Latest News | Network18 Media's Net Profit Up 2 Pc at Rs 210 Crore, Revenue Rises 14.6 Pc to Rs 1,621 Crore

New Delhi, May 3 (PTI) Network18 Media & Investments Ltd on Tuesday reported a 2 per cent increase in its consolidated net profit at Rs 209.93 crore for the fourth quarter ended March 2022.

The company had posted a net profit of Rs 205.80 crore during the same quarter a year ago, Network18 Media & Investments Ltd said in a regulatory filing.

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Its consolidated revenue from operations rose 14.58 per cent to Rs 1,621.09 crore during the quarter under review as against Rs 1,414.70 crore recorded in the corresponding quarter of the preceding fiscal.

The company has seen a "15 per cent growth in operating revenue driven by movies business and ad revenue growth", Network18 Media said in an earnings statement.

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Its revenue from TV news grew 10 per cent year-on year (YoY) and margin was at 21.4 per cent, while entertainment business revenue increased 11 per cent YoY and margin stood at 16 per cent, the company said.

"Digital news revenue grew 32 per cent YoY and margin was at 8 per cent," it added.

Network18's total expenses were at Rs 1,409.40 crore, up 17.79 per cent in the fourth quarter of FY22 as against Rs 1,196.52 crore a year ago.

For the fiscal year ended March 2022, Network18's consolidated net profit rose 53.25 per cent to Rs 837.65 crore. It had reported a net profit of Rs 546.59 crore in FY21.

Revenue from operations stood at Rs 5,880.19 crore in 2021-22. This was 24.97 per cent higher than Rs 4,705.11 crore in the preceding fiscal.

Network18 chairman Adil Zainulbhai said: "FY22 was a remarkable year, not only from the perspective of numbers, but in terms of building a strong foundation on which the business can continue to grow for the foreseeable future."

"The financial performance has vindicated our decision of investing in new businesses a few years ago, which have started showing encouraging positive results.

"In a similar vein, we have set ourselves an ambitious target to become a leading player in the digital space while strengthening our core TV offering. We will continue to solidify our 'digital first, TV always' proposition, leveraging our existing strengths to grow in segments where we are present and breaking ground in new markets with new and innovative offerings," he said.

On April 27, its joint venture Viacom18 announced a strategic partnership with Reliance and Bodhi Tree Systems, a platform of James Murdoch's Lupa Systems and Uday Shankar.

As part of this partnership, Rs 15,145 crore will be infused, of which Rs 13,500 crore by Bodhi Tree Systems and Rs 1,645 cr by Reliance through Reliance Projects & Property Management Services Limited, a wholly-owned subsidiary. In addition, the JioCinema OTT app will be transferred to Viacom18.

"The strategic partnership we have struck for Viacom18 is a big step in this direction, which will help set the company on a long-term growth trajectory and create one of India's leading content companies," Zainulbhai said.

Viacom18 Media is a joint venture, with Network18 owning a 51 per cent stake and ViacomCBS having 49 per cent shareholdings.

(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)