TV18 Broadcast rose 1.37% to Rs 33.25 at 14:41 IST on BSE after consolidated net profit jumped 107.51% to Rs 35.90 crore on 16.50% increase in total income to Rs 572.25 crore in Q4 March 2014 over Q4 March 2013.
The result was announced during trading hours today, 27 May 2014.
Meanwhile, the BSE Sensex was down 200.18 points, or 0.81%, to 24,516.70.
On BSE, so far 27.87 lakh shares were traded in the counter, compared with an average volume of 23.89 lakh shares in the past two weeks.
The stock hit a high of Rs 34.50 and a low of Rs 31.40 so far during the day. The stock hit a 52-week high of Rs 35.80 on 26 May 2014. The stock hit a 52-week low of Rs 15.80 on 28 August 2013.
TV18 Broadcast reported a net profit of Rs 103.63 crore in the year ended March 2014 compared with net loss of Rs 25.44 crore in the year ended March 2013. Total income rose 14.78% to Rs 2000.54 crore in the year ended March 2014 over the year ended March 2013.
Reported results are inclusive of the financial consolidation of ETV News (100%) and ETV Entertainment (50%) from 22 January 2014 till 31 March 2014. On 22 January 2014, post receipt of required regulatory approvals, TV18 completed the acquisition of the ETV channels - 100% of ETV News, 50% of ETV Entertainment and 24.5% of ETV Telugu. In accordance with the accounting policies, ETV News and ETV Entertainment have been consolidated at 100% on a line by line basis, the company said in a statement.
Announcing the results, Raghav Bahl, Managing Director, Network18 said, "We are enthused by the outstanding performance of TV18 for this financial year. All our businesses contributed positively to achieve our highest ever post-tax profits of Rs. 103.6 crores, despite the continued uncertainty in the macro-economic environment. We are confident of sustaining our growth trajectory, as we continue to extract value from our existing operations as well as profitably grow our newer initiatives."
Commenting on the results for the quarter, B. Saikumar, Group CEO, Network18 said, "We are extremely pleased that all our broadcast operations continued to deliver their margins despite softness in the advertising environment. IndiaCast has delivered a stellar swing in net distribution income. While our Business news operations remained stable, our General news operations, led by CNN IBN, have turned around this year, due to a strong focus on operational synergies, further aided by the elections. Infotainment operations at A+E Networks I TV18 broke into positive territory. Our broadcast entertainment business at Viacom18, led by Colors, profitably grew operations along with the successful launch of Rishtey and MTV Indies. We are focused on delivering a strong performance in the coming year, as we look forward to an improving media landscape."
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