New Delhi Television (NDTV) has announced its results today for the quarter ended March 31, 2004. The news channel has achieved a cash breakeven position in the fourth quarter in its first year of operations.
The turnaround in the fourth quarter took place on the face of reported losses in the first three quarters. In the last quarter, the group posted a positive Rs 1.75-crore earning before interests, depreciation and tax, mentioned an official release.
The 24×7 English and Hindi news channel group had incurred Rs 47.38-crore loss in the first three quarters. “This turnaround from red into black came from a sharp increase in income from advertisers,” described the release. NDTV’s income in the fourth quarter amounted to Rs 23.98 crore, compared to Rs 34.14-crore in earlier nine months. For the full year, on a consolidated basis, NDTV has reported an income of Rs 68.98 crore and a net loss of Rs 49.62 crore.
In a bid to address financial issues, the group had recently launched a public offer of 15.57 million equity shares of Rs 4 each at an issue price of Rs 70 per share. At the time of the IPO the company had a solid base of advertisers with 249 clients (402 brands). The following three months witnessed the patron-base substantially growing to record 321 clients (565 brands) for the year as a whole.