TV18,
India’s leading TV network and internet company, has announced its consolidated first quarter results (for the period ending June 30, 2006), and they look pretty good despite being a weak quarter for the business, as its CEO says.
TV18’s net profit is up at Rs 13.82 crore, a 67% growth from Rs 8.35 crore the same quarter last year. The net sales are up at Rs 41.6 crore, from Rs 26.9 crore (Rs 269 million). That’s a 55% growth.
But what is more important for us here is that their internet business has gained pretty good traction. Their online revenues from portals like Moneycontrol.com and Commoditiescontrol.com have crossed $1 million. Says Harish Chawla, CEO of CNBC-TV18 in an interview to the their own business channel:
“This is the second quarter, where we are doing almost a USD 1 million plus revenue in a quarter on Moneycontrol. It continues to have over 90% market share on the Internet financial portal space. Overall, it’s an extremely good growth on the television part of the business, in the business news space and the Internet part of the business.”
He further talks about the Internet plans. The re-launch of JobStreet and Yatra is expected over the next one-month or so. “We are aggressively investing in that space because we see it firstly as a very valuable franchise to develop. Secondly, it is extremely profitable. Thirdly, it is a big leverage on our audience base of close to 70 million people, who watch our news network.” On the Internet side, we are seeing growth rates of 400-500% on a year on year basis.
He further said that there are several greenfield ventures planned in the Internet space. “We do have some acquisition plans there as well. Those things I cannot reveal at this stage.”
In A Snapshot:
–Internet business crosses $1 million in revenues in Q1
–JobStreet India (relaunch) and Yatra India launch expected in a month
–400-500% growth expected in internet year on year
— Several greenfield projects planned in the internet space
— Acquisitions too are in the offing
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