BCCL's FY21 consolidated revenue at Rs 5,337.94 crore

The company's other income rose 82% to Rs 872.1 crore from Rs 478.92 crore for the fiscal ended 31st March 2021

e4m by Javed Farooqui
Published: Nov 8, 2021 9:00 AM  | 4 min read

Bennett Coleman and Company Limited's (BCCL) consolidated revenue from operations has nosedived by 42% to Rs 5,337.94 crore for the fiscal ended 31st March 2021 as against Rs 9,254.53 crore in the previous fiscal. BCCL is India's leading integrated media company with presence across print, TV, digital, and radio segments.

According to financial data accessed by business intelligence platform Tofler, the company's other income rose 82% to Rs 872.1 crore from Rs 478.92 crore. Total income dropped 36% to Rs 6,210.04 crore from Rs 9,733.45 crore. The company's net loss more than doubled to Rs 997.2 crore from Rs 451.63 crore a year ago.

Total expenses saw a 34% reduction to Rs 6,587.43 crore from Rs 9,911.04 crore. Total employee benefit expense fell 18% to Rs 2,273.98 crore from Rs 2,767.55 crore. Advertising promotional expense was down by 36% to Rs 650.32 crore from Rs 1,008.96 crore.

Queries sent to BCCL remained unanswered till the time of filing this report.

BCCL's print media business saw the biggest impact with revenue plunging by 95% to Rs 2,868.94 crore from Rs 5,627.12 crore. The company's revenue from television broadcasting business housed under Times Network dropped 6% to Rs 779.89 crore compared to Rs 826.32 crore.

The internet business, which comes under subsidiary company Times Internet Limited (TIL), has seen its revenue decline 23% to Rs 929.21 crore from Rs 1,200.34 crore. Revenue from Others segment shrank by 53% to Rs 759.90 crore from Rs 1,600.76 crore.

The company's advertisement revenue dropped 48% to Rs 2,782.92 crore from Rs 5,367.88 crore. Revenue from sale of publications dropped 46% to Rs 342.14 crore from Rs 629.96 crore. The company's revenue from sale of traded products crashed with a 63% drop to Rs 667.99 crore from Rs 1,787.10 crore.

Other operating revenues stood at Rs 1,224.67 crore, a 7% drop compared to Rs 1,144.47 crore in the previous fiscal. Revenue from TV distribution rose 135% to Rs 94.28 crore from Rs 40.17 crore. Web portal & support services income dropped 21% to Rs 225.94 crore from Rs 284.95 crore.

In April, Crisil Ratings had reaffirmed its ‘CRISIL AAA/Stable’ rating on the long-term bank facilities and non-convertible debenture programme of BCCL. The rating agency had noted that the company has a strong networth of over Rs 9,500 crore vis-à-vis standalone debt of Rs 625 crore, and liquidity of over Rs 3,000 crore, as on March 31, 2021.

It also said that BCCL has made sizeable investments in digital ventures and BCB. The investment portfolio spans real-estate, well-established corporates and new-age businesses. The rating agency further stated that investments of over Rs 3,500 crore (as on March 31, 2021) in BCB exposes BCCL to market risk, as a large portion of BCB comprises investment in equity and debt of listed as well as unlisted companies and in immovable property.

Crisil said that BCCL's exposure to subsidiaries was over Rs 4,800 crore as on March 31, 2021. Though these entities are strategically important to the business risk profile in the rapidly evolving media space, they will yield subdued returns over the medium term as some of them are still in the investment phase. However, with some subsidiaries turning profitable and no large investment planned, support from BCCL to these subsidiaries is expected to remain at Rs 200-300 crore per annum over the medium term, it added.

BCCL is the flagship company of the media conglomerate Times Group. The company, incorporated in 1913, along with its group companies, has diversified into various media and entertainment businesses: print, television, radio, music, out of home advertising, and the internet. Newspaper publishing is its largest business segment.

The Times Group's business strengths emanate from the robust brand image of its key daily publications: Times of India and Economic Times in English, Navbharat Times in Hindi, Maharashtra Times in Marathi, Vijay Karnataka in Kannada, and Ei Samay in Bengali. The group also publishes magazines, Filmfare and Femina. It has presence in radio broadcasting under the Radio Mirchi brand through its subsidiary, Entertainment Network (India) Ltd, in which the promoter group holds a 71.15% equity stake.

It has presence in television through Zoom TV (general entertainment channel), Times Now, Mirror Now (English news channels), ET Now (business news channel), Romedy Now, Movies Now, and Movies Now Plus (movie channels)

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