24 Sep 2017
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NDTV narrows Q1 loss; majority stake in FGVL to be sold to Autobyte

MUMBAI: New Delhi Television Ltd (NDTV) has narrowed its fiscal first quarter consolidated net loss to Rs 22.01 crore compared to Rs 44.55 crore a year ago.

Total income stood almost flat at Rs 109.6 crore in the quarter ended 30 June as against Rs 108.57 crore in the first quarter of FY17.

Total expenses was Rs 128.43 crore, down 13.08% from Rs 147.76 crore in the prior year.

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Revenue from television media and related operations was Rs 103.48 crore compared to Rs 105.61 crore a year ago.

Revenue from its retail/e-commerce stood at Rs 3.18 crore in Q1 of FY18, up from Rs 1.31 crore in the earlier year.

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The stock of the company remained unchanged at Rs 47.25 on BSE today.

NDTV said it is raising capital for Fifth Gear Ventures Ltd (FGVL), a material subsidiary of the company, from Autobyte Pvt Ltd. NDTV’s board has approved the infusion of funds in FGVL by Autobyte and now shareholders’ approval will be sought.

The shareholding of NDTV group in FGVL will be diluted following this transaction. The control and management of FGVL will move from NDTV group to Autobyte. FGVL will cease to be a subsidiary of NDTV.