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NDTV FY11 Results: Net Loss At Rs.173.89 Crore; Revenues Down To Rs.418.57 Crore

NDTV reported Operating Income of Rs. 418.57 crore, a decrease of 29.09% from last year’s income of Rs 590.30 crore, and a net loss of Rs. 173.89 crore, on a consolidated basis, for the full year ending March 31st 2011. This is despite substantial reduction in costs – down to Rs 525.43 crore, from Rs. 894.53 crore. Employee cost were down to Rs 147.62 crore. Last year, NDTV’s results were given a leg up from a sale of subsidiary, and this year, there was no such buffer.

Last fiscal, NDTV got an approval from the Delhi High Court for the merger of NDTV Studios, NDTV India Plus, NDTV Hindu Media, NDTV Business, NDTV News 24X7, New Delhi Television Media, NDTV Delhi and NDTV News into the company with effect from 1st April 2010. In accordance with the scheme, the company has given effect to the relevant accounting entries and the financial reorganisation and adjusted the debit balance of profit and loss account amounting to Rs 76.17 crore against specified reserves.

NDTV Standalone: FY11
– Operating Income was at Rs. 347.22 crore, a minor decrease from Rs. 348.62 crore for the previous year.
– Employee costs (Rs 116.52 crore from Rs 92.48 crore) and administration and operating expenses (Rs 91.02 crore from Rs 79.48 crore) increased. Consequently, total expenditure for the year was Rs. 395.95 crore, up from Rs. 354.89 crore during the previous year.
– NDTV reported net loss for the year at Rs. 98.63 crore, compared to Rs. 20.52 crore the year before.

NDTV Standalone: Q411
– Operating Income was flat: Rs.108.18 crore  782.8 million, compared to Rs. 86.5 crore 789 million for the corresponding quarter the previous year. Remember that Q4 is usually a good quarter with the budget announcement.
– Employee costs was Rs 28.63 crore and administration and operating expenses for the quarter were Rs 23.06 crore. Consequently, total expenditure for the quarter was Rs. Rs 101.79 crore, an increase, compared to Rs 86.31 crore in Q4 last year.
– NDTV reported net loss for the quarter, at Rs. 23.18 crore, compared to the Rs. 4.63 crore loss it had reported in the corresponding quarter last year.

NDTV Studios Merger

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Also, since the company acquired a 51% stake in NDTV Studios Limited from NDTV Group Employees’ Trust on April 30, 2010, NDTV Studios Limited has become a 100% subsidiary of the Company and the results of operations of NDTV Studios and its subsidiaries have been consolidated with the company, the results for the previous year are not comparable.

Astro Deal

Post agreement with South Asia Creative Assets Limited(Astro All Asia Networks Subsidiary), for infusion of $40 million in two installments to gain 49% stake in NDTV Lifestyle Holdings, the company has received the second installment of $18.8 million from SACAL, during the quarter. More on the Astro deal here.

Rearrangement Of International Holdings

To simplify international holdings, 10% direct stake in NDTV BV and 50% stake in Emerging Markets BV has been transferred to NDTV Networks BV and NDTV BV has been merged with NDTV Networks BV on 15 October 2010 and also the shares held in NDTV Lifestyle Limited, NDTV Convergence Limited, NDTV Labs and Nigen Media Services by NDTV Networks plc. has been transferred to step down subsidiaries in India. Also, NDTV Networks BV and NDTV ME Ventures FZ were liquidated.

Star India Deal

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The company has entered into a 5 year agreement with Star India for exclusive representation for advertising sales for NDTV’s news channels, in India, with effect from 1st April 2011. It has ended its contract with AIDEM Ventures.

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