Adani-owned NDTV's Q3 net profit more than halves to Rs 12.9 cr on advertising drop

New Delhi Television Ltd, part of the embattled Adani Group, said on Tuesday that profit had more than halved in the third quarter on weak advertising demand.

The broadcaster's consolidated net profit decreased to Rs 12.9 crore in the third quarter ended Dec. 31, from Rs 27.6 crore in the year-ago period.

The drop was primarily due to lower consumption of advertisement inventory across news genres, NDTV said in a press release.

The group’s digital arm, NDTV Convergence, has delivered its best-ever revenue for Q3 with a profit of Rs 13.3 crore.

NDTV and other listed Adani-owned companies have seen their shares battered since US short-seller Hindenburg Research on Jan. 24 raised concerns about the conglomerate's debt levels and use of tax havens, allegations that the group has denied.

Shares of NDTV have fallen 23.6% since then, compared with a 47.7% drop in Adani Enterprises Ltd, the group's flagship company.

Adani holds a 64.71% stake in NDTV after a contentious battle in the latter half of last year.

NDTV's revenue fell 9.5% to Rs 105 crore, while total expenses rose nearly 5%, led by production and employee benefits costs.