TV18 has reported operating profit for the financial year ending March 31, 2013 at Rs 112.1 crore, as against an operating loss of Rs 61.8 crore for the previous year, a swing of Rs 174 crore.
TV18’s continuing broadcasting and motion pictures operations turned in a strong performance with a profit of Rs 172.1 crore during the year (excluding one-time expenses/revenues and losses towards new launches and discontinued operations), more than doubling over Rs 79.4 crore last year. Net distribution income turned positive for the year with a swing of Rs 116.9 crore over the previous year.
Reported revenues for the television and motion pictures business (including IndiaCast) stood at Rs 1,699.1 crore for the year. Advertising revenues grew 9 per cent year-on-year.
For Network18, consolidated revenues for FY2012-13 stood at Rs 2,400.8 crore on a reported basis, growing by almost 25 per cent over the previous year. Operating losses were down 87 per cent from Rs 296 crore to Rs 39 crore.
Digital content and e-commerce contributed revenues of Rs 400 crore, registering a growth of 193 per cent over the previous year (adjusted for the sale of Newswire18). Digital content operations recorded revenues of Rs 28.4 crore for the fourth quarter ending March 31, 2013, growing by 53 per cent year-on-year.
Announcing the results, Raghav Bahl, Managing Director, Network18 said, “We have successfully deleveraged our balance sheet and have delivered strong operating performance. TV18’s net debt now stands at less than one-fifth of the peak levels and our interest payments have come down sharply. We are confident that we are now entering a sustained value creation phase in our journey as we continue to strengthen our existing operations and consolidate our regional acquisition.”
Commenting on the results for the quarter, B Saikumar, Group CEO, Network18 said, “We are extremely pleased that our broadcast operations have turned in a sustained and healthy operating performance during the year despite softness in the advertising environment. We are now on a solid net distribution income trajectory and while our flagship channels like CNBC TV18/Awaaz, Colors and CNN IBN continue to perform admirably, we are also enthused by the performance of recent launches and the motion pictures business.”