Higher expenses pare TV Today PAT in Q2-2015; excellent HY-2015 results

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BENGALURU: A 58.1 per cent y-o-y increase in production costs coupled with a 40.4 per cent increment in employee benefit expense (EBE) and a 36.6 per cent rise in other expense pared TV Today Network Limited (TVTN) PAT to register a 2.9 per cent increment in Q2-2015. TVTN reported a y-o-y growth of 21.8 per cent in its Total Income from Operations (TIO) in Q2-2015 at Rs 111.69 crore versus the Rs 91.71 crore in Q2-2014, but TIO registered an 18.5 per cent decline when compared to the Rs 137.01 crore for Q1-2015. Higher TIO in Q1-2015 can be attributed to the national elections that saw revenues of most news channels rise during the first quarter of FY-2015.

Note: 100,00,000 = 100 lakhs = 10 million = 1 crore.



 

As mentioned above, the company’s PAT at Rs 13.21 crore (11.8 per cent of TIO) was 2.9 per cent more than the Rs 12.83 crore (25 per cent of TIO), but was almost a third (40.3 per cent of TIO) the Rs 32.79 (23.9 per cent of TIO) crore in Q1-2015.



 

However, when comparing the year to date or HY-2015 versus HY-2014 results, the company has performed very well. For HY-2015, TVTN reported TIO of Rs 248.70 crore, which was 37.7 per cent more than the Rs 180.61 crore in HY-2014. PAT was even better, registering a growth of 85.3 per cent for HY-2015 to Rs 46 crore (18.5 per cent of TIO) as compared to the Rs 24.82 crore (13.7 per cent of TIO) in HY-2014.



The company’s television broadcasting segment reported a y-o-y revenue growth of 22.7 per cent at Rs 107.48 crores from Rs 87.62 crore, but q-o-q was 19.7 per cent lower from the Rs 133.64 crore in the immediate trailing quarter. This segment reported an operating profit of Rs 21.16 crore in Q2-2015, 0.5 per cent lower than the Rs 21.27 crore in Q2-2014, and 58.9 per cent less than the Rs 51.43 crore in Q1-2015.



 TVTN’s Television Broadcasting segment’s HY-2015 revenue at Rs 241.12 crore was 39 per cent more than the Rs 173.51 crore in HY-2014. Operating profit of this segment for HY-2015 at Rs 72.59 crore was 71 per cent more than the Rs 42.45 crore in HY-2014.

 



Let us look at the other Q2-2015 and HY-2015 numbers reported by TVTN.



 

The company’s total expenditure (TE) in Q2-2015 at Rs 95.76 crore (85.7 per cent iof TIO) was 30.2 per cent more than the Rs 73.54 crore (80.2 per cent of TIO) in Q2-2014 and 7.2 per cent more than the Rs 89.31 crore (65.2 per cent of TIO) in Q1-2015. HY-2015 TE at Rs 185.08 crore (74.4 per cent of TIO) was 61.2 per cent more than the Rs 114.09 crore(63.6 per cent of TIO) in HY-2014.



 

TVTN’s EBE at Rs 32.04 crore (28.7 per cent of TIO) in Q2-2015 was 40.4 per cent more than the Rs 22.83 crore(24.9 per cent of TIO) in Q2-2014 and 9.4 per cent more than the Rs 29.29 crore (21.4 per cent of TIO) in Q1-2015. For HY-2015, EBE at Rs 61.33 crore (24.7 per cent of TIO) was 32.1 per cent more than the Rs 46.43 crore (25.7 per cent of TIO) in HY-2014.



 

Production cost in Q2-2015 at Rs 12.74 crore (11.4 per cent of TIO) was 58.1 per cent more than the Rs 8.06 crore (8.8 per cent of TIO) in Q2-2014, but 5.3 per cent lower than the Rs 13.45 crore (9.8 per cent of TIO) in Q1-2015. For HY-2015, Production cost at Rs 26.19 crore (10.5 per cent of TIO) was 53.2 per cent more than the Rs 17.09 crore (9.5 per cent of TIO) in Hy-2014.



 

Other expense in Q2-2015 at Rs 18.09 crore (16.2 per cent of TIO) was 36.6 per cent more than the Rs 13.24 crore (14.4 per cent of TIO) in Q2-2014 and 3.8 per cent more than the Rs 17.43 crore (12.7 per cent of TIO) in Q1-2015. For HY-2015, other expense at Rs 36.52 crore (14.7 per cent of TIO) was 41.3 per cent more than the Rs 25.85 crore (14.3 per cent of TIO) in HY-2014.



 

TVTN’s other segment – Radio Broadcasting which operates under the brand Oye! FM reported 3.2 per cent growth in operating revenue in Q2-2015 at Rs 4.21 crore from Rs 4.08 crore in Q2-2014 and 25.1 per cent growth from Rs 3.37 crore in Q1-2015. The segment reported loss of Rs 1.8 crore in Q2-2015, loss of Rs 2.02 crore in Q2-2014 and loss of Rs 2.56 crore in Q1-2015. For HY-2015, Oye!FM operating revenue grew 6.7 per cent to Rs 7.58 crore from Rs 7.1 crore in HY-2014. Oye!FM loss for HY-2015 was Rs 4.37 crore versus a loss of Rs 4.34 crore in HY-2014.

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