NDTV reports operating profit in Q4-15, FY-15

BENGALURU: New Delhi Television Limited (NDTV) reported 31.8 per cent y-o-y growth in consolidated Total Income from Operations (TIO, revenue) to Rs 163.55 crore in Q4-2015 from Rs 124.09 crore in Q4-2014 and 9.1 per cent more than the Rs 149.93 crore in Q3-2015. TIO for FY-2015 at Rs 571.28 crore was 24.3 per cent more than the Rs 459.46 crore in FY-2014.

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

The company reported consolidated loss after deferred tax (Rs 17.99 crore) and provision for diminution in the value of a quoted investment amounting to (Rs 7.81 core) of Rs 17.21 crore in Q4-2015. The Rs 7.81 crore is a non cash item-impairment of investment in Jaiprakash Power, as is the write down of deferred tax assets.

For Q4-2014, NDTV had reported a consolidated loss of Rs 31.39 crore and a profit after tax of Rs 1.56 crore in the immediate trailing quarter. 

NDTV consolidated profit in Q4-2015 (before tax and exceptional items) was Rs 10.48 crore as compared to a loss of Rs 35.02 crore same quarter last year and a profit of Rs 2.34 crore in Q3-2015. 

Loss in FY-2015 almost halved (reduced by 45.8 per cent) at Rs 44.03 crore as compared to the Rs 81.18 crore in FY-2014. NDTV (other than e-commerce) reported an EBIDTA of Rs 64 crore in FY-2015, as compared to an EBIDTA loss of Rs 6 crores last year. NDTV’s digital arm NDTV Convergence reported revenue of Rs 107 crore in FY-2015 at a 47 per cent growth as compared to FY-2014.

NDTV executive director and CEO Vikram Chandra said, "Overall it's been a good year in all three areas of business. The TV and related areas saw a sharp turnaround, recording an EBIDTA improvement of about Rs 60 crore. The digital content business saw record revenue crossing the Rs 100 crore mark, together with strong profitability. And though the ecommerce business reported losses, as most of them do, there was an exponential increase in revenue- crossing Rs 60 crore in GMV." 

Segment results

Two major segments add to NDTV’s numbers: Media and related operations segment and Retail/E-commerce segment.

Media and related operations segment

NDTV’s Media and related operations (Media) segment revenue in Q4-2015 was up 38.3 per cent to Rs 157.09 crore from the Rs 113.61 crore in Q4-2014 and 8.5 per cent more than the Rs 144.74 crore in Q3-2015. This segment reported an operating profit of Rs 25.77 crore as compared to an operating loss of Rs 23.31 crore in Q4-2014 and almost double (up 92.2 per cent) the Rs 13.41 crore in Q3-2015.

For FY-2015, the Media segment reported 19.8 per cent growth in revenue to Rs 554.63 crore as compared to the Rs 462.79 crore in FY-2014. The segment reported an operating profit of Rs 31.92 crore as compared to an operating loss of Rs 39.43 crore in FY-2014.

Retail/E-commerce segment

This segment reported 94.3 per cent growth in revenue to Rs 6.8 crore as compared to the Rs 3.5 crore in Q3-2014 and 12.4 per cent more than the Rs 6.06 crore in Q3-2015. The operating loss from this segment increased to 9.99 crore as compared to a loss of Rs 6.25 crore in Q4-2014 and a loss of Rs 6.02 crore in the previous quarter.

For FY-2015, NDTV’s Retail/E-commerce segment reported revenue of Rs 19.57 crore as compared to the Rs 5.49 crore in FY-2014. Operating loss from this segment increased to Rs 23.67 crore in the current year from Rs 16.33 crore in the previous year.

The other results reported by NDTV for Q4-2015 and FY-2015 are as follows: 

For Q4-2014, the company has pared major expenses, except production expense; and operating and administrative expenses.

Production expense in Q4-2015 at Rs 33.32 crore was 4.6 per cent more than the Rs 31.87 crore in Q4-2014 and 16.4 per cent more than the Rs 28.63 crore in Q3-2015. Production expense in FY-2015 at Rs 120.25 crore was 18.3 per cent more than the Rs 101.61 crore in FY-2014.

The company’s marketing and distribution and promotional (marketing) expense in Q4-2015 at Rs 24.93 crore was 8.8 per cent less than the Rs 27.34 crore in Q4-2014 and 19.4 per cent lower than the Rs 30.91 crore in the previous quarter. For FY-2015, marketing expense at Rs 106.57 crore was 5.6 per cent more than the Rs 100.94 crore in FY-2014.

Employee cost in Q4-2015 at Rs 44.57 crore was 6.7 per cent more than the Rs 41.79 crore in Q4-2014 and 4.4 per cent lower than the Rs 46.64 crore in Q3-2015. For FY-2015, employee cost at Rs 183.55 crore was 4.1 per cent more than the Rs 176.26 crore in FY-2014.

Operating and administrative (Admin) expenses in Q4-2015 at Rs 32.25 crore was 35.4 per cent lower than the Rs 49.96 crore in Q4-2014 and was 18 per cent more than the Rs 27.33 crore in Q3-2015. For FY-2015, Admin expense at Rs 121.98 crore was 14.4 per cent lower than the Rs 142.48 crore in FY-2014.

It may be noted that NDTV’s subsidiaries had paid managerial remuneration for the years 2011-12, 2012-13 and 2013-14, which was in excess of the specified limits / existing Central Government approvals. Following the outcome of representations made to Central Government, the subsidiaries have reversed excess remuneration paid till 30 September, 2014 amounting to Rs 4.71 crore in the previous quarter ended 31 December, 2014 and the amount has been credited in Employee Costs (Rs 1.10 crore) / Operating & Administrative Expenses (Rs 3.61 crore) with consequential impact on the net profit for the quarter.

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