TV18 Broadcast gains on turnaround Q3 earnings

Q3 consolidated net profit at Rs 21.3 crore against loss of Rs 53.5 crore in a year ago quarter, due to higher revenues and fall in operating expenditure.

TV18 Broadcast is trading higher by over 4% at Rs 36.95 after reporting consolidated net profit at Rs 21.3 crore in the quarter ended December 31, 2012 against a net loss of Rs 53.5 crore in the year ago quarter, due to higher revenues and fall in operating expenditure.

“Consolidated revenues grew 53% year-on-year at Rs 512 crore, while  operating profit (EBITDA) for the quarter is at Rs 68.36 crore, compared to loss of Rs 27.40 crore,” TV18 Broadcast said in a statement.

The company's interest cost in the third quarter was Rs 31 crore, flat compared to a year earlier but down by a sharp 37 per cent from a quarter earlier (Rs 49 crore). The fall in interest cost was a result of part repayment of debt from the large flow of funds into the company through a rights issue in the previous quarter.

The stock opened at Rs 37.15 and hit a high of Rs 38 on the NSE. As many as a combined 8.66 million shares have already changed hands on the counter so far against an average sub one million shares that were traded daily in past two weeks.