TV18 Broadcast Ltd has reported a steady first quarter of FY13, with consolidated revenues from continuing broadcasting operations (excluding motion pictures, discontinued operations and new launches) at Rs 274.2 crore and an operating profit of Rs 34.9 crore. On a reported basis, revenues stood at Rs 346.9 crore, while operating profit stood at Rs 15.2 crore.
Consolidated revenues were up 8 per cent from Rs 265.9 crore against the corresponding quarter last year.
Broadcasting operations turned in a profit of Rs 34.9 crore during the quarter (excluding motion pictures, one-time expenses/ revenues and losses towards new launches and discontinued operations).
Subscription revenues for the quarter stood at Rs 53.2 crore, up 35 per cent year-on-year. There is a sequential decline in this number as Q4 FY12 included a year-end distribution of profits from Sun18 Media Services.
TV18 Broadcast incurred losses on its motion pictures business in Q1 DY13 primarily on account of ‘Department’. The company expects the performance of ‘Gangs of Wasseypur’ to reflect in the ensuing quarter.
Announcing the results, Raghav Bahl, Managing Director, Network18, said, “After a strong phase of investment in building our portfolio of channels, TV18 has now entered a consolidation phase and we are focused on creating value for all our stakeholders. Even though the broader macroeconomic environment remains challenging and uncertain, the Indian broadcasting industry is enthused by the enormous opportunity that digitisation presents. At TV18, we are confident that with our distribution venture - IndiaCast, we are well poised to claim our rightful share of the opportunity. After we complete our proposed strategic stake acquisition in ETV and the proposed twin rights issues (subject to regulatory approvals), we believe that our strong television footprint will propel us to the next phase of our growth.”