New Delhi :Network18 Group today announced its results for the quarter ended June 30 2010. The group reports strong start to the year with revenue growth of 40% and third consecutive quarter of operating profits .
Consolidated revenues of Rs 318 cr for the quarter ended June 30 2010, recording a growth of 40% compared to the corresponding quarter last year. Secular revenue growth across all businesses .Operating Profit (EBITDA) of Rs 1 cr for the quarter ended June 30 2010, compared to a loss of Rs 14 cr in the corresponding quarter last year. Operating profit in the television businesses offset by continued investments in newer businesses.
Television business revenues of the group grew to Rs 237 cr, a growth of 45% over the corresponding quarter last year; Operating Profit (EBITDA) increased 7x to Rs 21 cr.
“The Indian economy continues to be robust helping drive growth across each of our businesses. We have recently announced two bold initiatives – business realignment and setting up of Sun18 – which will help us accelerate our growth further,” Announcing the results, Raghav Bahl, Managing Director, Network18 said .
Commenting on the first quarter results, Haresh Chawla, Group CEO, said,” The Group has reported another solid quarter of revenue growth driven by higher advertising revenues. We believe our foray into the distribution business will now help us make up the lag in subscription revenues and led to improved profitability.”
Business News Operations show another quarter of robust profitable growth – revenues increase by 13% and operating profits increase by 157% (Q1 FY11 over Q1 FY10)Revenues grow to Rs 64 cr during the quarter (compared to Rs 57 cr in Q1 FY10) .Impact of the stringent cost control initiatives implemented – operating profit increased by more than 2.6x to Rs 16 cr in Q1 FY11 from Rs 6 cr in Q1 FY10; operating profit margin at a high 24%
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