Media firm TV Today Network today reported a 27.61 per cent increase in standalone net profit at Rs 26.34 crore for the third quarter ended December in this financial year.
It had posted a net profit of Rs 20.64 crore in the same period last fiscal.
Meanwhile, the company’s Board also approved sale of its radio FM business, OYE! 104.8 FM, and has authorised a committee of directors/senior officials to negotiate the terms and conditions with potential buyers.
“The Board has approved the sale of Radio FM Business (seven radio stations) and has further authorised a Committee of Directors/senior officials to negotiate the terms and conditions with potential buyers and to execute the sale, subject to requisite statutory and regulatory approvals,” the company said in a BSE filing.
During the quarter under review, TV Today’s net sales stood at Rs 131.15 crore as compared to Rs 110.94 crore in the year—ago period.
Its television broadcasting revenue in the December quarter was at Rs 127.72 crore as against Rs 107.05 crore in the corresponding period last fiscal.
Revenue from radio broadcasting was at Rs 3.99 crore as against Rs 4.36 crore in the same quarter last fiscal, the filing said.
Shares of TV Today Network ended at Rs 222.30, up 2.02 per cent from previous close on BSE.