Balaji Telefilms Limited, India’s leading media and content powerhouse, today announced its financial results for the first quarter ended 30th June 2020.
ALTBalaji continues to dominate the mass OTT market with direct subscription revenue growing ~90% year on year – Q1FY21 direct revenue at Rs 12.9cr vs Rs 6.7cr in Q1FY20. Total Revenue for ALTBalaji at Rs 14.9cr vs Rs 12.3cr in Q1FY20. ALTBalaji continues to be a leader in the original Hindi SVOD space, the platform today has 64 shows.
Movie business had a good quarter as it completed the sale of digital rights of Dolly Kitty Aur Woh Chamakte Sitare and Pagglait to Netflix. Currently exploring more such direct to digital sales for its movie portfolio.
Balaji Telefilms TV content production remained closed until June 26 following necessary health and safety precautions. Production operations have resumed and currently 6 shows are on air.
The Board of Directors of M/s ALT Digital Media Entertainment Limited (ALT Balaji), a material subsidiary of the Company, has given in principle approval for the investment in M/s B D Inno Ventures Pvt Ltd, subject to regulatory and other approvals as required by the Company. Pursuant to this investment, ALT Digital proposes to invest Rs. 15 Crore in M/s B D Inno Ventures Pvt Ltd. (which provides an online platform for procuring personalized recorded videos from celebrities through its digital offering “Tring”) for a 17.5% stake in the form of equity, or equity-linked securities such as compulsory convertible preference shares of M/s B D Inno Ventures Pvt Ltd.
Mrs. Shobha Kapoor, Managing Director, Balaji Telefilms Limited said, “The quarter has been particularly challenging as all content production activity came to a stop. However, our digital businesses have performed well and we are well-positioned to grow that business. We remain confident that our TV business will return to more normal levels of content production as our teams have adapted to shooting under the new rules following all health and safety requirements, we now have 6 shows on air and a couple more in the pipeline. We have initiated several cost optimisation programs during the quarter and should continue to see the benefits of these programs as content production volumes return.”
FINANCIAL PERFORMANCE HIGHLIGHTS