Network 18 Media & Investments Ltd on July 15 reported standalone revenue of Rs 430 crore for the quarter ended June 30, led by its strong performance in its digital and TV segments. Net profit, after exceptional items, stood at Rs 516 crore in the fiscal first quarter.
Revenue for the June quarter declined from a year earlier as the base quarter had a healthy contribution of election-linked advertising. Further, ad environment for the genre continued to be soft due to weak consumer demand and a sports-packed quarter, the company said in a stock exchange filing.
Despite the dual impact of weak ad environment and high base, Network18 displayed resilient performance on the back of its strong operating position, with news business operating revenue down by only 4.9 percent. Compared with the first quarter of FY24, which also did not have any significant revenue linked to elections, revenue is up 9 percent, added the company.
“Another quarter of strong operating performance, however, persisting macro-economic headwinds meant that it did not translate into a commensurate financial performance. Our steady progress across operating metrics over the last few quarters is a testimony to our vision for the business and the strategic execution of our plans. Our new product launches highlight our forward-looking approach and our endeavor to continue diversifying our business and build new avenues of growth,” said Adil Zainulbhai, Chairman of Network18.
June quarter EBITDA increased by 69 percent and operating margin expanded to 1 percent from 0.5 percent in the year earlier, the company said.
Meanwhile, Network18 strengthened its position as the leading digital news network in India, reaching more than 300 million users monthly across native and social platforms.
On television, the company retained its status as the largest news network, with viewership share rising 220 basis points from a year earlier, driven by gains in regional markets. It also continued to lead key segments, including Hindi and English general news, English business news, and Marathi, while holding a strong No. 2 position in Bengali and Kannada news.
In digital subscriptions, Moneycontrol Pro remained the country’s top financial intelligence platform with more than one million paid users, while Firstpost more than doubled its video views from a year ago.
Moneycontrol continued to be the clear No. 1 business news website in terms of engagement, recording 1.7 times more page views and 1.5 times higher time spent per user during the June quarter compared to its closest competitor. Moneycontrol’s exhaustive coverage of markets, businesses, and the economy, coupled with a wide set of analytical tools and data features that facilitate the investment decision process of users, has enabled it to maintain high levels of engagement with consumers.
Meanwhile, Moneycontrol Pro continued to be India’s largest digital news subscription platform and among the top 15 globally. Its expert analysis on the economy and companies and cutting-edge tools for investors and traders make it the go-to destination for users seeking in-depth insights into capital markets.
Moneycontrol’s fintech offerings continued to build on last year’s momentum, with lending as the key driver. The product was further strengthened by onboarding two new lending partners, expanding choice for consumers. It also launched ‘Secured Credit Cards’ to address users who are new to credit or have a limited credit history.
Network18 strengthened its focus on subscription-based products with launch of 3 new offerings – CNBC TV18 ACCESS, Moneycontrol Super Pro, and CNBC TV18 Prime. Moneycontrol Super Pro is a premium, intelligence-led markets product that not only includes the power of Moneycontrol Pro, but also offers structured, real-time investing guidance for investors.
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