TV18 Broadcast Ltd on Tuesday reported a 51.94 per cent increase in its consolidated net profit at Rs 91.20 crore in the April-June quarter, led by a phenomenal performance by its OTT platform JioCinema during IPL cricket league.
The company had posted a net profit of Rs 60.02 crore in the April-June period of the preceding fiscal, TV18 Broadcast said in a regulatory filing.
Its consolidated revenue from operations was up over two folds to Rs 3,176.03 crore compared to Rs 1,265.05 crore in the corresponding quarter a year ago.
"Consolidated revenue for the quarter grew 151 per cent YoY, driven by the performance of IPL on JioCinema," said TV18 Broadcast in its earnings statement.
Its OTT streaming platform JioCinema has set new benchmarks of scale and engagement with the first season of IPL, marking an "inflection point" for both viewers and advertisers.
However, it also added advertising environment for its other business continues to be 'soft with improvement' in some pockets.
TV18 Broadcast, a subsidiary of Network 18 Group, owns and operates news and current affairs channels, which include CNN News18 and a host of general entertainment channels like MTV, VH1, Nickelodeon and Colors.
Total expenses of TV18 Broadcast were also up two-fold at Rs 3,306.04 crore in the June quarter.
According to the company, JioCinema set 'new benchmarks' for IPL streaming with the platform attracting over 120 million viewers for the final match, making it the most-watched digital event globally.
"IPL ad revenue on JioCinema was higher than TV, driven by the scale, targeting ability, cost flexibility, measurement, and integration options on the platform. These features offered significant advantages to JioCinema's 26 sponsors and more than 800 advertisers." it said.
JioCinema recorded the highest-ever number of advertisers on IPL, attracting more than 13 times the number of advertisers on TV, it added.
JioCinema had exclusive rights for digital streaming for Tata IPL 2023. Reliance-backed Viacom18 got digital rights from the cricket board BCCI for Rs 20,500 crore for the 2023-27 cycle of the IPL.
Its TV business also delivered a "robust performance", led by its news network, the statement added.
"TV18 News network continued to strengthen its position, crossing 12 per cent all-India viewership share in the news genre. The network maintained its leadership position in key markets with News18 India, CNN News18, and CNBC TV18 leading the viewership charts in respective genres," it said.
However, its entertainment network viewership share was at 10.1 per cent during the April-June quarter as IPL impacted the share of non-sports channels, said TV18 Broadcast.
TV18 Chairman Adil Zainulbhai said: "The year has started on a blockbuster note with our digital initiatives delivering phenomenal results. The transformation to a digital-first approach has become a reality and we will continue to lead this effort at scale while leveraging the strengths of our traditional business.
He further added: "We have made some key leadership hirings recently, which will help the Group push through to the next phase of growth. With talent, resources, and technological capabilities at our disposal, we look forward to driving long-term growth across all our businesses."
Shares of TV18 Broadcast Ltd on Tuesday settled at Rs 39.34 on BSE, down 1.38 per cent from the previous close.