Indian media and entertainment company Balaji Telefilms Ltd reported a smaller second-quarter loss on Thursday on the back of improved performance by the company’s television segment.
The Mumbai-based company reported a consolidated net loss of 184.7 million Indian rupees ($2.26 million) for the three months ended Sept. 30, from 391.6 million rupees a year earlier.
Balaji Telefilms, which provides content to TV channels such as Star Plus, Colors and Zee TV, said it will focus on reducing its cash burn.
The company’s revenue from operations more than doubled to 1.64 billion rupees, with commissioned programmes accounting for most of it.
Revenue at the company’s digital arm ALTBalaji fell 70% to 56.4 million rupees, hurt by tough competition from streaming giants Disney+ Hotstar, Netflix Inc and Amazon Inc’s Prime Video. Reuters