Ekta Kapoor's Balaji Telefilms reports Rs 27.87 cr net loss in Q1

Media and content provider Balaji Telefilms on Monday reported narrowing of consolidated net loss to Rs 27.87 crore in the three months ended June.

The company had posted a net loss of Rs 42.18 crore in the year-ago period, according to a regulatory filing.

Revenue from operations declined 61.28 per cent to Rs 35.05 crore in the latest June quarter from Rs 90.52 crore in the same period a year ago.

"The COVID-19 pandemic and the resultant lockdown declared by the government had adversely impacted the entire media and entertainment industry and consequently, the business activities of the Group was also affected in the current quarter," the company said.

Digital business continues to remain resilient while content production business, which was impacted during the pandemic, is now returning to normal, Balaji Telefilms in a statement.

"Balaji Telefilms TV content production remained closed until June 26 following necessary health and safety precautions. Production operations have resumed and currently, six shows are on air," it said.

Its OTT (Over The Top) platform ALTBalaji reported a 90 per cent growth in direct subscription revenue at Rs 12.9 crore in the first quarter of the current fiscal compared to Rs 6.7 crore in the year-ago period.

"Total revenue for ALTBalaji stood at Rs 14.9 crore versus Rs 12.3 crore in the first quarter of financial year 2020," the company said.

On Monday, shares of Balaji Telefilms settled at Rs 76.15 on BSE, up 1.33 per cent from the previous close.