Network18 Media reports Rs 68-cr net profit for Sept qtr, revenue dow 10%

Media firm Network18 Media and Investments Ltd on Tuesday reported a consolidated net profit of Rs 68.01 crore for the second quarter ended September 30.

The company had posted a net loss of Rs 24.68 crore for the July-September quarter a year-ago, Network18 Media and Investments Ltd said in a regulatory filing.

Its consolidated revenue from operations during the quarter under review dropped 9.62 per cent to Rs 1,060.89 crore, against Rs 1,173.82 crore a year ago.

Network18's total expenses were at Rs 976.90 crore as against Rs 1,205.05 crore, down 18.93 per cent.

Network18 Chairman Adil Zainulbhai said, "The group businesses have recovered from the impact of the COVID-19 pandemic to a large degree."

He added that this has been achieved through a multi-pronged approach of ensuring business continuity through rejigging processes, innovatively reviving alternative revenue streams, and focusing on aligning content distribution strategy with market opportunity.

Besides, proactive measures on cost-control have resulted in much-improved profitability across all our lines of business even compared to the pre-pandemic situation, despite the fact that certain market segments are still suffering from pressures due to the coronavirus, he added.

"We continue to invest into all our businesses and in particular, digital with an aim to make our flagship properties the most compelling value propositions for viewers," Zainulbhai added.

He added that as we head into festive season, the underlying trends on both viewership and monetisation are supportive, and the company is emerging stronger than ever.

Shares of Network18 Media and Investments Ltd on Tuesday settled at Rs 34.55 on the BSE, down 2.12 per cent from the previous close.