New Delhi Television (NDTV) shares closed in the upper circle for the second day in a row, up 5 per cent at Rs 238.15, also a multi-year high, on BSE on Tuesday in a weak market.
Exchanges have revised the circle filter limit for NDTV shares from 10 percent to 5 percent as of today. In the past four trading days, the broadcast and cable television operator’s stock is up 47 percent. It was at its highest level since October 2008.
As of 11:39 am, about 565,000 shares of the stock have been traded and there are pending buy orders for 82,000 shares on the New York Stock Exchange and the Bahrain Stock Exchange. By comparison, the S&P BSE Sensex was down 0.34 percent at 57,099 points.
Over the past six weeks, since February 8, 2022, the market price of NDTV has more than doubled, or increased by 106 per cent, after the company reported a consolidated net profit of Rs 27.6 crore in the December quarter (FY22 third quarter) . NDTV said the third quarter was the group’s most profitable in the past nine years. The company reported a profit of Rs 20.3 crore in the last quarter (Q3FY21).
For the third quarter (Q3), the television arm of the company reported a profit of Rs 17.3 crore, up by Rs 6.8 crore over the same period last year. The television division also doubled its year-to-date profit, which stood at Rs 41.4 crore. The company said this was the best ever for its television branch. In Q3 FY22, the company’s revenue from operations grew by 10% YoY at Rs.116.36 crore versus Rs.105.83 crore in Q3 FY21.
NDTV said its financial position has further strengthened as the group’s foreign liabilities have fallen by Rs.69.2 crore so far in this financial year; The company said the group’s bank loans also shrank by Rs 42.8 crore year-to-date.
On a standalone basis, NDTV, the television arm of the group, rose 64 per cent YoY at Rs 17.30 crore in Q3 FY22 against a profit of Rs 10.53 crore in Q3 FY21.
“Given ongoing earnings for the current and prior quarters, the company’s working capital position has improved. Based on the current business plan and forecasts prepared by management, the company expects further growth in operations,” NDTV said in its results note.
Business Standard has always strived to provide the latest information and commentary on developments that matter to you and that have broader political and economic implications for the country and the world. Your continued encouragement and feedback on how we can improve our offerings has made our resolve and commitment to these ideals even stronger. Even during these challenging times brought about by Covid-19, we continue our commitment to keeping you updated with trusted news, authoritative opinions and insightful commentary on relevant topical issues.
However, we have a request.
As we battle the economic impact of the pandemic, we need your support even more, so we can continue to bring you more quality content. Our subscription form has seen an encouraging response from many of you, who have subscribed to our content online. Further subscribing to our online content can only help us achieve our goals of providing better and more relevant content. We believe in free, fair and credible journalism. Your support with more subscriptions can help us practice the journalism we are committed to.
Support quality press and Subscribe to Business Standard.