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Raj TV Q2 net dips 78% to Rs 7.55 mn

MUMBAI: Chennai-based broadcaster Raj Television Network has reported a sharp 78.2 per cent dip in its net profit for the second quarter of the fiscal because of a jump in its expenses.

For the three months ended 30 September, Raj TV Network’s net profit fell to Rs 7.55 million (Rs 75.5 lakh) from Rs 3.46 crore (Rs 34.6 million) in the year-ago period.

The company’s standalone income from operations was at Rs 200.75 million (Rs 20.07 crore), up 9.4 per cent compared to Rs 183.5 million (Rs 18.35 crore) in the corresponding quarter of the previous fiscal.

Raj Television’s expenses jumped 34.57 per cent to Rs 176.1 million (Rs 17.61 crore) from Rs 130.87 million (Rs 13.09 million). Finance cost increased to Rs 14.41 million (Rs 1.44 crore) from Rs 9.71 million (Rs 97.1 lakh) in the earlier-year period.

Raj Television Network operates an entertainment channel (Raj TV), a movie channel (Raj Digital Plus), a music channel in Tamil as well as in Kannada (Raj Musix) and a 24×7 news channel (Raj News 24×7).

Raj TV and Raj Digital Plus are free to air in Chennai and pay channels outside Chennai, while Raj Musix and Raj News are free channels. It also broadcasts a channel called Vissa as well as engages in film production and distribution operations.

Shares of Raj TV on Monday settled at Rs 119.95 on the BSE, down 0.56 per cent from its previous close.