BENGALURU: Following revenue and profit growth in the previous quarter, TV Today Network Limited (TVTN) reported 18.1 per cent YoY increase in standalone Total Income from Operations (TIO) in the quarter ended 31 December, 2015 (Q3-2016, current quarter) to Rs 149.67 crore as compared to Rs 126.88 crore and 17.8 percent higher QoQ as compared to Rs 127.04 crore.
Profit after tax (PAT) for Q3-2016 increased 40.1 percent YoY to Rs 36.90 crore (24.7 percent margin) as compared to Rs 26.34 crore (20.8 percent margin) and 51.8 percent higher QoQ as compared to Rs 24.32 crore (19.1 percent margin).
The company had sold four of its radio stations at Amritsar, Patiala, Jodhpur and Shimla on 18 September, 2015 to Entertainment Network (India) Limited (ENIL) as an ongoing concern for a lump sum consideration of Rs 4.00 crore adjusted for net working capital as a sale agreement. Such transaction resulted in a profit of Rs 2.07 crore included in ‘Other Income’.
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The company had sought permission from the Ministry of Information and Broadcasting to grant approval for the sale of its three radio stations in New Delhi, Mumbai and Kolkata which was subsequently refused. Subsequently, TVTN has filed a writ petition at the High Court in New Delhi against the MIB’s refusal which is still pending.
