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NEW TV18 fourth quarter net up 112 per cent at Rs 21 crore

29-May-2006
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NEW TV18 fourth quarter net up 112 per cent at Rs 21 crore

Television Eighteen Group, which owns news channels like CNBC TV18, CNN-IBN, Awaaz and Channel 7, has posted a record net profit of Rs 21.91 crore in Q4, registering a whopping growth of 112 per cent on a year-on-year basis. In the same quarter of last financial year, its revenue saw 66 per cent growth at Rs 53.51 crore. The company has declared dividend of 25 per cent for its shareholders.

The company’s annual revenue for FY06 stands at record high of Rs 152 crore, up 54 per cent, while its annual net profit stands at Rs 53.49 crore, up 68 per cent. The company said in a statement that the revenue figures did not include revenues from Awaaz and CNN IBN.

The Internet business of the Group posted a whopping 600 per cent revenue growth over last year. The Group announced its foray into multiple Internet verticals and the home shopping space. It has also acquired a 50 per cent stake with the Indian arm of jobstreet.com. The company also announced that the Internet ventures of the Group would be hived off and consolidated into new wholly owned subsidiary with the aim of imparting focus and unlocking value in the Internet business.

When asked whether the company would list the separate Internet entity in the stock market, Haresh Chawla, CEO, TV18, said, “All options are open before us, including listing in the stock market.”

An elated Raghav Bahl, Managing Director, TV18, said, “We are delighted to report a record quarter for the company – in terms of revenue performance and the spectacular success of CNN-IBN – which in just five months of launch has become the dominant player in the English general news category, firmly establishing the TV18 Group as India’s premier news network. We believe our new initiatives in the Internet and home shopping spaces, too, will contribute significantly to our future growth.”

Meanwhile, the group is planning a relaunch of its newly acquired Hindi news channel, Channel 7, on June 5.

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