New Delhi: Media firm TV18 Broadcast Ltd on Tuesday reported a 63.05 per cent decline in its consolidated net profit at Rs 60.02 crore for the first quarter ended June 30, 2022. The company had posted a net profit of Rs 162.44 crore for April. -June period of the previous fiscal, TV18 Broadcast said in a regulatory filing.
Its consolidated revenue from operations grew 9.53 per cent to Rs 1,265.05 crore during the quarter under review, from Rs 1,154.98 crore in the same quarter a year ago. TV18 Broadcast’s total expenditure in April-June 2022-23 was Rs 1,244.37 crore, up 23.68 per cent as compared to Rs 1,006.07 crore in the year-ago quarter.
TV18 Broadcast said in a statement that its entertainment business revenue grew 13 per cent despite the discontinuation of free-to-air Hindi GEC from DD Freedish, while TV news revenue was flat despite several state elections in the base quarter . During the quarter, after announcing a deal with Bodhi Tree and Reliance, its joint venture Viacom18 acquired exclusive digital streaming rights for the Indian subcontinent for the next five seasons (2023–2027) of the Indian Premier League for Rs 23,757.5 crore. have done it. ,
Adil Jainulbhai, Chairman, TV18 Broadcast said, “The overall macroeconomic environment has been challenging for the industry, but the key development for us this quarter was the acquisition of exclusive digital rights to IPL. “With the strong tailwind on the digital consumption side, this gives us a perfect opportunity to grow our OTT offering. With the partnership with Bodhi Tree and Reliance, this will enable our entertainment and sports business to grow manifold to what it is today. The gradual increase in the share of our news networks is a testament to the success of the strategic changes we are making based on consumer insights,” he said.
TV18 Broadcast, a subsidiary of the Network 18 Group, owns and operates a number of news and current affairs channels, including CNN News18 and a host of general entertainment channels including MTV, VH1, Nickelodeon and Colors. Shares of TV18 Broadcast Ltd closed at Rs 38.50, down 2.41 per cent on the BSE on Tuesday.
Network18 and TV18 – the companies that operate news18.com – are controlled by the Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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