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ICICI Direct Report
TV Today Network Ltd. reported a weaker than estimated set of numbers in all segments for Q1 FY21 led by sharp de-growth in the broadcasting segment.
Operating revenue fell 31.9% YoY to Rs 167.7 crore with television broadcasting revenue at Rs 137.8 crore (33.7% YoY de-growth) due to low ad volumes and high base effect (general elections in Q1 FY20).
Radio segment reported a sixth consecutive quarterly de-growth with revenues declining 70% YoY at Rs 20 lakh. Growth momentum of digital revenue came to a halt. It fell 4.6% YoY at Rs 27.6 crore.
Ebitda was at Rs 30 crore, down 59.7% YoY as the topline saw a steep decline. Ebitda margin came in at 17.9%, down 1235 basis points YoY.
Subsequently, reported profit after tax was at Rs 12.8 crore, down 75% YoY, due to a weak operating performance.
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