New Delhi: TV18 Broadcast Limited announced its results for the quarter ending December 31, 2013, today.
Q3 FY13-14 Financial Highlights:
Reported revenues on a consolidated basis stood at Rs. 525.5 crores for the quarter, up 3% over prior year. The company reported its highest ever quarterly Operating Profit (EBITDA) at Rs. 77.5 crores (up 61% yoy) with both the Entertainment and News businesses turning in strong quarters.
On a consolidated basis, advertising revenues grew 3% year on year. While the News and Infotainment advertising environment continues to be sluggish, Entertainment led by Colors and MTV delivered strong double digit advertising growth. Net distribution Income (NDI) continued its steady growth at Rs.43.6 crores, a growth of 145% year on year.
TV18's Broadcast operations turned in a very strong quarter with an operating profit of Rs. 91.1 crores, up 110% on a year over year basis.
Proforma Q3 FY13-14 Financial Highlights:
Proforma results are assuming financial consolidation of ETV News (100%) and ETV Entertainment (50%). On 22 Jan 2014, post receipt of required regulatory approvals, TV18 completed the acquisition of the ETV channels - 100% of ETV News, 50% of ETV Entertainment and 24.5% of ETV Telugu.
Proforma reported revenues on a consolidated basis stood at Rs 595.9 crores for the quarter, up 5% over prior year. Proforma Operating Profit (EBITDA) came in at Rs. 94.5 crores (up 79% yoy) led by a strong performance in ETV News.
On a proforma basis, this was a landmark quarter for TV18 with Broadcast operations turning in an EBITDA of Rs. 108.1 crores. ETV Entertainment reported a sharp reduction in losses compared to the previous two quarters as programming and marketing investments made in the first half led to an upswing in ratings and revenues.
Announcing the results, Raghav Bahl, Managing Director, Network18 said, "We are greatly enthused by the strong performance of TV18 despite the continued uncertainty in the macro-economic landscape. While environmental risks may continue in the medium term, we are confident of maintaining our growth trajectory. During the quarter, our pre-tax profits almost tripled due to the robust operating performance of our broadcast operations and a significantly deleveraged balance sheet. We are now in the sustained value creation phase of our journey even as we look to further strengthen our existing operations and consolidate our regional acquisition."
Commenting on the results for the quarter, B Saikumar, Group CEO, Network18 said, "It has been a stellar quarter for our broadcast operations, which grew their margins substantially in a challenging environment. Our News business realised value from operating efficiencies. Our Entertainment operations at Viacom18, led by Colors delivered a healthy performance even as Motion Pictures saw losses in this quarter. Infotainment operations at A+E Networks I TV18 broke into positive territory and IndiaCast continued on its robust growth trajectory. We look forward to building on network synergies with the launches of Rishtey India, MTV Indies and CNBC Bajar, while sustaining our trajectory of profitable growth in the year ahead."
(Disclaimer: TV18 Broadcast Limited is part of Network18 Media & Investments, which owns IBNLive.com)
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