Network 18 reports 142% y-o-y jump in Q1FY24 revenue at Rs 3,329 crore

19 Jul 2023 , 10:49 AM

Network 18 announced its results for the quarter ended June 2023. The company has reported a consolidated income of Rs 3,329 crore for Q1FY24, up by 142% y-o-y, owing to Indian Premier League’s performance on JioCinema.

The IPL’s internet rights are held by Viacom18, a corporation in which Network18’s subsidiary TV18 owns 13.54%. The company said that it logged revenue of Rs 1,340 crore in the same quarter of the previous fiscal year.

For the quarter, the company registered an operating loss of Rs 84 crore, against a profit of Rs 46 crore the same period of previous year. The operating loss for Network 18’s TV news section increased by 50% to Rs 6 crore, while revenue increased by 26% to Rs 337 crore.

The entertainment division, which includes AETN 18, Viacom 18, and IndiaCast, lost Rs 49 crore while making Rs 62 crore profit. The segment’s revenue increased 184% to Rs 2,839 crore.

Digital, print, miscellaneous, and intercompany elimination losses increased by 150% to Rs 30 crore. The segment’s revenue fell 16% to Rs 63 crore.

According to Network 18, JioCinema had over 800 advertisers and 26 sponsors, with more than 40 of them exclusively using the platform to target their premium audience on connected TVs.

At around 10.22 AM, Network 18 was trading 0.39% lower at Rs 64.10, against the previous close of Rs 64.35 on NSE. The counter touched an intraday high of Rs 68.50.

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