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NDTV’s net loss from news biz widens in Q2 amid revenue drop
MUMBAI: News broadcaster NDTV Ltd’s net loss from news business for the fiscal second quarter has widened to Rs 20.18 crore (Rs 201.8 million) as revenue has dipped.
In the year-ago period, NDTV had posted a net loss of Rs 16.52 crore (Rs 165.2 million). In the first quarter of the fiscal, it had registered a net profit of Rs 2.57 crore (Rs 25.7 million).
Surprisingly, NDTV’s standalone revenue saw a marginal dip of 2.59 per cent to Rs 79.13 crore (Rs 791.3 million), as against Rs 81.24 crore (Rs 812.4 million) in the year-ago period.
Due to political advertising, the first quarter of the current fiscal had seen revenue swelling up to Rs 117.24 crore (Rs 1.17 billion).
Meanwhile, the company said that its hybrid channel NDTV Profit/Prime achieved a ‘major turnaround by turning EBITDA positive’ during the quarter, within six months of its re-launch.
Despite cutting losses on NDTV Prime, the company suffered loss from operations (before other income, finance cost and exceptional items) of Rs 15.65 crore (Rs 156.5 million) in the quarter, compared to a loss of Rs 20.45 crore (Rs 204.5 million) sustained in the year-ago period.
Expenses dropped 7.69 per cent to Rs 94.78 crore (Rs 947.8 million), as against Rs 101.69 crore (Rs 1.02 billion).
On the consolidated front, NDTV’s net loss widened to Rs 26.89 crore (Rs 268.9 million), up from Rs 15.26 crore (Rs 152.6 million) a year ago.
Total income from operations was at Rs 110.38 crore (Rs 1.10 billion), up marginally by 3.95 per cent compared to Rs 106.19 crore (Rs 1.06 billion) in the corresponding quarter of the previous fiscal, driven by its digital business housed under NDTV Convergence.
According to the company, NDTV Convergence saw a revenue growth of 22 per cent during the quarter.
Expenses, meanwhile, dropped slightly to Rs 132.43 crore (Rs 1.32 billion), from Rs 133.58 crore (Rs 1.34 billion) a year ago.
NDTV’s consolidated loss from operations (before other income, finance cost and exceptional items) was down at Rs 22.05 crore (Rs 220.5 million), from Rs 27.39 crore (Rs 273.9 million) in the year-ago period.
As reported earlier by TelevisionPost.com, the NDTV board had mandated the management to “fix, restructure or sell non-core businesses while accelerating growth in core businesses.”
The company is also looking at further investment in online assets to “accelerate the company’s leadership position to benefit from the digital revolution” and to explore all options to “unlock and maximise shareholders’ value”.