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CONTENTS Corporate Overview 02 About the Company 02 Corporate Information 229 Bureau Offices 230 Management Overview 04 Statement from the Chairman’s desk 04 Management Discussion and Analysis Report 07 CSR Initiatives 13 Boards’ Report 16 Report on Corporate Governance 49 Business Responsibility Report 64 Financial Statements 72 Standalone Accounts Auditors’ Report 73 Balance Sheet 78 Statement of Profit and Loss 79 Statement of changes in equity 80 Statement of cash flows 81 Notes forming part of the financial statements 83 Consolidated Accounts Auditors’ Report 144 Balance Sheet 148 Statement of Profit and Loss 149 Statement of changes in equity 150 Statement of cash flows 151 Notes forming part of the financial statements 153 Forward Looking Statement The statement(s) made in this Annual Report describing the Company’s objective, expectations and predictions may be forward looking statement within the meaning of applicable securities laws and regulations. These statements and expectations envisaged by the management are only estimates and actual results may differ from such expectations due to known and unknown risks, uncertainties and other factors including, but not limited to, changes in economic conditions, government policies, technology changes and exposure to market risks and other external and internal factors, which are beyond the control of the Company. T.V. TODAY NETWORK LIMITED ABOUT THE COMPANY T.V. Today Network: India’s No. 1 Network of National News Channels* *Source: BARC, period-WK 24’17-WK 27 ’17,Cume Cov in Mn, TG 15+ NCCS ALL Page 02 ANNUAL REPORT 2016-17 T.V. Today Network Leading brands within its fold Ltd (TVTN) is an India-based Company engaged in broadcasting operations. Part of Progressively profitable business (Standalone) India Today group, (` crore) (` crore) (` crore) the Company 192.66 594.12 162.02 operates mainly in 563.05 499.25 two segments namely 154.38 122.88 144.88 television and radio 113.75 401.14 120.97 broadcasting. 93.20 320.03 The Company operates four news channels 41.94 namely Aaj Tak, India 17.57 Today, Tez and Dilli 12-13 13-14 14-15 15-16 16-17 12-13 13-14 14-15 15-16 16-17 AajTak. The Company 12-13 13-14 14-15 15-16 16-17 also operates three FM Total Income EBIDTA Profit before tax radio stations under Building business strength (Standalone) brand ISHQ 104.8 FM (` crore) (` crore) (` crore) in Delhi, Mumbai and Kolkata. 625.67 231.32 238.31 217.01 218.23 60.17 201.45 With its corporate 507.62 office at Noida, India, 449.96 the Company is 379.06 spearheaded by 324.59 Mr. Aroon Purie, 17.28 Chairman and 6.73 Managing Director. Its shares are listed on the BSE Limited and National Stock Exchange of India March 31, 2013 March 31, 2014 March 31, 2015 March 31, 2016 March 31, 2017 March 31, 2013 March 31, 2014 March 31, 2015 March 31, 2016 March 31, 2017 March 31, 2013 March 31, 2014 March 31, 2015 March 31, 2016 March 31, 2017 Limited. Networth External Debt Fixed assets* * Fixed assets (Net block including Capital Work in Progress) NOTE: FY16 & FY17 figures are based on IND-AS financials 57.42% 15.48% 1,224 594 1538 Promoters’ Institutional Team Total Income Market holding holding size (standalone), capitalization, (March 31, 2017) (March 31, 2017) (March 31, 2017) 2016-17 (` crore) March 31, 2017 (` crore) The performance “has been quite satisfactory. While right investments have been made particularly towards technology, content and talent; we have continuously driven efficiency in our business operations which we believe will have a positive impact on growth prospects over the medium term.” Aroon Purie Chairman and Managing Director ANNUAL REPORT 2016-17 Statement from the Chairman’s desk Dear Shareholders, Fiscal 2016-17, for the Media & additions are expected to be in rural across the various media segments on Entertainment (M&E) sector was India. an overall basis, the impact on Media & a mixed bag comprising exciting To expand our reach in the rural Entertainment industry is not expected opportunities like continuing growth in market we entered the Free Dish to be significant– primarily due to the the rural markets and increasing online platform with our flagship AajTak availability of input credit across the consumption of our content on the one channel in November 2015. This has board. hand and the impact of demonetization, helped us maintain and expand our However, the GST rules appear uncertainty around impending GST and lead over our competitors and hence complex particularly from administrative the new TRAI Tariff order on the other. improve advertising yields. and documentation point of view. The Standout feature of the year was Our English channel India Today, Company has and will continue to take the increasing penetration of digital which was rebranded in May 2015 advice in this matter and optimize the ecosystem into the average Indian’s continues to grow and improve its impact to the best extent possible. day-to-day lives which has opened up market position as expected. Sizeable It is expected that in 2017, there new avenues of consumption of our investments made towards this in could be an initial adverse impact on content although revenue models still the areas of content, marketing and advertising spend as organizations remain to be developed. distribution have helped the channel across the board focus their energies For the Company, it was a get to enhanced viewership and on realigning business systems showcase of our ability to retain and revenues. Channel’s advertising yields and processes to the requirements improve profitability even as short-term are expected to strengthen further mandated by the GST law. However, in disruptions impeded business growth. although the English news television the medium-term, with the formalization The total revenue (standalone) during space is witnessing severe competitive of the economy and the widening of the the year under review increased by pressures. tax base, GST should have a positive about 5.52% over the previous year. impact on the country’s GDP and The operating profit margin for the Your Company made an application consequently on advertising spends. year was extremely healthy at 32.43%. to Ministry of Information and Advertisement revenue during the year Broadcasting (MIB) for migration of its The TRAI Tariff order is expected to increased by 10%, despite the impact three FM radio stations located at Delhi, have a significant impact on economics of demonetization particularly in the Mumbai and Kolkata, from Phase II of distribution of Television channels . third quarter which demonstrates the policy regime to Phase III policy regime All competitors of AajTak are Free To Air dominance of Aaj Tak and increasing applicable to private radio broadcasters. (FTA) channels. Implementation of the popularity of India Today TV. In April, 2017, the Company received Tariff order is likely to pose a challenge an offer from MIB for the said migration The performance has been quite for the Company and will have an satisfactory. While right investments subject to, inter-alia, the execution impact on subscription revenue as well have been made particularly towards of Grant of Permission Agreement as distribution related costs. technology, content and talent; we have (GOPA) and payment of migration fee I would like to thank the employees continuously driven efficiency in our and other charges including interest. at all levels, for their commitment business operations which we believe The Company paid migration fee and and remarkable contribution in the will have a positive impact on growth other charges including interest and Company’s success. I appreciate the prospects over the medium term. executed the GOPA on May 23, 2017. valuable guidance provided by my Consequently, the three FM radio Television remains amongst the most colleagues on the Board. I also heartily stations of the Company have now important entertainment mediums in thank our shareholders for their co- been migrated to Phase III. The radio the country. The increasing disposable operation and support. channels were rebranded as Radio income in the hands of the average ‘ISHQ’ and successfully re-launched. Indian is fueling aspirations – driving demand for branded products and Looking at the current year, there is Warm regards services, television being a part of this considerable apprehension as India rolls basket. Credible estimates suggest out its most significant tax reform since that India’s TV households will reach independence – Goods and Services 203 million by 2021, implying a total Tax (GST). While the introduction of GST TV penetration of 67% - majority of the is likely to have varied levels of impact AROON PURIE T.V. TODAY NETWORK LIMITED Page 06 ANNUAL REPORT 2016-17 Management discussion and analysis report Economic overview The Indian economy has been growing external current account and fiscal While the industrial sector is now estimated at an accelerated pace since 2014, positions and helped lower inflation in to have grown at 8.2% against the earlier supported by favorable government the past. (Source-IMF) estimation of 7.4% of the services sector reforms and stringent fiscal regime that is estimated to have grown at 9.9% against reigned in inflation. India emerged as Outlook: India’s economic growth 8.9% earlier. a ‘bright spot’ in an otherwise subdued is expected to improve in 2017-18. GDP (Year-on-year in %) world economy when it overtook China This optimism is based on two critical in 2015-16 as the fastest-growing major realities. The adoption of the Goods 2012-13 5.6 economy in the world. and Service Tax (GST) promises to 2013-14 6.6 create a single national market which Despite prevailing headwinds in India 2014-15 7.2 will enhance efficiency of the movement and across the globe, India managed 2015-16 7.9 of goods and services.

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