NDTV Convergence, the eponymous group’s digital arm, recently announced that it has recorded its highest revenue and EBITDA in its history and its biggest profit of Rs 27.9 crore for the FY ending March 31. Overall, the NDTV Group also declared its best results over in a decade with a profit of Rs 70.9 crore for the same period.
NDTV Limited, the Group’s television company, recorded a profit of Rs 38 crores for the financial year ending March 31, 2021. This marked a turnaround of ₹ 25 crores over the last financial year.
In a release, the group also said that it has sold a majority stake in its online Gadgets business, as disclosed to the exchanges on March 26, 2021. The transaction contributed 8.27% of the Group’s revenue and 45.74% of its profit, and it cleared debt and liabilities worth ₹ 30 crores. The Group’s bank borrowings have been reduced in the last financial year by ₹ 50.5 crores. External liabilities have been cut by ₹ 73.3 crores.
Source: NDTV FY 2021 results
NDTV earned profit after tax of Rs 17.73 crore: NDTV’s profit after tax of Rs 17.73 crore is much lower than its current liabilities which is at Rs 134.34 crore. “The nature of the aforesaid matters may have material adverse impacts on future plans of the company.” However, the company said that it will be able to meet its contractual obligations and liabilities that fall due in the near future.
Auditor’s note regarding current financial condition: “..the Company’s current liabilities exceed its current assets by Rs. 13,434lakhs. This condition indicate that a material uncertainty exists that may cast significant doubt on the ability of the Company to continue as a going concern. The Management has stated that the Company has initiated certain strategic and operational measures to mitigate the uncertainty. Accordingly, they have prepared the Standalone Results included in the Statement on a going concern basis,” the auditors said in the audited results for the FY 2021.
Red Pixels Ventures Limited no longer a subsidiary: During the quarter, the company and its subsidiary NDTV Convergence Limited sold 48.44% in RPVL for Rs 30 crore. The sale of the stake resulted in profit after tax of Rs 18.51 crore for NDTV Limited and Rs 32.43 crore for the group.
- NDTV’s digital arm records 31% YoY revenue growth
- Earnings: NDTV posts profit of Rs 20.3 crore, digital arm marks ‘best quarter ever’