Network18 Media & Investments Limited today announced its results for the quarter ended December 31, 2022. The company’s consolidated revenue grew 12% YoY to Rs 1,850 crore.
The company’s consolidated net profit was Rs 9 crore compared to Rs 307 crore in corresponding period of the last fiscal year.
According to the company, the 12% growth in consolidated revenue was recorded despite the fact that the continued softness in the macro-economic environment dampened the advertising demand and impacted the revenue, in contrast to the strong festive demand witnessed last year.
Along with a weak advertising environment, TV impressions were also down 5% YoY. Total ad inventory on TV declined by 10% on a YoY basis with News category seeing a drop of 27%. Digital segment also faced headwinds as brands pulled back on performance marketing spends.
Operating earnings before interest, taxes, depreciation and amortisation (EBITDA) of Rs 2 crore for the quarter ended December 2022, compared with Rs 373 crore a year ago.
Commenting on the results, Adil Zainulbhai, Chairman of Network18, said, “We are really pleased with the operating performance of our businesses, however, the tough macro environment made it challenging from the perspective of financial results. We have a firm belief in the long-term potential of India’s M&E sector and we are making investments today to be in a position to derive disproportionate benefits from this growth, especially in digital. Our portfolio is ideally positioned to grow across multiple axes and take advantage of the synergies and strengths of its diversified assets.”
