Consolidated profit before tax increased by 49% year on year to Rs 89.49 crore in Q1 FY24.

The company reported negative EBITDA of Rs 54 crore in Q1 FY24 as against positive EBITDA of Rs 58 crore in Q1 FY23. The firm also reported negative EBITDA margin of 1.7% in Q1 FY24 as against positive EBITDA margin of 4.6% in Q1 FY23.

News business revenue during the quarter was up 26% YoY, driven by the strong growth in advertising revenue. Ad revenue growth was underpinned by the strong viewership gains that the network has achieved over the last year which has helped improve pricing of certain channels. Network advertising inventory increased marginally while the genre declined. The network also saw a strong traction in monetisation of IP-led events.

Viacom18's revenue nearly tripled YoY, driven by the strong performance of IPL on JioCinema. Scale, targeting ability, cost flexibility, measurement, and integration options offered by the platform delivered significant advantage to advertisers on JioCinema.

Excluding sports, the network saw a pick-up in advertising demand on key channels with the regional network delivering growth. However, spends by new-age clients remained weak due to an increased focus on profitability and the soft start-up funding environment, posing a challenge in driving growth.

Adil Zainulbhai, chairman of TV18, said, “The transformation to a digital-first approach has become a reality and we will continue to lead this effort at scale while leveraging the strengths of our traditional business.

We have made some key leadership hirings recently which will help the group push through to the next phase of growth. With talent, resources, and technological capabilities at our disposal, we look forward to driving long-term growth across all our businesses.”

TV18 Broadcast, a subsidiary of Network18 manages its primary business of broadcasting. TV18 runs the largest news network in India, spanning business news, general news and regional news channels.