Report on Shemaroo

Q2-2016: TV Today revenue up 24.4 percent; PAT up 84.1 percent

BENGALURU: TV Today Network Limited (TVTN) reported 24.4 per cent YoY increase in standalone Total Income from Operations (TIO) in the quarter ended 30 September, 2015 (Q2-2016, current quarter) to Rs 127.04 crore as compared to Rs 102.13 crore and was flat (reduced by 0.1 percent) QoQ as compared to Rs 127.11 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 Q2-2016 increased 84.1 percent YoY to Rs 24.32 crore (19.1 percent margin) as compared to Rs 13.21 crore (12.9 percent margin) and was 35.4 per cent higher QoQ as compared to Rs 17.96 crore (14.1 per cent margin).

The company says that it has sold four of its radio stations at Amritsar, Patalia, Jodhpur and Shimla on September 18, 2015 to Entertainment Network (India) Limited (ENIL) as an ongoing concern for a lump sum consideration of Rs 4.00 crore adjusted for net working capital as a sale agreement. Such transaction resulted in a profit of Rs 2.07 crore included in ‘Other Income’.

EBIDTA calculated for Q2-2016 at Rs 35.71 crore (28.1 percent margin) increased 51.7 percent YoY as compared to Rs 23.54 crore (23 percent margin) and was 19.8 percent higher QoQ than Rs 29.82 crore (23.5 percent margin).

Segment revenue

TVTN’s Television Broadcasting segment (TV segment) reported a 27.1 percent YoY increase in operating revenue in Q2-2016 at Rs 124.43 crore as compared to Rs 97.91 crore and almost flat (reduced 0.2 percent) operating revenue as compared to Rs 124.65 crore in Q1-2016.  Operating profit from the segment in the current quarter increased 73.3 percent YoY to Rs 36.68 crore as compared to Rs 21.16 crore and increased 31.2 percent QoQ from Rs 27.98 crore.

The company’s radio segment reported 38 percent YoY decline in operating revenue at Rs 2.61 crore as compared to Rs 4.21 crore, but 5.9 percent higher operating revenue as compared to Rs 2.47 crore in the immediate trailing quarter. The segment’s operating loss in the current quarter was higher at Rs 5.47 crore as compared to the operating loss of  Rs 1.80 crore in Q2-2015 and the operating loss of  Rs 2.61 crore in Q1-2016.

Rebranding of Headlines Today to India Today

Last quarter (Q1-2016), TVTN rebranded its English news channel from ‘Headlines Today’ to ‘India Today’ from May 23, 2015 in order to benefit from the brand name of India Today. TVTN says that it has 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 percent of TIO). This quarter, TVTN’s ad expense was 6.9 percent lower YoY at Rs 23.53 crore (18.5 percent of TIO) as compared to Rs 25.27 crore (24.8 percent of IO) and 38.5 percent lower QoQ as compared to the above mentioned Rs 38.24 crore (30.1 percent of TIO) in Q1-2016.

Let us look at the other numbers reported by TV Today

Total Expenditure in Q2-2016 at Rs 99.03 crore (78 percent of TIO) was 14.9 percent higher YoY than Rs 86.20 crore (84.4 percent of TIO), but 5.9 percent less QoQ than the Rs 105.29 crore (82.8 percent of TIO) in the previous quarter.

Production cost in Q2-2016 increased 17.3 percent YoY to Rs 13.72 crore (10.8 percent of TIO) as compared to Rs 11.70 crore (11.5 percent of TIO) and increased 13.3 percent QoQ as compared to Rs 12.11 crore (9.5 percent of TIO).

Employee Benefit Expense in the current quarter at Rs 33.38 crore (26.3 percent of TIO) was 16 percent higher YoY as compared to Rs 28.78 crore (28.2 percent of TIO) and was 1.7 percent higher QoQ as compared to Rs 32.81 crore (25.8 percent of TIO).

Other expenses in Q2-2016 at Rs 20.71 crore (16.3 percent of TIO) was 38.9 percent higher YoY as compared to Rs 14.91 crore (14.6 percent of TIO) and was 46.5 percent higher YoY than Rs 14.13 crore (11.1 percent of TIO).

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