(Rs. in Lacs except per share data)

AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2008

(A)

(B)

(C)

(D)

(E)

Sl No

Particulars

Three Months Ended Dec 31-08

Three Months Ended Dec 31-07

Nine Months Ended Dec 31-08

Nine Months Ended Dec 31-07

Year Ended March 31-08

Audited

Income from Operations

12,935

10,203

36,903

24,392

36,613

Expenditure

a. Production Expenses

7,643

2,420

21,650

5,765

12,165

b. Personnel Expenses

5,236

3,869

15,337

10,319

14,845

c. Special employee bonus

891

906

d. Marketing, Distribution & Promotional Expenses

5,795

2,431

17,309

5,149

12,560

e. Operating & Administrative Expenses

3,802

2,537

11,629

5,768

9,924

f. Depreciation

812

613

2,265

1,630

2,309

Total Expenditure

23,298

11,910

68,255

29,522

52,709

Profit/(Loss) From Operations Before Other Income,Interest & Exceptional Items(1-2)

(10,363)

(1,707)

(31,352)

(5,130)

(16,096)

Other Income

173

646

1,359

1,575

2,181

Profit/(Loss) Before Interest & Exceptional Items (3+4)

(10,190)

(1,061)

(29,993)

(3,555)

(13,915)

Interest Cost

1,505

872

3,816

1,656

2,419

Profit/(Loss) After Interest But Before Exceptional Items (5-6)

(11,695)

(1,933)

(33,809)

(5,211)

(16,334)

Exceptional Items

Profit/(Loss) From Ordinary Activities Before Tax (7-8)

(11,695)

(1,933)

(33,809)

(5,211)

(16,334)

Cost of stock options

586

389

1,863

976

1,350

Amount arising on dilution of stake in a subsidiary (See Note -4 )

64,253

Tax Expense

- Current

108

172

204

312

390

- Tax for Earlier Years

- Deferred

343

(476)

131

179

- Fringe Benefit Tax

111

813

191

312

Net Profit/(Loss) from Ordinary Activities After Tax Before Minority Interest and Share in Associate (9-10+11-12)

(12534)

(2,921)

28,018

(6,821)

(18,565)

Share of minority Interest

(108)

(283)

(21)

Share in Profit/(Loss) of Associate (See Note -3 )

346

(206)

346

(313)

Net Profit/(Loss) For Ordinary Activities After Tax (13-14+15)

(12,080)

(3,202)

28,647

(7,204)

(18,857)

Extraordinary Item

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

(12,080)

(3,202)

28,647

(7,204)

(18,857)

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

2,508

2,501

2,508

2,501

2,503

Reserves (Excluding Revaluation Reserve)

(17,308)

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

Before Extraordinary Items

- Basic

(19.26)

(5.12)

45.74

(11.52)

(30.16)

- Diluted

(19.26)

(5.12)

44.49

(11.52)

(30.16)

After Extraordinary Items

- Basic

(19.26)

(5.12)

45.74

(11.52)

(30.16)

- Diluted

(19.26)

(5.12)

44.49

(11.52)

(30.16)

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

23,097,924

24,390,832

23,097,924

24,390,832

24,439,017

- percentage of Shareholding

36.83%

39.00%

36.83%

39.00%

39.05%

Notes :

The Board of Directors at their meeting held on October 1, 2008 had 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 the holding company whose subsidiaries will carry out the 'News and other businesses' and one share in the holding company whose subsidiaries will carry out the 'Entertainment and specified allied businesses'. The Appointed Date for the Scheme has been specified as 1st April, 2009. The Scheme is subject to the approval of the High Court Of Delhi and other requisite approvals. During the quarter, the Company has received confirmations of "No Objection" from the Stock Exchanges on the Scheme. The Company is in process of filing the Scheme with the High Court of Delhi.

The financial results have been taken on record by the Board of Directors in its meeting held on January 22, 2009 and January 23,2009. 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 nine months ended December 31,2008, the Company has received the necessary approvals in respect of remuneration paid amounting to Rs.197 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.

The consolidated results for the quarter and nine months ended December 31,2008 (Column A&C) includes share in profits amounting to Rs 346 lacs in an Associate Company NDTV Studios Limited being its share of profits.

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%.

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

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

Pending at the beginning of the quarter	Received during the quarter	Disposed of during the quarter
Nil	9	9

During the quarter and nine months ended December 31, 2008, the Company has allotted 58,560 shares and 131,625 shares respectively pursuant to the exercise of stock option by certain employees under the ESOP scheme. Further the Company has granted 3750 options during the quarter ended December 31,2008.

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

The above results are the consolidated financial results for the quarter and nine months ended December 31, 2008. The standalone financial results for the quarter and the nine months ended December 31, 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: Jan 23, 2009