New Delhi, Jul 18 (PTI) Network18 Media & Investments Ltd on Tuesday reported a decline of 26 per cent in its consolidated net profit to Rs 29.17 crore for the first quarter ended June 2023.

The company had posted a net profit of Rs 39.46 crore during the April-June period a year ago, Network18 Media & Investments Ltd said in a regulatory filing.

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However, its consolidated revenue from operations was up over two folds to Rs 3,238.94 crore as against Rs 1,339.89 crore in the year-ago period.

"Consolidated revenue for the quarter grew 142 per cent YoY to Rs. 3,239 crore, driven by the performance of IPL on JioCinema," said an earnings statement from Network18 Media.

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Network18 Media & Investments' total expenses were also up two folds to Rs 3,432.32 crore in the June quarter.

During the quarter, JioCinema's IPL advertising revenue was higher than TV as the platform takes digital reach and engagement to unprecedented levels.

However, its advertising environment continues to be soft with improvement in some pockets, it added.

"TV News network delivered strong growth in revenue driven by leadership in key markets. It continues to be #1 in the Hindi, English and Business news genres," it added.

TV news networks also registered growth in advertising revenue despite the continued weakness in the advertising environment, highlighted by the 5 per cent YoY decline in news industry inventory consumption.

Commenting on the result, Network18 Chairman Adil Zainulbhai said, "The year has started on a blockbuster note with our digital initiatives delivering phenomenal results."

The transformation to a digital-first approach has become a reality and we will continue to lead this effort at scale, he added.

Shares of Network18 Media & Investments Ltd on Monday settled at Rs 64.40 on BSE, down 0.88 per cent from the previous close.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)