TV18 Broadcast has announced its results for the quarter ending June 30, 2013. There has been a turnaround in the company’s profit after tax with the Q1 FY14 PAT at Rs 5.9 crore, as against a loss of Rs 23.5 crore in the corresponsing period of FY13.
Reported revenues for the television and motion pictures business (including IndiaCast) stood at Rs 396.2 crore for the quarter. Advertising revenues grew 6 per cent year-on-year. Net distribution income grew 32 per cent sequentially to Rs 34.9 crore this quarter, swinging from a loss of Rs 16.0 crore during Q1 FY13.
Reported operating profit for the quarter stood at Rs 23.8 crore, up 57 per cent over previous year.
Announcing the results, Raghav Bahl, Managing Director, Network18 said, “The macroeconomic environment continues to be challenging and growth prospects remain uncertain. Given this backdrop, our broadcasting operations turned in a steady performance aided by the rollout of digitisation in 42 cities. However, there were pockets of weakness and we are committed to improving segments that are not meeting expectations. We have a strong portfolio of channels and remain confident of unlocking their value for our stakeholders.”
Commenting on the results for the quarter, B Saikumar, Group CEO, Network18 said, “We continue to turn in steady operating profits from our television businesses. Motion pictures have seen losses this quarter and the management is confident of stemming them in the immediate term. While our news and infotainment businesses have seen distinct softness in advertising, our entertainment businesses led by Colors have performed well on this front. Net distribution revenues from IndiaCast are on a strong growth trajectory and we continue to be enthused by its growth potential. The industry is going through several important changes on both the advertising and distribution fronts. We believe that these changes are positive and will lead to a stronger industry structure. We remain confident of delivering a strong year ahead.”
As is known, effective July 1, 2012, IndiaCast is managing TV18’s and Viacom18’s distribution operations. Pursuant to this development, broadcasting operations of TV18, are now reporting net revenues from distribution starting Q2 FY13.