Financials
Disney’s Q2-2015 revenue up 7%, income up 10%
BENGALURU: The Walt Disney Company Inc reported an increase of seven per cent in its revenue in Q2-2015 (quarter ended 28 March, 2015, current quarter) to $12461 million from $11649 million in the corresponding year ago quarter. Net income during the current quarter improved 10 per cent to $2108 million from $1917 million reported for the quarter ended 27 March, 2014 (Q2-2014).
Of the five segments that add to Disney’s numbers, three – Media Networks, Parks & Resorts and Consumer Products showed improvement in revenue, while the other two – Studio Entertainment and Interactive segments showed decline in revenues. Segment Operating Income from three – Parks and Resorts, Consumer Products, and Interactive increased, while segment operating income from Media Networks and Studio Entertainment declined in Q2-2015 as compared to Q2-2014.
“Our second quarter performance, marked by increased revenue, net income and EPS of US 1.23, demonstrates the incredible ability of our strong brands and quality content to drive results. The power of this winning combination is once again reflected in the phenomenal worldwide success of Marvel’s Avengers: Age of Ultron, which has opened at number one in every market so far,” said Disney chairman and chief executive officer Robert A Iger.
Segment Results
Media Networks
Media Networks revenues for the current quarter improved 13 per cent to $5810 million from $5134 million reported for Q2-2014. Operating Income from this segment declined two per cent to $2101 million in Q2-2015 from $2133 million in Q2-2014.
Two sub-segments – Cable Networks, and Broadcasting contribute to this segment.
Cable Networks reported a growth of 11 per cent in revenue to $4030 million in Q2-2015 from $3633 million in Q2-2014, but reported a drop of nine per cent in Operating Income to $1799 million in Q2-2015 as compared to the $1974 million in Q2-2014. The drop in income was due to a decrease at ESPN, which was driven by higher programming and production costs, partially offset by growth in affiliate and advertising revenues. Programming and production cost increases were due to higher rights costs for college football programming and the addition of an NFL wild card playoff game and the SEC Network, which was launched in August 2014.
Disney says further that the increase in affiliate revenues was due to contractual rate increases, an increase in subscribers, taking into account the new SEC Network, and a reduction in revenue deferrals as a result of changes in contractual provisions related to annual programming commitments. ESPN advertising revenue growth was due to higher rates and units sold.
Broadcasting reported 19 per cent hike in revenue in the current quarter to $1780 million from $1501 million and reported a massive 90 per cent increase in operating income to $302 million from $159 million in the corresponding quarter of last year due to growth in affiliate fees, higher program sales and an increase in advertising revenues. These increases were partially offset by higher marketing costs for the launch of new series.
Parks and Resorts
Parks and Resorts reported a growth of six per cent in revenue to $3760 million from $3562 million in the corresponding year ago quarter and a 24 per cent increase in Q2-2015 operating income to $566 million from $457 million in Q2-2014. Operating income growth for the quarter was due to an increase at Disney’s domestic operations, partially offset by a decrease at its international operations.
Studio Entertainment
Studio Entertainment reported decline in revenue to $1685 million in Q2-2015 as compared to the $1800 million in Q2-2014, and segment operating income decreased 10 per cent to $427 million from $475 million in Q2-2014.
Lower operating income was driven by decreases in domestic home entertainment and international theatrical distribution, partially offset by a higher revenue share with the Consumer Products segment, reflecting performance of Frozen merchandise in the current quarter, and lower film cost impairments. The decreases in domestic home entertainment and international theatrical distribution both reflected the performance of ‘Big Hero 6’ in the current quarter compared to Frozen in the prior-year quarter
Consumer Products
Consumer Products Q2-2015 revenue increased 10 per cent to $971 million from $885 million in Q2-2014 and operating income improved 32 per cent to $362 million from $274 million in Q2-2014.
Higher operating income was primarily due to an increase at Disney’s Merchandise Licensing business due to the performance of merchandise based on Frozen and, to a lesser extent, The Avengers.
Interactive
Revenue from this segment fell 12 per cent to $235 million in Q2-2015 from $268 million in Q2-2014, but segment operating income increased 86 per cent to $26 million from $14 million in Q2-2014.
Improved operating results were due to lower marketing and product development costs and the success of its mobile game Tsum Tsum, partially offset by lower ‘Disney Infinity’ performance and decreased sales of mobile game catalogue titles due to fewer titles in release. Lower marketing and product development costs were driven by fewer mobile game titles in development and the benefit of previous restructuring activities.
MUMBAI: It’s time to brief the markets: Page Industries is showing that even when regulations tighten, it can still keep its footing in the innerwear business. The Bengaluru-based apparel major has reported its financials for the quarter ended 31 December 2025, delivering a performance that remains steady and well put together.
The company’s top line showed plenty of elasticity this quarter. Revenue from operations stretched to Rs 1,38,675.71 lakhs, a healthy jump from the Rs 1,29,085.82 lakhs reported in the preceding quarter. Compared to the same period last year, which stood at Rs 1,31,305.10 lakhs, it’s clear the brand’s grip on the market isn’t loosening. Total income for the quarter, including other finance gains, reached a comfortable Rs 1,39,919.03 lakhs.
However, it wasn’t all smooth silk. The Government of India’s new unified Labour Codes, covering everything from wages to social security, officially kicked in on 21 November 2025. This regulatory shift forced Page Industries to account for a one-time “exceptional item” cost of Rs 3,500.42 lakhs to cover incremental employee benefits and related obligations. Despite this Rs 35-crore legislative snag, the underlying business remained robust. Profit before tax stood at Rs 25,625.35 lakhs after the exceptional hit, and without that one-off cost, the figure would have been a more muscular Rs 29,125.77 lakhs. Net profit for the quarter came in at Rs 18,953.64 lakhs.
Total expenses rose to Rs 1,10,793.26 lakhs, driven largely by raw material consumption of Rs 30,162.65 lakhs and employee benefits of Rs 23,310.66 lakhs. Even so, the company’s operational strength ensured the bottom line remained firmly stitched together.
For shareholders, the news is particularly “fitting.” The Board has declared a third interim dividend for 2025-26 of Rs 125 per equity share. The record date has been set for 11 February 2026, with the payment scheduled on or before 6 March 2026. This follows two previous interim dividends of Rs 150 and Rs 125 declared earlier in the financial year, reinforcing the company’s commitment to sharing the spoils of its success.
Looking at the nine-month stretch ending December 2025, Page Industries has amassed total income of Rs 4,04,090.59 lakhs, with total comprehensive income of Rs 58,231.49 lakhs. While the basic earnings per share for the quarter dipped slightly to Rs 169.93, compared to Rs 183.48 in the same quarter last year, the year-to-date EPS remains a solid Rs 524.57.
Auditors at S.R. Batliboi & Associates LLP have given the results a “limited review” thumbs up, reporting no material misstatements. It seems that, as far as Page Industries is concerned, the business remains as well-constructed as its famous Jockey briefs.
