Hinduja Ventures Ltd (HVL) has reported a total income of Rs 169.12 crore on standalone basis for the nine months ended December 31, 2017 as against Rs 173.91 crore for the nine months ended December 31, 2016.
The net profit after tax for nine months ended December 31, 2017 stood at Rs 88.80 crore as against Rs 88.39 crore in the corresponding period last year, while the net profit after tax for the period ended grew by 0.47 period.
For the quarter ended December 31, 2017, the total income of the company stood at Rs 64.88 crore, compared to Rs 53.58 crore for the quarter ended September 30, 2017 and Rs 52.79 crore for the quarter ended December 31, 2016.
The net profit after tax for the quarter ended December 31, 2017 stood at Rs 33.76 crore as against Rs 29.55 crore for the quarter ended September 30, 2017 and Rs 35.99 crore for the quarter ended December 31, 2016.
Appointment of Managing Director
The Board of Directors of HVL at its meeting held on February 12, 2018, appointed Ashok Mansukhani as Managing Director of the company for a period of two years with effect from April 30, 2018 upon completion of his existing term as Whole-Time Director on April 29, 2018.
After a distinguished career in the Central Government as an Indian Revenue Service Officer for 22 years, Mansukhani had joined the Hinduja Group in 1996 and has handled various senior responsibilities in the Group in the media and corporate sphere.
He has been past President of the Multi System Operator Alliance (MSO Alliance) representing all leading MSOs in the country.
Restructuring focused on future growth
Meanwhile, with the aim of creating value in the media business, IndusInd Media & Communications Ltd (IMCL), the media subsidiary of Hinduja Ventures, has been engaged in a focused restructuring exercise. As part of this exercise, the broadband business and the fibre optic network have been sold and transferred to other companies and complete focus is being put on the CATV and HITS business. This is expected to create long term stakeholder value.
IMCL continues to make inroads into the rural areas of India through its Head End in the Sky (HITS) platform. IMCL is the only Digital Platform Operator (DPO) to cover all 29 States and 4 Union Territories. This is due to major penetration in last 12 months utilising NXT Digital HITS platform. NXT Digital copes are active in 1,068 pin codes with signals transmitted to 1,394 pin codes in 888 distinctive locations.
The company feels that there is scope for deployment for DPO to an additional 30 million homes in rural universe of 99 million homes. Another 20 million homes await power to households and will begin to watch television in next 3 years.
IMCL has converted 95 per cent of its subscription mode to prepaid through the Local Cable Operator. The balance 5 per cent homes are being rapidly converted to prepaid in the coming weeks. This will make IMCL the only 100 per cent cable/ HITS DPO in the country.
The industry awaits the Court Orders on the New Tariff order as it can re-define the economics of the business with a fair distribution of revenue to all the stake holders in the TV signals distribution chain. – Adgully