Network18 Q2 operating profit at Rs 20cr vs Rs 39cr loss

The Network18 Group announced its results for the quarter ending September 30, 2013, today.

Key Highlights for Q2 2013-14
*Consolidated operating revenues for the quarter stood at Rs. 669.8 crores on a reported basis. The company turned in an operating profit (EBITDA) of Rs. 20.1 crores for the quarter. Also Read: (TV18 Q2 net at Rs 10 cr vs Rs 40 cr loss; EBITDA trebles)
*Reported revenues for the television (including IndiaCast) and motion pictures business stood at Rs. 483.2 crores for the quarter. At a consolidated level, advertising revenues grew 4 percent year on year. While the general news and niche genres witnessed continued softness, our advertising revenues from entertainment led by Colors grew strongly. Net Distribution Income continued to grow steadily to Rs. 39.1 crores this quarter. Reported operating profit (EBITDA) for the quarter stood at Rs. 39.6 crores, up 178 percent over previous year. The company turned in a profit after tax of Rs. 10.1 crores for the quarter.
*Our Digital Content and eCommerce Business grew to Rs. 124.8 crores and our operating losses from the segment reduced sharply.
Announcing the results, Raghav Bahl, Managing Director, Network18 said, "Even though the macroeconomic environment continued to be uncertain, the media and entertainment industry is well poised to deliver robust growth. During the current quarter, our television operations turned in strong operating profits. We demonstrated the significant value built in our digital commerce operations which have also cut their losses substantially. It is heartening to see the return of Network18 to operational profitability. We are confident of maintaining our trajectory of profitable growth to create value for our stakeholders."
Commenting on the results for the quarter, B. Saikumar, Group CEO, said, "During the current quarter, we embarked on an operational restructuring programme to realise synergies across the group which will be instrumental in creating sustained value. We turned in robust operating profits for our broadcasting business and our e-commerce businesses continued their stellar growth. Our entertainment business turned in an excellent quarter and IndiaCast continued on its growth trajectory. The advertising environment continues to be lackadaisical especially for news and other niche genres but we remain confident of delivering a strong year ahead." For full report click here: (Moneycontrol.com is part of the Network18 Group)

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