Network18 revenues grow by 11 pc in Q1 FY20 to Rs 1,245 crore

Network18 Media and Investments said on Tuesday that its revenues during the first quarter ending June 30 grew 11 per cent to Rs 1,245 crore from Rs 1,124 crore in Q1 of FY19 despite an overall weak advertising environment.

However, led by election advertising and strong growth in subscription income after the implementation of a new tariff order, the EBITDA jumped sharply on operating leverage accentuated by cost controls.

The earnings before interest, tax, depreciation and amortisation (EBITDA) rose 137 per cent from Rs 19 crore in the first quarter of the previous year to Rs 46 crore in April to June this year.

Significantly, Network18 digital revenues grew 34 per cent year-on-year to Rs 47 crore. The rising strength of News18.com brand and the tailwinds in vernacular consumption helped News18 languages grow at an industry-leading pace with 46 per cent quarter-on-quarter rise in viewership.

"Amid a challenging advertising environment and the implementation of a new tariff regime, we have continued to focus on creating great content for all media," said company's Chairman Adil Zainulbhai.

"Our regional portfolio continues to grow across both broadcasting and digital. We believe that the connect our growing brands enjoy with the diverse Indian populace shall stand us in good stead," he said in a statement.

Network18's listed subsidiary TV18 owns and operates 56 channels spanning news and entertainment.