New Delhi: Network18 Media & Investments Ltd posted a consolidated revenue of ₹1,360.50 crore for the December quarter, with a net profit of ₹25.68 crore. The figures are not directly comparable with the previous year due to the merger of its subsidiary, Viacom18, with Star India.
The company recognized an exceptional gain of ₹1,425.73 crore during the quarter, attributed to the derecognition of its subsidiaries, which was accounted for on a provisional basis.
On a standalone basis, Network18 reported revenue from operations at ₹476.41 crore and a significant profit of ₹3,431.94 crore, boosted by exceptional gains of ₹3,498.21 crore. This was primarily due to the business combinations related to the merger of Viacom18 Media, Digital18 Media, and Star India, as well as the conversion of ₹24.61 crore compulsorily convertible preference shares held by Reliance Industries in Viacom18. As a result, Viacom18 ceased to be a subsidiary of Network18.
“Operating revenue for the quarter stood at ₹476 crore, marginally higher year-on-year. However, a soft advertising environment exerted downward pressure on growth,” the company stated.
The festive season failed to drive significant consumer demand, leading brands to scale back advertising spending. While the TV news segment witnessed a marginal quarter-on-quarter rise in ad volumes, it recorded an 11% year-on-year decline. The digital segment saw growth in ad revenues, albeit on a smaller base.
The merger of Viacom18 with Star India, completed on November 14, has created one of India’s largest broadcasting and digital streaming companies. Network18 now holds a 6.3% effective economic interest in the joint venture through its stake in Viacom18.
Commenting on the performance, Chairman Adil Zainulbhai said, “The restructuring of the business is now complete, simplifying the corporate structure for all stakeholders. We are pleased with the progress made on the operating front, particularly the growth of our television network. With leadership positions established in national markets, we are now targeting select regional markets for the next phase of growth. Our digital business is gaining momentum, leveraging the combined strength of our platforms to offer a seamless consumer experience.”
Network18 operates 20 news channels across 16 languages, including CNBC TV18 and CNN-News18, along with four online platforms like Moneycontrol and Firstpost.
Shares of Network18 Media & Investments Ltd closed at ₹61.49 on the BSE on Tuesday, marking a 2.69% rise.
