AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2008

(Rs. in Crore except per share data)

Standalone

Consolidated

(A)

(B)

(C)

(D)

(E)

(F)

(G)

(H)

Sl No

Particulars

Three months Ended Mar. 31-08

Three months Ended Mar. 31-07

Audited Year Ended Mar. 31-08

Audited Year Ended Mar. 31-07

Three months Ended Mar. 31-08

Three months Ended Mar. 31-07

Audited Year Ended Mar. 31-08

Audited Year Ended Mar. 31-07

Income from Operations

90.54

67.37

305.62

235.38

122.21

81.45

366.13

278.45

Other Income( See Note - 6 )

11.55

0.23

12.88

1.10

6.06

0.28

21.81

1.24

Total Income

102.09

67.60

318.50

236.48

128.27

81.73

387.94

279.69

a.Production Expenses

16.26

13.91

60.61

51.64

64.00

14.56

121.65

53.30

b.Personnel Expenses

28.50

18.33

95.75

75.16

45.26

25.38

148.45

96.70

c.Special employee bonus

0.14

0.15

0.45

9.06

0.45

d.Marketing, Distribution & Promotional Expenses

21.67

11.31

60.94

40.72

74.11

11.31

125.60

40.72

e.Operating & Administrative Expenses

19.85

13.05

55.81

40.64

41.56

22.82

99.24

57.08

Total Expenditure

86.28

56.60

273.25

208.16

225.08

74.52

504.00

248.25

Profit/(Loss) before Interest, Depreciation & Tax

15.81

11.00

45.25

28.32

(96.81)

7.21

(116.06)

31.44

Finance cost

1.61

0.60

3.85

1.03

7.63

0.62

24.19

1.05

Depreciation

5.75

4.93

20.38

17.82

6.79

5.42

23.09

18.89

Operating Profit/(Loss)

8.45

5.47

21.02

9.47

(111.23)

(1.17)

(163.34)

11.50

Cost of stock options (See Note - 2)

2.92

5.26

11.83

29.47

3.74

6.66

13.50

35.61

Tax Expense

- Current

0.90

(0.01)

0.90

0.78

1.86

3.90

3.48

- Tax for Earlier Years

(0.04)

(0.11)

(0.04)

(0.11)

0.00

(0.68)

0.00

(0.68)

- Deferred

0.60

0.06

1.83

(14.69)

0.48

0.09

1.79

(14.55)

- Fringe Benefit Tax

0.76

0.44

2.22

1.69

1.21

0.64

3.12

2.09

Profit/(Loss) after Tax before minority interest and Profit/(Loss) of Associate

3.31

(0.17)

4.28

(6.89)

(117.44)

(7.40)

(185.65)

(14.45)

Share of Minority Interest

(0.91)

0.50

(0.21)

2.41

Share in Profits of Associate

0.00

0.65

(3.13)

2.14

Net Profit/(Loss) carried to Reserves & Surplus

3.31

(0.17)

4.28

(6.89)

(116.53)

(7.25)

(188.57)

(14.72)

Paid -up Equity Share Capital

25.03

24.98

25.03

24.98

25.03

24.98

25.03

24.98

(Face value Rs 4/- per share)

Reserves (Excluding Revaluation Reserve)

21.04

22.62

(173.08)

26.12

Earnings Per Share (of Rs.4/-each)

Before Extraordinary Items

- Basic

0.54

(0.03)

0.68

(1.13)

(18.83)

(1.19)

(30.16)

(2.41)

- Diluted

0.53

(0.03)

0.66

(1.13)

(18.83)

(1.19)

(30.16)

(2.41)

After Extraordinary Items

- Basic

0.54

(0.03)

0.68

(1.13)

(18.83)

(1.19)

(30.16)

(2.41)

- Diluted

0.53

(0.03)

0.66

(1.13)

(18.83)

(1.19)

(30.16)

(2.41)

Dividend per share (face value of Rs.4 per share)

Final Dividend (Rs. per share)

0.80

Dividend percentage

20%

Aggregate of Public Shareholding

- No. of equity shares of Rs 4/- each

24,439,017

29,150,407

24,439,017

29,150,407

24,439,017

29,150,407

24,439,017

29,150,407

- percentage of Shareholding

39.05%

46.67%

39.05%

46.67%

39.05%

46.67%

39.05%

46.67%

Notes :

The income from operations in standalone results includes income of Rs.5.10 Crores (previous period 0.38 Crores) for the quarter ended March 31, 2008 (Col A) and Rs.21.06 Crores (previous period Rs 1.50 Crores) for year ended (Col C) March 31, 2008 charged from subsidiaries towards the shared services provided by the Company. The standalone results for the quarter and year ended March 31, 2007 (Col B & Col D respectively) are net of costs amounting to Rs. 1.19 crores and Rs 6.40 crores respectively, reimbursed from NDTV Networks Plc and its subsidiaries, being the costs attributable to the new business initiatives undertaken by the Company.

During the quarter and year ended March 31, 2008, the Company has issued 48,185 shares & 124,460 shares respectively pursuant to the exercise of stock options by certain employees under the ESOP scheme. Further during the year the Company has granted 100,000 stock options to a wholetime director subject to approval from the shareholders and Central Government, if required. Fringe Benefit Tax ( FBT ) on Employees Stock Option Plan accrues on the date of exercise of the stock options. During the quarter and year ended March 31, 2008, FBT on exercise of stock options amounting to Rs 0.56 cr and Rs 1.45 crs respectively has been paid by the company which will be recovered from the employees as per the scheme.

As per the terms of Clause 41 of the Listing Agreement, given below is the information on investor complaints for the quarter ended March 31, 2008:

Pending at the beginning of the quarter	Received during the quarter	Disposed of during the quarter
Nil	3	3

The business arrangements between the Company and its subsidiary, NDTV Media Limited relating to volume based incentives have been allied to revenue targets, consequent to which incentives amounting to Rs 5.4 crores computed on an arms length basis have been absorbed by NDTV Media Limited in respect of current year. The corresponding amount charged in the Company's accounts in the previous year was Rs 3.2 crores.

On January 22, 2008 the Company along with its subsidiary NDTV Networks BV entered into a Memorandum of Agreement (MOA) with NBC Universal Inc. and one of its affiliates(NBCU), which contemplates divestment to the NBCU affiliate of a 26% effective indirect stake (on a fully diluted basis) in NDTV Networks plc through a Netherlands based Subsidiary. The said stake is proposed to be divested at a price of US$ 150 million. The detailed terms of the same are being negotiated between the parties. The MOA also contemplates that NBCU will be granted an option to acquire additional stake of upto 24% in the Netherlands Subsidiary in the third year of the joint venture at the then fair market value of the shares, subject to receipt of all necessary consents and approvals.

In terms of the Board Resolution dated October 17, 2007 granting approval to sell its investment in Astro Awani Networks Limited, as part of the Company's plans to focus on increasing its presence in news-cum-entertainment channels across emerging markets, the Company has sold its investment to one of its subsidiaries NDTV Emerging Markets BV which is a 50:50 joint venture with NDTV Networks Plc, which is a wholly owned subsidiary of the Company. The excess of the sale price, being the fair market value arrived at on the basis of a valuation report by an independent valuer, over the cost of investment amounting to Rs 10.58 crores has been recognised as profit on sale of investment and included under 'Other Income' (Col A and Col C) in these financial results.

The audited financial results have been taken on record by the Board of Directors in its meeting held on April 16, 2008. The auditors' report on the standalone financial statements and the consolidated financial statements for the year ended March 31, 2008 contains no qualification except for remuneration of Rs. 0.97 crores and Rs. 2.38 crores respectively paid to the directors including directors of its subsidiaries which is subject to CentralGovernment approval due to inadequacy of profits for which the Company has initiated the process of obtaining the necessary approvals. Additionally, 100,000 stock options granted to a director is subject to approval of the shareholders. Further, remuneration paid to a director amounting to Rs 0.16 crores for the year ended March 31, 2007 is also subject to Central Government approval for which the company has already filed the necessary application.

The Company currently operates primarily in a single segment of television media and accordingly, there is no separate reportable segment.

The board proposed a final dividend of Rs. 0.80 per share (face value of Rs. 4 per share) amounting to Rs. 5.01 crores subject to the approval of members at Annual General Meeting payable out of the past profits.

Previous period figures have been regrouped/recast wherever considered necessary.

For and on behalf of Board of Directors

Dr.Prannoy Roy

Chairman

Place: New Delhi

Date: April 16, 2008