 "RIL, Network 18")
Network18 Media & Investments Ltd on Wednesday reported a consolidated net loss of Rs 111.17 crore for the second quarter ended September 30.
The company's investments in sports and digital platforms, which are new growth verticals for the company, led to the widening of its loss.
It had posted a loss of Rs 28.84 crore during the July-September period a year ago, according to a regulatory filing.
However, the company's consolidated revenue from operations rose 20.44 per cent to Rs 1,865.50 crore in the second quarter of the current fiscal. The same stood at Rs 1,548.89 crore in the year-ago period.
In an earnings statement, Network18 Media said its EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) declined due to investments made in growth verticals -- sports and digital.
"Consolidated revenue for the quarter grew 20 per cent y-o-y to Rs 1,866 crore, driven by the performance of News business, Movie Studio and Sports vertical," it said.
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During the quarter, advertising demand remained "guarded due to soft consumer sentiment" and the festive season in the third quarter is expected to bring positive momentum in this regard.
In the latest September quarter, OTT platform JioCinema consolidated its position, delivered record viewership for marquee entertainment shows, the statement said.
"The news network maintained absolute leadership in the largest markets with an all-India viewership share of 11.4 per cent while entertainment network share increased by 50 bps to 10.5 per cent," it added.
Network18 Media's total expenses were up 38.61 per cent to Rs 2,206.77 crore in the September quarter.
Its total income in the September quarter was at Rs 2,052.23 crore, up 32.26 per cent compared to the year-ago period.
During the quarter, Viacom 18 acquired both TV and digital rights of international and domestic matches organised by BCCI for five years.
"We continue to take giant steps towards building the network of choice for Indian consumers. With India cricket rights, Viacom18 now has the biggest portfolio of sports properties, making it the default choice for sports fans," Network18 Chairman Adil Zainulbhai said.
The digital transformation initiatives that Network18 Media commenced for its news business last year are gathering momentum and will help us to stay ahead of the curve as it go ahead, he added.
Shares of the company declined 1.76 per cent to Rs 68.52 apiece on the BSE.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
