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NDTV Convergence To Merge With NDTV Labs; NDTV Q4-FY12 Loss At Rs 41.33 Crore

Broadcaster NDTV has approved the merger of two of its subsidiary companies – NDTV Labs and NDTV Convergence. NDTV Labs offers real time data integration, graphic automation and branding solutions, including software, to broadcasters, and has clients including Malaysian broadcaster, Astro, while NDTV Convergence is the company’s Internet and Mobile business subsidiary. This implies that going forward, results will be reported for the combined entity, possibly leading to an obfuscation of digital revenues.

That said, NDTV Labs appears to be much smaller than NDTV Convergence, in terms of revenues: last fiscal year, NDTV Convergence had reported its first ever profit of Rs 1.159 crore on a turnover of Rs 21.17 crore. NDTV Labs had recorded a turnover of Rs 97.94 lakh and a loss of Rs 2.19 crore during the same period.

NDTV Results

Broadcaster NDTV has reported a net loss (consolidated) of Rs 41.33 crore for the quarter ended 31st March 2012. Compared to the same quarter in 2011, when it had reported a loss of Rs 60.80 crore, the loss has decreased considerably, around 32% YoY. The company’s total income was Rs 137.96 crore an increase compared to total revenues of Rs 135.51 crore that it reported in Q4-FY11, and of Rs 126.69 crore in Q3-FY12.

On an annual basis, the company registered a total income of Rs 483.37 crore, an increase compared to last year’s income of Rs 425.03 crore. The company’s annual net loss was at Rs 87.38 crore compared to a loss of Rs 173.89 crore in the last fiscal.

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The company’s total expenditure also decreased from Rs 147.97 crore in Q4FY11 to Rs 142.19 crore, in the recently concluded quarter, while employee costs decreased marginally to Rs 37.20 crore.

The total income also includes dividend income of Rs 24.46 crore from the NDTV’s international subsidiary NDTV One Holdings Limited, which was approved to be amalgamated into NDTV.

Download: Financials

– Selling its stake in NDTV Hindu/Metronation: Both NDTV and Kasturi and Sons had sold their respective stake (NDTV’s stake was 51%) in Metronation Chennai or NDTV Hindu to Educational Trust Company Private Limited, promoters of the Tamil Daily ‘Dina Thanthi’, for Rs 15 crore. During the year, NDTV has written back a total of Rs 2.09 crore, which has been shown under the “Exceptional Items” column of the company’s results.

– After Turner announcing the shutting down of Imagine: NDTV has provided for doubtful debts to a total of Rs 1.10 crore, a provision for diminution in the value of investment of Rs 0.024 crore and provision for contingencies of Rs 8.96 crore, shown under the “Exceptional Items” column of the company’s results.

– Restructuring of International subsidiaries: According to NDTV, in order to simplify the structure of its International holdings, NDTV Networks Plc, the UK subsidiary of the company was liquidated w.e.f October 2011. NDTV (Mauritius) Media Limited was merged with NDTV One Holdings Limited with effect from 30th September 2011. The merger of NDTV worldwide Mauritius and NDTV (Mauritius) Multimedia is in process. NDTV acquired 90.91% stake in NDTV Worldwide Limited and NDTV Worldwide Limited has become a 100% subsidiary of the Company.

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– Acquisition: The company acquired Delta Softpro limited, whose results have been consolidated w.e.f  24th February 2012.

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