Net income from operations fell by Rs 5.5 crore – from Rs 133.22 crore in Q1 FY15 to Rs 127.71 crore in this quarter; income from TV and radio businesses, too, register a fall
BestMediaInfo Bureau | Mumbai | August 5, 2015
TV Today Network has announced its standalone unaudited results for the first quarter ended June 30, 2015. The company has recorded a 45 per cent fall in net profit in Q1 FY16 at Rs 17.96 crore, compared to Rs 32.79 crore in the corresponding quarter of the previous fiscal.
Net income from operations fell by Rs 5.5 crore – from Rs 133.22 crore in Q1 FY15 to Rs 127.71 crore in this quarter.
Income from TV broadcasting operations was pegged at Rs 124.64 crore in Q1 FY16 as opposed to Rs 129.89 crore in the corresponding quarter last fiscal.
Profit before tax and interest for TV broadcasting stood at Rs 27.97 crore in his quarter, compared to Rs 51.42 crore in Q1 FY15.
The company had rebranded its English news channel from Headlines Today to India Today TV in March 2015 in order to benefit from the India Today brand name. The company had incurred a sum of Rs 14.38 crore as marketing expense towards this rebranding.
TV Today Network posted an operating income of Rs 2.4 crore from its radio broadcasting business as opposed to the Rs 3.3 crore reported in Q1 FY15.
During the quarter, the group, which operates its FM business under the Oye FM brand, sold four of its radio stations (Amritsar, Jodhpur, Patiala, Shimla) to Entertainment Network India, which owns Radio Mirchi. TV Today is awaiting clearance to sell its other stations in Delhi, Mumbai and Kolkata.