Reliance MediaWorks Ltd., India’s fastest growing film and entertainment services company and a member of the Reliance ADA group today announced its third quarter results for FY 2010.
Key Financial Highlights for Q3 of FY 2009-10:
During the quarter, the company has been engaged in businesses of film exhibition, film & media services and television software. The radio business has been demerged and accordingly, the previous year’s numbers are not comparable.
Total Income from Operations at Rs2.12bn (US$ 44 mn), an increase of 23% as compared to previous year.
EBIDTA from Operations at Rs. 410mn (US$ 8.5 mn), an increase of 128% as compared to previous year.
Film and Media Services:
Revenue at Rs. 46 crores (US$ 9.6 million), an Increase of 23% as compared to previous year.
EBIDTA at Rs. 17 crores (US$ 3.6 million), an Increase of 55% as compared to previous year.
Exhibition:
Revenue at Rs1.53bn (US$ 31.8 mn), an Increase of 51% as compared to previous year.
EBIDTA at Rs. 230mn (US$ 4.8 mn), an increase of 336% as compared to previous year.
Key Business Highlights for Q3 of FY 2009-10:
Film and Media Services:
Reliance MediaWorks Ltd partnered with 2D to 3D conversion pioneer In-Three to establish the world’s largest facility dedicated to the conversion of 2D films and videos into 3D in India.
Reliance MediaWorks has established its presence in the UK market and now offers front-end, processing, restoration, 2D to 3D conversion and post-production services to UK based broadcasters and studios.
To strengthen the company’s presence in UK, Reliance MediaWorks has acquired the assets of London based ilab UK, which is a premiere lab for high end processing for film, television, commercial and shorts productions.
Reliance MediaWorks’ Camera and Equipment rentals division has completed major shows this quarter including Big Boss, Dance Premiere League, Swayamvar Season 2 and Pati Patni Aur Woh among others.
Reliance MediaWorks has established its secure optic fibre medianet connection link between Mumbai and Los Angeles, connecting the world’s two great film making centres with 24/7 high bandwidth capacity for film releases and media services.
BIG Cinemas:
BIG Cinemas crossed the 500 screen milestone with the opening of its multiplex at Kedah, Malaysia.
With over 9 million admits, BIG Cinemas has witnessed a 50% increase in footfalls this quarter compared to previous year.
o BIG Cinemas launched its F&B brand Movie Munchies with 22 unique products varieties developed exclusively for sale at BIG Cinemas.
o BIG Cinemas hosted the premieres for some of the biggest movies of the quarter including 3 Idiots, Paa and Avatar.
o Reliance MediaWorks’ television production venture, BIG Synergy currently has several shows under development and in the coming quarter would be entering into fiction and regional programming.
The company continues to maintain its strong investment phase and all its projects are well on track including the Studios and the Media BPO. This is expected to contribute positively to the earnings in the forthcoming quarters.
As a result of the continued investments, the interest and depreciation charge was significantly higher this quarter and the company has recorded a net loss of Rs. 28 crores (US$ 5.8 million).
Commenting on the performance, Anil Arjun, Chief Executive Officer said, “As a result of our strategic transformation, Reliance MediaWorks has shown strong performance in all its business segments in this quarter and we have been able to consistently deliver superior value to our clients and stakeholders. Being an integrated player across the entire film and media services value chain, Reliance MediaWorks is well poised to make the most of current growth opportunities that have resulted due to the sharp upswing that the entertainment industry is witnessing in India and Internationally.”