ETC Networks Limited has declared a profit after tax (PAT) of Rs24.3 million on a turnover of Rs538.2 million in the financial results for the year ended March 31, 2001.

On the expenditures front, 67.3 per cent went into programming and telecast and cost the network Rs288.1 million. With a paid-up capital of Rs116.99 million, the audited report shows earnings per share (EPS) is Rs2.08.

Into its second year of operations, etc channel has not only consistently retained the top position amongst the music-based channels in viewership rating but also translated this popularity to impressive revenue and profit figures, a company release states. 

etc Channel Punjabi, ETC Networks' regional channel, is also doing extremely well and about to complete a year of operations, the release states. The locking in of the exclusive rights to telecast Gurbani live from Golden Temple at Amritsar has proved a great hit with Punjabi audiences.

Now the channel is poised to tap revenue from international markets, having tied with TV Asia, a leading Hindi channel in the USA while negotiations are also on and in the finalisation stages in UK, Europe and Canada, the release adds.

On the transmission front, the company is very shortly going to convert both the channels to digital services from the current free to air analog service, which the network hopes will cut costs down to about 30 per cent of what exists at present.

And while on transmission, ETC Networks is the first channel to get government clearance to build a commercial teleport in Mumbai. Once the teleport is commissioned it will reduce the operating costs of the channel and also provide additional revenue streams for the company by offering uplink services to other private channels and Internet service providers.

Commenting on the first year result of the company, Jagjit Singh Kohli, managing director of ETC Networks Ltd. says: "We remain committed in our determination to emerge into one of the leading players in the satellite television scenario of the country and maximizing shareholders wealth. We look upon the time ahead with great expectation towards building on the enterprise value, in earning higher growth in advertising and other sources of revenue."