Network18’s broadcasting subsidiary TV18 Broadcast has posted a net profit of Rs 72.29 crore for the quarter ended December 30, 2015 (Q3-FY16), compared to the net profit of Rs 20.26 crore from the preceding quarter. This represents a 256% increase. On a year-on-year basis, net profit increased 19.72% from Rs 60.38 crore profit in the same quarter last year.
The company reported total operational revenues of Rs 692.4 crore for the quarter, up 13.80% from Rs 608.5 crore in the previous quarter and up 14.03% from Rs 607.2 crore in the same quarter last year.
Media operations vs Film production
Revenues from the media operations business increased by 20.48% to Rs 681.85 crore from Rs 565.91 crore in the previous quarter. Revenues form the media operations business also increased 12.60% on a year-on-year basis from Rs 605.15 crore.
The revenues from TV18’s film production & distribution business declined 75.20% to 10.57 crore this quarter from Rs 42.62 crore in the preceding quarter. The business segment also saw a 11.84% decrease from Rs 11.99 crore in the same quarter last year.
It’s worth noting that TV18 had stopped disclosing financial information pertaining to its news business and entertainment business from Q2-FY15. There is also no information on how IndiaCast or its infotainment business (AETN-18 India) performed during the quarter.
In December, TV18 renewed its partnership with US-based broadcaster CNN International and has extended its collaboration on the former’s English news channel CNN-IBN. In the second term of the partnership, CNN-IBN will get access to CNN’s reporters and senior editors around the world to provide international perspective.
Earlier in June, TV 18 said that it would be ending its 10-year brand licensing deal with Turner Broadcasting Systems and the channel would lose the CNN prefix in January 2016. At the time, both the companies mentioned that it was not a breakup but instead a mutual agreement to not renew the brand licensing agreement.