NDTV’s digital arm Convergence reported its highest quarterly revenue up till now – over Rs 40 crore for the quarter ended 31 December 2018. Last quarter, the company had said that Convergence grew by 45% year-on-year. For the quarter ended June 30, 2018, Convergence saw 200 million unique visitors, although it did not disclose unique visitors in this quarter or in the preceding quarter.
NDTV’s newly launched mobile-only vertical video channel NDTV HOP crossed 1 crore views (10 million) in December. Launched in October with Bharti Airtel, the app features 20-minute live shows on Bollywood, news, fashion, entertainment, gadgets, astrology, careers, debunking fake news, yoga, online deals, among others.
In December, NDTV Convergence signed a 5-year deal with content marketing firm Taboola with a “minimum guarantee” of Rs 300 crores for the former. A previous 3-year deal signed in September 2015 gave Taboola exclusivity over content marketing on NDTV properties.
Revenue from the company’s e-commerce/retail business reduced by 51.6% year-on-year to Rs 2.2 crore, from Rs 4.55 crore in Q3FY18. It is worth noting that losses stood at Rs 2.09 crore, which is a 78% year-on-year fall from Rs 9.5 crore in Q3FY18, and a 61.2% fall from Rs 5.4 crore in the preceding quarter.
NDTV Ltd and NDTV Convergence Ltd transferred their entire equity stake in Special Occasions Ltd (SOL) to Wedding Junction Pvt Ltd; SOL ceased to be a subsidiary of the company from November 14, 2018.
NDTV reported consolidated operational revenues of Rs 102.5 crore for the quarter ended December 31, 2018, which is a 8.1% fall year-on-year from revenues of Rs 111.6 crore in Q3FY18, and increase of 9.1% over the preceding quarter from Rs 93.4 crore.
- The company’s Profit after Tax (PAT) improved significantly from losses of Rs 21.04 crore to profits of Rs 8.31 crore, reporting a 139% year-on-year reduction in losses.
- Expenses: The company cut expenses by 22.7% to Rs 95.2 crore this quarter from Rs 123.2 crore in Q3FY19.
NDTV Group CFO Ravi Asawa stepped down from his role on February 1 and Saurav Banerjee resigned as the co-CEO of the NDTV Group on January 12.
NDTV Ltd, the group’s broadcast business, reported a PAT of Rs 4.47 crore in this quarter, compared to loss of Rs 13.07 crore in the same quarter last year. For the nine months leading to 31 December 2018, the broadcast business reported Rs 5.5 crore in profit compared to losses of Rs 48 crore in nine months leading to 31 December 2017.
- Operating costs for the broadcast company were cut by Rs 28 crore year-on-year, and by Rs 11 crore since Q1FY19. The company recorded a turnover of Rs 63 crore for 9 months of FY18-19, the highest in 6 years.
- Employee benefit costs of the broadcast business fell by 45.5% year-on-year to Rs 15.1 crore, from Rs 27.7 crore in Q3FY18, and fell by 19% from Rs 18.6 crore in the preceding quarter.