NDTV back in black with Rs 74 cr profit in Q3

The city-based broadcasting conglomerate NDTV has swung back into profitability in the December quarter, posting a net profit of Rs 74.10 crore.

The Prannoy Roy-led company had a net loss of Rs 120.80 crore in the October-December quarter last fiscal, NDTV said in a statement today.

The consolidated income from operations in the quarter grew by 29 per cent over Q3 of FY09 to Rs 167.06 crore.

During the quarter, the company has bought back bonds worth for $72.4 million which helped in reducing its outstanding borrowings and cut down on interest burden.

"This has allowed the group to significantly reduce its outstanding borrowings and also cut down on its interest burden," the company said.

On a standalone basis, the net loss narrowed to Rs 1.66 crore in the December quarter, from Rs 17.48 crore in the same period a year-ago period.

During the quarter, NDTV has undertaken certain business restructuring within the group, which includes selling controlling stake in entertainment channel NDTV Imagine to US media giant Turner.

Following restructuring, "the NDTV Group will be in a position to be cash-surplus and debt-free on a consolidated basis", NDTV Chairman Prannoy Roy had earlier said.