T.V. Today Network Ltd Management Discussions

153 Comscore Social I India I YouTube I Subscribers YouTube - March 2025 I Channel Views - FY 2025 I Custom List of Non TV and Non Print Digital News Channels

• The Lallantop also resonated with long-form CTV audiences, logging 1.1 billion minutes watched on YouTube¹⁵⁴

154 Comscore I India I CTV - Device Level I News/Information I Among Non TV Non Print YouTube Channels CTV Total Minutes Video Type - Content

Total of Apr24 to Mar25

Living Media India Limited is the holding Company of T.V. Today Network Limited, which is primarily engaged in the publication of magazines.

V ¹⁵⁵ Comscore Social India Actions (CP) Influencers - Journalists Among Existing TV News Influencers - Journalists Total Actions: Facebook, Instagram, & X FY 2025

FINANCIAL OVERVIEW

DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

This section presents a brief yet comprehensive analysis of the Companys financial position and operational performance for FY 2024-25.

a A. ANALYSIS OF FINANCIAL POSITION

1. Equity share capital

• Authorised Share Capital: 134 Crores

• Equity: 129 Crores

• Preference: 5 Crores

• Issued Share Capital: 29.83 Crores

• 5,96,68,615 equity shares of 5 each

• Status: No change in capital structure during the year.

2. Other Equity

• Securities Premium: 54.04 Crores (unchanged)

• Capital Reserve: (34.01 Crores) (unchanged)

• General Reserve: 79.32 Crores (unchanged)

• Retained Earnings: 762.36 Crores (t from 738.24 Crores)

• Increase driven by annual profit and OCI, net of FY23-24 final dividend.

3. Property, Plant & Equipment (PPE)

• Additions (Gross Block): 15.94 Crores

• Includes: Plant & Machinery 5.59 Crores, Computers 4.44 Crores, Vehicles 3.04 Crores, Others 2.87 Crores

• Deletions (Net Block): 0.12 Crore

• Previous Year: 0.21 Crore

• Transfer to assets-held-for sale: 2.44 Crores (on account of proposed radio business sale)

• Capital Commitments: 3.58 Crores (vs 3.44 Crores in FY23-24)

• Capital Work-in-Progress: 0.46 Crore (<1 year ageing)

4. Investment Properties

• Net Block (Mar 31,2025): 2.26 Crores (4 from 2.31 Crores due to depreciation)

5. Intangible Assets

• Carrying Value (Mar 31,2025): 4.87 Crores (vs 24.85 Crores in FY24)

• Additions (Software): 2.83 Crores

• Transferred to Assets Held for Sale: 17.18 Crores

• Assets under Development: 0.01 Crore (<1 year ageing)

6. Right-of-Use (ROU) Assets & Lease Liabilities

• ROU Assets: 16.18 Crores (4 from 27.69 Crores)

• Lease Liabilities: 20.65 Crores (4 from 33.95 Crores)

• As per Ind AS 116 (Leases)

7. Financial Assets

a. Investments

• Increased Stake in Vibgyor Broadcasting Pvt. Ltd.: 9.45 Crores

• Impairment in Mail Today Newspapers Pvt. Ltd.: 0.27 Crore

• All subsidiary investments held at cost under Ind AS 27.

b. Trade Receivables

• As of Mar 31,2025: 216.98 Crores (of which 117.44 Crores not yet due)

• Previous Year: 276.48 Crores (131.02 Crores not yet due)

• Provisioning Method: Simplified approach under Ind AS 109 using a provision matrix and historical credit loss experience.

c. Cash and cash equivalents, Other bank balances and Bank Deposits

The Company has a restricted balance of 10.09 Crores and 10.03 Crores as of March 31,2025 and March 31, 2024, respectively. Restrictions are on account of bank deposits held as lien by the banks, unpaid dividend accounts and Unspent corporate social responsibility accounts. Other balances do not have any restriction of use. Lien on bank deposits are for the issue of bank guarantees which were issued through a non-fund-based credit limit as of March 31, 2025.

d. Loans

The company has outstanding loans given to employees of 0.06 Crore and 0.17 Crore as of March 31, 2025, and March 31, 2024, respectively. Out of the total loans of 0.06 Crore, 0.04 Crore is recoverable in 12 months.

e. Other financial assets excluding Bank deposits

The details of other financial assets are as follows:

Security deposits are given to the vendors in the normal course of business except 0.35 Crore deposited under protest.

8. Other assets

The increase in other assets is majorly due to an increase in prepaid expenses and advances which are in the normal course of business.

9. Deferred tax assets

The Company has net deferred tax assets of 20.58 Crores and 19.94 Crores as of March 31,2025, and March 31,2024, respectively on account of temporary differences. Temporary differences majorly relate to allowances for doubtful debts and advances, expenses disallowed under section 40(a) of the Income Tax Act, 1961 and differential depreciation on property, plant

and equipment as per the Income Tax Act, 1961 and the Companies Act, 2013.

10. Income tax assets

The company has net current tax assets of 48.39 Crores and 56.11 Crores as of March 31,2025 and March 31,2024, respectively.

11. Trade payables

The Company has trade payables amounting to 100.57 Crores and 99.82 Crores as of March 31, 2025 and March 31,2024, respectively.

12. Other financial liabilities

The details of other financial liabilities are as follows:

Employee benefits payable majorly includes managerial remuneration, accrued salaries and incentives to employees as a part of their annual compensation. The increase in employee benefit payable is majorly on account of the increase in managerial remuneration.

13. Provisions

The Company has provision for gratuity and compensated absences of 2.97 Crores and 14.18 Crores respectively as of March 31, 2025. Gratuity and compensated absences were 0.72 Crore and 13.08 Crores respectively as of March 31, 2024. The provision for employee benefits is based on the actuarial valuation of leave and gratuity benefits.

14. Other liabilities

*Advance is received against the sale of Radio business operations. Refer note no. 25 of the notes forming part of the Standalone financial statements for more details.

Other balances mentioned above are in the regular course of business.

a B. ANALYSIS OF FINANCIAL PERFORMANCE

The function-wise classification of the Standalone Statement of Profit and Loss is as follows:

* ANALYSIS OF CONTINUING OPERATIONS

1. Revenue from operations

Revenue from FY 2024-25 and FY 2023-24 are as follows:

The increase in income from advertisement and other related operations is largely attributed to general elections. Other revenue mentioned above increased due to an increase in miscellaneous revenues.

2. Expenses

Revenue from FY 2024-25 and FY 2023-24 are as follows:

On a standalone basis, expenses were 89.92% of revenues, compared to 89.63% during the previous year.

Production costs got increased by 41.07% in the financial year 2024-25 compared to the financial year 202324. This is largely on account of general election during the year.

Employee benefits expenses increased by 5.43% year-on-year basis. This increase is majorly contributed by cyclical increments in compensation.

Other expenses decreased by 2.19% in the Financial Year 2024-25 compared to the Financial Year 2023-24. This is largely on account of decrease in Advertising, distribution and sales promotion expenses.

3. EBITDA

The Earnings before Interest, Tax, Depreciation and Amortisation during the year was 100.07 Crores, representing 10.08% of revenues, compared to 97.06 Crores, representing 10.37% of revenues in the previous year. Such an

increase at the EBITDA level is due to increase in revenue partially set off by an increase in production cost and employee benefits expenses. EBITDA, as mentioned above, doesnt include other income.

4. Other income, finance cost and depreciation and amortisation expenses

Our other income and finance costs for FY 2024-25 and FY 2023-24 are as follows:

Other income for financial year 2024-25 primarily includes Interest income from Financial Assets of 38.94 Crores and interest on tax refund of 3.07 Crores. The increase in other income is due to increase in average bank deposits and increase in income tax refund.

Finance costs of the Company largely include interest on lease liabilities on account of Ind-AS 116 "Leases” and bank charges etc.

Depreciation and amortisation expenses have decreased i.e. by 9.06%, year-on-year basis, as the digital rights were fully amortised in the previous year.

5. Provision for tax

We have provided for our tax liability. The applicable Indian corporate statutory tax rate for both the years ended March 31,2025, and March 31,2024, is 25.168%.

6. Net profit after Tax

The Companys net profit increased by 11.72 Crores to 82.72 Crores for the year ended March 31,2025, from 71.00 Crores in the previous year.

7. Other comprehensive income

Other comprehensive income comprises re-measurement gains on defined benefit plans, net of taxes.

a ANALYSIS OF DISCONTINUING OPERATIONS

At its meeting held on January 9, 2025, the Board of Directors approved the closure of the Companys 104.8 FM Radio Broadcasting operations, which include three FM stations located in Mumbai, Delhi, and Kolkata ("Radio Business”), subject to all applicable regulatory approvals and compliance requirements.

Following this, the Company received a Letter of Intent from M/s Creative Channel Advertising and Marketing Private Limited ("Creative Channel”) expressing interest in acquiring the Radio Business.

On February 25, 2025, a Memorandum of Understanding (MoU) was executed with Creative Channel for the proposed sale of the Radio Business on a going concern basis for a total consideration of 20 Crores. The

transaction may be executed either directly by the Company or via a wholly owned subsidiary, namely Vibgyor Broadcasting Private Limited, or any other such entity, contingent upon the fulfilment of agreed terms and receipt of regulatory approvals from the Ministry of Information and Broadcasting (MIB), Government of India.

Subsequent to the financial year-end, the Company has submitted an application to the MIB for the transfer of the Radio Business to Vibgyor Broadcasting Private Limited.

Management has concluded that the sale of the Radio Business is "highly probable”, as the required approvals are largely administrative. Accordingly, in compliance with Ind AS 105 - Non-current Assets Held for Sale and Discontinued Operations, the Radio Business has been classified as “Discontinued Operations” in the Statement of Profit and Loss.

Further:

• Tangible and Intangible Assets related to the Radio Business have been presented under “Assets Held for Sale” in the Balance Sheet.

• Liabilities and other non-transferrable assets associated with the Radio Business continue to be recognised by the Company and are not part of the proposed sale.

For further details, refer to Note No. 25 of the Standalone Financial Statements.

KEY FINANCIAL RATIOS

The Company has identified the following ratios as key financial ratios:

Ratios where there has been a significant change from FY 2023-24 to FY 2024-25.

Debt Equity Ratio

The decrease is largely on account of the decrease in lease liabilities.

Interest Coverage Ratio

The increase is largely on account of the increase in profit for the year.

Inventory Turnover

There is no inventory balance as of March 31,2025, March 31,2024 and March 31,2023. Further, there is no cost of material consumed during the financial year 2024-25 and 2023-24. Hence, the inventory turnover ratio is not applicable.

Net Profit Margin

Net profit margin has increased due to increase in profit after tax.

Basic EPS

Basic EPS has increased due to increase in profit after tax, being equity share capital remained the same.

MATERIAL DEVELOPMENTS IN HUMAN RESOURCES/ INDUSTRIAL RELATIONS

Human Capital Overview

As of March 31,2025, the Company employed a total of 2,373 permanent personnel, including 2,189 fulltime employees and 184 consultants. Recognising the strategic importance of human resources in the media industry, we have continued to invest in initiatives that streamline processes across talent acquisition, performance evaluation, merit recognition, and productivity enhancement.

We place strong emphasis on Diversity, Equity, and Inclusion (DEI), as diverse backgrounds bring a wealth of perspectives that foster innovation and creative problem-solving. This is reflected in our healthy gender diversity ratio of 25% across the organisation.

Employee Welfare and Well-Being Initiatives

The Company is deeply committed to fostering a workplace culture that prioritises employee wellbeing, engagement, and holistic development. A wide array of welfare initiatives are in place to support the physical, mental, and emotional health of our workforce.

Comprehensive Health Coverage

• Group medical insurance for employees and their families

• Personal accident insurance coverage

• Onsite medical facility at the Corporate Office, staffed with qualified doctors and nurses

• Partnerships with leading hospitals for emergency support and preventive health screenings

• Mandatory pre-employment medical fitness checks for all new hires

• Annual executive health check-ups for employees aged 50 and above

Physical and Mental Well-being Programs

• Expert-led workshops on yoga, emotional intelligence, and social skills

• Access to fitness facilities, including gym sessions, physiotherapy, desk workouts, and trampoline- based exercises

• Regular blood donation drives and multi-specialty health camps offering ECG, blood pressure, liver and bone density screening, and consultations with doctors and nutritionists

Mental Health Support

• Strategic partnership with YourDost to provide professional counselling and emotional wellness services

• Awareness sessions to reduce stigma and promote mental well-being

Employee-Centric Facilities

• Creche facility to support working parents

• Recreational and team-building initiatives such as sports tournaments and inter-departmental competitions

• Structured training and development programs focused on upskilling, leadership growth, and long- service recognition

These integrated efforts reflect the Companys unwavering focus on building a healthy, inclusive, and motivated workforce, aligned with our core values of care, empowerment, and excellence.

Commitment to People Excellence

As a responsible and forward-looking employer, the Company places strong emphasis on the pivotal role that people managers play in shaping and sustaining its culture and ethos. Recognising this, we have continued to invest in their development through targeted learning initiatives focused on:

• Effective performance management

• Fostering inclusive behaviour

• Upholding a safe and respectful work environment

To further institutionalise this commitment, the Company has partnered with a reputed external

training agency to conduct regular capabilitybuilding programs. These sessions are designed to equip people managers with critical leadership and interpersonal skills necessary for steering high- performing, collaborative teams.

In parallel, we continue to strengthen core people policies that promote:

• Operational efficiency

• Continuous learning

• Diversity and inclusion

• Employee safety and well-being

Our overarching people strategy is anchored in the belief that employees are our greatest asset. We strive to create a work environment where individuals can thrive personally and professionally, enabling them to contribute meaningfully to the Companys growth journey.