New Delhi: Broadcaster New Delhi Television Ltd (NDTV) swung to a consolidated net profit of Rs526.6 crore in the quarter ended 30 June, after a loss a year earlier, helped by a one-time gain from the sale of a stake in its overseas subsidiary. The company had a consolidated net loss of Rs14.75 crore a year ago.
NDTV raised Rs642.5 crore during the quarter from the stake sale in NDTV Networks Plc. to NBC Universal Inc. and Universal Studios International B.V. Still, it made an operating loss of Rs104.8 crore during the quarter, up almost 10 times from a loss of Rs10.89 crore a year ago. Revenue rose 67.7% year-on-year to Rs123.63 crore and expenditure increased 165% to Rs218.3 crore.
“Everything is going as per our business plan. We are quite pleased with the company’s performance,” NDTV chief executive officer K.V. Narayan Rao said. “On a consolidated basis, there are several new properties in operation now, including a general entertainment channel, which were not there during the corresponding quarter last fiscal. So, naturally, expenditure is high as the new channels are in the growth phase,” he said.
Its new offerings include general entertainment unit NDTV Imagine, lifestyle channel NDTV Goodtimes and city-specific network NDTV MetroNation.
On Wednesday, the company also named Rajiv Lulla as chief executive of the MetroNation network. He was formerly a senior vice-president with Nexstar Broadcasting Group, Texas, US.
NDTV shares rose 1.03% to Rs392.85 on the Bombay Stock Exchange on Wednesday.