TV18 clocks PAT of Rs 6 cr in Q1FY14 against Rs 24 cr loss in Q1FY13

The company's advertising revenues grew 6 per cent y-o-y while net distribution income grew 32 per cent sequentially to Rs 35 crore in the quarter ending June 30, 2013

BestMediaInfo Bureau | Delhi | July 30, 2013

TV18 Broadcast Limited reported revenues of Rs 396.2 crore for the quarter ending June 30, 2013 for its television and motion pictures business (including IndiaCast). Advertising revenues grew 6 per cent y-o-y. Net distribution income grew 32 per cent sequentially to Rs 34.9 crore in the quarter, swinging from a loss of Rs 16 crore in Q1FY14.

Reported operating profit for the quarter stood at Rs. 23.8 crore, up 57 per cent over previous year. The company turned in a profit of Rs 5.9 crore after tax for the quarter on the back of a significantly deleveraged balance sheet compared to a loss of Rs 23.5 crore in the previous year.

Raghav Bahl, Managing Director, Network18, said, “The macroeconomic environment continues to be challenging and growth prospects remain uncertain. Given this backdrop, our broadcasting operations turned in a steady performance aided by the rollout of digitisation in 42 cities. However, there were pockets of weakness and we are committed to improving segments that are not meeting expectations. We have a strong portfolio of channels and remain confident of unlocking their value for our stakeholders.”

B Saikumar, Group CEO, said, “We continue to turn in steady operating profits from our television businesses. Motion pictures have seen losses this quarter and the management is confident of stemming them in the immediate term. While our news and infotainment businesses have seen distinct softness in advertising, our entertainment businesses led by Colors have performed well on this front. Net distribution revenues from IndiaCast are on a strong growth trajectory and we continue to be enthused by its growth potential. The industry is going through several important changes on both the advertising and distribution fronts. We believe that these changes are positive and will lead to a stronger industry structure. We remain confident of delivering a strong year ahead.”

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