Balaji Telefilms Q2FY21 revenue up 123% QoQ to Rs 78.3 crore

ALTBalaji continues to go deeper into mass India and saw good success during the quarter ending September 30, 2020, to improve consumer retention and push deeper engagement of library, the Balaji Telefilms said in its BSE filing. Watch time grew on the platform despite only two new show launches and consumers slowly getting back to work and other social commitments.

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Total revenue for ALTBalaji stood at Rs 14.7 crore for the quarter and Rs 29.6 crore for H1 FY21. The total library of original shows available on ALTBalaji was at 65, and the pipeline for new shows getting much stronger, with production resumed across multiple shows.

Balaji Telefilms TV content production has slowly restarted following necessary health and safety precautions. Six shows were on air during the quarter and the Company is expected to launch two new shows in the coming quarter. 

Movie business had very limited activity and the Company completed the sale of digital rights of Pagglait to Netflix. Given the uncertainties around theatrical reopening the Company is exploring more such direct to digital sales for its movie portfolio.

Shobha Kapoor, Managing Director, Balaji Telefilms Limited, said, “This quarter we took steps to restore our content production activity and have slowly returned to more normal levels of TV content production. The teams are adapting to the new processes of shooting and I am confident we will adapt quickly given our strength and successful track record. Our digital businesses had limited fresh content during the quarter but we have managed to get better engagement using our library of over 65 original shows. We will soon restart adding more shows to platform as shows are ready for launch. Overall some of the cost optimisation programs initiated should continue to allow us to see strong profitability as our operations return to pre-COVID levels.”

Financial performance highlights (Consolidated)

• Income from operation up 123% QoQ to Rs 78.3 crore
• EBITDA loss reduced to Rs 12.4 crore vs Rs 26.3 crore in Q1FY21
• Net loss after tax reduced to Rs 19.5 crore vs Rs 27.9 crore in Q1FY21
• Balance sheet remains strong with good liquidity - value of investments at Rs 219 crore (as of 7 November 2020)

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