TV18 profits decline in third quarter

BENGALURU: TV18 Broadcast Ltd (TV18), the subsidiary of the Mukesh Dhirubhai Ambani-controlled Network18 Media and Investments Ltd (Network 18), reported consolidated total income of Rs 10 crore for the quarter ended 31 December 2017 (Q3-18) as compared with income of Rs 23.6 crore for the corresponding year ago quarter. For the immediate trailing quarter Q2-18 (quarter-on-quarter), income stood at Rs 11.83 crore.

Consolidated profit after tax for the quarter under review was 8.1 percent lower year-on-year at Rs 15.87 crore as compared with Rs 17.27 crore but more than double (2.16 times) the Rs 7.3 crore in the immediate trailing quarter. The company’s consolidated simple EBIDTA (excluding GST and other income) was 2.1 percent lower y-o-y at Rs 38.65 crore (13.9 percent margin) as compared with Rs 39.49 crore (15.5 percent margin) and more than five times the Rs 7.6 crore in Q2-18.

Consolidated total income in Q3-18 increased by 8.9 percent y-o-y to Rs 277 crore from Rs 254 crore and was 18 percent higher y-o-y than Rs 235 crore in Q2-18.

Consolidated total expenditure rose by 9.4 percent y-o-y in Q3-18 to Rs 261 crore from Rs 269 crore and was 5.4 percent higher q-o-q as against Rs 247 crore.

The company has two segments–media operations and film production and distribution (films). The lion’s share of the revenue was from the company’s media operations.

Both segments reported operating profits for Q3-18 – of Rs 47 crore (media operations) and Rs 88 Lakh (film production and distribution). Media operations had operating profit of Rs 42 crore while film production and distribution incurred operating loss of Rs 5.3 crore in Q3-17. In the immediate trailing quarter, both segments had reported operating profit of Rs 47 crore and Rs 5.7 crore, respectively.

The company’s marketing, distribution and promotional expense during the quarter under review rose by 14.8 percent y-o-y to Rs 44 crore from Rs 38 crore but was 3.8 percent lower q-o-q. The employee benefit expense in Q3-18 swelled by 12.9 percent y-o-y to Rs 93 crore from Rs 82 crore but declined by 5.4 percent q-o-q from Rs 98 crore.

Other expenses during the quarter under review increased by 7.6 percent y-o-y to Rs 101 crore in Q3-18 from Rs 94.4 crore and was 22.2 percent q-o-q more than Rs 83 crore.

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