Network 18 Media net profit jumps two-fold to Rs 333 cr in third quarter

Network 18 Media and Investments Ltd on Tuesday reported over two-fold jump in consolidated net profit to Rs 333.38 crore for the third quarter ended December 2020.

The company had posted a consolidated net profit of Rs 148.29 crore in the corresponding period last fiscal, Network 18 Media and Investments Ltd said in a regulatory filing.

Revenue from operations during the quarter under review stood at Rs 1,422.45 crore as against Rs 1,473.70 crore in the year-ago period, it added.

Total expenses during the third quarter were lower at Rs 1,168.17 crore as compared to Rs 1,304,38 crore in the same period previous fiscal, the company said.

The outbreak of COVID-19 pandemic globally and in India is causing significant disturbance and slowdown of economic activity, it added.

The group has evaluated the impact of this pandemic on its business operations and based on review and current indicators of future economic conditions, there is no significant impact on consolidated financial results and the group expects to recover the carrying amount of all its assets, it said.