Jehangir Pocha: The modern-day chronicler - Indrajit Gupta

Jehangir Pocha, former Editor of BW| Businessworld, passed away in Gurgaon on July 11. Paying tribute to him, Forbes' Indrajit Gupta traces Pocha’s growth as a professional smitten by the story-telling bug

e4m by Indrajit Gupta
Published: Jul 15, 2014 8:46 AM  | 8 min read
Jehangir Pocha: The modern-day chronicler - Indrajit Gupta

I first met Jehangir Pocha in 1990, when we both entered Mumbai’s SP Jain Institute of Management and Research. I didn’t know then our paths would cross several times, over the next three decades, as he broke one rule after another during his unconventional, yet brilliant career.

Even in those early days, he stood out from the rest of the class. He had an amazing sense of humour, was a great storyteller and loved a good debate. He was SP Jain’s biggest star at all inter-business school competitions, winning prizes in debating, and many other categories. He could charm attractive women across our campus. He rarely competed for top grades, didn’t enjoy heavy quant-based courses and believed in the value of a good, liberal education in broadening one’s mind.

When we graduated, Jehangir and I were handpicked by Hindustan Thompson Associates (HTA), which was then India’s premier ad agency. The stint proved nothing what we had imagined it would be. There was little intellectually stimulating work. Much of what we did was run up and down Lakshmi Building in Mumbai’s Fort area, getting artists to complete a pile of artworks in record time. Neither for us stayed there.

I quit advertising a few months before Jehangir did. He moved to the US to pursue a career with technology major Unisys, and I took my first, uncertain step into business journalism. We lost touch for most part, as he moved from the US to Singapore to head marketing for another software company. But every time he came back to see his mother and his family on his occasional trips to Mumbai, we’d catch up at his sprawling apartment near Breach Candy.

After returning to Mumbai in 1998, he pottered around for a while at an investment bank. But I never got the impression it was something he enjoyed. Destiny had something else in store for him.

In 1999, Jehangir went to Harvard to study foreign policy at the Kennedy School of Government. Around the time he got back, I was working on a cover story for Businessworld on the Pallonji Mistry family. Even though they were the largest shareholders at Tata Sons, little was known about them. No one had attempted to tell their story and how they had come to own a chunk in such a sprawling empire.

Jehangir knew the complex web of relationships and history that defined the Parsi entrepreneurial story. I remember listening intently in the balcony of his home, as he narrated the history of the Tatas, pointing out specific buildings in the vicinity where momentous events had taken place. Those nuggets were invaluable in reconstructing history because until then, it was almost as if someone had deliberately smudged out the Mistry family from the official biographies of the Tatas.

Perhaps this modern-day chronicler in Jehangir came to the fore soon after, as he embarked on the most adventurous chapter in his life: moving to Beijing as a global correspondent at The Boston Globe. China was making its presence felt. And he took it upon himself to unravel the mysteries of that mammoth economy, market and society. It was an expensive place to live on a stringer’s salary. And so, I developed a plan with him to cover China for Businessworld. When Tony Joseph, our editor then, received his pitch, he immediately agreed to a regular feed of stories that would help Indian readers understand China.

Right from the engrossing opening cover piece on how to do business in China, it was an amazing body of work. Jehangir brought to life different facets of the China story — how its big cities were pushing out the poor, the looming water crisis, the surge of the big Chinese brands that were headed to the West...all written with colour and detail. Many stories carried risks. Often times when he called me, he’d surprisingly switch into speaking in Hindi. Later I learnt his phones were tapped and the Chinese authorities monitored his internet activity. Jehangir didn’t care a damn — and continued filing stories for us and other leading publications across the world.

Just when you though he had found his mojo, life took a different course. Many of us moved out of Businessworld around 2005. And two years later, Aveek Sarkar decided to invite Jehangir to take over as Editor of the magazine. It was a bold move, given that he had never worked inside a newsroom. But then, this wasn’t the first time Sarkar had picked an untested editor. Jehangir was back in Delhi steering the ship, rebuilding the team — and putting together a stronger philosophical underpinning that had gone missing.

He had many detractors. In the hidebound environs of Delhi media, not many people understood his new-fangled ideas for the newsroom, his obsession with China’s economic model, his accent on a broader, global perspective shaping our work as journalists or even his ideas on magazine design. I remember hearing that even the then Finance Minister P Chidambaram once got annoyed with him for arguing with him on some economic policy issue during a post Budget interview. Even though Aveek Sarkar may have heard these voices of dissent, he continued to support Jehangir. He allowed him to bring in global designers and trainers to work with the team — and upgrade skills and standards.

But soon, his own ambitions for the magazine began to outstrip the ability of the somewhat somnolent business system at ABP. They simply couldn’t see eye to eye on the pace of the scale-up. Neatly conceptualised events would go abegging with sponsors. Investments in digital would be woefully inadequate. And hirings would take ages to happen.

That may have provided the springboard for Jehangir’s final adventure: as co-founder of his own venture. After patiently waiting for ABP to play catch up, he chucked it all up to team up with the promoter of Nai Duniya to make an audacious bid for NewsX. Just before that, Jehangir told me that he had the backing of several leading industrialists. But when it came to putting up the money, many of them disappeared. Eventually, he raised money and started running it. Despite his best efforts, the channel did not deliver results and it was put on the block.

Congress politician Vinod Sharma’s younger son Kartikeya took over and Jehangir was asked to continue as Editor-in-Chief. It may not have been an easy transition. But NewsX stuck to its core news agenda, eschewing the shrill prime-time debates that dominated the air waves. This was a tricky period, and I am not privy to everything he had to go through to save jobs and offer a sense of continuity to his team.

Around December 2011, the Tata Group picked Cyrus Mistry as Ratan Tata’s successor. I was into my third year as founding editor of Forbes India and couldn’t think of anyone better to script the back story of the two families over the years. It was meant to be a sharp 1,000 word piece. In less than a couple of days, Jehangir wrote a defining story. He sheepishly told me after he started, he couldn’t stop writing all night. What emerged was 4,500 words from a master craftsman — and we didn’t have the heart to edit even a wee bit of it. The piece eventually won an award for Best Feature Story at the Red Ink Press Club Awards the next year.

While the transition was on, Jehangir did not give up trying to dream up new ventures. But money had almost dried up in the media industry. We would often talk on the phone and lament the declining fortunes of our profession. He now had a family to look after as well. Perhaps, that curbed his natural instinct to take risks. If images attached to his Facebook posts were any indication, he had quietly begun enjoying his family life.

Earlier this week, I got a call from him. He sounded agitated. Venture capitalists had promised him they’d step in after the elections. But they hadn’t to back his plans. He wanted to bid for some distressed media assets in play. The frustration was beginning to creep in. “I’m completely frustrated with the Indian system. I’m dying to go abroad,” he told me. I told him we should catch up for a drink the next time he was in Mumbai and talk this over. That meeting never happened.

Today, I’ve lost a dear friend, a confidant who was willing to offer advice whenever I needed — and a fellow professional smitten by the story-telling bug.

Jehangir, I will miss you dearly. May your soul rest in peace.

(The author is a senior journalist.)

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HT Media posts Consolidated Total Revenue of Rs 580 crore in Q2

Chairperson and Editorial Director Shobhana Bhartia says due to lower commodity prices and control on costs there has been an improvement in operating profit

e4m by exchange4media Staff
Published: Nov 5, 2019 7:28 AM  | 1 min read
HT Media

HT Media has posted a Consolidated Total Revenue for Q2, 2020 at Rs 580 crore.

As per a statement released by the company, EBITDA for Q2’20 increased by 139%, and margins at 14% vis-à-vis 6% in previous year. This has been driven by softening of newsprint prices and continued focus on cost.

The Net Cash position at a consolidated level continues to be strong.

The Print ad revenue has declined due to sluggish volumes, even as yields have improved. National advertising continues to be soft, although local advertising witnessed growth.

Savings in raw material costs have driven improvement in EBITDA margins.

Chairperson and Editorial Director Shobhana Bhartia said, “Slowing economic growth has hit advertising spends in key categories, putting pressure on revenues across the media industry. As a result, our Print and Radio (on like to like basis) businesses saw revenues dip as compared to a year-ago. However, thanks to lower commodity prices and a tight control on costs, we saw an improvement in our operating profit. On the digital front, Shine, our online recruitment portal has shown good progress and continues to grow. Our outlook for the coming quarter remains cautious, given overall economic sentiment and macroeconomic trends. Cost-control and falling commodity prices should help protect our margins.”

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ABP Group posts Rs 15.70 crore as net profit in Q1 FY20

The group’s total operating income stands at Rs 365.55 crore

e4m by exchange4media Staff
Published: Nov 4, 2019 5:41 PM  | 1 min read
ABP

ABP Group has posted a net profit of Rs 15.70 crore in the first quarter of FY20, as per media reports.

The group’s total operating income stands at Rs 365.55 crore.

It’s net profit for the fiscal ended March 31, 2019, was down 68% to Rs 31.90 crore compared to the previous fiscal.

The Profit Before Interest Lease Depreciation and Tax (PBILDT) has also dropped 53.52% to Rs 107.12 crore.

The group has six news channels - ABP News (Hindi), ABP Ananda (Bengali) ABP Majha (Marathi) and ABP Asmita (Gujarati), ABP Sanjha (Punjabi) and ABP Ganga (Hindi).

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Zee Media posts consolidated revenue of Rs 137.03 crore for Q2 FY20

ZMCL has recorded 4.4% growth in operating revenue for first half of FY20

e4m by exchange4media Staff
Published: Oct 24, 2019 9:19 AM  | 1 min read
ZMCL

Zee Media Corporation Ltd (ZMCL) has posted a 4.4 per cent growth in operating revenue to Rs 337.6 crore in the first half of FY20, as per media reports.

It has reported a consolidated revenue of Rs 137.03 crore for Q2 FY20.

In a statement, ZMCL has said: “During the quarter, the network expanded its footprint s into Southern India through the launch of Zee Hindustan in Tamil and Telugu languages. This is intended to make the network's content accessible to wider audience.”

The operating expenditure in Q2FY20 has dropped by 21.7 per cent.

The statement further said: “EBITDA for HlFY20 improved by 34.1 per cent to Rs 1,029 million from Rs 767.5 million EBITDA for H1FY19, while the same declined by 9.4 per cent to Rs 370.2 million from Rs 408.7 million for the corresponding period last financial year. EBITDA Margin grew from 23.7 per cent in H1FY19 to 30.5 per cent in HlFY20, while growing from 24.2 per cent in Q2FY19 to 27 per cent in Q2FY20.”

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No slowdown here: In-cinema ad rates up by at least 50% for 3 big Diwali releases

Housefull 4, Made In China and Saand Ki Aankh ready to hit the silver screen this week, with the hopes of giving brands the eyeballs they look for in theatres

e4m by Moumita Bhattacharjee
Published: Oct 24, 2019 8:41 AM  | 4 min read
DiwaliFilms

It’s that time of the year again when theatres gear up to pocket maximum gains. Diwali is here and there are three films ready to hit the silver screen this week--Housefull 4, Made In China and Saand Ki Aankh. The festive period brings much joy to exhibitors, distributors and theatre owners because it ensures footfalls, giving brands the eyeballs they look for. In fact, industry experts don’t feel that economic slowdown this year has impacted in-cinema advertising. While they are concerned about three movies clashing during Diwali, they predict 50-100 per cent rise in ad rates during this period. 

Advertising moolah

Mohan Umrotkar, CEO, Carnival Cinemas, is expecting 60-70 per cent surge in advertisement topline compared to last year. “Going by the buzz and advance booking for these three releases, market is bullish. Advertisers have blocked most of the advt-slots during the festival period. Housefull 4, Made In China and Saand Ki Aankh all combined together should generate around Rs 350 crore topline at the box office during the festival week. We are expecting 60-70 per cent surge in the advertisement topline from last year. Also, this year we have added around 14 per cent new advertisers, and 4 per cent of them are first-time cinema advertisers,” he says.

But according to Siddharth Bhardwaj, Chief Marketing Officer - Head of Enterprise Sales, UFO Moviez, things have changed a lot in the last couple of years. “Since some films have not really lived up to their expectation, advertisers are spreading the spends all through the year. They are picking up far more number of titles in the year rather than focusing only on Diwali or Eid.”

“It is good for the industry because you can monetise the inventories beyond just big weeks. A lot of content- driven films have come up which has given us the opportunity to monetise more markets. It has put lesser pressure on Diwali. Most of the cinemas are sold out for Diwali. It becomes difficult to accommodate everything,” Bharadwaj opines. He also reveals that for this week, the inventories are already full.

Diwali ad rates

Experts reveal that ad rates differ from property to property and depends on location as well. But Diwali surely sees a massive hike in rates. This year, theatre owners are expecting 100 per cent rise in ad rates. While Umrotkar revealed that for Diwali, they are charging 100 per cent higher than the regular card rates, Girish Johar, trade analyst and film producer, shared that even the rates for putting up kiosks of brands go up during festivals like Diwali.

“It’s based on property. On a ballpark, ad rates double up. So if you are putting up a kiosk, they charge say Rs 50,000-25,000 for a month. During Diwali, they charge almost double because of the kind of footfalls theatres witness,” Johar revealed.

Economic slowdown? Not for Cinema!

This year, brands have been pulling back their spends on other mediums due to economic slowdown, but cinema seems unaffected. Calling entertainment business recession-proof, Johar explains, “If you see the other side, box office is up by 15-20 per cent. Yes, it is a bit subdued because the brands are in a wait-and- watch scenario. They are increasing their focus around consumption rather than awareness.”

Bharadwaj too seconded it by saying, “These are challenging times but our medium is very efficient. If you see economy has slowed down, but the cinema has grown instead.”

Clash cover

Three movies are clashing this Diwali which means shared screens and box office gains.

“It’s never good for us when two or more big-ticket films release together. If they would have come on different dates, there are chances that more advertisers will take advt. inventory in those weeks separately instead of that one particular week,” shares Umrotkar.

 

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INOX Leisure Ltd sees 42% growth in total revenue

Profit After Tax up 327% to Rs 51 crore

e4m by exchange4media Staff
Published: Oct 23, 2019 6:06 PM  | 1 min read
INOX

INOX Leisure Ltd (INOX) has reported financials for the second quarter ending September 2019.

Its total revenue has risen to Rs 524 crore with a 42% growth from Rs 369 crore in the corresponding quarter in FY19. Its EBITDA has more than doubled to Rs 107 crore with a 121% growth, while the PAT stood at an impressive Rs 51 crore, up 327% from previous year’s second quarter.

Siddharth Jain, Director, INOX Group, said: “At INOX, setting new benchmarks is now a routine, thanks to our consistently sharp focus on luxury, service and technology and our uncompromised desire to offer our patrons, nothing but the latest and the best! We are delighted with our remarkable consistency on all parameters, and we are sure about maintaining the momentum and focus on innovativeness. Content once again proved that why we term it as the ‘hero’. Thanks to the creators of such spellbinding movies, which keep inviting our guests to our properties, and allowing us to pamper them with our signature hospitality. With the launch of Megaplex, we are delighted to further our endeavor of developing experience-driven cinema destinations of global standards, and we will continue to do so. On behalf of Team INOX, I assure all our stakeholders that we will continue to break barriers and exceed all expectations.”

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Hathway Cable & Datacom reports 100% subscription collection efficiency in Q2

The broadband subscriber base has increased from the previous quarter’s 840,000 to 860,000

e4m by exchange4media Staff
Published: Oct 18, 2019 11:17 AM  | 1 min read
Hathway

Hathway Cable and Datacom has reported subscription collection efficiency at 100%, and the broadband subscriber base has increased from previous quarter’s 840,000 to 860,000 in quarter ending September, as per media reports.

It has narrowed its consolidated net loss by 74% and the operating EBITDA has been reported 15% up to Rs 107.5 crore compared to Rs 93.1 crore a quarter ago.

The total income has dropped 2%, while the expenditure is down 6%.

In the financial results, the company has said the FTTH markets are leading growth in customer acquisition.

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ZEEL posts 7.4% YoY growth in total revenue for Q2 FY20

ZEEL's domestic advertising revenue has grown 1.4% YoY in Q2FY20

e4m by exchange4media Staff
Published: Oct 18, 2019 7:51 AM  | 2 min read
ZEEL

Zee Entertainment Enterprises Limited (ZEEL) has reported a consolidated revenue of Rs 2,122 crore for the second quarter of FY20, recording a growth of 7.4% on YoY basis.

The Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) was recorded as Rs 692.9 crore with an EBITDA margin of 32.7%. PAT for the quarter was Rs 413.2 crore. The Profit After Tax (PAT) for the quarter was Rs 413.2 million, with a growth of 6.9% YoY.

During the second quarter, ZEEL’s consolidated advertising revenue grew by 1.2% YoY to Rs 1,224.7 crore. The domestic advertising revenues grew by 1.4% YoY to Rs 1169 crore.

ZEEL has posted 26.8% YoY growth in Q2FY20 domestic subscription revenue. ZEEL’s consolidated subscription revenue grew by 19.0% to Rs 723.5 crore during the quarter.

ZEEL’s total expenditure in Q2FY20 stood at Rs 1429.1 crore, higher by 9.9% YoY compared to Q2FY19.

While ZEE5 recorded a peak DAU (Daily Active User) base of 8.9 million in September 2019, ZEE5 users watched an average of 120 minutes of content on the platform in the same month.
During Q2 FY20, the television network had an all-India viewership share of 18.4%.

During the quarter, ZEEL’s international business revenue was Rs 208.2 crore. The advertising and subscription revenues for international business declined by 4.0% YoY and 21.5% YoY, respectively.

Zee Music Company has registered 7.1 billion views on YouTube in Q2.

Punit Goenka, Managing Director and CEO, ZEEL, said, “I am pleased with the performance we have exhibited during the quarter. Our entertainment portfolio continues to grow from strength to strength across all formats and maintained its leading position. Our television network has emerged stronger post the implementation of tariff order on the back of a strong customer connect and brand pull of its channels. ZEE5 continued to gain traction across audience segments and markets, driven by its compelling content library and expanding list of partnerships across the digital eco-system. This strong operating performance allowed us to deliver industry leading growth in both advertising and subscription despite the tough macro-economic environment. Domestic subscription growth of 27% has reaffirmed the value proposition our television network has built over the years. The impact of tariff order has now largely settled down and has brought increased transparency along with improved monetization. Our domestic advertising revenue growth, though significantly lower than historical trend, is higher than the industry growth. We have witnessed an improvement in ad spends through the quarter and we believe that the onset of festive season along with measures taken by the government will help revive the consumption growth.”

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