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Shemaroo operating revenue midway through COVID recovery, up 48.5% QoQ

Shemaroo Entertainment

Key takeaways

  • Shemaroo continues to suffer the pandemic’s economic impact, with quarterly revenues not recovering to comparable pre-COVID periods.
  • Digital now accounts for almost half the company’s revenues. While traditional investments will pay off en masse soon and perhaps regain their vast-majority status, this is still a significant development for the company as it transitions from B2B to B2C.
  • Even digital revenues have suffered, though, in spite of people staying home and OTT consumption registering an increase during the pandemic.

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Entertainment company Shemaroo’s earnings have been depressed throughout the year on account of the COVID-19 pandemic, with the 9 month period so far of FY21 yielding revenues 40% lower than the preceding year. Among the few bright spots were the contribution of the digital business. “The company’s digital business contribution has grown from less than 10% in FY14 to 39% in FY20,” the company said in a presentation to investors.

  • EBITDA and revenue lag: EBITDA margin has sunk to a low of 0.62% in the aggregated nine months of the financial year thus far. In Q3, though, the margin stood at 8.03%, indicating a certain level of recovery. However, the digital share of the business is close to overtaking everything else in terms of revenue.

Source: Shemaroo

  • In absolute terms, Digital didn’t do much better: While digital revenue may account for a larger slice of the pie, it has been hit by the overall reduction in revenue. Digital revenue reduced substantially compared to the quarter and three-quarter period in the previous financial year:

Source: Shemaroo

  • No subscriber count for ShemarooMe: The company has not yet revealed how many subscribers its ShemarooMe streaming service has, but did say that it’s YouTube channels have had growth in monthly views.

Source: Shemaroo

Financial snapshot — Q3FY21

  • Revenue: ₹88 crore (up 48.5% QoQ, down 9.3% YoY)
  • Net Loss: ₹1.4 crore (down 84% QoQ, Net Profit of ₹8.5 crore in Q3FY20)
  • EBITDA Margin: 8.03% (compared to negative 1.22% in the previous quarter, and 20.07% in Q3FY20)
  • Digital Media Revenue: ₹39.9 crore (down 17.2% YoY)

Financials | Presentation

Written By

I cover the digital content ecosystem and telecom for MediaNama.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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