Media firm TV18 Broadcast Ltd on Tuesday reported a 17.4 per cent drop in its consolidated net profit to Rs 311.55 crore for the third quarter ended December 2021.
The company had posted a net profit of Rs 377.20 crore for the October-December period of the previous fiscal, TV18 Broadcast said in a regulatory filing.
However, its consolidated revenue from operations during October-December 2021 jumped 15.15 per cent to Rs 1,567.08 crore, against Rs 1,360.95 crore in the year-ago period.
TV18 Broadcast’s Ebitda (earnings before interest, taxes, depreciation and amortisation) stood at Rs 355.59 crore, which is the ”highest ever”, the company said in a post-earnings statement.
”Not only did the news business sees a sharp improvement in profitability but the entertainment business also continued to deliver strong margins,” it added.
It continued revenue growth momentum during the quarter as it also reported its ”highest-ever quarterly revenue” despite the pandemic-induced headwinds faced by the movie business, TV18 Broadcast said.
TV18 Broadcast’s total expenses in the December 2021 quarter stood at Rs 1,249.44 crore, a 14.24 per cent jump as against Rs 1,093.74 crore a year ago.
Network18, TV18 stocks rise after consolidation announcement
Its Chairman Adil Zainulbhai said the company is ”building a strong and sustainable media franchise”, which not only delivers quality content to the Indian audience but also value to the shareholders.
”As content consumption continues to grow across mediums, the company aims is to build platforms of choice for consumers looking for news and entertainment content in their local languages, movies and leading sports events,” he said.
Shares of TV18 Broadcast Ltd on Tuesday were trading at Rs 50.80 on BSE, up 4.10 per cent.
