TV Today Network today reported a 45.25 per cent decline in standalone net profit at Rs 17.95 crore for the first quarter ended June 30 due to higher advertising, distribution and sales promotion expenses.
The company had posted a standalone net profit of Rs 32.79 crore during the April-June quarter of the previous fiscal, TV Today Network said in a filing to NSE.
Its net sales went down by 4.48 per cent to Rs 126.79 crore during the quarter under review this fiscal as against Rs 132.74 crore in the same period, a year ago.
TV Today Network's advertising, distribution and sales promotion expenses in the quarter increased sharply by 83.79 per cent to Rs 38.23 crore as compared to Rs 20.8 crore in the same quarter, last year.
The higher cost was incurred for re-branding its English news channel 'Headlines Today' as 'India Today'.
Shares of TV Today closed at Rs 215.75 apiece on NSE, down 3.53 per cent from its previous close.
