TV Today Network Q1 consolidated net profit jumps to Rs 51.03 cr
MUMBAI: TV Today Network’s consolidated net profit for the quarter ended 30th June has jumped to Rs 51.03 crore as against Rs 40.07 crore in the same quarter of the previous fiscal. The company’s total income jumped to Rs 260.4 crore compared to Rs 195.8 crore. Expenses jumped to Rs 182.1 crore from Rs 134.2 crore.
TV Today’s television broadcasting business posted an operating profit of Rs 64.24 crore compared to Rs 57.14 crore in the previous fiscal. Revenue jumped to Rs 207.7 crore as against Rs 158.8 crore.
The operating loss from the FM radio business widened to Rs 3.72 crore as against Rs 1.01 crore while revenue fell to Rs 3.78 crore from Rs 5.78 crore.
The company narrowed the operating loss from the newspaper and publishing business to Rs 35.58 lakh from Rs 1.15 crore. The revenue from the segment fell to Rs 5.74 crore compared to Rs 6.51 crore.
Meanwhile, the company has approved the renewal of Advertising Sales Agreement (ASA) (expiring on August 31, 2019) with Entertainment Network (India) Limited (ENIL) w.e.f. September 01, 2019.
As per ASA, ENlL will support to market and sell the radio airtime/feed on various platforms to third parties with respect to Company’s three radio station at Delhi, Mumbai, and Kolkata.
“ENlL is not related to promoter/promoter group/group companies in any manner, the transaction with ENlL would not fall within the purview of related party transactions, no shares are issued to any of the parties pursuant to the agreement. TV Today Network Limited (TVTN) does not hold any shares in ENIL. No potential conflict of interest arises out of such agreement. No nominees are appointed on the Board of NTN pursuant to this agreement,” the company said in a filing to the BSE.