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ICICI Direct Report
TV Today Network Ltd.'s performance was better than expected.
Topline at Rs 203.9 crore was up 21.6% YoY on a benign base (decline of 32%).
TV broadcasting revenues came in Rs 162.8 crore (up 18% YoY).
Radio revenues were at Rs 3 crore, witnessing 10 times YoY growth on washout base.
TV Today Network's key growth driver was digital segment, which continued its growth momentum with 38% growth YoY to Rs 38.1 crore.
Ebitda came in at Rs 52.3 crore, up 74% with margins of 25.7% (up 776 basis points YoY on depressed base and up 246 bps QoQ) on operating leverage.
Profit after tax grew 1.9 times YoY to Rs 37.3 crore, aided by superior operating performance.
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