Network18 Group subsidiary TV18 Broadcast today reported a net profit of Rs 20.9 crore for the quarter ended March 31 as against a net loss of Rs 8.26 crore in the same period a year ago.
Reported revenues for the television and motion pictures business (including IndiaCast) stood at Rs 474.7 crore for the quarter. For 2012-13, revenue stood at Rs 1,699.1 crore.
It also swung into profit at operating level during the year against an operating loss of Rs 61.8 crore for the previous year, marking a Rs 174 crore swing year-on-year.
TV18 Broadcast today reported a net profit of Rs 20.9 crore for the quarter ended March 31 as against a net loss of Rs 8.26 crore in the same period a year ago.
Operating profit was Rs 112.1 crore as against an operating loss of Rs 61.8 crores in the previous year. Total income from operations, though, fell to Rs 147.05 crore against Rs 192 crore in the year-ago period.
After having completed its rights issue last year, the company's net debt stood at Rs 197 crore by the end of the March quarter.
"We are delighted to inform our investors and stakeholders that we have successfully deleveraged our balance sheet and have delivered strong operating performance. TV18‟s Net Debt now stands at less than one-fifth of the peak levels and our interest payments have come down sharply. We are confident that we are now entering a sustained value creation phase in our journey as we continue to strengthen our existing operations and consolidate our regional acquisition," said Raghav Bahl, Managing Director, Network18.
The general news operations broke into positive territory for FY13, reporting an operating profit of Rs 3.2 crore for the year as compared to a loss of Rs. 4.3 crore the year before.
Meanwhile, consolidated revenues during the fourth stood at Rs 679.5 crore for parent Network18, while profit after tax stood at Rs 0.5 crore for the quarter. Consolidated revenues for 2012-13 grew 25 percent to Rs 2,400.8 crore. Operating losses were down at Rs 39 crores from Rs 296 crores.
During the year, Netowork18 sold its entire stake in group companies Newswire18, Yellow Pages and Askme and diluted a majority stake in Bookmyshow. These transactions are in line with the company's long-term objective of divesting stake in non-core assets.The above transactions added Rs 180 crore to the company's profits for the year and resulted in cash accumulation of Rs 235 crore.
Network18′s digital content and eCommerce business grew to Rs 400.9 crore, registering a growth of 193%, over the previous year (adjusted for the sale of Newswire18). The segment reported revenues of Rs 110.4 crore for the quarter, a growth of 200 per cent over last year.
Commenting on the results for the quarter, B. Saikumar, Group CEO, said, "We are extremely pleased that our digital and broadcast operations have turned in a sustained and healthy operating performance despite softness in the advertising environment."
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