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TV Today Q2 net zooms 84.16% to Rs 24.31 crore
MUMBAI: Buoyed by a strong revenue growth from its television broadcasting business, TV Today Network’s net profit for the quarter ending 30 September zoomed almost 84.16 per cent to Rs 24.31 crore (Rs 243.1 million) from Rs 13.2 crore (Rs 132 million) in the corresponding quarter of the previous fiscal.
The company’s total income from operations during the quarter rose 24.39 per cent to Rs 127.03 crore (Rs 1.27 billion) from Rs 102.12 crore (Rs 1.02 billion) recorded in the trailing fiscal.
Expenses jumped 11 per cent to Rs 99.02 crore (Rs 990.2 million) during the quarter compared to Rs 89.16 crore (Rs 891.6 million) in the same quarter of the prior fiscal.
Advertisement, distribution and sales promotion remained flat at Rs 23.52 crore (Rs 235.2 million). In the previous fiscal, the company had spent Rs 23.2 crore (Rs 232 million) on advertisement, distribution and sales promotion.
TV broadcasting biz
The company’s operating profit from the TV broadcasting business comprising Aaj Tak and India Today TV rose a whopping 73 per cent to Rs 36.67 crore (Rs 366.7 million), compared to Rs 21.16 crore (Rs 211.6 million) in the preceding fiscal. Segment revenue also jumped 27 per cent to Rs 124.42 crore from Rs 97.91 crore.
FM radio biz
The fiscal second quarter operating loss from FM radio business grew to Rs 5.47 crore (Rs 54.7 million) from Rs 1.8 crore (Rs 18 million) a year ago. Revenue slumped 38 per cent to Rs 2.61 crore (Rs 26.1 million) from Rs 4.21 crore (Rs 421 million).
Rebranding expense of Rs 14.38 cr
The news broadcaster disclosed that it had spent Rs 14.38 crore (Rs 143.8 million) during the quarter ended 30 June for the rebranding of its English news channel Headlines Today as India Today TV.