TV18's news segment revenue up 26% in Q1 FY24; expenses up by Rs 73 crore

TV18 Broadcast Tuesday posted Rs 337 crore operating revenue from its news segment in the quarter ending June 30, up 26% from Rs 266 crore in the corresponding quarter of the previous year.

However, it witnessed an increase of Rs 73 crore in expenses in the same period compared with the previous year.

The news segment reported Rs 343 crore in expenses, up 27% from Rs 270 crore in the corresponding quarter of the previous year.

The company attributed the steep rise in expenses to the increased focus on expanding content coverage and distribution reach.

In a regulatory filing, TV18 said that the revenue growth was driven by the strong growth in advertising revenue.

“Ad revenue growth was underpinned by the strong viewership gains that the network has achieved over the last year which has helped improve pricing of certain channels. Network advertising inventory increased marginally while the genre declined,” the company said.

TV18 reported a 51.94% increase in its consolidated net profit at Rs 91.2 crore in the April-June quarter, led by a phenomenal performance by its OTT platform JioCinema during IPL cricket league.

The company had posted a net profit of Rs 60.02 crore in the April-June period of the preceding fiscal, TV18 Broadcast said in a regulatory filing.

Its consolidated revenue from operations was up over two folds to Rs 3,176.03 crore compared to Rs 1,265.05 crore in the corresponding quarter a year ago.

"Consolidated revenue for the quarter grew 151 per cent YoY, driven by the performance of IPL on JioCinema," said TV18 Broadcast in its earnings statement.

Total expenses of TV18 Broadcast were also up two-fold at Rs 3,306.04 crore in the June quarter.

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