NDTV posts July-Sept net profit of 37 mln rupees

From Reuters.com
October 17, 2006

News broadcaster New Delhi Television Ltd. said on Tuesday it had posted a net profit of 37 million rupees on revenue of 545 million rupees for the July-September quarter. The company had made a net loss of 52.7 million rupees and revenue of 430 million rupees in the same period last year. The board also approved setting up a unit, NDTV Ventures, for expanding into non-news areas like entertainment and lifestyle channels and boosting its presence in the Internet. “The model enables NDTV to raise funds for its future businesses beyond news. The new company will incubate and operate focussed verticals,” the company said in a statement. The company would also launch city-centric information and entertainment channels in four centres “pretty soon”, Chairman Prannoy Roy told reporters. “We are looking to move into the main area of media which is entertainment,” Roy said. “Much of the work has already started on many of the projects and next year you will see them rolling out.” NDTV Ventures would start as the company’s wholly-owned subsidiary, but might raise funds through private equity or an initial public offer later. NDTV group had set a revenue target of $500 million in 5 years, Roy said.