On a consolidated basis, the company's net profit fell 9.4% to Rs 121.93 crore while revenue from operations slipped 3.3% to Rs 1,425.37 crore in Q3 December 2019 over Q3 December 2018.
The company delivered strong performance as viewership share grew and business mix pivoted towards subscription and syndication, even amidst advertising weakness. Flagship entertainment channel regained top ranking through success of marquee shows, and niches began to contribute positively to bottomline. Monetization of content through partnerships and continued subscription revenue growth coupled with cost optimizations across verticals boosted profitability.
Consolidated operating EBITDA (earnings before interest, tax, depreciation and amortization) soared 145% to Rs 281 crore in Q3 December 2019 compared with Rs 115 crore in Q3 December 2018.
Operating EBITDA from News (TV18 Standalone) fell 24% to Rs 36 crore in Q3 December 2019 as against Rs 47 crore in Q3 December 2018. Operating EBITDA from entertainment (Viacom18+AETN+Indiacast) surged 262% to Rs 245 crore in Q3 December 2019 compared with Rs 68 crore in Q3 December 2018.
Speaking on Q3 performance, Adil Zainulbhai, the chairman of TV18 Broadcast, said that, Our emphasis on delivering value to the consumer, expanding the partner ecosystem and raising profitability were the primary milestones during the past quarter. Amidst a difficult ad-environment and continued regulatory flux, the rise in rankings for flagship channels is a positive indicator for the future. We are constantly adjusting our programming and business model for the continual technology, consumer and regulatory changes in the business.
TV18 Broadcast is engaged in television broadcasting networks. The company operates news channels, such as CNBC-TV18, CNBCAwaaz, CNBC Bajar, CNBC-TV18 Prime HD, CNN-News18, News18, IBN7 and IBN-Lokmat. The firm operates 10 regional news channels.
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