TV18 Broadcast’s shares jump 11% on strong Q1 earnings
TV18 Broadcast jumped 11% to the day's high of Rs 43 on the NSE on Wednesday after the company reported a 52% year-on-year (YoY) increase in its consolidated net profit at Rs 91.20 crore for the April-June quarter. Buying interest in the stock significantly rose as 3.5 crore shares changed hands on the exchanges around 10 am. The strong earnings show was led by a phenomenal performance by its OTT platform- JioCinema during IPL cricket league, a PTI report said.
The company had posted a net profit of Rs 60.02 crore in the April-June period of the preceding fiscal, TV18 Broadcast said in a regulatory filing. The PTI report added that its consolidated revenue from operations was up over two folds to Rs 3,176.03 crore compared to Rs 1,265.05 crore in the corresponding quarter a year ago. «Consolidated revenue for the quarter grew 151% YoY, driven by the performance of IPL on JioCinema,» said TV18 Broadcast in its earnings statement.
Its OTT streaming platform JioCinema has set new benchmarks of scale and engagement with the first season of IPL, marking an «inflection point» for viewers and advertisers. However, it also added an advertising environment for its other business continues to be 'soft with improvement' in some areas. TV18 Broadcast, a subsidiary of Network 18 Group, owns and operates news and current affairs channels, which include CNN News18 and a host of general entertainment channels like MTV, VH1, Nickelodeon, and Colors, PTI report said.
Total expenses of TV18 Broadcast were also up two-fold at Rs 3,306.04 crore in the June quarter, the report said further. JioCinema had exclusive rights for digital streaming for Tata IPL 2023. Reliance-backed Viacom18 got digital rights from the cricket board BCCI for Rs
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