Television

Q3-2016: TV Today revenue up 18%; PAT up 40%

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BENGALURU: Following revenue and profit growth in the previous quarter, TV Today Network Limited (TVTN) reported 18.1 per cent YoY increase in standalone Total Income from Operations (TIO) in the quarter ended 31 December, 2015 (Q3-2016, current quarter) to Rs 149.67 crore as compared to Rs 126.88 crore and 17.8 per cent higher QoQ as compared to Rs 127.04 crore.

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

All numbers in this report are standalone unless stated otherwise.

Profit after tax (PAT) for Q3-2016 increased 40.1 per cent YoY to Rs 36.90 crore (24.7 per cent margin) as compared to Rs 26.34 crore (20.8 per cent margin) and 51.8 per cent higher QoQ as compared to Rs 24.32 crore (19.1 per cent margin). 

The company had sold four of its radio stations at Amritsar, Patalia, Jodhpur and Shimla on 18 September, 2015 to Entertainment Network (India) Limited (ENIL) as an ongoing concern for a lump sum consideration of Rs 4 crore adjusted for net working capital as a sale agreement. The transaction resulted in a profit of Rs 2.07 crore included in ‘Other Income’. 

The company had sought permission from the Ministry of Information and Broadcasting to grant approval of its three radio stations in New Delhi, Mumbai and Kolkata, which was subsequently refused. Subsequently, TVTN has filed a writ petition at the High Court in New Delhi against the MIB’s refusal, which is still pending.

EBIDTA calculated for Q3-2016 at Rs 55.82 crore (37.3 per cent margin) increased 27.7 per cent YoY as compared to Rs 43.71 crore (34.5 per cent margin) and was 27.7 per cent higher QoQ as compared to Rs 35.71 crore (28.1 per cent margin).

Segment revenue

TVTN’s Television Broadcasting segment (TV segment) reported a 16.6 per cent YoY increase in operating revenue in Q3-2016 at Rs 147.65 crore as compared to Rs 126.68 crore and 18.7 per cent more QoQ as compared to Rs 124.43 crore in Q2-2016. Operating profit from the segment in the current quarter increased 49.1 per cent YoY to Rs 54.48 crore as compared to Rs 39.22 crore and 49.1 per cent higher QoQ as compared to Rs 36.68 crore.

The company’s radio segment reported 49.4 per cent YoY decline in operating revenue at Rs 2.02 crore as compared to Rs 4 crore, and 22.5 per cent lower operating revenue as compared to Rs 2.61 crore in the immediate trailing quarter. The segment’s operating loss in the current quarter was higher at Rs 2.54 crore as compared to the operating loss of Rs 1.94 crore in Q3-2015 but lower than the operating loss of Rs 5.48 crore in Q2-2016.

Rebranding of Headlines Today to India Today

In Q1-2016, 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. TVTN says that it incurred a marketing expense of Rs 14.38 crore towards re-branding in that quarter. Consequently, the company’s advertisement, distribution and sales promotion expense (ad expense) in Q1-2016 was Rs 38.24 crore (30.1 per cent of TIO). This quarter, TVTN’s ad expense was one per cent lower YoY at Rs 24.82 crore (16.6 per cent of TIO) as compared to Rs 25.06 crore (19.8 per cent of TIO) but was 5.5 per cent more than Rs 23.53 crore (18.5 per cent of TIO) in Q2-2016.

Let us look at the other numbers reported by TVTN

Total Expenditure in Q3-2016 at Rs 101.24 crore (67.5 per cent of TIO) was 11.7 per cent higher YoY as compared to Rs 86.20 crore (71.4 per cent of TIO) and was two per cent higher QoQ as compared to Rs 99.03 crore (78 per cent of TIO) in the previous quarter.

Production cost in Q3-2016 increased 14.9 per cent YoY to Rs 13.75 crore (9.2 per cent of TIO) as compared to Rs 11.96 crore (9.4 per cent of TIO) and almost flat (up 0.2 per cent) QoQ as compared to Rs 13.72 crore (10.8 per cent of TIO).

Employee Benefit Expense in the current quarter at Rs 37.26 crore (24.9 per cent of TIO) was 19.5 per cent higher YoY as compared to Rs 31.19 crore (20.7 per cent of TIO) and was 11.6 per cent higher QoQ as compared to Rs 33.38 crore (26.3 per cent of TIO) was 16 per cent higher YoY as compared to Rs 28.78 crore.

Other expenses in Q3-2016 at Rs 18.02 crore (12 per cent of TIO) was 22 per cent higher YoY as compared to Rs 14.77 crore (11.7 per cent of TIO), but was 12.9 per cent lower QoQ as compare to Rs 20.71 crore (16.3 per cent of TIO).

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