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On a standalone basis, Network18 Media & Investment’s revenue was Rs 476.41 crore, with profits soaring to Rs 3,431.94 crore, buoyed by exceptional gains.
Network18 Q3 Results.
Network18 Media & Investments Ltd has announced a profit of Rs 25.68 crore for the quarter ending December 2024. The company’s revenue from operations reached Rs 1,360.50 crore during this period. This figure is not comparable to the previous year’s due to the merger of its subsidiary Viacom18 with Star India.
An exceptional item totalling Rs 1,425.73 crore was reported, stemming from the derecognition of subsidiaries. This was recorded on a provisional basis for the quarter.
On a standalone basis, Network18 Media & Investment’s revenue was Rs 476.41 crore, with profits soaring to Rs 3,431.94 crore, buoyed by exceptional gains.
The quarter saw exceptional gains of Rs 3,498.21 crore due to business combinations related to the merger scheme of Viacom18 Media, Digital18 Media, and Star India. This included the conversion of Rs 24.61 crore in compulsorily convertible preference shares held by Reliance Industries in Viacom18, which resulted in Viacom18 no longer being a subsidiary of Network18.
The company in a statement on Tuesday said, “Operating revenue for the quarter was Rs 476 crore, marginally higher on a year-on-year basis although the advertising environment continued to be soft, exerting downward pressure on growth.” It also noted that consumer demand did not see a significant increase during the festive season, causing brands to reduce advertising expenditures.
“Advertising volumes for the TV news industry saw a marginal uptick on a QoQ basis but declined 11 per cent YoY, putting pressure on revenue growth. The digital segment continued to see growth in advertising revenue, though on a lower base,” the company added.
The merger of Viacom18 with Star India was finalized on November 14, making it one of the largest broadcasting and digital streaming entities in the country.
“Network18 holds 6.3 per cent effective economic interest in the JV through its holding in Viacom18,” the company revealed.
Chairman Adil Zainulbhai commented on the corporate developments, stating, “We are pleased with the progress made on the operating front, especially the manner in which our television network is growing. Having established leadership positions in national markets, we are now focused on select regional markets for driving the next phase of growth. Our digital business is also gaining momentum, and we are harnessing the combined strength of our platforms to deliver a superlative and seamless experience to our consumers.”
Network18 Media & Investments owns a robust portfolio including 20 news channels in 16 languages and four major online platforms such as CNBC TV18, CNN-News18, moneycontrol, and Firstpost.