Ogilvy India CY 2020 operational revenue dips 12.61% to Rs 328.16
The PAT declined 4.41% to Rs 96.04 crores in the same calendar year
Impacted by the global Covid-19 pandemic, which had sent the agency businesses in an almost complete shutdown for at least a quarter, WPP Group-owned advertising agency, Ogilvy and Mather India, has reported a 12.61% dip in revenue from operations in the CY 2020.
The agency closed its books at Rs 328.16 crore in December 2020, its financial statements submitted to the Ministry of Corporate Affairs stated. Additionally, the PAT dipped 4.41% to 96.04 crores.
This is the agency’s lowest recorded revenue in the past five years after the agency had grown 10% in the market in 2019, after a series of dips in the profits since 2015. While the agency witnessed a peak in its revenue from operations in 2015 at Rs 407.1 crore, it declined during the year ended December 2016 to Rs 376.5 crore and then to Rs 340.1 crore in 2017. In 2018, the operational revenue figure stood at Rs 331.1 crore.
However, the year was headlined by some of the amazing creative work done by the agency, with most of the shoots managed from home. Its campaigns for Asian Paints, Tata Sky, which were shot remotely, were much praised by the critics and the audience. Its work for Cadbury, and the rebranding of Vodafone + Idea into Vi were some of the key works created by the agency.
During the year, when there was little account movement happening, the agency managed to add Cars24 to its roster, while retaining all of its major clients.
Even globally, the holding company WPP witnessed a dip of 11.6% in its billings. It also reported a 9.3% dip in revenue from continuing operations, at £12.0 billion (approx 119.48 thousand crores). Net changes from acquisitions and disposals had a negative impact of 0.8% on growth, leading to a like-for-like performance, excluding the impact of currency and acquisitions, of -7.3%.
The e4m team reached out to Ogilvy India for their statement on the above news story. However, the company refused to comment.
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