Led by strong performances in broadcasting and digital businesses, Network18 Media and Investments posted a consolidated net profit of Rs 6.84 crore for October-December 2012 period, after many quarters of loss.
Its arm, TV18 Broadcast, also turned profitable with a consolidated net profit of Rs 21.3 crore for the reported quarter.
“Both our companies — Network18 and TV18 — returned to profitability this quarter. Our recast balance sheets helped rationalise our interest payouts and our television and digital assets turned in strong operational performances,” Network18 Managing Director Raghav Bahl said in a statement.
Network18 had registered a net loss of Rs 85.80 crore, while TV18 had a net loss of Rs 53.5 crore in October- December 2011.
The entities had a net loss of Rs 22.57 crore (Network18) and Rs 40.6 crore (TV18) in the previous sequential quarter (July-September 2012) as well.
Network18’s consolidated revenues for the third quarter of 2012—13 stood at Rs 697.4 crore, up about 52 per cent from 510.08 crore in the same period last year.
Of this, television and motion pictures business accounted for Rs 542 crore, while digital content & eCommerce and allied businesses contributed Rs 119.6 crore and Rs 80.7 crore, respectively.
“All our broadcast and digital content operations grew their margins despite softness in the advertising environment.
Our e-commerce businesses have turned in another stellar quarter... IndiaCast has hit a positive trajectory.
“The News Network will further consolidate leadership position with the addition of ETV News,” Group CEO B Saikumar said.
TV18’s consolidated revenues grew 72.6 per cent to Rs 512.04 crore in the reported quarter from Rs 296.6 crore in the same period last year.
Of the total TV18 revenues, broadcasting segment accounted for Rs 393.5 crore, while that from advertising and subscription stood at Rs 312.3 crore and Rs 29.3 crore, respectively.
Revenues from Motion Pictures and TIFC stood at Rs 51.9 crore and distribution revenues (IndiaCast) were Rs 144.3 crore.
TV18 Broadcast’s consolidated revenues include financials of TV18, AETN18, IndiaCast and 50 per cent share of Viacom18 and IBN Lokmat.
IndiaCast, a 50:50 joint venture of TV18 and Viacom18, handles distribution operations of both the entities.