TV18 Broadcast clocks 49% YoY rise in consolidated operating revenue in Q1FY22
The network posted the highest-ever operating margin in Q1 despite the second wave at 16.2%
TV18 Broadcast Limited announced its results for the quarter ended 30th June 2021. Its consolidated operating revenue stood at Rs 1,155 crore, rising 46% YoY. Consolidated EBITDA is at Rs 188 crore, up 323% YoY.
Its consolidated EBITDA has tripled year on year and posted a 1.5x increase versus Q1FY20. Its operating margin clocked 16.2%, highest ever for a Q1 despite the second wave impact.
Consolidated revenue ex-film rose 49% YoY (and 1% vs Q1FY20). The network said that concerted thrust on continuity of original content and monetization limited ad-revenue impact from the second wave.
The network's domestic ad revenue is much higher YoY due to the first wave impact being significantly greater. While entertainment advertising was impacted by the second wave, as ad-demand dipped in May-early June due to the lockdown, the network was able to rescale ad revenue to the same levels as in Q1FY20 on the back of original content production and telecasts.
TV News advertising remained resilient despite the second wave, led by a rise in news consumption and digital events replacing physical ones. As a result, our TV News ad revenue remained in growth territory vs Q1FY20, adjusted for election-linked advertising.
While domestic subscription revenue grew, led by expanded tie-ups in TV and digital, international subscription was under duress.
While Digital is rising fast off a low base, the network's TV business remained resilient and in growth territory.
Mr. Adil Zainulbhai, Chairman of TV18, said: “The second wave of COVID-19 could have been the dominant theme for the industry and indeed for us during the quarter….but it wasn’t. Led by the many learnings from the past year and a responsibility to serve the Indian audience, we have been able to continue our businesses relentlessly and profitably. While advertising hit a speed-breaker (primarily in entertainment), growing engagement on our platforms across TV and Digital make us confident of delivering for all our stakeholders even amidst a choppy environment. We continue to invest to ramp up offerings on our class-leading digital platforms. At the same time, we are selectively creating segmented offerings to enhance our TV portfolio in a capital-efficient manner.”
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