AUDITED
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED
SEPTEMBER 30, 2006 |
(Rs. in Million except per share data) |
| |
|
Consolidated |
Standalone |
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|
(A) |
(B) |
(C) |
(D) |
(E) |
(F) |
(G) |
(H) |
(I) |
(J) |
| Sl No |
Particulars |
Three months Ended September 30-06 |
Three months Ended September 30-05 |
Six months Ended September 30-06 |
Six months Ended September 30-05 |
Audited Year Ended Mar 31 -06 |
Three months Ended September 30-06 |
Three months Ended September 30-05 |
Six months Ended September 30-06 |
Six months Ended September 30-05 |
Audited Year Ended Mar 31 -06 |
| 1 |
Income from Operations |
542.11 |
422.07 |
1178.77 |
827.33 |
2209.98 |
462.65 |
408.09 |
1006.71 |
763.39 |
1912.94 |
| 2 |
Other Income |
3.08 |
8.18 |
7.03 |
18.44 |
29.00 |
2.89 |
8.11 |
6.71 |
18.30 |
28.54 |
| 3 |
Total Income |
545.19 |
430.25 |
1185.80 |
845.77 |
2238.98 |
465.54 |
416.20 |
1013.42 |
781.69 |
1941.48 |
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a.Production Expenses |
133.69 |
78.86 |
264.01 |
155.76 |
377.06 |
133.91 |
79.09 |
264.46 |
156.20 |
377.96 |
| |
b.Personnel Expenses |
233.61 |
186.15 |
465.06 |
362.26 |
801.35 |
194.38 |
162.42 |
387.16 |
314.92 |
683.39 |
|
c.Marketing, Distribution & Promotional Expenses |
97.68 |
45.34 |
187.16 |
88.38 |
231.07 |
97.68 |
45.34 |
187.16 |
88.24 |
231.07 |
|
d.Operating & Administrative Expenses |
113.70 |
81.80 |
221.34 |
158.67 |
375.48 |
91.36 |
71.97 |
181.46 |
139.06 |
320.13 |
| 4 |
Total Expenditure |
578.68 |
392.15 |
1137.57 |
765.07 |
1784.96 |
517.33 |
358.82 |
1020.24 |
698.42 |
1612.55 |
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| 5 |
Profit/(Loss) before Interest, Depreciation & Tax |
(33.49) |
38.10 |
48.23 |
80.70 |
454.02 |
(51.79) |
57.38 |
(6.82) |
83.27 |
328.93 |
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| 6 |
Interest |
0.83 |
|
1.51 |
|
|
0.83 |
|
1.51 |
|
|
| 7 |
Depreciation |
43.58 |
36.26 |
84.63 |
72.02 |
154.03 |
41.62 |
35.21 |
81.21 |
70.00 |
149.47 |
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| 8 |
Operating Profit/(Loss) |
(77.90) |
1.84 |
(37.91) |
8.68 |
299.99 |
(94.24) |
22.17 |
(89.54) |
13.27 |
179.46 |
| 9 |
Cost of stock options (See Note - 3 & 6) |
111.72 |
74.52 |
221.66 |
74.52 |
278.77 |
81.32 |
74.52 |
191.26 |
74.52 |
261.61 |
| 10 |
Tax Expense |
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|
|
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|
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- Current |
(10.87) |
(5.33) |
0.83 |
|
41.29 |
0.08 |
|
0.08 |
|
|
| |
- Deferred |
(146.64) |
(3.28) |
(150.45) |
(7.84) |
(37.82) |
(147.10) |
(3.25) |
(151.05) |
(7.74) |
(37.74) |
| |
- Fringe Benefit Tax |
4.77 |
4.17 |
9.40 |
7.89 |
21.18 |
3.94 |
3.64 |
7.99 |
6.89 |
18.08 |
| 11 |
Profit/(Loss) after Tax before minority interest |
(36.88) |
(68.24) |
(119.35) |
(65.89) |
(3.43) |
(32.48) |
(52.74) |
(137.82) |
(60.40) |
(62.49) |
| 12 |
Profit after Tax (before current quarter ESOP & Minority Interest) |
37.24 |
6.28 |
64.70 |
8.63 |
275.34 |
21.47 |
21.78 |
26.08 |
14.12 |
199.12 |
| 13 |
Share of Minority Interest |
5.85 |
(2.34) |
10.13 |
(0.86) |
16.27 |
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| 15 |
Dividend ( including dividend tax) |
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| 14 |
Share in Profits of Associate |
6.48 |
|
6.48 |
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| 15 |
Net Profit/(Loss) carried to Reserves & Surplus |
(36.25) |
(65.90) |
(123.00) |
(65.03) |
(19.70) |
(32.48) |
(52.74) |
(137.82) |
(60.40) |
(62.49) |
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| 16 |
Paid -up Equity Share Capital |
244.83 |
243.21 |
244.83 |
243.21 |
243.21 |
244.83 |
243.21 |
244.83 |
243.21 |
243.21 |
| |
(Face value Rs 4/- per share) |
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| 17 |
Reserves (Excluding Revaluation Reserve) |
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|
466.92 |
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|
353.60 |
| 18 |
Earnings Per Share (of Rs.4/-each) |
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| |
- Basic & Diluted EPS (Before ESOP cost) |
0.62 |
0.14 |
1.00 |
0.16 |
4.26 |
0.35 |
0.36 |
0.43 |
0.23 |
3.27 |
| |
- Basic & Diluted EPS (After ESOP cost) |
(0.59) |
(1.08) |
(2.01) |
(1.07) |
(0.32) |
(0.53) |
(0.87) |
(2.25) |
(0.99) |
(1.03) |
| 19 |
Dividend per share (face value of Rs.4 per share) |
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Final Dividend (Rs. per share) |
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0.80 |
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Dividend percentage |
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20% |
| 20 |
Aggregate of Non Promoter Shareholding |
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- No. of equity shares of Rs 4/- each |
27,900,032 |
27,496,032 |
27,900,032 |
27,496,032 |
27,496,032 |
27,900,032 |
27,496,032 |
27,900,032 |
27,496,032 |
27,496,032 |
| |
- percentage of Shareholding |
45.58% |
45.22% |
45.58% |
45.22% |
45.22% |
45.58% |
45.22% |
45.58% |
45.22% |
45.22% |
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| Notes : |
| 1(a) | In the current quarter, based on legal opinions, the cost of stock options has been considered to be deductible for computing the tax expense. Consequently, for the quarter ended September 30, 2006 the Consolidated results (Col. A) show a net tax gain of Rs 168.45 million and the Standalone results (Col. F) show a net tax gain of Rs 152.43 million. |
| (b) | Profit after Tax (before current quarter ESOP and Minority Interest) (Sl.No.12) includes a tax gain of Rs 130.84 million in the Consolidated results (Col. A) and Rs 125.06 million in the Standalone results (Col. F) relating to earlier periods. However, the deduction for tax purposes related to the current quarter ESOP has been ignored. |
| 2 | The Company operates in a single segment of television media and accordingly, there is no separate reportable segment. |
| 3 | During the quarter ended September 30, 2006 , the Company has issued 404,000 (previous year nil) shares pursuant to the exercise of stock options by certain employees under the ESOP scheme. |
| 4 | As per the terms of Clause 41 of the Listing Agreement, given below is the information on investor complaints for the quarter ended September 30, 2006: |
|
| Pending at the beginning of the quarter | Received during the quarter | Disposed of during the quarter |
| Nil |
8 |
8 |
|
| 5 | Consolidated results include the results of 100% (previous period 100%) subsidiary NDTV News Limited and 75.20% (previous period 85%) subsidiary NDTV Media Limited. |
| 6 | NDTV Media Limited has granted 83,300 (previous period nil) employee stock options to its employees at face value of Rs 10 each which were vested and exercised in the current quarter. This has resulted in a change in the Company's shareholding from 81.18% to 75.20%. |
| 7 | During the quarter ended September 30, 2006 , the Company, pursuant to an agreement with Astro Broadcast Corporation Ltd. has invested USD 212,500 (INR 9.89 million) in Astro Awani Network Limited, representing 20% (previous period nil) equity stake in that Company. Accordingly, Astro Awani Network Limited has been accounted for as an associate in the consolidated results in accordance with Accounting Standard 23. |
| 8 | The quarterly financial statements have been taken on record by the Board of Directors in its meeting held on October 17,2006.The financial statements are audited and the auditors' report contains no qualifications. |
| 9 | The auditors' report for the year ended March 31,2006 contains no qualification except for remuneration of Rs. 17.35 million paid to the directors which is subject to Central Government approval and/or shareholders' approval as the case may be, due to inadequacy of profits. The Company has obtained the shareholders' approval in the annual general meeting held on July 18,2006 and also obtained the approval from the Central Government for remuneration paid to one of the directors. The approval of Central Government is awaited for remuneration paid to other directors. |
| 10 | The current quarter's expenses include the costs attributable to certain initiatives for generating new income streams in the future. |
| 11 | Previous period figures have been regrouped/recast wherever considered necessary. |
| |
| For and on behalf of Board of Directors |
| Dr. Prannoy Roy |
| Chairman |
| Place: New Delhi |
| Date: 17th October, 2006 |