New Delhi, Feb 13 (IANS) Media and content company Balaji Telefilms Limited (BTL) has substantially strengthened its financial position delivering a 145 per cent jump in its net profit to Rs 29.4 crore in the October-December quarter of FY20 as compared with profit of Rs 12 crore in the same period of previous year.
The jump in profit has largely been on account of an increase in number of hours of TV production and production of content for ALTBalaji/Zee5 and the successful release of the movie Dream Girl, the company said a statement.
For the third quarter, BTL’s income from operations also grew by close to 80 per cent from a level of Rs 111.5 in the Q3 of FY19 to 198.4 in the third quarter of current fiscal.
The company’s good financials are also a result of a pick up seen in the business of BTL’s paid App ALTBalaji. About 14 shows have been co-produced by the entity till date with Zee5 and available only on ALTBalaji and Zee5 platform, 43 shows produced prior to September 2019 available exclusively on ALTBalaji taking total library of shows to 57.
The content alliance with Zee5 has been live for over a quarter and the shows are doing well on both platforms. The alliance allows ALTBalaji to minimise cash burn while developing a profitable and scalable, direct-to-consumer business.
BTL’s content production business continues currently accounts for 15 per cent of the Primetime ratings. It had nine shows on air across four channels during the quarter under review, resulting in 219 hours of programming.
Dream Girl, a movie produced by Balaji Telefilms performed exceedingly well ensuring a strong profitable performance in the movie business. Strong line up of movies for the next year being developed.