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TV18 Broadcast surges after strong Q3 results

Capital Market/ 15:00 , Feb 10, 2014

TV18 Broadcast rose 3.42% to Rs 22.70 at 14:58 IST on BSE after consolidated net profit surged 142.72% to Rs 51.70 crore on 2.55% growth in operating revenue to Rs 525.50 crore in Q3 December 2013 over Q3 December 2012.

The Q3 result was announced during trading hours today, 10 February 2014.

Meanwhile, the S&P BSE Sensex was unchanged at 20,375.91.

On BSE, so far 20.67 lakh shares were traded in the counter as against average daily volume of 9.20 lakh shares in the past one quarter.

The stock hit a high of Rs 23 and a low of Rs 21.65 so far during the day. The stock had hit a 52-week high of Rs 34.50 on 7 February 2013. The stock had hit a 52-week low of Rs 15.80 on 28 August 2013.

The stock had underperformed the market over the past one month till 7 February 2014, sliding 9.86% compared with the Sensex's 1.53% fall. The scrip had also underperformed the market in past one quarter, declining 4.36% as against Sensex's 2.14% fall.

The mid-cap company has equity capital of Rs 342.33 crore. Face value per share is Re 2.

TV18 Broadcast's consolidated EBITDA (earnings before interest, taxation, depreciation and amortization) surged 61% to Rs 77.50 crore in Q3 December 2013 over Q3 December 2012 with both the Entertainment and News businesses turning in strong quarters. The EBITDA during the quarter was its highest ever in any quarter, the company said.

TV18 Broadcast's consolidated advertising revenues grew 3% year on year. While the News and Infotainment advertising environment continues to be sluggish, Entertainment led by Colors and MTV delivered strong double digit advertising growth. Net distribution Income (NDI) continued its steady growth at Rs 43.6 crore, a growth of 145% YoY, the company said in a statement.

TV18's Broadcast operations turned in a very strong quarter with an operating profit of Rs 91.10 crore, up 110% on a year over year basis.

Commenting on the results, Raghav Bahl, Managing Director, Network18 said, We are greatly enthused by the strong performance of TV18 despite the continued uncertainty in the macro-economic landscape. While environmental risks may continue in the medium term, we are confident of maintaining our growth trajectory. During the quarter, our pre-tax profits almost tripled due to the robust operating performance of our broadcast operations and a significantly deleveraged balance sheet. We are now in the sustained value creation phase of our journey even as we look to further strengthen our existing operations and consolidate our regional acquisition.

Commenting on the results for the quarter, B. Saikumar, Group CEO, Network18 said, It has been a stellar quarter for our broadcast operations, which grew their margins substantially in a challenging environment. Our News business realised value from operating efficiencies. Our Entertainment operations at Viacom18, led by Colors delivered a healthy performance even as Motion Pictures saw losses in this quarter. Infotainment operations at A+E Networks I TV18 broke into positive territory and IndiaCast continued on its robust growth trajectory. We look forward to building on network synergies with the launches of Rishtey India, MTV Indies and CNBC Bajar, while sustaining our trajectory of profitable growth in the year ahead.

TV18 Broadcast telecasts and produces news and current affairs programmes. It operates 24 hours Hindi and English language news, current affairs channels, business channels and internet portals.


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