Network18 reports net loss of Rs 107.87 crore in Q3 FY24

Network18 Media & Investments reported a consolidated loss of Rs 107.87 crore for the third quarter ended December 2023.

The company had posted a profit of Rs 8.82 crore during the October-December period a year ago, according to a regulatory filing by Network18 Media & Investments Ltd.

Its consolidated revenue from operations slipped 4.14% to Rs 1,773.73 crore against Rs 1,850.49 crore in the year-ago period.

"Consolidated revenue for the quarter declined 4% YoY to Rs 1,774 crore, primarily due to lower Movie Studio revenue," said an earning statement from Network18 Media & Investments.

Its total expenses increased 6.37% to Rs 2,062.53 crore in the December quarter.

However, its total income, which also includes other income, in the December quarter inched up 1.56% to Rs 1,930.38 crore.

During the quarter, TV network share increased by 30 bps Q-o-Q to 10.8%, driven by the strong performance of Hindi GEC and Movie channels.

While its OTT platform JioCinema continued to strengthen its position as one of the leading digital destinations for sports and entertainment content in India.

"TV and Digital news network’s investments in editorial and reach initiatives pay dividends, driving strong operating performance," it said.

During the quarter, revenue from its TV News segment was up 23% with strong growth in advertising revenue across clusters.

While in digital News, Network18 Media & Investments reported 20% growth in revenue "primarily driven by IP-events and video monetisation across digital platforms".

Through TV18 Broadcast, it owns 20 TV news channels which include CNBC TV18, CNN NEWS18, and News18 India. It also owns 4 online platforms across such as Moneycontrol, News18.com and Firstpost.

While in entertainment, Network18 Media & Investments' operating revenue declined 12% primarily due to lower Movie and Sports segments revenues.

"Reported EBITDA was impacted due to operating loss from Sports and Digital as Viacom18 is investing in these segments," it said.

Network18 Chairman Adil Zainulbhai said, "All our businesses are gathering momentum at the right time as the economic outlook continues to improve against the backdrop of a resilient performance by the Indian economy".

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