TV18 on Tuesday reported a 12.8 percent growth in operating revenue to Rs. 1,768 crore in the third quarter of FY23 as against Rs 1,567 crore recorded in December 2021.
The company's EBITDA declined 94.8 percent and stood at Rs 18.6 crore for the current quarter compared to Rs 354.8 crore a year ago and EBITDA Margin fell from 22.7 percent to 1.1 percent on-year.
Investments in new initiatives, digital entertainment and sports had a negative Rs 140-crore contribution to EBITDA.
Quarterly net profit at Rs 41.64 crore in December 2022, down 79.22 percent from Rs 200.34 crore a year back.
The company said continued softness in macroeconomic environment led to soft advertisement demand which impeded growth and profitability. They also mentioned that they saw strong audience traction across verticals.
The total ad inventory on TV declined 10 percent on-year with the news category seeing a drop of 27 percent. Advertisement revenue for both news and entertainment segments saw a decline on an yearly basis.
News revenue fell 6 percent to Rs 327 crore as against Rs 347 crore a year ago, while entertainment revenue grew 18 percent on-year to reach Rs 1,441 crore, compared to Rs 1,220 crore as of December 2021. Its subscription revenue saw a growth of 6 percent to reach Rs 490 crore.
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