Broadcasting & Cable TV company TV18 Broadcast announced Q3FY24 results:
Financial Performance
- Consolidated Revenue: Q3 consolidated revenue declined by 5% YoY, resulting in Rs 1,676 crore, primarily due to lower Movie Studio revenue.
- Operating Revenue: TV News revenue increased by 23% YoY, amounting to Rs 402 crore, while Entertainment revenue decreased by 12% to Rs 1,274 crore.
- Operating EBITDA:
- TV News reported a 253% increase in operating EBITDA YoY, reaching Rs 47 crore.
- The entertainment segment reported an EBITDA loss, which was not meaningful to quantify due to the investment phase in Sports and Digital.
Operating Highlights
- TV News Network: Maintained a strong market position with an all-India viewership share of 10.6%, and key channels like CNBC TV18 had an 80% viewership share in their segment.
- Colors TV Network: Achieved 207 GRPs (U 15 ) with 60% growth in ratings since the start of the fiscal year.
- JioCinema: Consolidated its position as India's leading OTT platform with a comprehensive entertainment and sports content catalog.
- Colors Cineplex: Grew by 160bps QoQ, reaching the #4 position in the Hindi movie genre.
- Advertising Revenue: The growth in this segment was attributed to strong viewership in key markets, despite a decline in genre advertising inventory.
- Investments in Editorial Expansion: Resulted in both strong operating and financial performance.
Adil Zainulbhai, Chairman of TV18, stated, "We are pleased to have announced the merger of our TV and Digital news businesses, which will not only help us serve our consumers better and realize synergies across different segments, but it will also give a unique opportunity to all our shareholders to participate in the media business of the group through a single listed entity. All our businesses are gathering momentum at the right time as the economic outlook continues to improve against the backdrop of a resilient performance by the Indian economy. As we have stated in the past, we believe that the Indian media sector has a long runway for growth and our strong positions across segments give us a perfect launchpad to capture this opportunity."