TV Today Network Q3FY21 Result First Cut - BARC blackout has no negative impact for TVT given its strong Aaj Tak franchise - Indian Broadcasting World
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3 weeks ago 03:51:48pm

TV Today Network Q3FY21 Result First Cut – BARC blackout has no negative impact for TVT given its strong Aaj Tak franchise

New Delhi, 12, February, 2021, By Karan Taurani, VP, Elara Capital

tv today network

TV Today Network reported flat revenues marginally up 0.5% YoY to INR 2236mn(Elara E : INR 2241mn), as the growth in TV broadcasting segment(contributing 83% of sales) by 3.4% YoY & the digital business(other operating revenues up 20.4% YoY) was largely offset by weakness in radio business(down 54.4% YoY) and newspaper publishing business being shut during the quarter having no operational revenues for the quarter v/s INR 85mn in Q3FY20.

TV broadcasting space(contributing 83% of revenues) grew 3.4% YoY to INR 1,859mn led by strong recovery in ad spends across major verticals post the unlock along with festive season. TV Broadcasting segment delivered strong EBIT margins of 36% during the quarter, up sharply 780bp YoY, which is the best performance in last 10 quarters going back to Q1FY19 levels.

Music Broadcast

Radio broadcasting segment (contributing 1%) which has been a drag, continued to decline 54.4% YoY to INR 21mn. The segment incurred a loss of INR 38mn during the quarter vs a loss of INR 19mn in Q3FY20.

Image result for newspaper

Newspaper Publishing segment has been shut during the operations & thus reported no operational revenues for the quarter. Segment reported a loss of INR 8mn during the quarter vs loss of INR 6mn in Q3FY20.

Other operating revenues for the quarter(contributing 16%), witnessed a strong growth of 20.4% YoY to INR 355mn led by the digital business of Aaj Tak during the quarter. Segment reported a margin expansion by 80bp YoY to 23% indicating strong profitability.

Overall EBITDA Margins for the quarter improved sharply by 735bp YoY to 34.7%, largely on the back of TV broadcasting segment having highest contribution delivering strong profitability during the quarter coupled with cost rationalization measures enabling lower fixed costs(employee costs down 2% YoY and other operating expenses down 10% YoY).

PAT for the quarter grew by 46% YoY to INR 548mn on the back of strong overall operating performance, lower interest costs by 26% YoY, higher other income & lower tax rates.


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