TV18 PAT rises to Rs 231 cr in Q2FY22

TV18 Broadcast Limited has announced its financial results for the quarter ended September 30th 2021. The company's consolidated EBITDA for the quarter increased 47% YoY, 2.3 times that of Q2FY20. The operating margin grew at 18.5%. 

News and entertainment biz saw improved profitability, as per the company's statement. The revenue growth was driven by viewership. The company recorded its highest Q2 revenue (ex-film), growing at 28% YoY and 18% with respect to Q2FY20. 

The company is also looking to build a strong sports portfolio and have acquired rights to FIFA World Cup 2022 and three other major football leagues. Its OTT platform Voot saw substantial growth in paid subscriber base thanks to its exclusive property Bigg Boss OTT. 

The company had an 18.5% operating margin in this quarter despite a lingering impact of the Covid second wave. Entertainment margin was at ~19%; ex-film revenue up 31% YoY (up 20% vs Q2FY20. News margin was at ~18%; revenue up 18% YoY (15% vs Q2FY20). PAT rose to Rs. ~231 cr (2x of Q2FY21, ~4x of Q2FY20), driven by improved revenue performance, controlled opex and lower finance costs. 

Adil Zainulbhai, Chairman of TV18, said: “This quarter has been quite remarkable, both from a macro as well as Company’s point of view. The way the country came out of the grip of second wave of COVID was truly heartening, and equally reassuring was the full-swing return of economic growth. The outlook is looking quite promising from a medium term perspective and this is good news for our consumer facing businesses. With expansion into sports genre, we have taken a significant step towards scaling up our entertainment portfolio to the next level. This will help establish us as a truly integrated media company across broadcast, OTT and content studio business spanning general entertainment, news, movies and sports."