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Revenue from operations declined 4.11% to Rs 1,774 crore in the quarter ended 31 December 2023 from Rs 1,850 crore recorded in the quarter ended 31 December 2022. Declined in revenue is primarily due to lower movie studio revenue.
The firm reported pre-tax loss at Rs 102 crore in Q3 FY24 as against pre-tax loss of Rs 9 crore posted in Q3 FY23.
The company reported negative operating EBITDA of Rs 172 crore in Q3 FY24 as compared with positive operating EBITDA of Rs 2 crore in Q3 FY23.
Revenue from TV News during the quarter was up 23% with strong growth in advertising revenue across clusters. Growth in ad revenue was driven by the strong viewership that the network has established across key markets, despite a decline in advertising inventory (excluding government initiatives) for the news genre.
The company's entertainment business operating revenue declined 12% primarily due to lower Movie and Sports segments revenues. Sports revenue was lower as the base quarter had FIFA World Cup 2022.
Reported EBITDA was impacted due to operating loss from Sports and Digital as Viacom18 is making investment in these segments.
JioCinema continued to strengthen its position as one of the leading digital destinations for sports and entertainment content in India.
Adil Zainulbhai, chairman of Network18, said, “We are really pleased to have announced the merger of our TV and Digital news businesses, which will not only help us serve our consumers better and realize synergies across different segments, but it will also give a unique opportunity to all our shareholders to participate in the media business of the group through a single listed entity. All our businesses are gathering momentum at the right time as the economic outlook continues to improve against the backdrop of a resilient performance by Indian economy. As we have stated in the past, we believe that Indian media sector has a long runway for growth and our strong positions across segments gives us a perfect launchpad to capture this opportunity.”
Network18 Media & Investments (Network18 Group) is a diversified media and entertainment (M&E) conglomerates, with interests across television, digital content, filmed entertainment, e-commerce, print and allied businesses. TV18 Broadcast, a subsidiary of Network18, manages its primary business of broadcasting. It runs the largest news network in India, spanning business news general news, and regional news.
Shares of Network18 Media & Investments hit an upper circuit of 10% at Rs 130.24 on the BSE.
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