TV Today numbers subdued but profitable for first quarter in Covid2019 period

Despite 32 percent drop in op revenue, PAT was Rs 12.76 crore

BENGALURU: Most corporates, and more so broadcasters, have reported red bottom-lines for the first full COVID2019 quarter and the first quarter of fiscal 2020-21 (quarter ended 30 June 2020, Q1 2021, quarter or period under review). The pandemic has hit revenues due to the almost global lockdown as humanity grappled with a new unknown danger. The India Today Group’s broadcasting company T. V. Today Network Ltd (TVTN) also reported decline in revenues, but, at the same time reported black in its bottom-line – consolidated Profit after Tax (PAT) for Q1 2021 declined 75 percent y-o-y to Rs 12.76 crore from the consolidated PAT of Rs 51.03 crore for the corresponding year ago quarter Q1 2020. Simple operating EBITDA in Q1 2021 declined 59.7 percent y-o-y to Rs 30.01 crore (17.9 percent of operating revenue) from Rs 75.45 crore (30.2 percent of operating revenue) in the corresponding year ago quarter.

TVTN reported consolidated Operating revenue of Rs 167.68 crore for the quarter, which was 31.9 percent lower y-o-y than the Rs 246.14 crore for Q1 2020. Total Income (Operating revenue plus other income) for Q1 2021 was 32.6 percent lower y-o-y at Rs 175.45 crore as compared to the Rs 260.50 crore for Q1 2020.

Segment Revenue

TVTN has four segments – Television Broadcasting (TV); Radio Broadcasting (Radio); Others; and Newspaper Publishing. TV and Others segments reported positive operating results (operating profits, while Radio and Newspaper Publishing segments reported operating losses for Q1 2021.

TVTN says that it wants to sell the three radio stations under its Radio segment and is awaiting government approvals for the same. It has also decided to suspend publication of its English newspaper Mail Today from 10 August 2020. The content however will continue to be published in digital format says the company.

TV segment operating revenue fell 33.7 percent y-o-y to Rs 137/79 crore in the quarter under review from Rs 207.74 crore in Q1 2020. The segment’s operating result declined 60.2 percent y-o-y in Q1 2020 to Rs 25.56 crore from Rs 64.24 crore in Q1 2020.

Radio segment operating revenue declined 93.9 percent y-o-y in Q1 2021 to Rs 0.23 crore from Rs 3.78 crore in the corresponding year ago quarter. Radio operating result was a higher loss of Rs 5.60 crore in Q1 2021 as compared to an operating loss of Rs 3.73 crore in Q1 2020.

Others segment had operating revenue of Rs 27.55 crore in Q1 2021 which was 4.7 percent less y-o-y than the Rs 28.90 crore in Q1 2020. Others segment operating result reduced 22.8 percent y-o-y to Rs 5.51 crore in the quarter from Rs 7.14 crore in Q1 2020.

Newspaper Publishing business operating revenue declined 62.9 percent y-o-y to Rs 2.13 crore in Q1 2020 from Rs 5.74 crore in Q1 2020. The company reported a higher operating loss (result) of Rs 2.22 crore for Q1 2021 as compared to a loss of Rs 0.04 crore in Q1 2020.

Let us look at the other numbers reported by the company for Q1 2020

TVTN reported 18.9 percent y-o-y lower consolidated total expenditure for Q1 2021 at Rs 147.64 crore than Rs 182.11 crore for Q1 2020. Consolidated cost of materials consumed during the period under review was 76.5 percent lower y-o-y at Rs 0.16 crore than Rs 0.68 crore in Q1 2020. Consolidated Production cost in Q1 2021 fell 39.7 percent y-o-y to Rs 17.27 crore from Rs 28.65 crore in the year ago quarter. Consolidated Employee Benefit Expenses in Q1 2021 declined 10.1 percent y-o-y to Rs 59.70 crore from Rs 66.44 crore in Q1 2020. Consolidated Finance costs reduced by 22.9 percent y-o-y in Q1 2021 to Rs 0.63 crore from Rs 0.82 crore in Q1 2020. Consolidated Other expenses reduced 20.3 percent y-o-y during the quarter under review to Rs 60.54 crore from Rs 75.93 crore in Q1 2020.

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