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Q4-09: Aksh Optifibre Reports Loss Of Rs. 67.32M For IPTV & VoIP Biz

akshicontrol

Aksh Optifibre, a franchisee of BSNL and MTNL for IPTV in the India has reported losses (before Interest and Tax) of Rs. 67.32 million for its Services segment, comprising of IPTV and VoIP, for the quarter ending March 31st 2009. Revenues for the segment rose by 8% to Rs. 8.83 million from the same quarter, last year.

Aksh has rolled out its IPTV service icontrol in six regions – Delhi, Haryana, Himachal Pradesh, Uttar Pradesh, Punjab, Rajasthan, Mumbai and Jammu and Kashmir. Services for MTNL in Delhi and Mumbai were rolled out mid-2008, and in Jaipur in September. The company has licenses from BSNL to roll out in Agra, Meerut, Faridabad, Shimla, Jammu, Gurgaon, Ambala. 

Note that most of these cities have multiple licensees. Also, with the subscriber base relatively low, content costs remain high.

The company entered into an agreement with BSNL for rolling out IPTV operations in June, and it’s interesting to note how that rollout has fared:

q409-aksh-optifibre-chart-ebit-revenue

Aksh has invested progressively deployed increasing amounts of capital (details) in the IPTV rollout: the losses have mounted, and the revenues have fluctuated.

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Details: Financials

Parent Company Financials

The parent company, on a standalone basis, reported a net loss of Rs. 130 million for the quarter ended March 31, 2009. though its core business is manufacturing optic fibre cables. The company also experienced reduced raw material expenses this quarter at Rs.  369.48 million, down by 14% from Rs. 431.5 million last quarter.

q409-aksh-optifibre

Sales have also dropped by 26.2% from the previous quarter and 9.5% from Q4 last year to Rs. 434.7 million. Earnings per share continue to slide, touching Rs. -2.26 compared to Rs. -0.49 in Q4 08.

Consolidated net loss rose to Rs. 481.2 million in the the 18 months ended March 31, 2009, compared to Rs. 72 million in the previous period. For the period, consolidated sales was Rs. 2638.5 million, up from Rs. 970.6 million.

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