TV18 Broadcast Q2 profit down 95.5 pc to Rs 10.28 cr; revenue up 12.6 pc to Rs 1,473 cr- The New Indian Express | Biden News


From PTI

NEW DELHI: Media company TV18 Broadcast Ltd on Tuesday reported a 95.55 percent decline in its consolidated net profit to Rs 10.28 crore for the second quarter ended September 30, 2022.

The company posted a net profit of Rs 231.40 crore for the July-September period of the previous fiscal, TV18 Broadcast said in a regulatory filing.

However, its consolidated income from operations rose 12.65 percent to Rs 1,473.43 crore compared to Rs 1,307.90 crore in the corresponding quarter a year ago.

TV18 Broadcast’s total expenses stood at Rs 1,485.95 crore, up 34.59 percent from Rs 1,104 crore previously.

According to the company, economic sentiment remained weak during the quarter with high inflation posing a challenge for companies, particularly in the FMCG sector.

During the quarter, brands held back advertising spend on new product launches and nutrition campaigns due to these headwinds.

Advertising spending by startups and e-commerce players also declined due to the tough fundraising environment, TV18 Broadcast said in an earnings statement.

“Total TV ad inventory was down 3 percent year-over-year with News category seeing a decline of nearly 10 percent. As a result, ad revenue from our Entertainment segment was flat YoY while News ad revenue saw a decline. The entertainment business. too was affected by the fall in Colors Rishtey’s revenues,” it added.

However, despite such a challenging environment, TV18 Group continued to increase its investments across entertainment and news segments, in line with its growth plans.

“While these investments impacted profitability as costs grew faster than revenues, it had a positive impact on operating metrics,” it noted.

TV18 Chairman Adil Zainulbhai said, “The first half of the fiscal has been challenging for most sectors. However, we believe this phase should be just a small bump in the long runway for growth. Our News and Entertainment portfolio has already has some of the country’s leading brands and our endeavor is to push for leadership across segments.”

“Despite a challenging growth environment, we continue to make investments that will help us create a strong foundation for the long term and hold us in good stead as growth returns,” he said.

TV18 Broadcast, a subsidiary of Network 18 Group, owns and operates several news and current affairs channels that include CNN News18 and a host of general entertainment channels such as MTV, VH1, Nickelodeon and Colors.

Shares of TV18 Broadcast Ltd on Tuesday settled at Rs 37.55 on BSE, up 3.87 percent from the previous close.


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