Covid-19 has significantly affected TV18âs financial results for the first quarter of financial year 2021. The television network has reported a drop of 35% in its revenues. News television business down by 23% while entertainment television revenue was down 39%.
The consolidated operating revenue of TV18 stood at Rs 776 crore in Q1FY21 versus Rs 1,198 crore in the corresponding quarter of the previous year.
The news television reported the revenue of Rs 230 crore in Q1FY21 versus Rs 298 crore in the previous year. Entertainment television business earned Rs 546 crore in the latest quarter, compared with Rs 899 crore in the previous year.
The companyâs EBITDA was at Rs 44 crore for the quarter ending June 30, down 43% from Rs 77 crore in Q1FY20.
The company reported a profit of Rs 2 crore for the quarter ending June 30, down from Rs 23 crore in the previous year.
TV18 said in its filing to the Bombay Stock Exchange that COVID-19 linked clampdown on spending by advertisers dragged ad-revenues sharply, especially on Entertainment. âHowever, TV subscription revenue remained resilient, and Digital subscriptions have accelerated. Linear TV subscription revenue remained resilient, 6% YoY growth in Q1,â the company said.
Adil Zainulbhai, Chairman of TV18, said, âThe quarter that went by was the most challenging period that the industry has witnessed in many decades. That we are emerging on the other side bears testimony to our ability to question and modify established ways of operating, realign priorities and maintain focus, all while keeping our workforce safe and our audiences engaged. Our staff and employees undertook a heroic effort to adjust to the challenges posed by the pandemic, and kept our channels and properties running. We are proud of the personnel that kept the show going amidst trying circumstances, especially for the News18 network that provided peerless coverage and relevant campaigns during the pandemic. As we resume original content production in Entertainment amidst tight protocols, we wish to thank our audiences who have stood by us over the years. Growing TV and Digital media consumption, a nimbler business strategy and further-strengthened core brands in our portfolioâŠ we believe this is indeed the new normal.â