Media firm TV18 Broadcast Ltd on Monday reported a 75.5 percent year-on-year (YoY) drop in net profit at Rs 35.2 crore for the fourth quarter that ended March 31, 2023, due to a weak advertising environment and investments across businesses.

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In the corresponding quarter last year, the company posted a net profit of Rs 144 crore.

In the March quarter, total revenue stood at Rs 1,405.9 crore during the period under review, declining 6 percent against Rs 1,496.2 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA jumped 69.6 percent to Rs 77.2 crore in the fourth quarter of this fiscal over Rs 254 crore in the corresponding period in the previous fiscal.

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EBITDA margin stood at 5.5 percent in the reporting quarter as compared to 17 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

The company said the JioCinema app has become part of the Viacom18 portfolio, which will help TV18 Broadcast play a leading role in India’s transformation to a streaming-first approach.

Also, Viacom18 has now access to Rs 15,145 crore cash which will be instrumental in creating a compelling content offering for consumers across the country, it said.

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Further, Uday Shankar and James Murdoch will provide strategic and operational guidance to the company, leveraging their track record of building iconic media businesses. Uday Shankar has been appointed to the Board of Viacom18.

During the quarter, its associate Viacom18 completed the transaction for strategic partnership with Reliance, Bodhi Tree Systems, and Paramount Global to form one of the largest TV and digital streaming companies in India.

Adil Zainulbhai, chairman of TV18, said Viacom18's strategic partnership with some of the biggest names in the media space is great news for the Company. With talent, resources, and technological capabilities at its disposal, it has the potential to change the narrative of India's M&E landscape.

The results came after the close of the market hours. Shares of TV18 Broadcast Ltd ended at Rs 30.64, up by Rs 0.49, or 1.63 percent on the BSE.

(Edited by : Pradeep John)