Q3-2015: Balaji q-o-q income up 22% on higher programming, less loss

BENGALURU:  Balaji Telefilms Limited (Balaji Telefilms) reported 21.6 per cent growth in consolidated Total Income from Operations (TIO) at Rs 71.54 crore in Q3-2015 (quarter ended 31 December, 2014, current quarter) from Rs 58.84 crore in the immediate trailing quarter and 69.1 per cent more than the Rs 42.30 crore in the corresponding year ago quarter.  9M-2015 TIO was however 16.6 per cent lower at Rs 268.68 crore than the Rs 322.38 crore in 9M-2014.

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

All numbers are consolidated unless stated otherwise

The company reported a lower consolidated loss of Rs 6.96 crore in the current quarter as compared to the Rs 7.58 crore in the previous quarter, but higher loss than the loss of Rs 5.75 crore in the year ago quarter. The company reported a loss of Rs 3.98 crore in 9M-2015 versus a profit after tax of Rs 10.18 crore in 9M-2014.

On a standalone basis, Balaji’s EBIDTA at Rs 4.25 crore was more than double the EBIDTA of Rs 2.01 crore in Q3-2014. Standalone EBIDTA for Q2-2015 was negative Rs 2.98 crore, while for 9M-2015, it was Rs 5.07 crore against an EBIDTA of Rs 0.09 crore in 9M-2014.Standalone PAT at Rs 3.09 crore was 86 per cent more than the Rs 1.66 crore in Q3-2014. The company had reported a standalone loss of Rs 2.39 crore in Q2-2015. For 9M-2015, standalone profit was 73 per cent lower at Rs 2.66 crore as compared to the Rs 9.89 crore in 9M-2015.

Higher revenue in the current quarter can be attributed to the fact that Balaji produced 60.1 per cent more hours of programming at 277 hour in the current quarter versus the 173 hours in Q3-2014 and 26.5 per cent more than the 219 hours in Q2-2015. However, the company reported lower revenue per hour of Rs 20.64 lakh in Q3-2015 as compared to the Rs 21.18 lakh in the corresponding year ago quarter and a little higher than the Rs 20.45 lakh in the immediate trailing quarter. The revenue per hour and the hours of programming excludes regional segment, event business and incentives.

Consequently, revenue from commissioned programmes went up 50.6 per cent in Q3-2015 to Rs 61.97 crore from Rs 41.16 crore in Q3-2014 and was 25.6 per cent more than the Rs 49.33 crore in Q2-2015. Commissioned programmes segment reported 41.4 per cent higher operating profit at Rs 7.56 crore in the current quarter from Rs 5.35 crore in Q3-2014 and was 29.2 per cent more than the Rs 5.85 crore in the previous quarter.

Revenue from commissioned programmes increased 68 per cent to Rs 157.30 crore in 9M-2015 as compared to the Rs 98.89 crore in 9M-2015. Operating profit from this segment more than doubled to Rs 19.57 crore in 9M-2015 as compared to the Rs 9 crore in 9M-2014.

Soon, with Balaji’s content portfolio comprises more than 20 films that are expected to hit the silver screen in the near term, the company’s films segment should again start churning out larger numbers and consolidated profits.

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