Network18 Media & Investments Limited on Monday announced its results for the quarter ended 30th September 2018.
Network18 reported a 59 percent jump in operating EBITDA to Rs. 92 crore in Q2FY19, driven by improved performance of regional channels (both news and entertainment), despite gestation losses of Colors Tamil and new launch, Colors Kannada Cinema, company said in a statement.
While headline operating revenue grew 9 percent (on a comparable basis), revenue ex-movies grew 14 percent year-on-year (YoY), underscoring tailwinds in broadcasting.
The company has narrowed its consolidated net loss to Rs 68 crore in September quarter compared from a loss of Rs 113 crore in the previous quarter.
Adil Zainulbhai, Chairman of Network18 said, “Our regional properties across news and entertainment have shown significant improvements in viewership and monetiaation, cementing our belief that vernacular content will be a key growth driver. We continue to see opportunities in the Indian media space and aim to create segmented offerings to deepen our presence."
TV18 Broadcast Limited, an arm of Network18 group, also reported its second-quarter earnings on Monday.
TV18 reported a 42 percent jump in operating EBITDA to Rs 108 crores in Q2FY19, driven by improved performance of regional channels (both news and entertainment); despite gestation losses of Colors Tamil and new launch Colors Kannada Cinema, company said in a release.
While headline operating revenue grew 11 percent (on a comparable basis), revenue ex-movies grew 17 percent YoY, underscoring tailwinds in broadcasting.
Zainulbhai said: "TV18’s investments into regional have served to diversify our portfolio and reduce dependence on national markets. Our rising viewership in regional channels across both news and entertainment has been the primary driver this quarter. We shall continue to invest in the broadcasting space to capture growth opportunities."
(Disclosure - Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd)
Updated Date: Oct 15, 2018 15:39:35 IST