NDTV Narrows Losses With Cost Control; Revenues Down 6%

Broadcaster NDTV Ltd today posted a standalone net loss of Rs11.85 crore for the three months ended 30 September, down 9.12% year-on-year. Total revenue fell 6.16% y-o-y to Rs69.35 crore. Total expenditure was lower by 13.18% at Rs78.15 crore. Subscription revenue grew 23% y-o-y, the company said in a statement.

2Q 2009 2Q 2008
EPS -Rs1.89 -Rs2.08
Net Income -Rs11.85 crore -Rs13.04 crore
Revenue Rs69.35 Rs73.91

A scheme of demerger of the company into two holding companies for news and non-news businesses is pending approval of the Delhi High Court. The next date of hearing the application is 10 April 2009.

NDTV informed the Bombay Stock Exchange that director Heramb Ravindra Hajarnavis has resigned from the company’s board of directors. Hajarnavis is a vice president at Goldman Sachs. The board has approved the appointment of Pramod Bhasin as an additional director. Bhasin is the president and CEO of Genpact, one of India’s largest business process outsourcing firms. NDTV has an equal stakes joint venture with Genpact called NGen.

Infosys founder N.R. Narayana Murthy had also resigned from NDTV board recently.

On a consolidated basis, the company’s revenues grew by 17% y-o-y at Rs140.37 crore. Consolidated net loss narrowed by 28.3% y-o-y at Rs85.59 crore.