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Last Updated : Oct 15, 2019 05:17 PM IST | Source: Moneycontrol.com

Network18 Q2 loss narrows significantly to Rs 24.68 cr amid lower tax cost

Company said Network18 digital revenues grew 10 percent YoY to Rs 46 crore. Sharp display advertising growth in News18.com (especially vernacular) boosted revenues even amidst a tepid environment, it reasoned.

 
 
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Network18 Media & Investments' net loss in September quarter narrowed substantially to Rs 24.68 crore as tax expenses reduced sharply.

The company had reported a loss of Rs 66.90 crore in the corresponding quarter of last fiscal.

Consolidated operating revenue for the quarter fell by 5.1 percent year-on-year to Rs 1,174 crore on soft advertising revenue, but subscription revenue increased sharply by 43 percent YoY to Rs 461 crore in Q2.

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At the operating level, the company's consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) dropped 17 percent to Rs 77 crore compared to year-ago.

"Network18 successfully encapsulates News and Entertainment content, across National and Regional platforms, in both TV and digital mediums. We are fully geared for a Digital World, with differentiated content available on integrated platforms on a pipe-agnostic basis," Adil Zainulbhai, Chairman of Network18 said.

Network18 said its digital revenues grew 10 percent YoY to Rs 46 crore. Sharp display advertising growth in News18.com (especially vernacular) boosted revenues even amidst a tepid environment, it said.

Network18 further said operating margin fell due to operating losses of recently-launched app CricketNext (Rs 4 crore) and investments into the subscription model of MoneyControl, MC Pro.

Tax expenses for the quarter stood at Rs 10.21 crore, down 58.3 percent compared to the same period last year.

Network18's listed subsidiary TV18 owns and operates the broadest network of channels – 56 in India spanning news and entertainment.

The stock was quoting at Rs 20.35, up Rs 0.20, or 0.99 percent on the BSE at 1400 hours IST.

Disclaimer: Reliance Industries owns Network18 which publishes Moneycontrol.com.

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First Published on Oct 15, 2019 05:17 pm
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