TV18 Broadcast Ltd on Tuesday reported a 40 percent increase in consolidated net profit at Rs 28 crore in the third quarter ended December 31, 2020. The company, which owns and operates a network of 56 channels in India spanning news and entertainment, had posted a consolidated net profit of Rs 20 crore in the year-ago quarter, TV18 Broadcast Ltd said in a regulatory filing.

Consolidated revenue from operations during the quarter under review stood at Rs 306 crore as against Rs 288 crore in the same period last fiscal, it added.

The broadcaster said its advertisement revenue inched up year-on-year and the recovery has been sharp and broad-based. Entertainment segment has fully recovered from COVID-19 impact, led by programming returning to normalcy and high-impact content driving ad-yields up during the festive season.

"Viewership remained strong despite sports (IPL) and peer non-fiction shows competing for eyeballs," it added. Subscription revenue during the quarter was up 2 percent with lockdown impact on some consumer segments tapering.

Commenting on the performance, TV18 Chairman Adil Zainulbhai said the group has fully recovered from the effects of the pandemic, even as safety measures and innovative solutions to logistical challenges continue to be deployed.

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"We have treated this period as an opportunity to rethink our businesses, and are emerging stronger and ready for the post-COVID world. The resumption of original programming has driven TV consumption and monetisation back to normalcy, even as digital adoption grows in tandem," Zainulbhai added.

TV18's channels span across news and entertainment, including CNNNEWS18, CNBCTV18, Colors and Rishtey Cineplex, among others.

First Published:Jan 20, 2021 9:20 AM IST