Hoping to break even in FY22, ALT Balaji saw a 7% decline in net loss to Rs 136.5 crore from Rs 146.2 crore a year ago. Operating loss fell 7% to Rs 135.4 crore from Rs 145.1 crore. Further away, ALT BalajiFY22 cash burn stood at Rs 81 crore compared to Rs 122 crore in FY21.
The company’s expenses in the ALT Balaji business increased by 14% to Rs 238 crore from Rs 208.9 crore. The cost of production jumped 43% to Rs 151.9 crore from Rs 105.9 crore. Marketing and distribution expenses fell by 27% to Rs 33.8 crore from Rs 46 crore.
ALT Balaji added 13 shows over the twelve months, bringing the overall library to over 90 shows. The company sold 3.88 million subscriptions in the twelve months ending March 31, 2022. This excludes subscribers to partner apps where content continues to perform well.
The company’s reality show “Lock Upp”, which launched in the fourth quarter of FY22, became the most-watched reality show in the OTT space in a very short time and topped more 500 million views. At the same time, engagement time stands at 66 minutes, with watch time at 15.75 billion minutes. Video views total 1.29 billion cumulative to date.
On a consolidated basis, the company’s consolidated net loss widened to Rs 133.17 crore from Rs 118.9 crore. The operating loss increased to Rs 121.7 crore from Rs 104 crore. The company’s revenue increased from Rs 336.85 crore to Rs 293.7 crore. The production cost has risen from Rs 327.44 crore to Rs 261 crore.
Total revenue from the main television and film production business fell by 23% to Rs 242.1 crore from Rs 315.8 crore. The company’s net profit in the segment fell by 83% to Rs 4.4 crore from Rs 25.3 crore. Operating profit was almost halved to Rs 14.61 crore from Rs 37.4 crore.
During the twelve months, the TV activity produced more than 863 hours of content across 7 shows for 4 broadcasters. Two new shows have been scheduled and should begin shortly. The film business continued to make progress in completing its productions as normal operations resumed in full due to the easing of restrictions.
In addition, with the relaxations put in place in terms of the reopening of cinemas, the theatrical distribution activity is gradually regaining its momentum and this has thus enabled the Company to continue its strategies of monetization of completed productions. in terms of theatrical launches as well as offers for direct to digital.
Seven movies are scheduled for release in FY23 and pre-locked deals on a few movies. As part of its strategy, the company continues to control investment in films and seek pre-sale and co-production deals when possible. Theatrical release dates have been locked for 2 films, Villain 2 (with John Abraham) on July 29, 22 and Dobaara (with Taapsee Pannu) on August 19, 22.
For the fourth quarter, the company recorded a 59% growth in revenue to Rs 119.1 crore from Rs 74.9 crore in the corresponding quarter of the previous fiscal year. The cost of production increased by 52% to Rs 117.9 crore from Rs 77.7 crore. Operating loss decreased by 24% to Rs 31.3 crore from Rs 41.3 crore. Net loss fell 17% to Rs 33.3 crore from Rs 39.9 crore.
The company’s television and film production business recorded revenue of Rs 68.4 crore in the fourth quarter on a net profit of Rs 1.8 crore. ALT Balaji recorded revenue of Rs 50.9 crore while net loss stood at Rs 34.5 crore.
In the meantime, the company has reviewed and approved the appointment of Priyanka Chaudhary as an additional (non-executive non-independent) director of the company. Priyanka Chaudhary is Senior Vice President at Reliance Industries. Currently, she is the CFO of Jio Studios, which is Reliance’s media business.
Balaji also approved the proposal to invest Rs. 25 lakh in Trishoolin Picturez India, for a 51% stake in the form of equity shares. Following this investment, Trishoolin Picturez India will become a subsidiary of Balaji TV movies.