TV Today Shares Gain On Announcing Special Interim Dividend

TV Today Network reported a 55% slump in third-quarter profit, dragged by higher expenses.

<div class="paragraphs"><p>Representational image of stock movement. (Photo: Wance Paleri/Unsplash)</p></div>
Representational image of stock movement. (Photo: Wance Paleri/Unsplash)

The stock of TV Today Network Ltd., which houses a slew of news channels like India Today and Aaj Tak, gained on Friday after the company announced a special interim dividend of Rs 67 per equity share for fiscal 2023.

It reported a 55% slump in third-quarter profit, dragged by higher expenses, according to an exchange filing.

TV Today Network Q3 Consolidated Earnings (YoY)

  • Total revenue from operations fell 10% to Rs 231.3 crore versus Rs 257.97 crore.

  • Net profit slumped 55% to Rs 27.6 crore versus Rs 61.5 crore.

  • Ebitda declined 58% to Rs 36 crore versus Rs 85.7 crore.

  • Ebitda margin stood at 15.6% versus 33.2%.

Source: Bloomberg, Exchange filing

The scrip closed with 15.79% gains and volumes at 21.9 times the 30-day average. The benchmark Nifty was up 1.38%.

Intraday, the stock rose as much as 19.8%, gaining the most in more than a year.

The relative strength index stood at 75, suggesting that the stock may be overbought.

Of the three analysts tracking the stock, two maintained 'buy' and one analyst suggested ' hold', according to Bloomberg. The return potential is 39.9% over the next 12 months.

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