Network18’s TV news business on Friday reported Rs 461 crore as revenue in the fourth quarter of Financial Year 2023-24 (Q4 FY24). This is a 28 per cent increase compared to Rs 360 crore reported during the same period last year.
The revenue for the full FY24 stood at Rs 1,556 crore, up 24 per cent compared to Rs 1,252 crore at the end of FY23.
Operating earnings before interest, taxes, depreciation, and amortisation (ebitda) for Q4 FY24 was Rs 66 crore, a two per cent increase from Rs 65 crore year-on-year (Y-O-Y).
For full FY24, ebitda was Rs 118 crore, a 67 per cent increase from Rs 70 crore at the end of FY23.
"With leadership positions across key markets, the network delivered industry-leading growth in display advertising. Monetisation of IPs and events also witnessed a strong revenue traction," said the company in a release.
CNBC TV18 garnered 64.3 per cent viewership share, while Hindi news channel News18 had a viewership share of 14 per cent.
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The network's digital news business recorded a revenue of Rs 131 crore, up 40 per cent from Rs 94 crore in Q4 FY23.
For the full financial year, the digital news business reported a revenue of Rs 425 crore, up 19 per cent from 356 crore in FY23.
Moneycontrol Pro crossed 750,000 paid subscribers in FY24, the company said.
Website Firstpost’s YouTube channel witnessed 70 per cent quarter on quarter growth in average monthly video views.
Speaking on the quarter results, Adil Zainulbhai, chairman of Network18, said: “The announced merger of Viacom18 with Star India is a remarkable moment for India’s M&E sector and we believe that the combined entity shall have the power to change the media landscape of the country in a meaningful way, creating value for all the stakeholders – consumers, customers and shareholders. In parallel, we expect the merger of our TV and Digital news businesses also to be completed this year, making us ready to embark on a truly transformative journey which will deliver growth in the long term.”
Network18 shares closed at Rs 87.78 on Friday on the BSE.
Speaking on the quarter results, Adil Zainulbhai, chairman of Network18, said: “The announced merger of Viacom18 with Star India is a remarkable moment for India’s M&E sector and we believe that the combined entity shall have the power to change the media landscape of the country in a meaningful way, creating value for all the stakeholders – consumers, customers and shareholders. In parallel, we expect the merger of our TV and Digital news businesses also to be completed this year, making us ready to embark on a truly transformative journey which will deliver growth in the long term.”
Network18 shares closed at Rs 87.78 on Friday on the BSE.