Mumbai: Balaji Telefilms Limited, India’s leading media and content powerhouse, today announced its financial results for the first quarter ended 30th June 2020.
ALTBalaji continues to dominate the mass OTT market with direct subscription revenue growing ~90% year on year – Q1FY21 direct revenue at Rs 12.9cr vs Rs 6.7cr in Q1FY20. Total Revenue for ALTBalaji at Rs 14.9cr vs Rs 12.3cr in Q1FY20. ALTBalaji continues to be a leader in the original Hindi SVOD space, the platform today has 64 shows.
Movie business had a good quarter as it completed the sale of digital rights of Dolly Kitty Aur Woh Chamakte Sitare and Pagglait to Netflix. Currently exploring more such direct to digital sales for its movie portfolio.
Balaji Telefilms TV content production remained closed until June 26 following necessary health and safety precautions. Production operations have resumed and currently 6 shows are on air.
Shobha Kapoor, Managing Director, Balaji Telefilms Limited said, “The quarter has been particularly challenging as all content production activity came to a stop. However, our digital businesses have performed well and we are well positioned to grow that business. We remain confident that our TV business will return to more normal levels of content production as our teams have adapted to shooting under the new rules following all health and safety requirements, we now have 6 shows on air and a couple more in the pipeline. We have initiated several cost optimisation programs during the quarter and should continue to see the benefits of these programs as content production volumes return.”
FINANCIAL PERFORMANCE HIGHLIGHTS
- Total revenues for the quarter at Rs 35.1 cr. Q1FY21 impacted by lockdown and closure of all content production activity, revenues primarily from ALTBalaji and sale of digital rights in the movies business
- ALTBalaji Q1 FY21 total revenue at Rs 14.9cr vs Q1FY20 Rs 12.3cr
- Proactive cost control measures implemented and EBITDA loss curtailed at Rs 26.3 cr vs 33.2 cr in Q1 FY20
- Net loss at Rs 27.9cr vs 42.2cr in Q1FY20
- Remain well funded and with adequate cash balance -Investment in Bank FD and· Mutual Funds Rs 174 cr. Short term working capital in movies of Rs 67cr. Total balance at Rs 241cr