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Inventory increase jacks Sahara One profit for Q2-2014 despite 31.1 per cent revenue drop

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BENGALURU: Sahara One Media and Entertainment Limited (Sahara One) reported increase in inventory of Rs 3.64 crore for Q2-2014 (90.8 per cent of the total PAT) as compared to reduction in inventory of Rs 1.39 crore for Q2-2013 and a reduction in inventory of Rs 1.73 crore for Q1-2014.

Sahara One reported a PAT of Rs 4.1 crore, 8.1 per cent higher than the PAT of Rs 3.79 crore for the corresponding period of last year and more than triple (3.38 times more) the Rs 1.21 crore for the immediate trailing quarter.

Despite a 31.1 per cent drop in Income from operations for the current quarter to Rs 22.61 crore as compared to the Rs 32.80 crore for y-o-y and a reduction of 17.5 as compared to the Rs 27.42 crore q-o-q, the company reported an increase in PAT. The company reported a PBT of Rs 6.15 crore which was 8.8 per cent higher than the Rs 5.65 crore for Q2-2013 and more than triple (3.47 times) the Rs 1.77 crore for the immediate preceding quarter.

Let us look at the other results for Q2-2014 recorded by Sahara One

Other income for Q2-2014 at Rs 2.54 crore was less than half (43.8 per cent) of the Rs 5.79 crore for Q2-2013 and 12.5 per cent lower than the Rs 2.9 crore for Q1-2014.

Total Expenditure reported for Q2-2014 at Rs 18.99 crore was 57.7 per cent of the expenditure of Rs 32.94 crore for Q2-2013 and 33.6 per cent lower than the Rs 28.54 crore for Q1-2014. However, if one were to neglect the effect of the above mentioned increase in inventory of Rs 3.64 crore for Q2-2014 total expense was Rs 22.63 crore.

For Q2-2014, the company reported lower expenditure towards purchase of content at Rs 17.51 crore, as compared to the Rs 27.41 crore (36.1 per cent lower y-o-y ) and 19.4 per cent lower than the Rs 21.73 crore for Q1-2014.

The company has reported revenues from three sources - Television and Movies segments and unallocated revenue.

Television segment reported a 30 per cent drop in revenue to Rs 23.46 crore for Q2-2014 as compared to the Rs 33.53 crore for Q2-2013 and 17 per cent lower than the Rs 28.26 crore for Q1-2014. This segment reported operating profit at Rs 7.29 crore that was more than double (2.52 times) the Rs 2.90 crore for Q2-2013 and almost triple (2.93 times) as compared to the Rs  2.49 crore for Q1-2014.

Income from the movies segment was nil for the current and the corresponding quarter of the last quarter, and just Rs 0.0134 crore for Q1-2014. This segment reported a loss of Rs (-0.1969) crore for Q2-2014 as compared to a loss of Rs (-31.07) crore for Q1-2013 and Rs (-0.1573) crore for Q1-2014.

Sahara One reported unallocated income of Rs 1.68 crore for Q2-2014, a little less than one third (33.13 per cent) of the Rs 5.07 crore for Q2-2013 and 17.7 per cent lower than the Rs 2.04 crore for Q1-2014. For Q2-2014, this revenue source reported a 68.6 per cent higher loss at Rs (-0.94) crore as compared to the loss of Rs (-0.55) crore for the corresponding quarter of last year. Unallocated source of income reported a positive Rs 3.08 crore for Q1-2014.

Capital employed (Segment assets minus segment liabilities) by the television segment rose 80.6 per cent to Rs 78.09 crore for Q2-2014 as compared to the Rs 43.25 crore for Q2-2013 and 34.8 per cent higher than the Rs 57.95 crore for Q1-2014.

Capital employed by the movies segment at Rs 86.27 crore for Q2-2014 was 3.1 per cent more than the Rs 83.71 crore for Q2-2013 and almost flat as compared to the Rs 82.17 crore for Q1-2014.

Unallocated capital employed for Q2-2014 at Rs 133.62 crore was 19.5 per cent lower than the Rs 165.99 crore for Q2-2013 and 10.8 per cent lower than the Rs 149.77 crore for Q1-2014.

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