TV18 Broadcast rose 2.28% to Rs 22.40 after the company announced its Q2 September 2019 results during market hours today, 15 October 2019.
On a consolidated basis, TV18 Broadcast's net profit rose 41.4% to Rs 23.60 crore on a 5.94% decline in revenue from operations to Rs 1127.13 crore in Q2 September 2019 over Q2 September 2018.
Consolidated operating EBITDA fell 3% to Rs 105 crore in Q2 September 2019 over Q2 September 2018.
The company's subscription revenue rose 43% in Q2 September 2019 over Q2 September 2018, as advertising environment remained soft. Cost optimizations boosted entertainment EBITDA margins to 11.4% in September 2019 as against 9.9% in September 2018.
Adil Zainulbhai, chairman of TV18, said: "The advertising environment continues to remain challenging; however, positivity in subscription income and cost optimizations through tie-ups and tech deployments have filled-in the gap. Breadth of offerings remains our calling card, and the group continues to invest along the 2 identified axes of growth, regional and digital."
Meanwhile, the S&P BSE Sensex was up 213 points or 0.56% to 38427.36.
On the BSE, 94,843 shares were traded in the counter so far compared with average daily volumes of 70,716 shares in the past two weeks. The stock hit a high of Rs 23.25 and a low of Rs 21.9 so far during the day.
The stock hit a 52-week high of Rs 40.85 on 16 Oct 2018. The stock hit a 52-week low of Rs 18.05 on 23 Aug 2019.
TV18 owns and operates the broadest network of channels - 56 in India spanning news and entertainment.
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