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TV18 (TLEI IN, INR 89, Buy)
· The news business revenues for Q2FY11 stood at INR 680 mn in line with our estimate of
INR 683 mn. The revenues were up 5% Y-o-Y.
· The EBITDA margins have expanded 3x times Y-o-Y to 30.9% on the back of cost
rationalization measures at TV18.
· The PAT stood at INR 60 mn as against our estimate of INR 53 mn against a loss of INR
331 mn in Q2FY10. The PAT improved on the back of reduced interest cost post the debt
repayment.
· Business news channels maintained market leadership with 57% market share during
Q2FY11
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