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NDTV turns around in Q3, posts net profit for news and consolidated biz
MUMBAI: News broadcaster NDTV Ltd’s books have turned black in the third quarter of the fiscal as it saw its revenue improve in double digits.
After a long time, the company has posted a net profit in both standalone and consolidated businesses.
In the standalone business, which comprises NDTV’s news channels including NDTV 24X7 and NDTV India, the company posted a net profit of Rs 2.65 crore (Rs 26.5 million) for the quarter ended 31 December 2014, as against a net loss of Rs 1.66 crore (Rs 16.6 million) in the corresponding quarter of the previous fiscal. In the trailing quarter (Q2FY15) net loss was at Rs 20.18 crore (Rs 201.8 million).
Thanks to the festive quarter, NDTV’s total income from operations saw a healthy 12.84 per cent increase to Rs 112.59 crore (Rs 1.13 billion), as against Rs 99.79 crore (Rs 997.9 million) in the year-ago period.
Total expenses also saw 9.1 per cent increase, mainly because of a 19 per cent jump in the marketing, distribution and promotional expenses.
Expenses during the quarter stood at Rs 106.02 crore (Rs 1.06 billion), up from Rs 97.13 crore (Rs 971.3 million) in the year-ago period. Marketing, distribution and promotional expenses grew to Rs 24.22 crore (Rs 242.2 million), up from Rs 20.24 crore (Rs 202.4 million).
NDTV’s profit from operations (before other income, finance cost and exceptional items) in the quarter stood at Rs 6.57 crore (Rs 65.7 million), compared to Rs 2.66 crore (Rs 26.6 million) in the year-ago period.
Meanwhile, on a consolidated basis, NDTV posted net profit (after taxes, minority interest and share of profit of associate) of Rs 1.56 crore (Rs 15.6 million), compared to a net loss of Rs 11.65 crore (Rs 10.43 crore (Rs 104.3 million) in the year-ago period.
Revenue jumped 17.86 per cent to Rs 149.93 crore (Rs 1.50 billion), compared to Rs 127.21 crore (Rs 1.27 billion) in the year-ago period.
Total expenses were at Rs 145.94 crore (Rs 1.46 billion), up from Rs 132.95 crore (Rs 1.33 billion) in the year-ago period. Its consolidated profit from operations (before other income, finance cost and exceptional items) was at Rs 3.99 crore (Rs 39.9 million), as against a loss of Rs 5.74 crore (Rs 57.4 million).
Meanwhile, the company said that its hybrid channel NDTV Profit/Prime has reached operational break-even for the second consecutive quarter.
NDTV Convergence clocked its highest ever revenue in Q3 of Rs 30 crore (Rs 300 million), registering a 61 per cent growth year-on-year.
During the quarter, the company launched a sports and food mobile site and android app for NDTV India.