BCCL ad revenue at Rs 6,238 cr in 2023-24, up 11% YoY

Bennett Coleman & Co. Ltd. (BCCL), which unveiled its financial results for 2023-24, posted advertisement revenue at Rs 6,238.8 crore, 11.40% higher than Rs 5,600 crore in the preceding year.

Its television subscription and distribution revenue increased by 9.4%, standing at Rs 793 crore for 2023-24.

The Group’s publishing revenue amounted to Rs 5,397.9 crore in FY24, which experienced a minor drop of 0.5% from Rs 5,429.22 crore in 2022-23. Broadcasting, media, entertainment and other non-publishing assets added up to Rs 3,174.19 crore for FY24.

For FY 2023-24, BCCL reported revenue from operations of Rs 9,786.4 crore, an 8.68% increase compared to Rs 9,005.3 crore in FY 2022-23.

Its expenditure on advertising and promotional activities stood at Rs 7,346.9 crore in FY 2023-24, dropping by 20.33% from Rs 9,281.4 crore in FY 2022-23.

The company's total income for FY 2023-24 stood at Rs 10,658.5 crore, reflecting an 11.36% growth from Rs9,574 crore in the previous financial year. The company marked a significant turnaround in profitability, recording a profit before tax of Rs 1,567 crore in
FY 2023-24, a stark improvement from the loss of Rs 555.7 crore in FY 2022-23.

BCCL also turned profitable on a consolidated basis, posting a net profit of Rs 1,042 crore for FY 2023-24, a significant recovery from the loss of Rs 6.5 crore in the previous year.

In May 2023, Samir and Vineet Jain, the promoters of Bennett, Coleman & Co., popularly known as the Times Group, agreed to divide the media conglomerate's assets. Samir Jain took over the print business, while Vineet got the digital, TV and entertainment business.

Some digital properties, including Times Internet, were to be jointly managed or split in other arrangements. Vineet reportedly received a substantial cash payout of Rs 3000 crore as part of the settlement. Post the split, a major layoff spree took place at the Times Group, where they handed over pink slips to over 200 employees. Most of them had been working with the Times Internet, the digital arm of Bennett Coleman and Co Ltd. (BCCL).