KOLKATA: ALTBalaji seems to be driving the growth of Balaji Telefilms with a 42 per cent growth in subscriptions for FY21. The platform sold a total of 4.7 million subscriptions for the year, compared to Rs 3.4 million in FY20.

Despite the speedy growth of ALTBalaji, overall financial performance for the year was impacted by the pandemic-led restrictions on the TV and movie business. Balaji Telefilms' consolidated revenue stood at Rs 293.7 crore for FY21, compared to Rs 573.6 crore. TV business returned to more normal production in Q4 With 223 hours content produced in the quarter, the company stated in a statement.

Four shows were on air during the quarter. Hourly realizations remained soft at Rs 30 lakh per hour and it is expected to remain soft as broadcasters continue to assess Covid 19 impact, the company stated.

“ALTBalaji continues to drive subscription growth and we added 4.7m subscriptions during the year, the highest since our launch four years ago. We have also done strategic content-sharing deals with two large OTT players to drive creative synergies. We will continue to see strong subscriber additions with over 40 shows greenlit,” Balaji Telefilms managing director Shobha Kapoor said.

“After the initial setback in the first half of FY21 our TV business has shown good recovery in terms of production hours and we hope to maintain this momentum. In the movie business, production for some of the exciting projects are at various stages of completion. We are closely monitoring the availability for theatrical releases as well and direct to digital launches. Overall, the business has performed well in very challenging conditions and I am confident we will build from the base created,” Kapoor added.

Meanwhile, the Board has considered and approved a dividend of ten per cent (Rs 0.20 per share) subject to shareholder approval. It is going to highly focus on maintaining liquidity and balance sheet strength through the year with the current cash and cash equivalent balance at Rs 144 crore.