Media firm Network18 Media & Investments Ltd on Tuesday reported a 7.93 per cent decline in its consolidated net profit to Rs 306.94 crore for the third quarter ended December 2021.
The company had posted a net profit of Rs 333.38 crore in the October-December quarter a year ago, Network18 Media & Investments Ltd said in a regulatory filing.
However, its consolidated revenue from operations during October-December 2021 jumped 16.52 per cent to Rs 1,657.43 crore, compared with Rs 1,422.45 crore in the year-ago period.
"Not only did the news business (TV and digital) see a sharp improvement in profitability but the entertainment business also continued to deliver strong margins," said Network18 in a post-earnings statement.
Its revenue growth momentum continued during the quarter as the company reported its "highest-ever" EBITDA of Rs 373 crore and quarterly revenue of Rs 1,657 crore, despite the pandemic-induced headwinds faced by the movie business, Network18 added.
EBITDA stands for earnings before interest, tax, depreciation and amortisation.
Network18's total expenses stood at Rs 1,337.63 crore, a 14.51 per cent jump in Q3/FY 2021-22 as against Rs 1,168.17 crore a year ago.
Network18 Chairman Adil Zainulbhai said, "Over the past few years, we have taken several significant steps that have helped us achieve the turnaround on profitability front, and it is really encouraging to see the business now consistently deliver healthy margins, especially the digital news business which has been growing in a profitable manner."
Over the past several years, content consumption is an integral part of consumers' lives and there is a willingness to spend more time and money, provided that they get access to quality content at an affordable price.
"Also, consumers are increasingly becoming platform-agnostic, with both TV and digital growing simultaneously. Our endeavour is to cater to all consumers looking for news and entertainment content in their local languages, movies and leading sports events, on platforms of their choice," he added.
Shares of Network18 Media & Investments Ltd on Tuesday settled at Rs 90 apiece on the BSE, down 1.59 per cent from the previous close.