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TV Today broadcast biz revenues down 4% YoY to Rs 124.65 cr

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The revenues from its TV broadcasting business for TV Today Network decreased 4% to Rs 124.65 crore for the quarter ended June 30 from Rs 129.84 crore in the same quarter last year. However, on a sequential basis, TV broadcasting revenues grew 8.83% from Rs 114.54 crore. The segment reported a profit of Rs 27.98 crore, down 45.60% from Rs 51.43 crore from the quarter last year.

TV Today currently operates three Hindi general news channels including Aaj Tak, Dilli Aaj Tak and Tez in Hindi and English general news channel Headlines Today. The TV broadcasting business accounted for 98.06% of TV Today’s total revenues for the quarter.

TV Today’s FM radio broadcasting business reported a decrease of 26.70% to Rs 2.47 crore from Rs 3.37 crore from the same period last year. The radio business also declined sequentially by 36.72% from Rs 3.9 crore. The segment posted a loss of Rs 2.62 crore compared to the loss of 2.56 crore in the same quarter last year.

TV Today Network currently operates Oye! FM radio station in Delhi, Mumbai, Kolkata, Jodhpur, Amritsar and Patiala.

Note that TV Today is looking to sell seven stations of its Oye FM to Entertainment Network (India) Limited (ENIL), as the company had informed in February. Subsequently, the company approached the High Court with an urgent writ petition to expedite the sale of its radio stations to Bennet, Coleman and Company Limited (BCCL) promoted ENIL in April, as its permissions from the ministry of information and broadcasting were getting delayed

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Other highlights:

– For the quarter ending March 31, 2015, TV Today has reported a net profit of Rs 17.96 crore, down 45% from Rs 32.79 crore in the same quarter last year. This is on total income of Rs 127.11 crore for the quarter, down 4.59% from Rs 133.22 crore income in the same quarter last year.

– Earlier in July, TV Today’s board approved raising the foreign investment limit in the company by foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) up to 26%. The company also raised the investment limit for non-resident Indians (NRIs) by up to 24% of the paid-up capital.

Download: Financials

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