Hindustan Ventures reports consolidated revenues of Rs 710.58 cr for FY2019
Hindustan Venture Ltd (HVL) on a consolidated basis reported a revenue of Rs 710.58 crore for the financial year ended March 31, 2019, as against revenue of Rs 864.06 crore for the financial year ended March 31, 2018. The company reported a consolidated loss of Rs 339.89 crore in FY 2019 arising mainly due to the new Indian Accounting Standards (INDAS) mark to market adjustments, as against a consolidated loss of Rs 54.54 crore for FY2018.
On a standalone basis, the company reported a loss of Rs 23.17 crore for the year ended March 31, 2019, as against a profit of Rs 265.51 crore arising mainly due to INDAS mark to market adjustments for the year ended March 31, 2018.
HVL states that while operationally on a standalone basis it has not made any losses, the reported loss is only due to the method of accounting prescribed under the new Indian Accounting Standards, whereby all the unrealised gains arising out of the mark to market gain adjustments carried out on Financial Assets held by it as on the date of transition to INDAS have been added to “Reserves”, the subsequent mark to market adjustments having necessarily been to be made to the Profit & Loss Account and not to Reserves.
Pursuant to adoption of INDAS, the mark to market gains in respect of equity shares held by the company in IndusInd Bank Limited were reflected in the Balance Sheet as on March 31, 2018. The price at which the mark to market adjustment was carried out in the Balance Sheet on March 31, 2018 was Rs 1796.75 per share.
The Company’s net worth as on March 31, 2019 on a standalone basis stood at Rs 1,968.58 crore.
HVL has a significant investment in the Media & Entertainment segment through its investments in its subsidiary IndusInd Media & Communications Limited (IMCL), a leading Digital Platform Operator (DPO), which has a dual delivery platform through Cable and Head End in the Sky (HITS) technologies.
IMCL has successfully implemented TRAI’s New Tariff Order, the implementation of which order commenced on February 1, 2019. This implementation saw IMCL progressively and systematically converting close to 100 per cent of its customer base to the new regime without compromising on its prepaid collection process. Based on the operations in the first few months of the operation of the new order, IMCL expects to be PAT positive from the year 2019-20. IMCL is investing in technology, processes and systems to further improve viewership experience.