Network18 turns corner in Q3 with Rs 6.8 crore profit
Network18 Media and Investments reported a net profit at the consolidated level for the December quarter, led by strong performances in its broadcasting and digital businesses.
Network18 Media and Investments reported a net profit at the consolidated level for the December quarter, led by strong performances in its broadcasting and digital businesses. The company’s net profit stood at Rs 6.8 crore and operating profit at Rs 10.6 crore.
Consolidated quarterly revenues surged to Rs 697.4 crore, up 52 percent year-on-year. "Our recast balance sheets helped us rationalize our interest payouts and our television and digital assets turned in strong operational performances," said Raghav Bahl, Managing Director, Network18 in a press statement.
Consolidated quarterly revenues of TV18 broadcast, in which Network18 holds majority stake, stood at Rs 512.4 crore, up 72 percent year-on-year and a gain of 59 percent quarter-on-quarter. Network18’s digital content and e-commerce divisions together logged revenues of Rs 119.6 crore, up 104 percent over last year.
"We are extremely pleased that all our broadcast and digital content operations grew their margins despite softness in the advertising environment," B Saikumar, Group CEO said in the release, adding, "Our e-commerce businesses have turned in another stellar quarter doubling over the previous year."
The company’s digital content operations recorded revenues of Rs 22.4 crore, growing around 20% year on year. Moneycontrol.com jumped to an unprecedented 14.9 million unique visitors in December 2012 as per Comscore World Report, the company said in the press release.
"All our content properties - moneycontrol.com, in.com, ibnlive.com and fistpost.com continued to innovate and maintain their market leadership positions," the release said.
Revenues at bookmyshow.com, in which Network18 holds minority stake, doubled year-on-year, while those at Homeshop18 grew 325 percent during the same period.
Consolidated operating profit margin for the quarter was 2 percent, compared to minus 18 percent during the same quarter last year.
Disclaimer: moneycontrol.com is part of Network18 Group.