TV18 Broadcast's consolidated net profit surged 83.9% to Rs 377.20 crore on 4.5% decrease in net sales to Rs 1,360.95 crore in Q3 December 2020 over Q3 December 2019.
Profit received a boost from improved performance, lower finance costs & tax reversals. Consolidated profit before tax (PBT) jumped 21.6% to Rs 293.66 crore in Q3 December 2020 as against Rs 241.47 crore in Q3 December 2019. Tax rebate for the quarter stood at Rs 102.41 crore as against a tax expenditure of Rs 36.31 crore in Q3 December 2019. The Q3 result was declared after market hours yesterday, 19 January 2021.
Consolidated operating EBITDA grew 14% to Rs 321 crore in Q3 December 2020 over Rs 281 crore in Q3 December 2019. Operating EBITDA margin improved to 23.6% in Q3 FY21 as against 19.7% in Q3 FY20.
The company said that entertainment segment has fully recovered from COVID-19 impact, led by programming returning to normalcy and high-impact content driving ad-yields up during festive season. Viewership remained strong despite sports (IPL) and peer non-fiction shows competing for eyeballs. Sustained focus on high-quality reportage sans hyperbole continues to bolster the News business, even amidst the absence of BARC ratings during the quarter.
Subscription revenue were up 2% YoY as lockdown impact on some consumer segments were seen tapering. Domestic subscription revenue remained strong, offset stress in international while improved distribution tie-ups for TV and Digital continue to drive subscription growth.
Adil Zainulbhai, the chairman of TV18 Broadcast, stated: "The group has fully recovered from the effects of the pandemic, even as safety measures and innovative solutions to logistical challenges continue to be deployed. We have treated this period as an opportunity to rethink our businesses, and are emerging stronger and ready for the post-COVID world. The resumption of original programming has driven TV consumption and monetization back to normalcy, even as Digital adoption grows in tandem. The benefits of cost controls effected over the past year are now visible, as both verticals are at much improved profitability levels. In this new year that is bringing in new hope, our constant endeavor will be to create value and deliver on our promise of class-leading content."
Shares of TV18 Broadcast rose 0.63% to Rs 31.85. TV18 Broadcast, a subsidiary of Network18, manages its primary business of broadcasting. TV18 runs the largest news network in India, spanning business news, general news and regional news channels.
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