MUMBAI: The Raghav Bahl promoted Television Eighteen has posted its consolidated net profit at Rs 160.45 million up 44 per cent year on year (YoY) for the second quarter ended 30 September, as against Rs 111.55 million in the year-ago period.
The company's revenue has also witnessed a jump of 70 per cent YoY to record at Rs. 530.08 million. Revenue from news operations rose to Rs 476.92 million, from Rs 295.31 million a year ago.
The TV18's Internet business rose over 200 per cent YoY, according to an official release. The reveunes from the internet and software operations has gone up from Rs 17 million during the corresponding period a year ago to Rs 53.16 million this quarter. It is also worth noting that the internet business had crossed $1 million during the first quarter of this fiancial year.
The company's operating profit surged to Rs 249.04 million, up from Rs 172.68 million. The operating margin dipped to 47 per cent largely on account of the consolidation of CNBC Awaaz revenues and costs in P&L.
The consolidated revenues including CNBC-TV18, CNBC-Awaaz, moneycontrol.com and commoditiescontrol.com. The current quarter's revenue/cost strictly is 'not' comparable with the same quarter in the previous year, since revenue/cost of Awaaz are being included from this quarter onwards. The TV18 consolidated revenue includes revenues from CNN-IBN, IBN7 and other Web18 Portals.
Following the meeting of the board of directors Television Eighteen MD Raghav Bahl said: "This has been an exceptionally good quarter for us. As a Network, we have doubled revenues - while our listed entity has posted a 70 per cent year-on-year growth. We have successfully concluded our scheme of demerger, and set 24 November as the record date - this will unlock an enormous amount of value for our shareholders, who will now enjoy the fruits of ownership in all our businesses, including CNN-IBN, IBN7, Home Shopping Network and Studio18. With several exciting forays in news broadcasting, internet portals, motion pictures and other multi-media platforms on the anvil, our shareholders can continue to look forward to a period of sustained growth."
