Television

Q1-2016: TV Today revenue down 4.6% to Rs 127.11 crore, PAT down 45%

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BENGALURU: TV Today Network Limited (TVTN) reported 4.6 per cent decline in standalone Total Income from Operations (TIO) in the quarter ended 30 June, 2015 (Q1-2016) to Rs 127.11 crore as compared to the TIO of Rs 133.22 crore Q1-2015. TIO, in the current quarter however increased 11 per cent as compared to the Rs 114.54 crore in the immediate trailing quarter Q4-2015.

Profit after tax (PAT) for Q1-2016 declined 45.2 per cent to Rs 17.96 crore (14.1 per cent margin) as compared to the Rs 32.79 crore (24.6 per cent margin) in the corresponding year ago quarter, but more than doubled 2.07 times) the Rs 8.69 crore (7.6 per cent margin) in Q4-2015.

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

All numbers in this report are standalone unless stated otherwise.

Segment revenue

TVTN?s Television Broadcasting segment (TV segment) reported a four per cent decline in operating revenue in Q1-2016 to Rs 124.65 crore as compared to the Rs 129.85 crore in Q1-2015. However, revenue from the segment in the current quarter increased 12.7 per cent as compared to the Rs 110.63 crore in Q4-2015.

TV segment reported a steep 45.6 per cent decline in operating result (profit) to Rs 29.98 crore as compared to the Rs 51.43 crore in Q1-2015, but reported almost double (1.88 times) the operating profit of Rs 14.90 crore in Q4-2015.

The company?s radio segment also reported improved q-o-q operating results, but y-o-y operating results declined. Revenue from TV Today?s radio segment declined 26.7 per cent to Rs 2.47 crore in Q1-2016 as compared to the Rs 3.37 crore in the corresponding year ago quarter and declined by an even larger 36.8 per cent as compared to the Rs 3.90 crore in Q4-2015. Though operating loss in the current quarter was higher at Rs 2.62 crore as compared to the Rs 2.56 crore in Q1-2015, it was lower than the Rs 2.98 crore in Q4-2015.

Rebranding of Headlines Today to India Today

TVTN rebranded its English news channel from ?Headlines Today? to ?India Today? from 23 May, 2015 in order to benefit from the brand name of India Today, which is expected to enhance the impact and reach of the channel. The company has incurred a marketing expense of Rs 14.38 crore towards re-branding. Consequently, the company?s advertisement, distribution and sales promotion expense (ad expense) in Q1-2016 at Rs 38.24 crore (30.1 per cent of TIO) was 83.8 per cent more than the Rs 20.81 crore in Q1-2015 and 17 per cent more than the Rs 32.68 crore (28.5 per cent of TIO) in Q4-2015.

Let us look at the other numbers reported by TV Today

Total Expenditure in Q1-2016 at Rs 105.29 crore (82.8 per cent of TIO) was 23.1 per cent more than the Rs 85.52 crore in Q1-2015 (64.2 per cent of TIO), but was 6.6 per cent lower than the Rs 112.70 crore (98.4 per cent of TIO) in the previous quarter.

Production cost in Q1-2016 declined 5.8 per cent to Rs 12.11 crore (9.5 per cent of TIO) as compared to the Rs 12.86 crore (9.7 per cent of TIO) in Q1-2015 and was 32.5 per cent lower than the Rs 17.94 crore (15.7 per cent of TIO) in Q4-2015.

Employee Benefit Expense in the current quarter at Rs 32.81 crore (25.8 per cent of TIO) was 18.9 per cent more than the Rs 27.60 crore (20.7 per cent of TIO) in Q1-2015 and 12.2 per cent more than the Rs 29.25 crore (25.5 per cent of TIO) in Q4-2015.

Other expenses in Q1-2016 at Rs 14.13 crore (11.1 per cent of TIO) declined 15.1 per cent as compared to the Rs 16.64 crore (12.5 per cent of TIO) in Q1-2015 and declined 44.6 per cent as compared to the Rs 25.53 crore (22.3 per cent of TIO) in Q4-2015.

EBIDTA in Q1-2016 at Rs 29.82 crore (23.5 per cent margin) declined 46.1 per cent as compared to the Rs 55.31 crore (41.5 per cent margin) in Q1-2015, but was more than three times (3.27 times) the Rs 9.13 crore (eight per cent margin) in Q4-2015.

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