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Network18 consolidated revenue at Rs 866 cr in Q2FY18; up 2% Y-o-Y

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Network18 consolidated revenue at Rs 866 cr  in Q2FY18; up 2% Y-o-Y

Network18 Media & Investments Limited has announced its results for the quarter ended September 30, 2017.
Network18 posted consolidated revenues of Rs. 866 crores (including proportionate share of JVs) in Q2FY18, a 2% YoY growth, as growth in its broadcasting business was partially offset by a decline in revenues in the TV shopping business. However, a reduction in costs across both these verticals resulted in substantially lower losses.
The quarter witnessed muted ad-revenues due to pullback by advertisers: The deferment of ad-spends which started in mid-June continued to hurt during till mid-September. However, the growth trajectory is recovering, driven by the ongoing festive season. Niche channels Nick, Comedy Central and VH1 put in a strong show, driving advertising revenues in an otherwise adverse environment.
Listed subsidiary TV18 Broadcast Limited posted consolidated revenues of Rs. 684 crores (including proportionate share of JVs) in Q2FY18, reflecting a 4% YoY growth up from Rs 659 cr in Q2FY17.
Adil Zainulbhai, Chairman of Network18, said: “We are now the largest broadcast news company, and reach 26 states across India in 16+ languages. We continue to invest into regional platforms across both news and entertainment. Our brands have high mind-share, and audiences have appreciated our bouquet and rewarded us through consistently strong ratings. Our niche channels have also performed really well in the past quarter.”
Network18’s digital revenues (mainly MoneyControl, and Firstpost) have grown 19% YoY to Rs 31 Cr.
Zainulbhai added: “With the various digital ventures in our fold, we are well positioned as the digital ecosystem grows. We are taking active steps to position each digital property so that it can expand and be successful.”
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