TV Today Network result update : 258 crore, up 15.4% YoY

TV Today’s performance was a mixed bag.

• The topline came in at | 258 crore, up 15.4% YoY. TV broadcasting revenues came in | 197.8 crore (up ~6% YoY). We note that its growth was lower than its key peers – TV18’s news business, Zee Media, which reported ~13%, 32% YoY growth, respectively. The digital segment continued to be a key growth driver with 53% growth YoY to | 54.4 crore. Radio revenues were at | 5.8 crore, up 174% YoY on a washout base
• Reported EBITDA came in at | 85.7 crore, up 10.6% YoY while EBITDA margins came in at 33.2% (down 144 bps YoY)
• PAT grew 12.2% YoY to | 61.5 crore

Key triggers for future price performance

• Viewership measurement resumption by Barc and current viewership standings, as TV channel rating are suspended for last one and half years
• Any election benefits from states like UP/Punjab
• Viewership market dynamics, especially competitive intensity

BCS Bureau