Financials
Q2-2015: TV18 reports improvement over y-o-y and q-o-q results
BENGALURU: TV18 Broadcast Limited (TV18) posted a 4.9 per cent q-o-q growth in Total Income from Operations (TIO) for Q2-2015 at Rs 553.68 crore versus Rs 527.74 crore in Q1-2015 and 14.6 per cent more than the Rs 483.17 crore in Q2-2014. The company’s HY-2015 TIO at Rs 1081.49 crore was 23 per cent more than the Rs 879.36 crore in HY-2014.
TV18 reported PAT at Rs 43.22 crore (7.8 per cent of TIO) as compared to a loss of Rs 154.54 crore (refer additional notes below) in the immediate trailing quarter Q1-2015 and 4.3 times the Rs 10.12 crore (2.1 per cent of TIO) in the year ago quarter Q2-2014. The company reported a loss of Rs 111.32 crore(refer additional notes below) in HY-2015 versus PAT of Rs 16.05 crore in HY-2014.
Note: 100,00,000 = 100 Lakhs = 10 million = 1 crore.
Let us look at the other Q2-2015 and HY-2015 figures reported by TV18
TV18 reported total expenditure (TE) of Rs 508 crore (91.8 per cent of TIO) in Q2-2015, which was 0.3 per cent lower than the Rs 509.54 crore (96.6 per cent of TIO) in Q1-2015 and 11.4 per cent more than the Rs 455.89 crore (94.4 per cent of TIO) in Q2-2014. For HY-2015, the company’s TE at Rs 1017.53 crore (94.1 per cent of TIO) was 21.2 per cent more than the Rs 839.30 crore (95.4 per cent of TIO) in HY-2014. Please refer to the figure below for TV18’s TIO, TE and PAT across five quarters starting Q2-2014 until Q2-2015.
Programming cost at Rs 170.89 crore (30.9 per cent of TIO) was 3.1 per cent more than the Rs 165.71 crore (31.4 per cent of TIO) in Q1-2015 and was 38.1 per cent more than the Rs 123.77 crore (25.6 per cent of TIO) in Q2-2014. For HY-2015, programming cost at Rs 336.6 crore (31.1 per cent of TIO) was a massive 56.7 per cent more than the Rs 210.78 crore in HY-2014.
TV18 has reduced marketing distribution and promotional expenses (marketing expense) in this fiscal. Though its spends on this head in Q2-2015 at Rs 117.32 crore (21.2 per cent of TIO) was 14.8 per cent more than the Rs 102.17 crore (19.4 per cent of TIO) in Q1-2015, it was 29.3 per cent lower than the Rs 166.01 crore (34.4 per cent of TIO) in Q2-2014. Marketing expense in HY -2015 at Rs 219.5 crore (20.3 per cent of TIO) was 28.3 per cent less than the Rs 306.17 crore (34.8 per cent of TIO) in HY-2014.
Other expense at Rs 115.01 crore (20.8 per cent of TIO) in Q2-2015 was 6.3 per cent more than the Rs 108.21 crore (20.5 per cent of TIO) in Q1-2015 and 34.6 per cent more than the Rs 85.47 crore (17.7 per cent of TIO) in Q2-2014. Other expense in HY-2015 at Rs 223.21 crore (20.6 per cent of TIO) was 38.6 per cent more than the Rs 161.1 crore (18.3 per cent of TIO) in HY-2014.
Finance cost in Q2-2014 at Rs 11.89 crore (2.2 per cent of TIO) was 20.3 per cent lower than the Rs 14.92 crore (2.8 per cent of TIO) and 22.3 per cent less than the Rs 15.31 crore (3.2 per cent of TIO) in Q2-2014. Finance cost in HY-2015 at Rs 26.81 crore (2.5 per cent of TIO) was 11.4 per cent lower than the Rs 30.27 crore (3.4 per cent of TIO) in HY-2014.
Segment Revenue
TV18 consolidated revenue comes from two streams – (a) Media Operations (Media) and (b) Film production and distribution (film). Media reported operating income (Op Inc) of Rs 533.83 crore in Q2-2015, which was 4 per cent more than the Rs 513.42 crore in Q1-2015 and was 24.4 per cent more than the Rs 429.07 crore in Q2-2014. Media reported Op Inc of Rs 1047.25 crore in HY-2015, which was 28.9 per cent more than the Rs 812.46 crore in HY-2014. This segment reported operating profit of Rs 50.46 crore in Q2-2015, which was almost triple (2.6 times) the Rs 19.36 crore in Q1-2015 and was 85.1 per cent more than the Rs 27.26 crore in Q2-2014. For HY-2015, Media reported operating profit of Rs 60.83 crore which was 41.1 per cent more than the Rs 49.49 crore in HY-2014.
Film segment reported Op Inc of Rs 19.85 crore in Q2-2015, which was 38.7 per cent more than the Rs 14.32 crore in Q1-2015, but less than a third of the Rs 62.05 crore in Q2-2014. Op Inc from this segment fell to less than half (42.3 per cent) to Rs 34.17 crore in HY-2015 from Rs 80.85 crore in HY-2014. This segment reported loss of Rs 4.38 crore in Q2-2015, loss of Rs 0.95 crore in Q1-2015, operating profit of Rs 3.13 crore in Q2-2014, and a loss of Rs 5.33 crore in both HY-2015 and HY-2014.
Additional Notes: (1) Pursuant to the enactment of the Companies Act, 2013 (the Act), the Group has, effective from 1 April 2014, reassessed the useful life of its fixed assets and has computed depreciation as provided in Schedule II to the Act. Consequently depreciation for the quarter and half year ended 30 September, 2014 is lower by Rs 13.40 lakhs and higher by Rs 716.30 lakhs respectively and the net profit is higher by Rs 13.40 lakhs and lower by Rs 716.30 lakhs respectively. Further, based on the transitional provision provided in Schedule II, an amount of Rs 744.15 lakhs has been adjusted with the opening reserves during the half year ended 30 September, 2014.
(2) During the quarter ended 30 June, 2014, based on a review of the current and non-current assets, the Group has accounted for (a) obsolescence/impairment in the value of certain tangible and intangible assets to the extent of Rs 122.27 crores and (b) write-off and provisions of non-recoverable and doubtful loans/advances /receivables to the extent of Rs 87.70 crores and the same has been disclosed as Exceptional Items in the consolidated accounts. Further, Exceptional Items also includes Rs 13.31crores towards severance pay and consultancy charge.
(3) Equator Trading Enterprises Private Limited (“Equator”) including its subsidiaries Panorama Television Private Limited and Prism TV Private Limited had become wholly owned subsidiary of the Company with effect from 22 January, 2014. Hence, the consolidated results of the current period include the results of these subsidiary companies. Eenadu Television Private Limited had also become an associate with effect from 22 January 2014 and its results have been accounted as “Associate” under accounting standard 23 on Accounting for Investments in Associates in Consolidated Financial Statements. To this extent, the results of this period are not comparable with the corresponding previous period.
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.
