Dear Shareholders,
It's my privilege to present the 30th Annual Report of Raj Television
Network Limited for the Financial Year 2023-24.
The year 2023-24 has witnessed highs and lows in every business sector. With India's
Gross Domestic Product (GDP) is touching the $ 3.75 Trillion mark in 2023, we become the
fifth largest economy in the world giants like US, Japan, China and Germany. The global
economy is facing challenges with persistent inflation reflecting in mass layoffs by tech
giants. Businesses across the world have suffered unprecedented losses.
Though the emergence of Artificial Intelligence are adding efficiency to our regular
tasks, they are emerging as the biggest threat to Human Resource. As digitalization has
taken over a strong on the individual's lifestyle, there is a growing demand for good
content which is also unprecedented platform and screen agnostic. According to a recent
FICCI-EY report, the average mobile data usage per smartphone in India was 31gb per month
and is projected to grow at an annual rate of 16% reaching 75gb by 2029. Your Company has
made promising strides in addressing the priorities. Embracing the situation swiftly, we
have significant progress on our digital transformation, we are glad to inform you that we
have launched our digital Platform namely Raj Digital and have also launched two new
regional channels in entertainment genre. Your company upholds its values of trust and
credibility we are determined to reach more viewers and build a futuristic and agile
organization by expanding our channel network and digital offerings. Though businesses
across the world have suffered unprecedented losses, we have tried to cope with the
backlash of the pandemic and have achieved a decent growth rate in generating revenue for
our business. Your Company has reported a revenue of 106.83 Crores with a Profit Before
Tax of 1.20 Crores.
Despite the competition and pricing challenges and increasing costs, we are able to
maintain the performance level of your company.
I take this opportunity to thank all our valued customers, business associates and
vendors for their kind support. I place on record the appreciation of the contribution
made by employees of the Company at all levels that has contributed to your Company's
success and remain in the forefront of media and entertainment business. I thank and
express my gratitude for the support and co-operation received from the Central and State
Governments /regulatory authorities viz. the Ministry of Information & Broadcasting,
the Department of Telecommunication, Ministry of Corporate Affairs, Reserve Bank of India,
Securities and Exchange Board of India, Foreign Investment Promotion Board, the Stock
Exchanges and Depositories and other stakeholders including viewers, producers, vendors,
financial institutions, banks, investors, Service providers and all our stakeholders. I
also place on record their appreciation of the tireless efforts of Team RAJTV, a dedicated
and loyal band of people who have displayed unswerving commitment to their work in
challenging times and helped the Company deliver good results.
I thank our Board of Directors for their support and exemplary guidance. I also take
this opportunity to express my gratitude to all our stakeholders, who continue to repose
faith and trust in us over the years. Further with my whole heart I sincerely thank all
our shareholders who continued their support over these years, without whose support our
company would not have grown and accomplished 30 successful years of our existence.
Warm Regards,
M Raajhendhran
Chairman cum Managing Director