TV Today Network Q2 up 84% at Rs 24.31 cr

TV Today Network's standalone net profit zoomed 84.16 per cent to Rs 24.31 crore in the July-September quarter of 2015-16 compared to Rs 13.20 crore profit during the same period last fiscal.
The company also announced that its board has approved an agreement with Entertainment Network (India) Limited (ENIL) for sale of "three FM Radio stations at Delhi, Mumbai and Kolkata".
TV Today, in September, sold its four stations at Amritsar, Patiala, Jodhpur and Shimla to ENIL.
TV Today Network in a BSE filing saidf that its total income from operations on standalone basis was up 24.39 per cent to Rs 127.03 crore during the quarter under review as against Rs 102.12 crore in the same period a year ago.

Revenue from TV broadcasting increased by 27.07 per cent in the second quarter of the current fiscal to Rs 124.42 crore as against Rs 97.91 crore in the year-ago period.
TV Today's revenue from FM radio broadcasting in the second quarter declined by 38 per cent to Rs 2.61 crore as against Rs 4.21 crore in the same quarter of the previous fiscal.

"The company has sold four of its radio stations at Amritsar, Patiala, Jodhpur and Shimla on September 18, 2015, to Entertainment Network (India) as a going concern on a slump sale basis, after obtaining approval from the Ministry of Information and Broadcasting on July 20, 2015," TV Today informed.

In a seperate filing, TV Today iformed that its board in a meeting held today approved the agreement with Entertainment Network (India) Limited for sale of "three FM Radio stations at Delhi, Mumbai and Kolkata".
However, it would be subject to approval from Ministry of Information and Broadcasting or order from High Court allowing the sale of the stations, whichever is earlier.
Shares of TV Today settled at Rs 248.80, down 0.58 per cent on BSE.