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Last Updated : Jul 16, 2019 03:51 PM IST | Source: Moneycontrol.com

Network18 Q1 loss at Rs 141.3 cr, operating profit jumps 142%

The double digit revenue growth was amidst a weak advertising environment, led by election advertising and strong growth in subscription income post implementation of new tariff order (NTO), Network 18 said.

 
 
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Network 18 Media & Investments posted a consolidated net loss of Rs 141.3 crore for quarter ended June 2019, against loss of Rs 111.92 crore during the same period last year

Consolidated operating revenue increased 11 percent year-on-year to Rs 1,245 crore during first quarter of financial year 2019-20.

The double digit revenue growth was amidst a weak advertising environment, led by election advertising and strong growth in subscription income post implementation of new tariff order (NTO), Network 18 said in its BSE filing.

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Earnings before interest, tax, depreciation and amortisation (EBITDA) jumped sharply by 142 percent year-on-year to Rs 46 crore in Q1 on a combination of operating leverage and cost controls.

"Regional portfolio continues to grow across both broadcasting and digital, and we believe that the connect our growing brands enjoy with the diverse Indian populace shall stand us in good stead," Adil Zainulbhai, Chairman of Network18 said.

Digital revenues grew 34 percent YoY to Rs 47 crore in June quarter 2019 as growing ad-spends in News18.com (mainly vernacular) boosted revenues amidst a tepid environment, company said.

Operating margin of digital business fell due to losses of FirstPost Print and marketing of CricketNext around IPL and the Cricket World Cup (Rs 6 crore in total), revamp of IN.com, and extension of MoneyControl into subscription models, it added.

Network18 said the rising strength of the News18.com brand and the tailwinds in vernacular consumption have helped News18 languages grow at an industry-leading pace, with 46 percent quarter-on-quarter rise in viewership.

The stock closed at Rs 25.65, up Rs 0.45, or 1.79 percent on the BSE.

(Disclaimer: Reliance Industries Ltd owns Network18 Media & Investments Ltd which publishes Moneycontrol.)

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First Published on Jul 16, 2019 03:51 pm
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