Television

Q3-2015: Network18 reports improved results

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BENGALURU: Network18 Media & Investments Limited (Network18) reported better results in Q3-2015 as compared to Q2-2015. Improved performances by its media operations, web and publishing operations helped buoy the company’s topline. Q2-2015 was a bad quarter overall for the media and entertainment (M&E) industry in India. Is the Ambani habit of reporting good results rubbing on to its newly-taken over companies – TV18 and Network18; minnows when compared to the giant that the Mukesh Ambani run Reliance Group of Industries is? Only time will tell.



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



 The company reported 11.7 per cent growth in Income from Operations at Rs 839.1 crore in Q3-2015 from Rs 744.8 crore in Q2-2014 and 14.3 per cent more than the Rs 727.6 crore in Q3-2014. During 9M-2015, Network18 Income from Operations improved 16.9 per cent to Rs 2285.1 crore from Rs 1954.1 crore in 9M-2014.



 Network18’s Profit Before Tax and Exceptional Items (PBT) improved to Rs 22.4 crore in Q3-2015 from a loss of Rs 14.8 crore in Q2-2015 and 15.7 per cent more than the Rs 19.3 crore in Q3-2014. For 9M-2015, loss at Rs 36.4 per cent was lower than the loss of Rs 65.6 crore in 9M-2014.



 Let us look at the other numbers reported by Network18:



 The company’s operating profit (Profit before depreciation, interest and tax – PBDIT) in Q3-2015 at Rs 67.1 crore was almost quadruple (up 3.8 times) than the Rs 17.4 crore in Q2-2015 and 12.7 per cent higher than the Rs 59.5 crore reported in the corresponding quarter of the previous year. For 9M-2015, PBDIT at Rs 97.2 crore was 2.5 times the Rs 39 crore reported for 9M-2014.



 Network18 reported 5.6 per cent higher Total Expense (TE) at Rs 788.5 crore in Q3-2015 versus the Rs 746.9 crore in Q2-2015 and 14.7 per cent more than the Rs 687.6 crore in Q3-2014. In 9M-2015, the company’s TE at Rs 2268.9 crore was 15.2 per cent more than the Rs 1969.5 crore in 9M-2015.



Programming cost in Q3-2015 at Rs 202.1 crore was 13 per cent more than the Rs 178.8 crore in the immediate trailing quarter and 30.8 per cent more than the Rs 154.5 crore in Q3-2014. In 9M-2015, programming cost at Rs 546.5 crore was 37.8 per cent more than the Rs 396.5 crore in 9M-2014.



 Network18’s distribution, advertising and business (DAB) expense in Q3-2015 at Rs 214 crore was 3 per cent lower than the Rs 220.7 crore in Q2-2015 and 3.3 per cent less than the Rs 221.3 crore in Q3-2014. In 9M-2014, the company reported 5.2 per cent lower DAB expense at Rs 626.6 crore versus the Rs 660.7 crore in 9M-2014.

 

Depreciation and amortisation cost (depreciation) in Q3-2015 at Rs 23.8 crore was 22.7 per cent lower than the Rs 19.4 crore in Q2-2015 and 22 per cent less than the Rs 19.5 crore in Q3-2014. Depreciation in 9M-2015 at Rs 80.9 crore was 48.7 per cent more than the Rs 54.4 crore in 9M-2014.



 Network18 says that its digital content operations - moneycontrol.com, Ibnlive.com, Firstpost.com and News18.com and its digital commerce operations bookmyshow.com and Homeshop 18 performed well in the current quarter with a monthly average reach of approximately 25 million visitors for first two months in this quarter.



Its television business also performed well. The company said that its business news operations (CNBC-TV18, CNBC Awaaz, CNBC Bajar and CNBC-TV18 Prime HD) sustained their leadership position in the genre. CNBC Bajar showed accelerated growth in viewership with a 182 per cent increase in Q3-2015 over Q2-2015. CNN-IBN stood at No.2 position in the English General News category in Q3-2015 with a market share of 25 per cent. In the entertainment segment, Colors was the No.1 channel on weekend prime time with a market share of 28.3 per cent in Q3-2015. History TV18 ended the year 2014 with No.1 position in December 2014 with a market share of 25 per cent in 6 Metros and garnered the maximum time spent per viewer at 178 minutes in 6 Metros and 132 minutes in all India. The company’s regional news and entertainment group of channels under the ETV umbrella also performed well.

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