Network18 Media & Investments revenue grows 31% yoy to Rs1,387cr in Q2FY22 driven by viewership

PAT rose to Rs ~200cr (~3x of Q2FY21), driven by improved revenue performance.

Oct 19, 2021 04:10 IST India Infoline News Service

Network18 Media & Investments Limited today announced its results for the quarter ended September 30, 2021.

The company reported strong revenue growth driven by viewership at Rs1,387cr in Q2FY22 compared to Rs1,061cr in Q2FY21, rising 31% yoy. The highest ever Q2 revenue (ex-film), grew 29% yoy (and 21% vs Q2FY20). Consolidated EBITDA for the quarter grew 53% yoy to Rs253cr in Q2FY22 compared to Rs166cr in Q2FY21 (~3.3x of Q2FY20), operating margin at 18.2%. Both News and Entertainment businesses further improved profitability.

Profit After Tax (PAT) rose to Rs ~200cr (~3x of Q2FY21), driven by improved revenue performance, controlled opex and lower finance costs. Entertainment margin at ~19%; ex-film revenue up 31% yoy (up 20% vs Q2FY20). News margin at ~18%; revenue up 18% yoy (15% vs Q2FY20).  Digital News continues to grow revenue and improve margins; revenue rose 55% YoY and margins at ~17% yoy.

“Viacom18 is building a strong sports portfolio; acquired rights to FIFA World Cup’22 and 3 major football leagues. Voot’s digital exclusive property, Bigg Boss OTT, drives substantial growth in paid subscriber base 18.2% operating margin despite a lingering impact of second wave,” company said in a filing on Tuesday.

Adil Zainulbhai, Chairman of Network18, said: “This quarter has been quite remarkable, both from a macro as well as Company’s point of view. The way the country came out of the grip of second wave of COVID was truly heartening, and equally reassuring was the full-swing return of economic growth. The outlook is looking quite promising from a medium term perspective and this is good news for all our consumer facing businesses.

Our digital assets, both news and entertainment, got a lift during the pandemic and we continue to invest to leverage those gains. With expansion into sports genre, we have taken a significant step towards scaling up our entertainment portfolio to the next level. This will help establish us as a truly integrated media company across broadcast, OTT and content studio business spanning general entertainment, news, movies and sports.”

Network 18 Media & Investments Ltd ended at Rs79.25 per piece down by Rs4.5 or 5.37% from its previous closing of Rs83.75 per piece on the BSE.

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