Network18 Q2 Results: Firm posts net loss at Rs 28.84 crore, revenue rises 11.65% YoY to Rs 1,548.89 crore

However, its consolidated revenue from operations rose 11.65 per cent to Rs 1,548.89 crore as against Rs 1,387.24 crore in the corresponding quarter of the preceding fiscal.

Total expenses were at Rs 1,591.96 crore, up 33.88 per cent in Q2/FY23, as against Rs 1,189.04 crore earlier.

According to the company, economic sentiment remained weak during the quarter with high inflation posing a challenge for companies, especially the FMCG sector.

Brands held back advertising spends on new product launches and sustenance campaigns due to these headwinds. Advertising spends by start-ups and e-com players also declined due to the difficult fund-raising environment, said an earning statement from Network18 Media.

“Total TV ad inventory declined by 3 per cent on a YoY basis with News category seeing a drop of nearly 10 per cent. As a result, ad revenue of our Entertainment segment was flat YoY while News ad revenue saw a decline. The entertainment business was also affected by the drop in Colors Rishtey revenue,” it said.

While, the digital segment, which had so far been largely unaffected by macro environment, also got impacted by the slow down.

“After having delivered growth for 8 consecutive quarters, ad revenue of our Digital news business was flat on a YoY basis,” it said.

However, despite a challenging environment, Network18 Group continued to ramp up its investments across Entertainment and News segments, in line with its growth plans.

“While these investments impacted profitability as costs grew faster than revenue, it has had a positive impact on operating metrics,” it said.

Network18 Chairman Adil Zainulbhai said: “The first half of the fiscal has been challenging for most sectors. However, we believe that this phase should only be a minor bump in the long runway for growth. Our presence across the full spectrum of content segments and platforms places us in a unique position to leverage the combined strengths of our assets.”

Network18 is one of the largest media conglomerates in the country. It is promoted by Independent Media Trust, of which

is the sole beneficiary.

It also controls

, its listed subsidiary, which operates the broadest network of 60 channels in India, spanning news, entertainment and sports genres.

Shares of Network18 Media & Investments Ltd on Tuesday settled at Rs 69.95 on BSE, up 5.03 per cent from the previous close.