Shares of TV18 Broadcast jumped 10 percent on July 19 after the company reported a bumper performance for the quarter ended June.
The company reported a 151 percent jump in consolidated operating revenue at Rs 3,176 crore for the June quarter, largely driven by the streaming of the Indian Premier League (IPL) on JioCinema.
Net Profit was up 52 percent to Rs 91.20 crore, while EBITDA (Earnings Before Interest Tax Depreciation and Amortisation) loss shrank to Rs 54.40 crore in the June quarter from Rs 60.02 crore a year ago.
However, TV18 said the advertising environment continued to be soft despite an improvement in some pockets.
At 11:22am, shares of the company were trading 8.5 percent higher at Rs 42.62 on the BSE.
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“We have made some key leadership hirings recently which will help the Group push through to the next phase of growth,” Adil Zainulbhai, Chairman of TV18, said.
TV18 owns and operates the broadest network of 60 channels in India, spanning news, entertainment, and sports genres. One in every two Indians is a consumer of our broadcast content. Digital platforms like JioCinema and CNBCTV18.com are also a part of the TV18 portfolio. It also caters to the Indian diaspora globally through 21 channels in international markets.
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