Mumbai: TV18 Broadcast Limited on Monday announced its results for the quarter ending September 30, 2013.
Reported revenues for the television (including IndiaCast) and motion pictures business stood at Rs 483.2 crores for the quarter. At a consolidated level, advertising revenues grew 4 percent year-on-year. While the general news and niche genres witnessed continued softness. Advertising revenues from entertainment led by Colors grew strongly.
Net distribution income continued to grow steadily to Rs 39.1 crore this quarter. Reported operating profit (EBITDA) for the quarter stood at Rs 39.6 crore, up 178 percent over previous year. The company turned in a profit after tax of Rs 10.1 crore for the quarter.
Announcing the results, Raghav Bahl, Managing Director of Network18 said, "Even though the macroeconomic environment continued to be uncertain, the media and entertainment industry is well poised to deliver robust growth. At TV18, we are confident of maintaining our growth trajectory to create value for our stakeholders. During the current quarter our broadcasting operations turned in strong operating profits. We are particularly heartened by the doubling of operating profits in the first half of the current financial year as compared to previous year."
Commenting on the results for the quarter, B Saikumar, Group CEO, said, "During the current quarter, we turned in robust operating profits for both our broadcasting and motion pictures businesses. We embarked on an operational restructuring programme to realise synergies across the news network which will be instrumental in creating sustained value. Our entertainment business turned in an excellent quarter and IndiaCast continued on its growth trajectory. The advertising environment continues to be lackadaisical especially for news and other niche genres but we remain confident of delivering a strong year ahead."
Among key highlights are:
Strong operating performance/EBITDA : Q2'FY14 EBITDA up around 3 times Y-o-Y to Rs 39.6 crore, as compared to Rs 14.2 crore last year in Q2'FY13, a growth of 178 percent.
Turnaround in bottom-line/PAT continues: Q2'FY14 profit after tax came in at Rs 10.1 crore versus a loss of Rs 40.6 crore last year in Q2'FY13
Net distribution income (subscription revenue - carriage expenses & commissions) maintains robust trajectory: Q2'FY14 net distribution income at Rs 39.1 crore, the highest-ever on a quarterly basis and a swing of Rs 51 cr year-on-year
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