network18 media third quarter earnings update: Network18 Media third quarter results: net loss of Rs 107.87 crore; 4% decrease in revenue
Consolidated operating revenue decreased 4.14% to Rs 1,773.73 billion compared to Rs 1,850.49 billion in the same period last year.
“Consolidated revenue for the quarter stood at Rs 177.4 billion, down 4% year-on-year primarily due to lower film studio revenues,” Network18 Media & Investments’ earnings statement said.
Total expenses for the December quarter rose 6.37 per cent to Rs 2,062.53 crore.
However, total income, including other income, rose 1.56 per cent to Rs 1,930.38 crore in the December quarter.
During the quarter, TV network share rose 30 bps to 10.8% compared to the previous quarter, driven by strong performance from Hindi GECs and movie channels.
OTT platform JioCinema continues to strengthen its position as one of the leading digital destinations for sports and entertainment content in India. “Investments in editorial and reach initiatives across our TV and digital news networks are paying dividends, driving strong operating performance,” he said.
During the quarter, revenue from the TV News segment increased 23%, driven by a significant increase in advertising revenue across the cluster.
In digital news, Network18 Media & Investments reported a 20% increase in revenue “primarily driven by IP events and video monetization across digital platforms.”
Through TV18 Broadcast, it owns 20 TV news channels including CNBC TV18, CNN NEWS18 and News18 India. It also owns four online platforms such as Moneycontrol, News18.com and Firstpost.
In the Entertainment segment, Network18 Media & Investments’ operating revenue decreased 12%, primarily due to lower revenues from its Film and Sports segments.
“Reported EBITDA was impacted by operating losses in our Sports and Digital segments as Viacom18 invests in these segments,” it said.
“All of our businesses are gathering momentum at the right time as the economic outlook continues to improve against the backdrop of the resilient performance of the Indian economy,” said Adil Zainulbhai, Chairman, Network18.
Shares of Network18 Media & Investments Ltd on Tuesday closed at Rs 118.40 on BSE, down 3.66% from its previous close.
