Network18 reports Q3 net profit of Rs 77.16 cr

Network18 Media & Investments Tuesday reported a consolidated net profit of Rs 77.16 crore in the third quarter ended December 31, 2018.

The company had posted a consolidated net profit of Rs 3.19 crore in the year-ago period.

The figures for the current quarter are not comparable with those of the corresponding period following Viacom18 Media Pvt Ltd and IndiaCast Media Distribution Pvt Ltd becoming subsidiaries with effect from March 1, 2018 and TV18 Home Shopping Network Ltd and NW18 HSN Holdings Pic ceasing to be subsidiaries and becoming associates with effect from February 15, 2018.

Total income during the quarter under review stood at Rs 1,538.04 crore. It was Rs 439.23 crore in the same quarter previous year, it added.

Commenting on the results, Network18 Chairman Adil Zainulbhai said: "Regional content consumption continues to see robust growth across all parts of the media industry that we play in, whether broadcasting or digital; and straddling (between) news, entertainment and film.

"We continue to invest in digital with an eye on the future. We are extending our powerful brands across geographies, business models and mediums, to create the most compelling portfolio of properties in the opportunity-laden Indian media sector".

Shares of Network18 Media & Investments closed at Rs 40.30 apiece, up 1.26 per cent, from the previous close on BSE.