Television Eighteen India Ltd’s consolidated financial performance for the quarter ended June 30, 2005 has been declared and shows 57 per cent revenue growth for the channel and an increase in net profit by 29 per cent. The network is pleased with the performance of the new comer Awaaz.
An official communiqué informs that the network’s first quarter revenue is at Rs 266.10 million, which is an increase of 55 per cent year-on-year. While operating profit has increased by 57 per cent, presently at Rs 135.37 million, operating margin remains above 50 per cent. The network’s net profit is at Rs 80.05 million, up by 29 per cent, with an earning per share (EPS) of Rs 4.37.
Following a meeting of the company’s Board of Directors, Raghav Behl, TV18’s Managing Director, said, “This quarter has been very heartening for Awaaz, which has emerged as the fastest growing news channel in the country. We have been seeing an average growth rate of 20 per cent on a week-on-week basis in viewership for Awaaz for the last two months – this is a validation of our expectation that there was a huge latent demand for consumer and business news in Hindi. We hope to see this trend continue, which would make Awaaz one of the most profitable news channels soon.”
The network is very optimistic of the way ahead. Haresh Chawla, CEO, TV 18, asserted that with this, TV18 was fast heading towards becoming India’s No 1 news network with the launch of its general news channel slated for the end of the year.
“We dominate the English news space. Awaaz has outstripped all the business channels with its extremely strong growth in viewership over the last two months,” remarked Chawla.
Regarding the factors that seemed to be working for the network, Chawla said, “The brand is doing well, viewership numbers are high, content and marketing are all working in our favour.”