GBN for Quarter ended Sep 07

(All amounts in Rs. Lakhs)

  Particulars Quarter ended 30.09.2007 (Unaudited) Quarter ended 30.09.2006 (Unaudited) Half year ended 30.09.2007 (Unaudited) Half year ended 30.09.2006 (Unaudited) Year ended 31.03.2007 (Audited)
  12 Months
 
1. Revenue 2678.61 1567.59 5113.57 2589.90 8087.53
 
  (a) Revenue from operations 2556.64 1521.02 4887.85 2512.19 7685.75
  (b) Other Income 121.96 46.57 225.72 77.71 401.78
 
2. Expenditure 2594.25 4726.56 4976.50 4539.57 9866.52
 
  (a) Staff costs 1030.37 873.64 1884.86 1515.66 3210.93
  (b) Other expenditure 1039.81 1193.12 2044.94 2189.66 4163.80
  (c) Marketing,Distribution & Promotional Expenses 524.08 386.78 1046.70 834.25 2491.79
 
3. Operating Profit 84.36 (885.94) 137.08 (1949.67) (1778.99)
 
  Expense for proposed channels (Refer note 2) 228.43 - 228.44 - -
  Interest & Other Financial charges 275.13 223.09 521.33 343.42 829.93
  Depreciation & non cash write offs 139.07 131.82 274.99 252.82 509.55
  ESOP Expense 57.23 - 57.24 - -
 
4 Net profit / (loss) before tax (615.51) (1240.85) (944.92) (2545.91) (3118.47)
 
Provision for tax (Fringe Benefit Tax) 20.48 18.80 41.53 34.60 85.00
 
5 Net profit / (loss) after tax (636.00) (1259.65) (986.46) (2580.51) (3203.47)
 
Paid-up Equity Share Capital 2672.82 2252.82 2672.82 2252.82 2672.82
(Face value Rs. 10/-)
Reserves (Net of accumulated losses) 10628.69
EPS (Not annualised)
  (a) Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year (not to be annualized) -2.38 -6.23 -3.69 -12.75 -14.58
  (b) Basic and diluted EPS after Extraordinary items for the period, for the year to date and for the previous year (not to be annualised) -2.38 -6.23 -3.69 -12.75 -14.58
 
6 Aggregate of Public shareholding
  (a) Number of Shares 10898420 NA 10898420 NA 10898420
  (b) Percentage of Shareholding 40.78 0 40.78 0 40.78
  (c) Face Value per share (Rs.) 10/- 10/- 10/- 10/- 10/-
Notes:

  1. The Company is operating in only one business segment that is 'Media operations'.

  2. Expenses for proposed Channels represents revenue expenditure incurred prior to the launch of proposed news channels. The Company has already applied with the Ministry of Information and Broadcasting for necessary approvals.

  3. The Company raised Rs. 10,500 lakhs through its IPO. Out of these funds raised, the Company has utilized Rs. 6,948.51 lakhs till 30 September, 2007 on the objects for which it was raised. The balance funds will be utilised as per proposed schedule of deployment mentioned in 'Objects of the Issue'. The unutilised funds as on 30 September, 2007 have been temporarily deployed in short-term investments.

  4. The Company holds 49% shares in BK Fincap Private Limited (BKF) and BKF holds 89.99% shares in Jagaran TV Private Limited (JTV). JTV has incurred a loss during the quarter. The Company's share of loss for the quarter ended 30th September 2007, based upon its holding in BKF, amounts to Rs.369.43 lakhs. Having regard to the long term investment and strategic involvement with BKF, no provision is considered necessary for diminution in the value of investments in BKF.

  5. The Company has allotted 30,00,000 convertible warrants at a price of Rs 888/- each on October 15, 2007 convertible into an equal number of equity shares, within 18 months, to Network 18 India Holdings Private Limited, a wholly owned subsidiary of Network18 Fincap Limited, on preferential basis.

  6. The Remuneration/ Compensation Committee of the Board of Directors of the Company granted 4,56,750 options on April 21, 2007 under the GBN Employees Stock Option Scheme 2007.The approval of the shareholders was taken by a Special Resolution passed at the Annual General Meeting of the Company held on September 7, 2007.

  7. The above financial results were reviewed by Audit Committee and were taken on record by the Board of Directors on October 31, 2007.

  8. The Company has received 95 complaints from Equity Shareholders during the quarter ended September 30, 2007 and redressed 101 complaints. 1 complaint was pending at the end of the quarter. However, this 1 pending complaint was attended during the first week of October 2007.

  9. The Company has carried out its tax computation in accordance with the mandatory standard on accounting, AS 22 – ‘Taxes on Income’ issued by the Institute of Chartered Accountants of India. Having regard to the accumulated losses, the Company has not provided for deferred tax charge / income at the year / period end.

  10. The Earnings per Share (EPS) has been computed in accordance with the Accounting Standard (AS-20). The EPS has been computed with reference to weighted average of equity shares outstanding during each period.

  11. The Statutory Auditors have carried out a "Limited Review" of the results for the quarter and the half year ended 30 September, 2007.

  12. Previous period figures have been regrouped, wherever necessary, for the purpose of comparison.