Thursday, Apr 25 2024 | Time 17:36 Hrs(IST)
image
Business EconomyPosted at: Jan 18 2022 8:41PM


Network18 Media net profit dips 8pc in Q3FY22, revenue up 17pc

New Delhi, Jan 18 (UNI) Media company Network18 Media & Investments on Tuesday reported an 8% decline in its net consolidated profit to Rs 307 crores for the quarter ending December 31 of financial year 2021-22 as against Rs 333.3 crores during the corresponding period last year.

The company's revenue from operations during the period stood at Rs 1,657 crores, up 17% as compared to Rs 1,422 crores in October-December period of FY21.

Both TV entertainment and news businesses delivered strong growth in advertising revenues during the quarter driven by a robust viewership share and consumer reach.

"Digital news continued to grow at a strong clip with advertising revenue more than 2x compared to FY20. The business has been leveraging its strong reach and growing digital consumption to capture a higher share of digital advertising pie," said the company in a statement.

Buoyed by a strong advertising demand, network’s YTD advertising revenues have already surpassed full-year FY21 level," it further said.

Shares of Network18 closed 1.59% lower on the BSE at Rs 90 a piece on Tuesday.

Network18’s listed subsidiary TV18 Broadcast witnessed 17% fall in net profit to Rs 311.55 crore in Q3 of FY22 as against Rs 377.20 crore in the same quarter of the previous financial year.

The firm's revenue from operations, however, increased to Rs 1,567 crore in Q3FY22 from Rs 1,361 crore in the same period last year.

A company press release said that TV18 reported its highest ever EBITDA at Rs 355 crore with margins of 23% in the October-December quarter of the current fiscal.

"Not only did news business see a sharp improvement in profitability but entertainment business also continued to deliver strong margins," it said.

Adil Zainulbhai, Chairman of TV18, said, “We are building a strong and sustainable media franchise which not only delivers quality content to Indian audience but also value to the shareholders. Over the last few years, we have taken several significant steps which have helped us achieve the turn around on profitability front and it is really encouraging to see a visible shift in the margin profile of our businesses."

As content consumption continues to grow across mediums, our aim is to build platforms of choice for consumers looking for news and entertainment content in their local languages, movies and leading sports events, he added.

UNI NK RKM
Please log in to get detailed story.
Tags: #Network18 Media net profit dips 8pc in Q3FY22# revenue up 17pc
More News

Rupee ends flat at 83 32 against USD

25 Apr 2024 | 4:50 PM

Mumbai, April 25 (UNI) The rupee on Thursday ended steady at 83.32 against the USD on selling US dollars by bankers and exporters, dealers at the foreign exchange said.

see more..

Shree Cement joins RE100

25 Apr 2024 | 4:32 PM

Mumbai, Apr 25 (UNI) Shree Cement, one of India's largest cement producers with an installed capacity of over 56 MTPA, has announced its membership in the esteemed RE100 initiative, a global initiative led by Climate Group, advocating for businesses to convert to 100 per cent renewable electricity for all their operations.

see more..

Vedanta net down 27 pc in Q4

25 Apr 2024 | 4:26 PM

Mumbai, Apr 25 (UNI) Indian mining company Vedanta, with its operations in iron ore, aluminium, zinc, oil and gas, on Thursday reported 27 per cent dip in net profit at Rs 2,273 crore for the fourth quarter (January-March) of FY 24 from Rs 3,132 crore in same period a year ago.

see more..

India’s John Distilleries ‘Nirvana’ wins at London Spirits Competition

25 Apr 2024 | 3:25 PM

New Delhi, April 25 (UNI) John Distilleries Ltd’s Paul John single malt whiskey ‘Nirvana’ has been awarded a “Gold” medal in the prestigious London Spirits Competition 2024. JDL’s two other offerings, Roulette London Dry Gin and Paul John XO Brandy, have also won ‘Silver’ medals. JDL is the only Indian company to have been awarded in three different categories: whiskey, gin, and brandy.

see more..
Dr Reddy’s Lab and Nestlé India enter into definitive agreement to form JV company

Dr Reddy’s Lab and Nestlé India enter into definitive agreement to form JV company

25 Apr 2024 | 2:40 PM

Hyderabad, April 25 (UNI) Dr. Reddy’s Laboratories and Nestlé India have entered into a definitive agreement to form a joint venture company to bring innovative nutraceutical brands to consumers in India and other agreed territories.

see more..
image