News broadcaster NDTV's consolidated revenue for the quarter ended 30th September has seen a marginal decline of 3.28% to Rs 91.2 crore from Rs 94.3 crore in the same quarter of last fiscal.
Expenses incurred by the company increased 15% to Rs 85 crore from Rs 74 crore. Net profit shrank 39% to Rs 12.48 crore from Rs 20.54 crore.
On a standalone basis, revenue from operations rose 22% to Rs 55 crore from Rs 45 crore. Total expenses jumped 13% to Rs 53.23 crore from Rs 47 crore. Net profit almost doubled to Rs 10.18 crore from Rs 5.29 crore.
In a statement, the company said that group's digital company, NDTV Convergence, continues to be profitable with an 11% growth in revenue in the first half of this financial year.
The group's bank borrowings have decreased by Rs 33.9 crore since the start of this financial year. For the same six-month period, external liabilities have been reduced by Rs 26.7 crore.
The NDTV board has also approved the execution of a non-binding term sheet, as recommended by the Audit Committee, for the sale of the company’s investment in Astro Awani Network Sdn Bhd, as associate company, to Malaysia-based Astro Entertainment Sdn Bhd.
The company intends to sell 1,712,250 ordinary shares, constituting 10% of the total share capital of Awani for a consideration of Rs 7.60 crore only, net of any applicable taxes.
The Board of Directors of NDTV Networks Limited, a subsidiary of the company which also has a stake in Awani, has separately approved the execution of the said term sheet so that its stake can also be sold as part of the same transaction at a consideration of Rs 7.60 crore only.
The company and NDTV Networks collectively own and hold 20% or 3,424,500 ordinary shares of Awani, and on completion of the transaction, Awani will cease to be an associate of the Company.