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TV18 Broadcast reported 22 percent year-on-year (YoY) rise in consolidated revenue from operations at Rs 1,794 crore in the July-September quarter (Q2FY24), driven by the performances of news business, movie studio, and sports verticals. The company had posted a consolidated revenue at Rs 1,473 crore in Q2FY23.
The company’s consolidated earnings before interest, tax, depreciation, and amortisation (Ebitda) loss widened to Rs 198 crore in Q2FY24 as compared to Rs 40.6 crore in the year-ago period.
“The decline in Ebitda was due to investments made in growth verticals – sports and digital. Both these verticals require investments in the near term to build a strong consumer proposition, which will help the company rise to the leadership position in the cluttered media landscape,” the company said in an exchange filing.
TV18 Broadcast booked a net loss of Rs 29 crore in Q2FY24 from a profit of Rs 5.7 crore in Q2FY23.
Management view
“With India cricket rights, Viacom18 now has the biggest portfolio of sports properties, making it the default choice for sports fans. Our news network has fortified its positions across the markets which bodes well as we head into the festive season followed by elections,” said Adil Zainulbhai, Chairman of TV18.
“Our focus continues to be on providing quality content to audience and as India’s only network with presence across news, entertainment, and sports, we are in a unique position to serve customers across the country and demographic cohorts,” he added.
Segment-wise, TV18 News continued to be the highest-reached television network in the country, reaching around 190 million people in India every week. The network maintained its leadership position in key markets with CNBC TV18, News18 India, and CNN News18 being the number 1 ranking channels in their respective genres.
From the news segment, operating revenues climbed 20 percent YoY to Rs 357 crore in Q2FY24. Operating Ebitda, on the other hand, turned positive to Rs 10 crore from a loss of 5 crore in the year-ago period.
All India viewership share from the news network stood at 11.4 percent.
TV18 entertainment portfolio, meanwhile, saw operating revenue rise 22 percent YoY to Rs 1,438 crore in Q2FY24, led by movie, sports, and digital segments. However, operating Ebitda booked a loss of Rs 208 crore in Q2FY24.
While the sports revenue was driven by two cricket series (West India versus India and India versus Australia), the digital (JioCinema) revenue was led by advertising on original shows like Bigg Boss OTT, Taali, Kaalkoot and TV network shows like Khatron Ke Khiladi.
The entertainment network share increased by 50 basis points (bps) to 10.5 percent.
JioCinema was the top broadcaster OTT application in India during the quarter with an average of 210 million monthly active users, showed data from Data.ai.
The channel Colours was the reach leader in Hindi General Entertainment Channels, seeing a growth of 17 percent in non-primetime viewership in first half of this fiscal.
Besides, Colors Cineplex, Colors Kannada, Colors Marathi, and Colors Super enjoyed viewership share of 8.5 percent, 22.7 percent, 15 percent, 3.1 percent, respectively.
Viacom 18 turned out to be the undisputed leader in niche genres- be it kids, youth or English. Moreover, Viacom18 Studios delivered two blockbuster films, Rocky Aur Rani Ki Prem Kahaani, and OMG-2.
On October 25, the stock price of TV18 Broadcast fell 2 percent to Rs 42 per share as against 0.2 percent drop in the Sensex benchmark, as of 12:05 pm.
Disclaimer: News18.com & Moneycontrol are part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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