TV18 Broadcast Limited today announced its financial results for the quarter ending September 30, 2020 registering a net profit of Rs 115 crore, up from Rs 2 crore profit in the preceding quarter.
The company’s consolidated revenue from operations stood at Rs 1,031 crore in Q2 FY 21, up from Rs 788 crore in the preceding quarter. The expenses stood at Rs 910 crore, up from Rs 799 crore in the preceding quarter. The net profit zoomed to Rs 115 crore, up from Rs 2 crore in the preceding quarter.
TV18’s standalone revenues from News operations rose to Rs 254 crore from Rs 230 crores in the preceding quarter. The consolidated revenues of Viacom18+AETN18+Indiacast stood at Rs 759 crore, up from Rs 546 crore in Q1 FY 21. TV18’s subscription revenue stood at Rs 444 crore, marginally down from Rs 450 crore in the previous quarter.
“TV18’s broadcasting businesses have recovered from the impact of the COVID-19 pandemic to a very large degree. Our proactive measures on cost-control have resulted in much-improved profitability across both News and Entertainment, despite certain market segments still suffering from pressures due to the Coronavirus. We have ensured business continuity through rejigging processes, innovatively revived alternative revenue streams, and focusing on aligning content distribution strategy with market opportunity. As we head into festive season, the underlying trends on both viewership and monetization are supportive.”
Adil Zainulbhai, Chairman of TV18
TV18 stated that the News business advertising had fully recovered with viewership fully settled at a higher level while the Entertainment recovery was near complete with YoY ad revenue dip reduced to single digits now. The subscription revenues remained resilient with TV connections in commercial establishments and some low-end connections seeing a temporary dip due to the pandemic. The company stated that multi-TV home connections are picking up.