Raghav Bahl promoted Television Eighteen Group has posted 44 per cent growth in net profit at Rs 16.04 crore in the second quarter of FY07 compared to Rs 11.15 crore in the corresponding quarter of the last fiscal.
While revenues grew 70 per cent to Rs 53 crore in Q2 as against Rs 31.23 crore last year, operating margins dipped 47 per cent largely on account of the consolidation of CNBC Awaaz revenues and costs in P&L. Internet revenues from portals under Web18 grew three-fold over the past one year from Rs 1.7 crore to Rs 5.3 crore YoY.
Raghav Bahl, MD, TV18, said, “This has been an exceptionally good quarter for us. As a network, we have doubled revenues, while our listed entity has posted a 70 per cent year-on-year growth. We have successfully concluded our Scheme of Demerger and have set November 24 as the Record Date. This will unlock an enormous amount of value for our shareholders, who will now enjoy the fruits of ownership in all our businesses, including CNN-IBN, IBN7, Home Shopping Network and Studio18. With several exciting forays in news broadcasting, Internet portals, motion pictures and other multi-media platforms on the anvil, our shareholders can continue to look forward to a period of sustained growth.”