AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2008 (Rs. in Lacs except per share data)
    (A) (B) (C) (D) (E)
Sl No Particulars Three Months Ended Sept 30-08 Three Months Ended Sept 30-07 Six Months Ended Sept 30-08 Six Months Ended Sept 30-07 Year Ended March 31-08
1 Income from Operations 12,027 7,174 23,968 14,189 36,613
2 Expenditure          
  a. Production Expenses 7,022 1,997 14,007 3,345 12,165
  b. Personnel Expenses 5,217 3,345 10,101 6,450 14,845
  c. Special employee bonus 55 64 55 851 906
  d. Marketing, Distribution & Promotional Expenses 5,795 1,537 11,514 2,718 12,560
  e. Operating & Administrative Expenses 4,286 1,895 7,827 3,231 9,924
  f. Depreciation 748 521 1,453 1,017 2,309
  Total Expenditure 23,123 9,359 44,957 17,612 52,709
             
3
Profit/(Loss) From Operations Before Other Income,Interest & Exceptional Items(1-2)
(11,096) (2,185) (20,989) (3,423) (16,096)
4 Other Income 764 575 1,186 929 2,181
5 Profit/(Loss) Before Interest & Exceptional Items (3+4) (10,332) (1,610) (19,803) (2,494) (13,915)
6 Interest Cost 1,296 579 2,311 784 2,419
7 Profit/(Loss) After Interest But Before Exceptional Items (5-6) (11,628) (2,189) (22,114) (3,278) (16,334)
8 Exceptional Items -   - - -
9 Profit/(Loss) From Ordinary Activities Before Tax (7-8) (11,628) (2,189) (22,114) (3,278) (16,334)
10 Cost of stock options 649 253 1,277 587 1,350
11 Amount arising on dilution of stake in a subsidiary (See Note -3 )     64,253    
12 Tax Expense          
  - Current 26 42 96 140 390
  - Tax for Earlier Years 22 -  22 - -
  - Deferred (658) (134) (510) (212) 179
  - Fringe Benefit Tax 265 58 703 107 312
13 Net Profit/(Loss) from Ordinary Activities After Tax (9-10-11-12) (11,932) (2,408) (40,551) (3,900) (18565)
14 Share of minority Interest 6 26 (175) (5) (21)
15 Share in Profit/(Loss) of Associate - (93) - (107) (313)
16 Net Profit/(Loss) For The Period (13-14-15) (11,938)  (2,527) 40,726 (4,002) (18,857)
17

Extraordinary Item

 - - - - -
18

Net Profit/(Loss) For The Period (16-17)

 (11,938) (2,527) 40,726 (4,002) (18,857)
19

Paid -up Equity Share Capital
(Face value Rs 4/- per share)

 2,506 2,501 2,506 2,501 2,503
20 Reserves (Excluding Revaluation Reserve) -  - - - (17,308)
21 Earnings Per Share (of Rs.4/-each)          
  Before Extraordinary Items          
  - Basic (19.07) (4.04) 65.07 (6.40) (30.16)
  - Diluted (19.07) (4.04) 63.20 (6.40) (30.16)
  After Extraordinary Items          
  - Basic (19.07) (4.04) 65.07 (6.40) (30.16)
  - Diluted (19.07) (4.04) 63.20 (6.40) (30.16)
22 Dividend per share (face value of Rs.4 per share)          
  Final Dividend (Rs. per share)         0.80
  Dividend percentage         20%
23 Aggregate of Public Shareholding          
 

- No. of equity shares of Rs 4/- each (See Note - 5)

 23,039364 29,217,772 23,039,364 29,217,772 24,439,017
  - percentage of Shareholding 36.77% 46.73% 36.77% 46.73% 39.05%
Notes :
1 The Board of Directors at their meeting held on October 1, 2008 has approved the Scheme of Arrangement ('the Scheme') for demerger of the News businesses of the Company. Accordingly, the Company will be split into two groups of companies: one group of companies will carry out 'News and Other Businesses' and the other group of companies will carry out 'Entertainment and Specified Allied Businesses'. This demerger will be carried out pursuant to Section 391 to 394 read with sections 78, 100 to 103 of the Companies Act, 1956. After the demerger, for every one share currently held in the Company, a shareholder will hold one share in each company i.e. one share in the 'News and Other businesses' Company and one share in the 'Entertainment and Specified Allied Businesses' Company.The Appointed Date for the Scheme will be 1st April, 2009. The Scheme is subject to the approval of the Hon'ble High Court Of Delhi and other requisite approvals.
2 The financial results have been taken on record by the Board of Directors in its meeting held on October 14, 2008. The financial results are audited and the auditors' report contains no qualification.The auditors report on the consolidated financial statements for the year ended March 31, 2008 contains no qualification other than remuneration of Rs. 254 Lacs paid to the directors including directors of its subsidiaries for the years ended March 31,2008 and March 31,2007 which is subject to Central Government approval due to inadequacy of profits. Additionally, 100,000 stock options of the Company granted in previous year and 35,278 shares of its subsidiaries granted is subject to approval of the shareholders of the respective companies. During the quarter, the Company has received the necessary approvals in respect of remuneration paid amounting to Rs.51 lacs for the year ended March 31, 2008 and grant of 100,000 stock options to one of its directors. In respect of the remaining cases the Company has initiated the process for obtaining the requisite approvals.
3 During the quarter ended June 30, 2008, the Group entered into a share subscription agreement with Universal Studios International B.V. and NBC Universal Inc. for subscription of 915,498 shares into the said overseas subsidiary for an amount of US$ 150 million (Rs,64,253 lacs) resulting in effective dilution of the Group's stake in the downstream subsidiaries from 100% to 74%.
4 The Company currently operates primarily in a single segment of television media and accordingly, there is no separate reportable segment.
5 As per the terms of Clause 41 of the Listing Agreement, given below is the information on investor complaints for the quarter ended September 30, 2008:
 
Pending at the beginning of the quarter Received during the quarter Disposed of during the quarter
Nil 9 9
6 During the quarter and half year ended September 30, 2008, the Company has issued 73,065 shares pursuant to the exercise of stock option by certain employees under the ESOP scheme.
7 Previous period figures have been regrouped/recast wherever considered necessary.
8

The above results are the consolidated financial results for the quarter and half year ended September 30, 2008. The standalone financial results for the quarter and the half year ended September 30, 2008 are available on the Company's website www.ndtv.com/Investors and also on the website of National stock Exchange, www.nseindia.com and Bombay Stock Exchange, www.bseindia.com.

For and On Behalf of Directors
Chairman
Place: New Delhi
Date: October 14, 2008