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Network 18 Media & Investments Q2 Consolidated Revenue Grows 31%, EBITDA Jumps 52.4%

Network 18 Media & Investments has reported a 30.8 per cent year-on-year jump in consolidate revenue to Rs 1,387.2 crore for the quarter ended in September 30, driven by strong viewership. The revenue was Rs 1,061 crore for same quarter last fiscal.

The consolidated earnings before interest, tax, depreciation and amortization (EBITDA) jumped 52.4 per cent year-on-year to Rs 252.3 crore. The operating margin at also grew 18.2 per cent during the quarter under review.  “Both News and entertainment businesses further improved profitability,” the company said in a statement.

TV entertainment network reached its highest viewership share during the September quarter. “With strong performance in Hindi and select regional markets, share of our entertainment portfolio rose 90bps QoQ to 11.8 per cent, highest ever in the last 7 years. This was despite a marginal decline in the entertainment and overall TV viewership, which has now settled at the pre-COVID levels,” the company said in a statement.

Commenting on the result, Adil Zainulbhai, chairman of Network18, said, “The way the country came out of the grip of second wave of COVID was truly heartening, and equally reassuring was the full-swing return of economic growth. The outlook is looking quite promising from a medium term perspective and this is good news for all our consumer facing businesses. Our digital assets, both news and entertainment, got a lift during the pandemic and we continue to invest to leverage those gains.”

Disclaimer: Network18 and TV18 – the companies that operate – are controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

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Source: News18