TV18's Q1FY14 PAT at Rs. 6cr compared to Q1FY13 loss of Rs. 24cr

TV18 Broadcast Limited announced its results for the quarter ending June 30, 2013, today. Reported revenues for the television and motion pictures business (including IndiaCast) stood at Rs. 396.2 crores for the quarter. Advertising Revenues grew 6% year on year. Net Distribution Income grew 32% sequentially to Rs. 34.9 crores this quarter, swinging from a loss of Rs. 16.0 crores during Q1FY14. Reported operating profit for the quarter stood at Rs. 23.8 crores, up 57% over previous year. The company turned in a profit of Rs. 5.9 crores after tax for the quarter on the back of a significantly deleveraged balance sheet as compared to a loss of Rs. 23.5 crores in the 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 roll out of digitization 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, 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.”