TV Today board recommends 45% dividend; numbers up

BENGALURU: The board of directors of TV Today Network Ltd (TVTN) has recommended a dividend of Rs 2.25 (45 per cent) per equity share of face value of Rs 5 each for the financial year ended 31 March 2018 (FY 2018, year, fiscal under review). The company has reported 10.7 per cent growth in consolidated total revenue from operations including other revenue for fiscal 2018 as compared to the previous year. Consolidated profit after tax (PAT) grew 18.4 per cent in FY 2018 as compared to FY 2017. Consolidated EBITDA and EBITDA margin during the year under review also grew as compared to the previous year. TVTN is the television arm of the India Today group.

TVTN’s consolidated total revenue including other income for FY 2018 was Rs 790.92 crore as compared to Rs 652.28 crore in the previous year. Consolidated revenue from operations (Op revenue) expanded 10.5 per cent in the fiscal under review to Rs 720.92 crore from Rs 652.28 crore in FY 2017. Consolidated PAT for FY 2018 grew to Rs118.94 crore from Rs 100.46 crore in the previous year. Consolidated simple EBITDA without other income for FY 2018 was up 16.3 per cent at Rs 283.92 crore (39.2 per cent of op revenue) as compared to Rs 244.20 crore (37.4 per cent of op revenue).

Consolidated total expenditure in FY 2018 grew four per cent to Rs 548.48 crore as compared to Rs 527.49 crore in the previous year. Consolidated employee benefits expense during the year under review grew 12.2 per cent to Rs 202.46 crore from Rs 180.50 crore in fiscal 2017. Consolidated production costs declined 6.5 per cent in FY 2018 to Rs 76.31 crore from Rs 81.64 crore in the previous year. Consolidated other expenses increased 3.2 per cent in FY 2018 to Rs 231.74 crore from Rs 180.50 crore in the previous year.

Four segments – TV broadcasting; radio; others; and newspaper publishing contribute to TVTN’s numbers, of which TV broadcasting is the major segment. The company reported TV broadcasting segment’s revenue growth of 7.7 percent in FY 2018 to Rs 606.80 crore from Rs 563.59 crore in the previous year. The segment had a 29.3 per cent higher operating profit in FY 2018 of Rs 202.63 crore as compared to Rs 156.75 crore in FY 2017.

After migration of three of its radio stations to phase III, radio segment reported a 167.6 per cent revenue growth in FY 2018 to Rs 23.90 crore from Rs 8.93 crore in the previous year. The segment’s operating loss reduced to Rs 13.69 crore during the year under review as compared to an operating loss of Rs 17.51 crore in FY 2017.

TVTN’s ‘Others’ segment revenue grew 36 per cent in FY 2018 to Rs 60.46 crore from Rs 44.45 crore in fiscal 2017. Operating profit of the segment more than doubled (up 106.9 per cent) in FY 2018 to Rs 4.80 crore from Rs 2.32 crore in the previous year.

Newspaper publishing segment revenue declined 20 per cent in FY 2018 to Rs 30.46 crore from Rs 38.08 crore in FY 2018. The segment’s operating loss more than tripled (grew by 202.1 per cent) in FY 2018 to Rs 8.55 crore from an operating loss of Rs 2.83 crore in the previous fiscal.

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