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TV Today Q1 net dips 13.4%; shares up 14.15% on market buzz of stake sale

MUMBAI: TV Today Network’s fiscal first quarter net profit dipped 13.39% per cent to Rs 19.39 crore compared to Rs 22.38 crore a year ago.

The company’s total income increased 10.21% to Rs 156.37 crore in the quarter ended 30 June 2017 from Rs 141.88 crore in the prior year. Total expenses jumped 4.8% to Rs 112.86 crore from Rs 107.69 crore.

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In the quarter ended 30 June 2017, operating profit from television broadcasting stood at Rs 41.77 crore on revenue of Rs 144.2 crore. In the previous fiscal, the operating profit was Rs 33.85 crore on revenue of Rs 135.5 crore.

Operating loss from FM radio segment shrank to Rs 2.37 crore compared to Rs 3.51 crore a year ago. Revenue jumped to Rs 5.83 crore from Rs 1.34 crore.

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Meanwhile, the company’s stock price jumped 14.15% to Rs 246.9 on Friday following market buzz that the media company is in talks to sell stake.

As reported earlier, RP-Sanjiv Goenka Group is believed to be in talks with Aroon Purie-controlled Living Media India to buy out Aditya Birla Group’s stake. The Aditya Birla Group, which had bought 27.5% stake in Living Media in 2012, has increased its holding. The stake upped to 41.5% in FY16.

Living Media is a holding company and has diverse business interests including magazines, radio stations and TV channels like Aaj Tak and India Today Television. It owns 57.42% stake in the listed entity TV Today Network.