Raghav Bahl-promoted Television Eighteen India Ltd has posted a revenue growth of 55 per cent in Q3 at Rs 381.14 million on a year-on-year basis with its net profit touching Rs 120 million, growing at 47 per cent during the same quarter.
The channel said in a release that its Hindi business channel, Awaaz, had shown strong revenue growth, yielding approximate revenue of Rs 55 million as compared to Rs 40 million in Q2. “The channel is fast approaching operating break-even,” it said.
The Internet business of the company has grown by almost six times YOY from Rs 4.69 million to Rs 24.17 million during the last quarter.
“It has been a historical quarter for the company. CNBC-TV18 and Awaaz channels have posted record growths and we have seen CNN-IBN launch to a tremendous response from viewers. With CNN-IBN fast gaining traction in the general news space, it is only a matter of time before TV18 establishes itself as the undisputed leader in the news space in the country,” said Raghav Bahl, Television Eighteen’s Managing Director.
Television Eighteen India Ltd on December 22, 2005 announced the creation of a new company, Network 18, subject to requisite approvals. It also announced the splitting of its stocks in a 1:2 ratio. The new entity will include the newly launched English news channel, CNN IBN.
Hitherto, both Awaaz and CNN IBN were held in promoter entities and were legally not part of the listed company due to government restrictions. Under the new arrangement, the operations of both the business news channels have been consolidated in the company TV18, whereas Network 18 India Holdings Ltd would hold majority stakes in TV18 and CNN-IBN.