Shemaroo Entertainment

Reasonable set of nos, growth seems to be coming back which has increased working capital (thus short term debt). Concall notes below.

  • Expenditure on new ventures was 16 cr. in this quarter (H1 expense ~ 31 cr.)
  • Contribution of B2C revenues in total revenues has doubled in H1FY23 (vs H1FY22)
  • Shemaroo TV delivered higher rating versus previous quarter. Shemaroo TV and Shemaroo Umang have consistently being amongst top 5 channels in the FTA GEC genre
  • On track to operationally breakeven in H2FY23 for TV channel portfolio
  • Launched free ad supported streaming TV channel called fast channel on Plex platform in USA, had music licensing partnership with Resso in India and partnered with Seracle web 3.0 to build own NFT market place
  • Increase in receivables is due to higher broadcast revenues (follows 90 days receivable). Broadcasting receivables are much lower vs syndication
  • Due to increase in working capital, debt has increased. Additionally, there was debt taken for purchasing a property. Interest cost will be 7.5-8 cr. per quarter
  • TV ad rates follow ratings and since ratings are improving, ad rates are also improving
  • Digital revenue breakup (64 cr.):
    o Youtube: >60% (38 cr.+). Global slowdown has caused some slowdown in YouTube revenue pay.
    o Telco <10% (<6 cr.)
    o Syndication & ShemarooMe (remainder): 20 cr.

Disclosure: Invested (position size here, no transactions in last-30 days)

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