The company had posted a profit of Rs 1.12 crore (0.4 per cent margin) in the corresponding year ago quarter – Q1-2015.

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

However, there were a few silver linings in the in the gloomy financial picture. Den’s Broadband revenue increased sharply to Rs 5.21 crore against Rs 1.06 crore in Q1-2015. Den, through a wholly owned subsidiary has participated in India Soccer League through the Delhi Dynamos FC. The company says that the response to the ISL is unprecedented and has given a huge advantage to the Den brand. Soccer revenue flow has started in current quarter at Rs 93 lakh, reveals Den.

Some of Den Networks operational highlights in the current quarter include the fact that Den says that it has seeded 20 lakh boxes in phase III markets ahead of December 2015 deadline. It claims a 21 per cent market share in India’s digital cable subscribers (25 per cent in Phases 1 and 2). Further, the company’s Cable EBITDA improved by 26 per cent from Rs 14 crore in Q4-2015 to Rs 18 crore in the current quarter.

Den Networks' Broadband reach has increased 50 per cent in terms of number of homes passed and subscribed and broad band ARPU is Rs 760. Also, the company reports a strong growth in Den-Snapdeal clocking with the venture clocking an annualised GMV of Rs 144 crore in the current quarter as compared to the Rs 117 crore in previous quarter.

Den Network’s operating loss (EBIDTA) in the current quarter was lower at Rs 4.67 crore as compared to the Rs 5.97 crore in Q4-2015. The company had reported a positive EBIDTA of Rs 57.16 crore (19.1 per cent margin) in the corresponding year ago quarter.

The company’s Total Expenses in Q1-2016 at Rs 320.33 crore (120.6 per cent of TIO) was 12.4 per cent higher than the Rs 284.93 crore (95.4 per cent of TIO) in Q1-2015, but was one per cent lower than the Rs 323.70 crore (119.8 per cent of TIO) in Q4-2015. 

Content cost in Q1-2016 at Rs 136.06 crore (51.2 per cent of TIO) was 27.9 per cent more than the Rs 106.42 crore (35.6 per cent of TIO) in Q1-2015, but was 2.2 per cent lower than the Rs 139.13 crore (51.5 per cent of TIO) in the immediate trailing quarter.

The company’s finance costs in Q1-2016 declined 7.8 per cent to Rs 18.27 crore (6.9 per cent of TIO) as compared to the Rs 19.82 crore (6.6 per cent of TIO) in Q1-2015, but was 11.6 per cent more than the Rs 16.37 crore (6.1 per cent of TIO) in the immediate trailing quarter.

Employee Benefit Expense at Rs 34.15 crore (12.9 per cent of TIO) in Q1-2016 was 20 per cent more than the Rs 28.46 crore (9.5 per cent of TIO) in Q1-2015 and was 13.4 per cent more than the Rs 30.12 crore (11.1 per cent of TIO) in Q4-2015.

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