Corrigendum: MediaNama had incorrectly mentioned that the NDTVs profit is Rs 98.1 crore, instead of Rs 9.81 crore in the headline of this story. The typographical error is regretted. Thanks for pointing it out in the comments.
Earlier: The board of media company NDTV has approved changes at the top: Vikram Chandra has been made the Group CEO of NDTV, replacing KVL Narayan Rao, who has now been made Executive Vice Chairman. Chandra was previously the CEO of NDTV Networks PLC and NDTV Convergence, and turned around NDTV Convergence. Radhika Roy has resigned as the Managing Director of the company, and alongwith Dr. Prannoy Roy has become Executive Co-Chairman. We’ve written to NDTV requesting information on who takes over the management of NDTV Convergence, and will update in case we get a response.
NDTV Financials: Q2-FY11
– Operating Income was at Rs. 84.93 crore, significant 14.21% increase from Rs. 74.36 crore for the previous year. Sequentially, a comparison is perhaps not appropriate given that revenues from the media business are largely event driven, and last quarter, NDTV would have received a significant leg-up given the Cricket World Cup and the Union Budget.
– Profit: The company reported a profit of Rs 9.81 crore, compared to a loss of Rs. 24.12 crore for the same quarter last year.
– There is an additional ‘Other income’, which includes dividend income of Rs 19 crore from NDTVs subsidiary NDTV One Holdings Limited, as well as Rs 7.17 crore – due to a subsidiarycompany, no longer payable written back
– Employee costs were down 12.22% year on year to Rs 29.32 crore, but this was largely because last year, the company paid an additional Rs 5.94 crore as ‘Gratuity and Special Bonus’.
NDTV Convergence, as per NDTV’s annual report, reported its maiden profit for the year FY11. Details here.