Network18 Media & Investments on April 23 reported consolidated profit at Rs 59 crore for January-March quarter driven by strong operating EBITDA and revenue.
The company had posted a loss of Rs 76 crore in the corresponding quarter last year.
Revenue from operations for the quarter came in at Rs 1,464 crore, growing 18.68 percent YoY compared to Rs 1,231 crore reported in the same period last year.
"Entertainment profitability continued its improved run despite ad-headwinds, led by subscription and syndication revenue streams and broad-based cost controls," the company said in its BSE filing.
"Rise in the ranking of our flagship Entertainment channel and upsurge in News consumption helped the group post growth in ad-revenues in the quarter, even as advertising was severely impacted during late-Q4 due to the COVID-19 related lockdown," it added.
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Network18's operating earnings before interest, tax, depreciation and amortisation (EBITDA) grew by a whopping 1,855 percent to Rs 225 crore for the quarter, against Rs 12 crore in the corresponding period of the previous year.
Profit for the financial year 2019-20 stood Rs 56 crore versus a loss of Rs 178 crore in FY19.
Revenue from operations increased 5 percent to Rs 5,357 crore and operating EBITDA jumped 191 percent to Rs 617 crore compared to last the financial year.
Network18 said that advertising revenue may remain suppressed in the first half of FY21 due to low economic activity in the wake of lockdowns.
"Policy interventions for protecting the affected, fiscal stimulus for kick-starting economic activity and monetary easing to infuse liquidity are expected to drive the second half of FY21 towards normalcy. However, the severity of the pandemic and pace of its containment remains a key monitorable," the company said.
"The cost optimisation exercise undertaken across verticals during FY20 will help us in these tough times, and will be furthered aggressively as our preparedness for the uncertain economic scenario."
"We remain confident that our portfolio of genre-defining brands shall weather this storm and emerge even stronger," it added.
Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd that publishes Moneycontrol.
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