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TV Today Q3 net up 40% amid strong revenue growth from news biz
MUMBAI: Riding on a strong growth in revenue growth from its news broadcasting business, TV Today Network reported a 40.1 per cent rise in net profit in the fiscal third quarter.
Revenue from operations grew to Rs 149.67 crore (Rs 1.5 billion), up 18.1 per cent from Rs 126.68 crore (Rs 1.27 billion) a year ago. This is despite a fall in revenue from the FM radio business.
In the quarter ended 31 December 2015, TV Today’s net profit grew to Rs 36.90 crore (Rs 369 million) compared to Rs 26.34 crore (Rs 263.4 million) in the earlier year.
Expenses rose 11.65 per cent to Rs 101.02 crore (Rs 1.01 billion) from Rs 90.48 crore (Rs 904.8 million) in the third quarter of the previous fiscal.
Distribution, advertisement and sales promotion expenses fell to Rs 24.82 crore (Rs 288.2 million), from Rs 25.06 crore (Rs 250.6 million) a year ago. In the earlier quarter, this was at Rs 23.53 crore (Rs 235.3 million).
TV Today operates a clutch of television news channels as well as an FM radio business.
TV news biz
TV Today’s operating profit from the news broadcasting business grew 49.1 per cent in the fiscal third quarter to Rs 58.48 crore (Rs 584.8 million), compared to Rs 39.22 crore (Rs 392.2 million) a year ago.
Revenue rose 20.35 per cent to Rs 147.65 crore (Rs 1.48 billion) from Rs 122.68 crore (Rs 1.23 billion) a year ago.
The company’s radio business, trimmed after the sale, continued to suffer losses.
Operating loss increased to Rs 2.54 crore (Rs 254 million) in the fiscal third quarter from Rs 1.94 crore (Rs 194 million) in the earlier-year period.
Revenue dropped 49.5 per cent to Rs 2.02 crore (Rs 20.2 million) compared to Rs 3.997 crore (Rs 39.97 million) a year ago.