Network18's revenue grows y-o-y by 11.65% in September quarter

19 Oct 2022 , 08:13 AM

Network18 Media & Investments Ltd. disclosed on Tuesday that its combined net loss for the second quarter that ended on September 30, 2022, was Rs28.84 crore.

Network18 Media & Investments Ltd reported the company’s net profit for the period of July through September of last year as being Rs199.27 crore in a regulatory filing.

However, compared to the same quarter the year before, its consolidated revenue from operations increased by 11.65% to Rs1,548.89 crore from Rs1,387.24 crore.

In Q2/FY23, overall spending increased by 33.88% to Rs1,591.96 crore from Rs1,189.04 crore.

The organization claims that despite high inflation, economic sentiment remained negative during the quarter, which presented difficulties for businesses, particularly those in the FMCG industry.

Due to these challenges, brands reduced their advertising expenditures for the introduction of new products and maintenance programs.

According to a Network18 Media earnings statement, start-ups and e-commerce operators’ advertising expenditures decreased as a result of the challenging fund-raising environment.

The slowdown also had an effect on the digital sector, which up until this point had been relatively undisturbed by the macro environment.

Nevertheless, Network18 Group continued to increase its investments throughout the Entertainment and News divisions, in accordance with its expansion ambitions, despite the difficult climate.

One of the biggest media corporations in the nation is Network18. It is supported by Independent Media Trust, which only benefits Reliance Industries.

Additionally, it has control of TV18, a publicly traded subsidiary, which runs India’s largest network of 60 channels, spanning the news, entertainment, and sports genres.

On Tuesday, Network18 Media & Investments Ltd. shares rose 5.03% from the previous close to close at Rs69.95 on the BSE.

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