Shares of this small-cap media house are soaring today after the release of financial results for Q1FY23-24. The company is also observed to be trading near its 52-week high levels.
With a market capitalization of Rs 7,414 crores, the stocks of TV18 Broadcast Limited are currently trading at Rs 43.20, a gain of around 10 percent as compared to the previous closing levels of Rs 39.30. In the last six months, the scrip has increased more than 20 percent from Rs 35.10 in January 2023 to the current price level.
Such sharp movements in the stock prices are observed today after the company, in a regulatory filing with the BSE, announced its financial results for the first quarter of FY23-24. The company reported robust growth as far as the operating revenues and after-tax profits are concerned.
On a sequential basis, the operating revenues moved up from Rs 1,406 crores during Q4FY22-23 to Rs 3,176 crores in Q1FY23-24 increasing around 126 percent. During the same period, the after-tax profits went up from Rs 20 crores to Rs 91 crores representing an increase of 355 percent.
Comparing Q1FY23-24 with Q1FY22-23, the operating revenues, on one hand, took a shift from Rs 1,265 crores to Rs 3,176 crores, and, the after-tax profits, in alignment, shifted from Rs 60 crores to Rs 91 crores.
In addition to the above metrics discussed, the debt-to-equity ratio of the company saw a reduction with the most recent movement being from 0.88 times during Q4FY22-23 to 0.24 times in Q1FY23-24.
According to the shareholding data available for the quarter ended March 2023, the Promoters hold a 60.4 percent stake, and the Foreign Institutional Investors (FIIs) hold a 8.54 percent stake in the company.
TV18 Broadcast Limited is a company based in India that is primarily engaged in the business of broadcasting business as well as general news television channels. Its portfolio includes entertainment, motion pictures, news, etc.
Written by Amit Madnani
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