ALTBalaji FY22 Revenue Jumps 68% To Rs 102.6 Cr

ALTBalaji added 13 shows in the twelve months taking the overall library to 90+ shows

Balaji Telefilms' SVOD platform ALTBalaji has recorded a whopping 68% jump in revenue at Rs 102.6 crore in FY22 as against Rs 61.1 crore in FY21. The company said that the additional Rs 23.73 crore of revenue will be accounted for in the next four quarters as deferred revenue.

Hoping to break even in FY22, ALTBalaji saw a 7% drop in net loss at Rs 136.5 crore compared to Rs 146.2 crore a year ago. The operating loss dropped 7% to Rs 135.4 crore from Rs 145.1 crore. Further, ALTBalaji's cash burn in FY22 stood at Rs 81 crore compared to Rs 122 crore in FY21.

The company's expenditure in the ALTBalaji business rose 14% to Rs 238 crore from Rs 208.9 crore. The cost of production jumped 43% to Rs 151.9 crore from Rs 105.9 crore. Marketing and distribution expenses dropped 27% to Rs 33.8 crore against Rs 46 crore.

ALTBalaji added 13 shows in the twelve months taking the overall library to 90+ shows. The company sold 3.88 million subscriptions during the twelve months ending 31st March 2022. This excludes subscribers on partner apps where the content continues to do well.

The company's reality show 'Lock Upp' which was launched in Q4 FY22 became the highest watched reality show in OTT space within a very short span and crossed 500+ million views. At the same time, the engagement time stands at 66 mins, with watch time at 15.75 billion minutes. Video views stand at 1.29 billion cumulative to date.

On a consolidated basis, the company's consolidated net loss widened to Rs 133.17 crore from Rs 118.9 crore. Operating loss increased to Rs 121.7 crore from Rs 104 crore. The company's revenue expanded to Rs 336.85 crore from Rs 293.7 crore. The cost of production jumped to Rs 327.44 crore from Rs 261 crore.

Total income from the core television & movie production business dropped 23% to Rs 242.1 crore compared to Rs 315.8 crore. The company's net profit from the segment fell 83% to Rs 4.4 crore from Rs 25.3 crore. Operating profit almost halved to Rs 14.61 crore from Rs 37.4 crore.

During the twelve months TV business produced 863+ hours of content across 7 shows for 4 broadcasters. Two new shows have been lined up and should commence shortly. Movie business continued to make progress in completing its productions given that normal operations were fully resumed on account of easing of restrictions.

Further, with the relaxations implemented in terms of re-opening of cinema theatres, the theatrical distribution business is steadily on its way to regaining momentum and this has accordingly allowed the Company to pursue its monetization strategies for completed productions in terms of theatrical launches as well as deals for direct to digital.

Seven movies are planned for release in FY23 and Pre-locked deals on a few movies. As part of its strategy, the company continues to control investments in movies and pursue pre-sales and co-production deals where feasible. Theatrical release dates have been locked for 2 films, Villain 2 (starring John Abraham) on 29th July, 22 and Dobaara (starring Taapsee Pannu) on 19th Aug, 22.

For the fourth quarter, the company recorded a 59% growth in revenue at Rs 119.1 crore compared to Rs 74.9 crore in the corresponding quarter of the previous fiscal. The cost of production rose 52% to Rs 117.9 crore from Rs 77.7 crore. Operating loss narrowed 24% to Rs 31.3 crore from Rs 41.3 crore. The net loss fell 17% to Rs 33.3 crore from Rs 39.9 crore.

The company's TV & movie production business witnessed revenue of Rs 68.4 crore in Q4 on a net profit of Rs 1.8 crore. ALTBalaji recorded Rs 50.9 crore revenue while the net loss stood at Rs 34.5 crore.

Meanwhile, the company has considered and approved the appointment of Priyanka Chaudhary as an Additional Director (Non-Executive Non-Independent) of the company. Priyanka Chaudhary is a Senior Vice President at Reliance Industries. Currently, she is the Chief Financial Officer of Jio Studios, which is the media business of Reliance.

Balaji has also approved the proposal to invest Rs. 25 lakh in Trishoolin Picturez India, for a 51% stake in the form of Equity Shares. Pursuant to this investment, Trishoolin Picturez India will become a subsidiary of Balaji Telefilms.

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