TV Today Network reports a 55% YoY decline in profits in Q3 of FY23

TV Today Network Ltd, known for its popular 24-hour news channels Aaj Tak and India Today Television, has reported a significant decline in its consolidated net profit for the third quarter of the fiscal year 2022-2023 in its BSE filing. 

The company’s net profit fell to Rs 27.62 crore, representing a decrease of 55.08% compared to the same quarter of the previous fiscal year when it was at Rs 61.50 crore. This drop in net profit can be attributed to the decline in revenue from operations, which saw a drop of 10.33% to Rs 231.31 crore, compared to Rs 257.97 crore in the corresponding quarter of the previous fiscal year. 

The company’s total income also saw a decline of 8.4% to Rs 244.31 crore in the third quarter of the fiscal year 2023 from Rs 266.83 crore in the same quarter of the fiscal year 2022. Meanwhile, the company’s expenses increased by 12% to Rs 206.30 crore, compared to Rs 184.25 crore during the same period. 

The television and other media operations revenue for the quarter ending December 31, 2022, was recorded at Rs 228.93 crore compared to Rs 252.16 crore, while the revenue from the radio segment declined from Rs 5.81 crore to Rs 2.38 crore.

In a separate filing, the board of TV Today Network approved a special interim dividend of Rs 67 per equity share, equivalent to 1,340% on the face value of Rs 5 for each fully paid-up share, for the fiscal year 2023. In addition, the board reappointed Aroon Purie as Chairman and Whole-time Director and Kalli Purie Bhandal as Vice-Chairperson and Managing Director for a period of five years starting April 1, 2023, subject to shareholders’ approval.

Apart from its 24-hour news channels, TV Today Network also operates a radio station called Ishq 104.8 FM in Delhi, Mumbai, and Kolkata and has a robust digital business that includes the Aaj Tak and India Today websites and various social media and online video channels.