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Reliance Media Works reports lower consolidated loss y-o-y for Sept 2013 quarter

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BENGALURU: Reliance Media Works (RMW), formerly Adlabs Films and a part of the Reliance ADA group, reported lower consolidated net loss in the July-September 2013 (SQ-2013) quarter as compared to the corresponding quarter of last year. RMW’s total consolidated loss before tax for the quarter SQ-2013 at Rs 121.99 crore was almost half (52.74 per cent) of the Rs 231.31 crore the company had reported for the corresponding quarter of last year (Quarter ended 30 September 2012 or SQ-2012), and almost flat as compared to the loss of Rs 120.09 crore for the quarter ended 30 June 2013 (JQ-2013).

Notes:  (1) The board of directors of the company in its meeting on 11 August 2013 has extended the financial year of the company to March 2014 which has been accepted by the Registrar of Companies. Accordingly the financial statements of the company will be drawn for 18 month period ended 31 March 2014. Hence the various quarter have been referred to as SQ (September Quarter) and (JQ) June Quarter of the respective calendar year (not financial year, since this has been changed once again by the company).

(2) Notes of the attached financial statement must be read along with this analysis.

(3) RMW's net worth has eroded, however, having regard to revenue visibility of new businesses in film and media services, improved operational performance of exhibition business, financial support from its promoters, further restructuring exercise being implemented etc., the financial statements have been prepared on the basis that the company is a going concern and that no adjustments are required to the carrying value of assets and liabilities.

Let us look at RMW’s other results for the quarter ended SQ- 2013.

Consolidated income for SQ-2013 at Rs 192.54 crore was 11.11 per cent lower than the Rs 216.61 crore for the corresponding quarter last year SQ-2012 and 0.8 per cent lower than the Rs 194.17 crore for JQ-2013.

RMW reported total income from operations for SQ-2013 at Rs 186.63 crore which was about 13 per cent lower than the Rs 214.46 crore for SQ-2012 and 3.6 per cent higher than the Rs 180.16 crore for JQ-2013.

Total expense for SQ-2013 at Rs 238.40 crore was 21.54 per cent lower than the Rs 303.83 crore for SQ-2012 and almost flat as compared to the Rs 238.97 crore for JQ-2013.

RMW paid 20.46 per cent lower distributors share for SQ-2013 at Rs 39.66 crore as compared to the Rs 49.86 crore for SQ-2012, but 8.2 per cent higher than the Rs 36.66 crore for JQ-2013.

Depreciation, amortisation and impairment for SQ-2013 at Rs 37.27 crore was 7.2 per cent higher than the Rs 34.78 crore for SQ-2012 and 4.1 per cent higher than the Rs 35.79 crore for JQ-2013.

RMW says that it has undertaken an initiative for rationalisation/improvement of exhibition business, under which it is re-negotiating rentals downwards and in some cases exit the properties. Its rental expense at Rs 43.07 crore for SQ-2013 was 11.6 per cent lower than the Rs 48.72 crore for SQ-2012 and 16 per cent lower than the Rs 51.27 crore for JQ-2013.

Segment results

RMW’s film production segment has been the biggest contributors to the loss. This segment reported income of Rs 35.55 crore for SQ-2013 and a loss of Rs 37.62 crore. The film production loss for SQ-2013 was 38.35 per cent lower than the Rs 61.02 crore for SQ-2012 against flat income of Rs 35.35 crore.  Comparatively, revenue for SQ-2013 was 14.6 per cent higher at Rs 41.62 crore, with a 12.13 per cent lower loss of Rs 33.55 crore.

Theatrical exhibition had an income of Rs 138.6 crore for Q2-2013, which was 15.1 per cent lower than the Rs 163.26 crore for SQ-2012 and 8.7 per cent higher than the Rs 127.56 crore for JQ-2013. This segment reported less than one sixth the loss for SQ-2013 at Rs 14.79 crore as compared to the Rs 94.87 crore for SQ-2012 and 39 per cent lower than the Rs 24.25 crore for JQ-2013.

The only profitable segment, television, film production and distribution reported income of Rs 15.49 per cent for SQ-2013 which was 16.9 per cent higher than the Rs 13.25 crore for SQ-2012, but 10.93 per cent lower than the immediate preceding quarter (JQ-2013) which reported income of Rs  17.39 crore. This segment reported profit of Rs 4.37 crore for SQ-2013 which was 19.82 per cent lower than the Rs 5.45 crore for SQ-2012 and almost flat as compared to the Rs 4.34 crore for JQ-2013.

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