Balaji Telefilms' Q1 net loss widens 22% to Rs 33.9 crore
Revenue increased 40% to Rs 21 crore from Rs 15 crore
Balaji Telefilms' net loss for the quarter ended 30th June has widened 22% to Rs 33.9 crore from Rs 27.9 crore in the same quarter of the last fiscal. EBITDA loss has increased 16% to Rs 30.4 crore from Rs 26.3 crore.
Total income from operations jumped 85% to Rs 64.8 crore from Rs 35.1 crore. The revenue from TV and movie production business rose 126% at Rs 47.5 crore compared to Rs 21 crore. ALTBalaji revenue increased 40% to Rs 21 crore from Rs 15 crore.
Cost of production increased 57% to Rs 57.4 crore as against Rs 36.6 crore. Marketing and distribution expenses more than doubled to Rs 15.8 crore from Rs 6.1 crore.
ALTBalaji sold 1.8 million subscriptions during the quarter to post direct subscription revenue of Rs 17 crore. The platform has an active direct subscriber base of over 2.4 million. ALTBalaji added six shows in the quarter taking the overall library to 86 shows. This excludes subscribers on partner apps where the content continues to do well.
The company continues its strategy to drive deeper audience engagement by creating content that is targeted at mass India seeking differentiated stories. The platform has over 86 shows and some of the hits launched this quarter include Punchh Beat Season 2 and Broken but Beautiful 3.
TV business has continued at normal levels as daily show production was ensured with pandemic restrictions. During the quarter, the company produced 174.5 hours of content across 6 shows for 4 broadcasters. Five new additional shows, including one regional show in Marathi, have been signed and should commence shortly.
Movie business resumed production and the company made good progress with film shooting. The company continues to wait for availability for theatrical launch windows and looking at deals across direct to digital as well. As part of its strategy, the company continues to control investments in movies and pursue presales and co-production deals where feasible. The company has five films in the pipeline.
Balaji Telefilms MD Shobha Kapoor said, “ALTBalaji continues to drive subscription growth, and we added 1.8 million subscriptions during the quarter. We added 6 shows in the quarter and now have a very strong line up for the rest of the year. Our strategic content-sharing deals will ensure we maintain control on the cash spend while driving overall profitability. Our TV business has shown good recovery in terms of production hours and we hope to improve this momentum as 5 new shows commence. In the movie business, production for some of the exciting projects are at various stages of completion, and we are closely monitoring the availability for theatrical releases as well and direct to digital launches. Overall, the year has started well, and we will build on this momentum through the year.”
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