News Broadcasting
Crest Comm board finalises $ 5.8 million GDR
MUMBAI: The board of directors sub-committee of the Mumbai-based Crest Communications Ltd has finalised the size and pricing of its GDR issue.
The sub-committee, in its meeting held on 7 January 2004, has approved a 0.75 million GDR issue at a placing price of US$ 7.75 per GDR aggregating to over US$ 5.8 million. In its annual general meeting (AGM) held on 8 September 2003, the company had sought and secured the approval of its members for a GDR issue of up to $ 10 million to raise funds for the company.
Crest Communications informed the Bombay Stock Exchange (BSE) that each GDR would represent 10 underlying equity shares of face value of Rs 10 each. The issue is slated to open on 14 January 2004 subject to approval from Luxembourg Stock Exchanges and will be open for such period as may be advised by the lead managers. In October 2003, Crest had appointed RP&C International Inc and RP&C International (Securities) Inc, New York, as lead managers and Norton Rose, New York, as legal adviser in UK for the issue.
Crest Communications vice president strategy and finance Abhay Bhalerao told indiantelevision.com that the funds raised through the GDR route would be channeled towards their animation business. Sounding confident about the future of animation in India he said, “In a few years time, the animation industry will be joining the ranks of auto ancillary and information technology in terms of industry status.” However, the specific details of the issue would be available once the prospectus is filed with the BSE on 14 January 2004.
In its meeting held on 5 January, the board had approved the offering circular, depository agreement, placement agreement and other ancillary documents relating to the GDR offer and authorized the sub committee (Global Depository Issue Committee) to finalise the pricing and size of the issue.
Crest Communications is primarily into animation software. It specialises in multi format digital production and post-production editing. Its mainline business includes commercial television serials and packaging, ad films, 3D/2D animation and special effects.
Recently, the animation major pocketed a number of international projects. Among them is a prime time television series called Jakers! The Adventures Of Piggley Winks, which is a Sunday prime time show on PBS – the largest terrestrial station in the US. “All the work including the set design, the animation was done here at Crest. It comprises of 40 half-hour episodes. We delivered the work to a studio called Mike Young Productions. It took around 10 months to deliver it,” Crest Communications international business head A K Madhavan told indiantelevision.com in an earlier interview.
“We have also delivered five direct-to-home (DTH) videos which mix 2D with 3D animation called Kids’ Ten Commandments. The content is targeted at a specific niche Christian market and sold through Bible distributor Tindale. Five DVDs have been delivered to them.”
“Right now, production is on for five DTH videos for a series called New Testament. We are also doing multiple 3D television series and have installed 100 graphics machines for the same. By March, we would have added another 100. The purchase orders have been placed. Our aim is to deliver three television series every month by June,” Madhavan had further added.
At present, Crest is working on contracts worth more than $ four million and is negotiating for another $15-20 million worth of contracts.
So far it has produced six full-length animated feature films and over 60 half-hour animation projects for various studios, including its own Animated Hero Classics series. This enjoyed a two-year run on HBO in the US.
In the first half of 2003, Crest Communications had bagged three 3D animation television series worth over $6 million from the US-based Mike Productions. Its competitors in India include Pentamedia, UTV Toons, Colour Chips and the Padmalaya-Zee Telefilms combine.
News Broadcasting
Network18 Q4 revenue grows 9.7 per cent, EBITDA at Rs 30 crore
PAT improves to Rs 306.6 crore, margins steady amid cost pressures.
MUMBAI: Not all news is breaking, some of it is quietly improving. Network18 Media & Investments Limited appears to be doing just that, tightening losses and stabilising margins even as costs continue to weigh on the business. For FY26, the company reported revenue from operations of Rs 1,955.1 crore, up from Rs 1,896.2 crore in FY25, signalling modest top-line growth in a challenging media environment. Total income stood at Rs 1,978.2 crore, compared to Rs 1,913 crore a year earlier.
Profit after tax came in at Rs 306.6 crore for the year, a sharp turnaround from Rs 3,225.4 crore in FY25, largely reflecting the absence of large exceptional items that had inflated the previous year’s numbers. On a more comparable basis, the company’s operating performance showed signs of gradual stabilisation.
However, the quarterly picture remained under pressure. For the March quarter, Network18 reported a loss of Rs 53.1 crore, narrower than the Rs 98.1 crore loss in the same period last year, but still indicative of ongoing cost challenges.
Expenses continued to track high. Total expenses for FY26 stood at Rs 2,235.7 crore, up from Rs 2,197.8 crore in FY25. Key cost heads included operational expenses of Rs 765.9 crore, employee benefits of Rs 475.9 crore, and marketing, distribution and promotional spends of Rs 427.1 crore, underlining the continued investment required to sustain reach and engagement.
At an operating level, margins remained under strain. Operating margin stood at 2.33 per cent for FY26, marginally higher than 1.77 per cent in FY25, while net profit margin remained negative at -13.02 per cent, though improved from -14.89 per cent.
On the balance sheet, total assets rose to Rs 8,957.6 crore as of 31 March 2026, from Rs 8,317.5 crore a year earlier. Equity strengthened to Rs 4,958.7 crore, while borrowings increased to Rs 3,112.8 crore, reflecting a higher reliance on debt to support operations.
Cash flows told a mixed story. While financing activities generated Rs 83.9 crore, operating cash flow remained negative at Rs -24 crore, highlighting ongoing pressure on core cash generation. Cash and cash equivalents, however, improved to Rs 33.9 crore from Rs 1.8 crore.
The numbers point to a company in transition growing revenues, trimming losses, but still grappling with structural cost pressures. In a sector where scale often comes at a price, Network18 seems to be inching towards balance, one quarter at a time.
