Network18 Media & Investments Ltd on Tuesday reported a 67.52 per cent decline in consolidated net profit at Rs 39.46 crore for the quarter ended June 30, 2022.
The company had posted a net profit of Rs 121.51 crore during the April-June period a year ago, Network18 Media & Investments Ltd said in a regulatory filing.
However, its consolidated revenue from operations rose 10.33 per cent to Rs 1,339.89 crore as against Rs 1,214.43 crore in the corresponding quarter of the preceding fiscal.
Total expenses were at Rs 1,349.78 crore, up 24.88 per cent, as against Rs 1,080.79 crore earlier.
Network18's entertainment business revenues grew 13 per cent in Q1 FY23 despite its free-to-air Hindi general entertainment channel (GEC) going off DD FreeDish, said an earnings statement from the company.
''Digital News revenue continued to grow at a fast pace'', it said, but added that ''TV News revenue was flat YoY despite multiple state elections in the base quarter.'' Network18 Chairman Adil Zainulbhai said, ''First quarter of FY23 has set the tone for the journey that we have undertaken towards making Network18 as India's leading destination for content.'' The big development for the company this quarter was the acquisition of exclusive digital rights of IPL, he added.
''With strong tailwinds favouring digital consumption, it gives us a perfect opportunity to scale-up our OTT offering. Coupled with the partnership with Bodhi Tree and Reliance, it will enable our entertainment business to grow to a multiple of what it is today,'' he said.
Network18 is one of the largest media conglomerates in the country. It is promoted by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
It also controls TV18, its listed subsidiary, which operates the broadest network of 60 channels in India, spanning news, entertainment and sports genres.
Share of Network18 Media & Investments Ltd on Tuesday settled at Rs 67 on BSE, down 1.47 per cent from the previous close.
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