Balaji Q1 consolidated revenue up 83% to Rs 118.8 crore
Digital revenue, comprising OTT platform ALTBalaji, was up by 78.17%
Balaji Telefilms has recorded 83.33% growth in consolidated revenue at Rs 118.8 crore for the quarter ended 30th June compared to Rs 64.8 crore in the same quarter last year.
Revenue from commissioned programmes jumped 72% to Rs 81.3 crore from Rs 47.27 crore. Digital revenue, comprising OTT platform ALTBalaji, was up by 78.17% to Rs 36.81 crore against Rs 20.66 crore. Revenue from the film business stood at Rs 1.65 crore compared to Rs 23.18 lakh.
The content production company's cost of production almost doubled to Rs 115.1 crore from Rs 57.4 crore. Marketing and distribution expenses fell by 78% to Rs 3.5 crore from Rs 15.8 crore. Employee benefits expense fell 53% to Rs 3 crore from Rs 6.4 crore.
Net loss narrowed by 28% to Rs 24.5 crore from Rs 33.9 crore. The operating loss saw a 33% reduction to Rs 20.4 crore from Rs 30.4 crore.
The company said that the overall demand for TV content remains strong with its shows generating good margins in Q1 FY23. The company had eight shows on-air which contributed to an increase in hours of production in the current quarter, 246.5 hours against 174.5 hours in Q1 FY22. Hourly realisations remain muted at Rs 29.88 lakh per hour.
Balaji will be launching two new shows on DD and Colors Rishtey. The company noted that volume growth will drive revenues as pricing remains soft. The company's content pipeline includes shows like Kumkum Bhagya, Kundali Bhagya, Bhagya Lakshmi on Zee TV, Yeh Hai Chahatein on Star Plus, Naagin 6, Parineeti on Colors and Bade Acche Lagte Hain 2 and Apnapan on Sony Entertainment Television (SET).
ALTBalaji’s direct subscription revenue witnessed degrowth at Rs 6 crore in Q1 FY23 vs Rs 7.3 crore in Q4 FY22. The company expects the direct subscriber base to achieve an upward growth for the balance of 9 months considering the robust pipeline of content across genres.
For the quarter under review, the cash burn was reduced to Rs 6.4 crore (excluding Lock Upp) vs Rs 25 crore in Q1 FY22. The company remains focussed on reducing cash burn going forward.
The platform's content library expanded to 93 shows and 18 movies. Currently, the engagement time stands at 62+ mins, with watch time at 16.19 billion minutes. Video views stand at 1.37 billion cumulative to date.
In the movie segment, ‘Ek Villain Returns’ starring John Abraham and Arjun Kapoor released on 29th July with Rs 51 crore+ Net Box Office Collection till date. The company has six more movies lined up for release in FY23, out of which two films are in ready to release stage, three films are in the post-production stage, and one film is under production.
Balaji has pre-locked exciting revenue deals on our movies slate, thereby de-risking our movie business segment.
