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.
Commenting on the results for the quarter, B. Saikumar, Group CEO, said, "The core Television and Digital businesses got off to a stable start in the new fiscal year. Our entertainment broadcasting business showed strength and the ecommerce businesses grew strongly."
Announcing the results, Raghav Bahl, Managing Director, Network18 said, "The macroeconomic environment continues to be challenging and growth prospects remain uncertain. Given this backdrop, our broadcasting operations turned in a steady performance aided by the roll out of digitization in 42 cities."
Commenting on the results for the quarter, B Saikumar, Group CEO, said, "We continue to turn in steady operating profits from our television businesses. Motion pictures have seen losses this quarter and the management is confident of stemming them in the immediate term."
"We have successfully deleveraged our balance sheet and have delivered strong operating performance," said Raghav Bahl, Managing Director, Network18, in the earnings release.
The environment for advertising revenues remains challenging, but there has been a dramatic improvement in TV18 Broadcast's net distribution income, says B Sai Kumar, Group CEO, Network 18 Media and Investments.
TV18 Broadcast turned corner during the quarter ended December, reporting a consolidated net profit of Rs. 21.3 crore, driven by strong growth in broadcasting and distribution revenues.
B Saikumar has been appointed Group Chief Executive Officer (Group CEO) of Network18 Group, the half-a-billion-dollar revenue media conglomerate spanning News & Entertainment Broadcasting, Web Portals, Publications, Filmed Entertainment and E-commerce Operations.