The TV Today Network has registered a net profit of Rs 8.56 crore in the quarter ending December, 2005, as compared to Rs 4.78 crore last year during the same quarter. The channel has mopped up total income of Rs 46.98 crore in the third quarter of the current financial year as against Rs 39.76 crore on a y-o-y basis.
The company made provision for income tax of Rs 4.38 crore in the said quarter. The cost incurred on employees increased significantly to Rs 7.91 crore in Q3 from Rs 6.01 crore on y-o-y basis. Advertising and promotional expenses also rose to Rs 5.35 crore from Rs 4.31 crore during the same period. Interestingly, transmission and production cost decreased to Rs 4.55 crore from Rs 5.12 crore.
During the quarter, the company formed a wholly owned subsidiary with an initial investment of Rs 15 lakhs in equity. It also launched its channels Aaj Tak and Headlines Today in the US through a strategic tie-up with Echostar LLC, USA.
Out of the total Rs 95 crore raised through IPO, Rs 50.93 crore had already been utilised as of December 31, 2005, the company said in a statement.