Media firm TV18 Broadcast Ltd on Tuesday reported an over two-fold increase in consolidated net profit to Rs 115.55 crore for the September quarter. The company had posted a net profit of Rs 46.55 crore in the July-September period of the previous fiscal, TV18 Broadcast said in a regulatory filing.

However, its consolidated revenue from operations dipped 10.14 percent to Rs 1,012.80 crore for the quarter under consideration, as against Rs 1,127.13 crore in the corresponding period a year ago. Total expenses were at Rs 909.82 crore compared to Rs 1,104.13 crore earlier, down 17.59 percent.

TV18 Broadcast Chairman Adil Zainulbhai said the company's broadcasting businesses have recovered from the impact of the COVID-19 pandemic to a "very large degree". "Our proactive measures on cost-control have resulted in much-improved profitability across both News and Entertainment, despite certain market segments still suffering from pressures due to the coronavirus," he added.

Advertisement revenues rebounded as economic activity restarted on tapering of lockdowns, he said. "As we head into the festive season, the underlying trends on both viewership and monetization are supportive," Zainulbhai said. Shares of TV18 Broadcast Ltd on Tuesday settled at Rs 29.60 on BSE, down 0.50 percent.

Disclosure:

Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

First Published:Oct 28, 2020 9:40 AM IST