ETC Networks Ltd, which owns music heavy Hindi channel etc and etc Channel Punjabi, has announced its Q-1 results for the year 2001-2002. The network has not shown any major changes in its performance compared to the corresponding quarter last year.

Net revenues have gone up marginally by 1.7 per cent to Rs 77.09 million. But because of gross reduction in other income, total income has gone up even lower at 0.8 percent. The reduction in the other income is due to the closure of some tie-ups which impacted on revenues.

On the expenditure front, programming and telecasting costs have gone up considerably. A company spokeperson said the increase in the programming expenses was largely due to the software costs incurred for the launch of etc Channel Punjabi last year.

But at the same time the staff costs and other expenses has gown down by 32.5 per cent. "Restructuring is taking place in the company. As a result of that the costs have gone down. Also the channel has now settled down in its operations, so now we are able to cut down on excessive costs," a company spokesperson pointed out.

Interest costs have gone up. This is because fresh funds have been infused for the network's expansion plans. In the coming months that investment is expected to show returns, the spokesperson said.

The OPM (operating profit margin) has gone up from 17.86 per cent to 21 percent with PBDIT of Rs 16.47 million in Q1 this year where as NPM (net profit margin) has remained at the same level of around 14 per cent.

The stock market was not overly enthused by the results. The script moved in narrow band between Rs 11.95 - Rs 12.45 and closed at Rs 12.20 with more than 13,000 shares changing hands on the BSE.