TV18 Broadcast lost 8.71% to Rs 35.65 after consolidated net profit slumped 91.9% to Rs 1.88 crore on 35.2% drop in net sales to Rs 775.93 crore in Q1 June 2020 over Q1 June 2019.
Consolidated profit before tax (PBT) tumbled 86.6% to Rs 3.70 crore in Q1 June 2020 as against Rs 27.59 crore in Q1 June 2019. Current tax expense for the quarter skid 58.8% at Rs 1.82 crore as against Rs 4.42 crore in Q1 June 2019. Operating EBITDA declined 43% to Rs 44 crore in Q1 June 2020 as compared to Rs 77 crore in Q1 June 2019. The result was announced during trading hours today, 22 July 2020.
The COVID-19 linked clampdown on spending by advertisers dragged ad-revenues sharply, especially on entertainment. However, TV subscription revenue remained resilient and digital subscriptions accelerated. The business strategy and operating methodology were re-engineered amidst a strategic review to address the current challenging environment. Th company highlighted that the cost base was comprehensively reset across verticals, as the organisation embraced tech-solutions and a leaner, nimbler approach. Operating EBITDA dipped on account of the revenue drag. However, aggressive and broad-based cost-controls across business verticals limited the fall.
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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