TV Today Network Q3 revenue up 15.12% to Rs 257.91 crore

TV Today Network's revenue from operations has jumped 15.12% to Rs 257.91 crore for the quarter ended 31st December 2021 as against Rs 224.02 crore in the last quarter. Total expenses jumped 17.11% to Rs 184.25 crore from Rs 157.32 crore. The company's net profit has risen 12.22% to Rs 61.50 crore from Rs 54.8 crore.

The company's revenue from the TV broadcasting segment rose 6.16% to Rs 197.79 crore from Rs 186.31 crore. Radio broadcasting revenue increased over 2.5 times to Rs 5.81 crore from Rs 2.12 crore. The revenue from the ‘Others’ segment was up 53% at Rs 54.37 crore as against Rs 35.53 crore.

Meanwhile, the TV Today Network board has approved the elevation of Dinesh Bhatia, who is currently serving as Group Head - Strategy, as Group Chief Executive Officer (CEO). "Approved the re-designation/appointment of Mr. Dinesh Bhatia, the Current Group Head - Strategy, as Group Chief Executive Officer & KMP of the Company subject to requisite approvals," TV Today Network said in a filing to the BSE. Bhatia has been working with the India Today Group since 2006. He has earlier held the positions of Group Chief Financial Officer and Group Head - Strategy of TV Today Network.

The board has also approved the alteration of the 'Object Clause' of the Memorandum of Association (MOA) of the company to include additional objects in the areas of skill-based e-games, education, news aggregation, cinematograph trade, etc. and deleting of "Other Objects" to bring the Object Clause in line with the requirements of Companies Act, 2013, subject to the approval of shareholders by way of Postal ballot.

One of the additions to the company's MOA includes "to undertake the business of skill games/sports on various digital platforms including but not limited to website, mobile platform, television and organise, conduct e-sports tournaments online and offline, e-sports awards ceremony, creation/auction of Franchise based Esports league team and sell merchandise, and otherwise dealing, handling and developing online, web and app-based games relating to live sports events and provide other related services on online mode or on any other mode in India or elsewhere".

The object clause of the MOA now also includes "establishing, developing, setting up, organising, running in any part of India and abroad Institute(s), multimedia centre(s), where in professional, technical, vocational or higher education in every field of Journalism, mass communication, media and entertainment management, visual communication, broadcast journalism, digital education be imparted and develop, operate, maintain, support an online web portal, software, web application or directory for providing details, information, solutions and services related to Education field including but not limited to conducting entrance tests, facilitating college enrolment, providing counselling services to students and parents with respect to admission in colleges In India and international and other related services on online mode or on any other mode In India or elsewhere".

Another addition to the object clause is "undertaking the business of news aggregators, news collection, content aggregators and develop and maintain software, website, WAP or web applications, aggregate and curate news content from various sources including but not limited to websites, blogs, podcasts, video blogs and to collect new stories and other Information".

The company has also added the object "to carry on the business of the cinematograph trade and Industry in all their branches and activities and particularly the business of manufacture, production, distribution, exploitation, exhibition, import and export of all kinds of cine films, talkie films, video films, telefilms, documentary films, advertising films, TV Serials and films and motion pictures of all kinds and nature for entertainment, amusement, publicity, education and instruction in all languages prevailing in the world".

The company has deleted the existing Clause III (e) named as 'Other Objects' along with all its paragraphs 1 to 78 to bring the Object Clause in line with the requirements of the Companies Act, 2013.