Mumbai: Balaji Telefilms announced its third quarter financial results for FY 2022. The company’s quarterly income from operations at the end of 31 December 2021 stood at Rs 76.2 crore. It posted a net loss after tax of Rs 26.4 crore for the quarter.
The company reported that total subscriptions sold for their OTT platform ALTBalaji for the third quarter year-to-date FY22 stood at 3.48 million. The direct subscription revenue was recorded at Rs 45 crore.
Engagement time on the video-on-demand platform was recorded at 82 minutes with a watch time of 15.45 billion in minutes. Till date, cumulative video views on the platform stands at 1.26 billion.
ALTBalaji added 11 shows in the nine months and has taken the overall library to 89+ shows.
The company said its TV business continued normal in the past nine months with 618 hours of production across seven shows and a strong pipeline for the year. “Three new shows have been lined up and should commence shortly,” said the company statement.
The company also has five film projects in the pipeline. “Movie business resumed production and the company made good progress," said the company adding that it continues to wait for availability for theatrical launch windows and looking at deals across direct to digital as well. As part of its strategy it continues to control investments in movies and pursue pre-sales and co-production deals where feasible.
“ALTBalaji continues to drive subscription growth and we added 3.48 million subscriptions during the nine months,” said Balaji Telefilms managing director Shobha Kapoor. “We added 11 shows in the nine months and now have a solid line up for the rest of the year. Our strategic content sharing deals will ensure we control on the cash spend while driving overall profitability. Our TV business has shown good recovery in terms of production hours and we hope to improve this momentum as three new shows will commence. In the movie business, production for some exciting projects is at various stages of completion. We closely monitor the availability of theatrical releases and direct to digital launches. Overall, the year has been good and expected to continue the momentum.”
