TV18 Broadcast Limited reported an over two-fold increase in consolidated net profit to Rs 115.55 crore for the second quarter of the financial year 2021 ending September 30, 2020. The company had posted a net profit of Rs 46.55 crore in the corresponding of the previous fiscal, the company said in a regulatory filing.
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However, its consolidated revenue from operations dipped 10.14% to Rs 1,012.80 crore for the quarter under consideration, as against Rs 1,127.13 crore in the corresponding period a year ago.
Total expenses were at Rs 909.82 crore compared to Rs 1,104.13 crore earlier, down 17.59%.
The company said that ad revenues rebounded during the quarter as economic activity restarted on tapering of lockdowns.
News business’ advertising fully recovered as viewership has settled at a higher level while entertainment recovery was near-complete with YoY degrowth in ad revenue reducing to single-digits now, the company said.
TV18 Broadcast Chairman Adil Zainulbhai said the company's broadcasting businesses have recovered from the impact of the COVID-19 pandemic to a "very large degree".
“Our proactive measures on cost-control have resulted in much-improved profitability across both News and Entertainment, despite certain market segments still suffering from pressures due to the Coronavirus. We have ensured business continuity through rejigging processes, innovatively revived alternative revenue streams, and focusing on aligning content distribution strategy with market opportunity. As we head into festive season, the underlying trends on both viewership and monetization are supportive,” he said.
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