Network 18 Media Q2 Result | Consolidated revenue rises 31% to Rs 1,387 crore

Asia's Tech News Daily

Network 18 Media & Investments, #Results

Representative image

Network 18 Media & Investments on October 19 posted consolidated revenue of Rs 1,387.2 crore for the quarter ended September 30, 2021, against Rs 1,061 crore logged in the same quarter last fiscal – a jump of 30.8 percent.

Its consolidated earnings before interest, tax, depreciation, and amortisation (EBITDA) rose 52.4 percent (YoY) to Rs 252.3 crore and the consolidated operating margin came in at 18.2 percent.

Adil Zainulbhai, Chairman of Network18, said: “The way the country came out of the grip of the 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.”

The company’s TV entertainment network saw its highest viewership share in Q2 FY22 – 11.8 percent.

Ad volumes registered strong growth during the quarter as consumption and advertiser sentiment got a big boost due to a drop in the number of COVID-19 cases and the acceleration in the pace of vaccination drive across the country.

Advertising revenue which had scaled to FY20 levels in Q1 FY22, registered a strong growth versus both FY21 and FY20 during the quarter. TV news advertising also witnessed strong growth versus FY20.

The broadcast segment is also betting big on its foray into sports. Viacom18 has acquired the rights to the next FIFA World Cup, La Liga, Serie A, and Ligue 1. These properties will add to the existing portfolio of ATP Masters (tennis), Abu Dhabi T10 cricket, Road Safety World Series (cricket), and Carabao Cup (football).

On the digital front, over the top (OTT) platform Voot’s paid subscriber base (Voot Select) saw a sharp jump in Q2 FY22 and the big driver was the launch of Bigg Boss OTT. The show garnered over 10 billion minutes of watch time over the six-week period.

Even the digital platform is focusing on sporting properties with Voot streaming major football leagues and a host of other sports properties.

The stock of the company ended 5.37 percent lower at Rs 79.25 on the BSE.

The share price touched a 52-week high of Rs 90 and a 52-week low of Rs 32.10 on October 18, 2021, and November 4, 2020, respectively.

Taking today’s closing price into account, the stock is trading 11.94 percent lower from its 52-week high and 146.8 percent higher than its 52-week low levels.

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