FY-2015: Despite lower revenue, Balaji Telefilms back in the black; board recommends 30% dividend

BENGALURU:  Balaji Telefilms Limited (Balaji Telefilms) reported 15 per cent decline in consolidated Total Income from Operations (TIO) at Rs 346.49 crore in FY-2015 (year ended 31 March, 2015, current year) as compared to Rs 407.46 crore in the previous year. The company reported a consolidated profit after tax (PAT) of Rs 5.62 crore (1.6 per cent of TIO) as compared to a loss of Rs 17.21 crore in the previous year, (FY-2014 results had included survival benefits of a keyman insurance policy to the extent of Rs 6.73 crore).


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

(2) All numbers are consolidated unless stated otherwise.


Consolidated operating revenue in Q4-2015 declined 8.8 per cent to Rs 76.94 crore as compared to Rs 84.4 crore in Q4-2014, but improved 7.5 per cent from Rs 71.54 crore in Q3-2015.


The company reported a positive consolidated EBIDTA in FY-2015 of Rs 6.06 crore as compared to negative EBIDTA (operating loss) of Rs 21.78 crore in the previous year. Consolidated EBIDTA in Q4-2015 was Rs 8.04 crore as compared to negative EBIDTA (operating loss) of Rs 22.37 crore in Q4-2014 and negative EBIDTA (operating loss) of Rs 6.91 crore in Q3-2015.


Balaji Telefilms’ consolidated cost of production of movies and television serials in FY-2015 declined 23 per cent to Rs 296.53 crore as compared to the Rs 395.09 crore reported in FY-2014. Consolidated cost of production of movies and television serials declined 36.1 per cent in Q4-2015 to Rs 59.84 crore as compared to the Rs 93.63 crore in Q4-2014 and declined 13.4 per cent as compared to the Rs 69.14 crore in Q3-015.


Revenue Streams


The following subsidiaries, LLPs’ and revenue streams contribute to Balaji Telefilms consolidated numbers: Balaji Telefilms standalone; wholly owned subsidiaries BMPL and Boll Media Limited; other subsidiaries and LLP – Marinating Films and Event Media LLP.


Balaji Television


On a standalone basis, Balaji Telefilms Total Operating Revenue (TOR) in FY-2015 increased 59 per cent to Rs 205.76 crore as compared to the Rs 129.20 crore in FY-2015. TOR in Q4-2015 at Rs 60.64 crore was 51.4 per cent more than the Rs 40.07 crore in Q4-2014 and 3.6 per cent more than the Rs 58.53 crore in Q3-2015.


Standalone PAT in FY-2015 at Rs 12.27 crore was 22.5 per cent more than the Rs 10.02 crore in FY-2014. Standalone PAT in Q4-2015 was Rs 9.61 crore as compared to PAT of Rs 0.13 crore in Q4-2014 and Rs 3.09 crore in Q3-2015.


Standalone cost of production in FY-2015 at Rs 166.80 crore was 65.8 per cent higher than the Rs 100.6 crore in FY-2014.Standalone cost of production increased by 74 per cent in Q4-2015 to Rs 44.91 crore from Rs 25.82 crore in Q4-2014, but declined 5.7 per cent from Rs 47.61 crore in the previous quarter.


Excluding regional segment and events, on a standalone basis, Balaji Telefilms reported a 49.1 per cent growth in programming hours in the current quarter (Q4-2015) to 258 hours as compared to 177 hours in Q4-2014, but a decline of 6.9 per cent from the 277 hours in the previous quarter (Q3-2015).


The company’s revenue per hour increased by 0.7 per cent to Rs 23.06 lakh in Q4-2015 as compared to the Rs 22.90 lakh in Q4-2014, and increased by 11.7 per cent from the Rs 20.64 lakh in the immediate trailing quarter.


Balaji Telefilms Stock movement


The board of directors of the company has recommended a dividend of Rs 0.60 per equity share having face value of Rs 2 each, or 30 per cent, as compared to the Rs 0.40 per share (20 per cent) in the previous year.


The script closed at Rs 75.10 per equity share on the Bombay Stock Exchange (BSE), up 5.92 percent (up Rs 4.20) from the previous close of Rs 70.90. The share had opened at Rs 73.50 today and saw a volume of 415349 shares. The BSE Sensex witnessed fall of 27.86 points to close at 27809.35 points today.


On the National Stock Exchange (NSE), Balaji Telefilms shares closed at Rs 75.05 each, up 6.23 per cent (Rs 4.40) from the previous close of Rs 70.65 each. The share had opened at Rs 73 today on the NSE and saw a volume of 1627950 shares. NSE’s Nifty closed at 8241 points, down 2.25 points from yesterday.

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