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Network18 E-Commerce revenues at Rs 125.3 Cr for Q4-FY14; Content at Rs 24.1 Cr

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Network18′s digital commerce revenues remained nearly flat at Rs 125.3 crore for the quarter ended March 31, 2014 (Q4-FY14), from Rs 125 crore in the previous quarter, which was a holiday quarter. Given how lop-sided commerce can be in favour of the festive season, they seem to have done quite well.

On a yearly basis, the digital commerce segment witnessed strong growth, with revenues up 53% from Rs 81.9 crore revenues reported in Q4-FY13. This includes revenues for the IPO-bound HomeShop18 and BookMyShow. We’re not sure if this includes revenues from travel portal Yatra.com as well.

Combined revenues from digital content and commerce was at Rs 149.4 crore for the quarter, registering a 35% growth year-on-year (YoY). The operating loss improved to Rs 13.8 crore for the quarter from Rs 24.3 crore loss in the same quarter last year. The company however hasn’t disclosed segment-wise EBITDA performance for its digital commerce and content separately.

Commerce accounted for 83.9% of Network18’s digital content & commerce segment revenues, an increase from 83% contribution in the previous quarter.

BookMyShow: Network18 mentions that the average monthly tickets sold grew by an average 86% to 2.9 million for the quarter from 1.6 million last year. Interestingly, the company had mentioned a similar number for the average monthly tickets sold by BookMyShow in the previous quarter.

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HomeShop18: Network18 hasn’t disclosed any operational details for its TV and E-commerce company HomeShop18, except for a single statement – “Homeshop18 continued to deliver growth while improving operating efficiencies.”. Note that the company had filed for a $75 million IPO on NYSE, via its venture NW18 HSN holding last month.

Digital Content Business

While the digital commerce saw a significant growth, the digital content revenues dipped to Rs 24.1 crore for the quarter, from 28.4 crore in the same quarter last year and from Rs 24.8 crore revenues in the previous quarter. Note that this includes revenues generated from its digital properties including Moneycontrol.com, In.com, IBNLive.com and FirstPost.com.

Digital content now accounts for about 16.1% of Network18’s digital commerce and content revenues, down from 16.5% in the previous quarter.

During the quarter, Network18 launched two new properties – a regional news portals News18 and a business news site FirstBiz. What the company has not reported is the shift of its technology news and reviews portal Tech2 from In.com sub-domain to the FirstPost.com sub-domain. As we’ve mentioned earlier, Network18′s online content strategy need a rethink.

FY14 Results

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For the fiscal FY14, the combined digital commerce and content revenue grew by 32% YoY to Rs 530.9 crore. The operating losses improved to Rs 80.6 crore for the fiscal from Rs 125.4 crore in the previous year.

The digital commerce revenues saw a significant 59.2% growth to Rs 439.8 crore from Rs 276.3 crore in the FY13 while the digital content revenues witnessed only a 3.5% growth to Rs 91.1 crore from Rs 88 crore in FY13.

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