New Delhi, Apr 17 (PTI) Network18 Media & Investments Ltd on Monday reported a net loss of Rs 35.19 crore for the fourth quarter ended March 2023 on account of lower advertisement revenue.

The company had posted a net profit of Rs 209.93 crore during the January-March period a year ago, Network18 Media & Investments Ltd said in a regulatory filing.

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Its consolidated revenue from operations slipped 8.47 per cent to Rs 1,483.72 crore against Rs 1,621.09 crore in the year-ago period.

The total expenses increased 9.37 per cent to Rs 1,541.53 crore in the March 2023 quarter from Rs 1,409.40 crore a year ago.

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For the financial year ended March 31, 2023, Network18 Media & Investments Ltd reported a net loss of Rs 15.75 crore against a net profit of Rs 837.65 crore in FY22.

Network18's revenue from operations rose 5.82 per cent to Rs 6,222.99 crore in FY23 from Rs 5,880.19 crore a year ago.

A weak advertising environment throughout the year impacted profitability despite a strong operating performance, the company said in its earnings statement.

Its consolidated ad revenue on a full-year basis was "flattish" despite the weakness in the advertising environment persisting throughout the year and the removal of Colors Rishtey from DD FreeDish.

"The impact on advertising revenue had a direct bearing on margins as we continued with investments to strengthen our position across segments. The profitability of the business also suffered due to investments in new initiatives - digital entertainment and sports, which had a negative contribution to EBITDA of Rs 170 crore and Rs 475 crore for Q4 and for the full year, respectively," it said.

Shares of Network18 Media & Investments Ltd on Monday settled at Rs 57.38 on BSE, up 3.80 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)