Prannoy Roy & Radhika Roy reappointed at NDTV as Exec Co-Chairpersons
Prannoy Roy and Radhika Roy have been reappointed as Executive Co-Chairpersons by the Board of Directors at NDTV following a loss making quarter. The reappointment is for a period of three years, effective July 1, 2017 after due approvals from the company’s shareholders. This was informed by NDTV to the Bombay Stock Exchange on February 10, 2017.
The channel recently reported a significant loss for the third quarter ended December 31, 2016. During Q3 FY2017, NDTV sustained an EBITDA loss of Rs 7 crore as its expenditure of Rs 140 crore exceeded total revenues amounting to Rs 133 crore. The overall losses sustained in Q3 FY 2016 stood at Rs 4 crore.
In the realm of broadcasting, NDTV posted a loss Rs 9 crore whereas the company was profitable during Q3 FY 2016 at Rs 3 crore. Revenues garnered from broadcasting also recorded a sharp fall from Rs 130 crore last year to Rs 108 crore. The broadcaster primarily attributed the losses “to downturn in TV advertisement revenues in the current quarter” as a result of demonetisation.
In the months ahead, the company is expecting a turnaround and has initiated steps to rationalise costs and increase productivity with an aim to improve overall efficiency of operations, NDTV told NSE.
It may be recalled that towards the end of October 2016, when KVL Narayan Rao took over as Group CEO from Vikram Chandra, he recognised the “financial turnaround of the company” as the foremost objective. Also, shouldering the responsibility of Executive Vice Chairperson, Radhika Rao vowed to deliver in terms of both top-line and bottom-line growth.