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TV18 Broadcast Limited announces Q2FY19 results

Posted On: 2018-10-15 14:21:27

TV18 Broadcast Limited today announced its results for the quarter ended 30th September 2018.

TV18 reported a 42% jump in operating EBITDA to Rs. 108 crores in Q2FY19, driven by improved performance of regional channels (both news and entertainment); despite gestation losses of Colors Tamil and new launch Colors Kannada Cinema. While headline operating revenue grew 11% (on a comparable basis), revenue ex-movies grew 17% YoY, underscoring tailwinds in broadcasting.

Highlights for the quarter

- The industry ad-environment has substantially improved compared with the previous year, though certain pockets of the market (mobiles, auto, colas, etc) are yet to resume advertising fullthrottle. Broad-based growth in regional markets and upcoming festive season are positives.

- TV18 posted 17% revenue growth ex-movies on a comparable basis:

- Advertising revenue for TV18 grew at ~18% YoY overall. Regional channels across news and entertainment drove viewership growth and ad-revenues for the portfolio, reducing our dependence on national channels.

- Subscription revenue for our entire bouquet grew 16% YoY. We are in negotiations with two of India's leading DTH players for long-term deals on terms commensurate with the strength of our channel bouquet.

- TV18's News bouquet (20 channels) is #1; News viewership share rose to 10.7%:

- The viewership share of our regional news cluster has risen further to 5.7%, vs sub-2% two years ago.

- Hindi News channel News18 India broke into the top two in urban HSM, driving revenues in tandem. Business news channels showed commendable growth amidst choppy markets.

- Marketing campaigns around raising the profile of news channels and driving the "News18" brand were undertaken, which have continued to push viewership and mind-share.

Regional News losses have shrunk sharply: Government/election-related ad-spends rose, substantially reducing the gestation losses of our multiple channels launched over FY15-17. The regional news + infotainment cluster slashed its operating losses by 70% YoY to Rs (8) Cr.

- Viacom18 bouquet's (31 channels) share of entertainment viewership at 11.1%:

- TV18's entertainment bouquet revenue ex-movies grew 13% YoY.

- Regional entertainment channels have grown their viewership and monetization substantially across all our geographies.

- FTA channels like Rishtey Cineplex & MTV Beats continued their strong performance in a fast-growing segment.

- Colors Kannada Cinema was launched in the last week of the quarter. The channel aims to solidify our existing leadership in the Kannada market, and already has an existing library to bank upon.

Business-as-usual margins continued to rise: A shift of some high-impact non-fiction programming towards the festive season in H2 was implemented to improve monetization, which impacted topline growth in Q2 but improved margins. Entertainment EBITDA includes operating loss of Rs 25 Cr on account of new initiatives - Colors Tamil (launched in mid-Q4FY18) and Colors Kannada Cinema (launched recently). Adjusting for operating losses of new initiatives (i.e. launches made over past 4 quarters), BAU margins for Entertainment grew to 12.1% from 8.9% in Q2FY18.

Mr. Adil Zainulbhai, Chairman of Network18, said: "TV18's investments into regional have served to diversify our portfolio and reduce dependence on national markets. Our rising viewership in regional channels across both news and entertainment has been the primary driver this quarter. We shall continue to invest in the broadcasting space to capture growth opportunities."

Shares of TV18 BROADCAST LTD. was last trading in BSE at Rs.35.1 as compared to the previous close of Rs. 34.45. The total number of shares traded during the day was 384659 in over 965 trades.

The stock hit an intraday high of Rs. 36.05 and intraday low of 34.8. The net turnover during the day was Rs. 13553239.


Source: Equity Bulls

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