Network18 Media & Investments’ net loss in the September 2019 quarter narrowed substantially to Rs 24.68 crore as tax expenses reduced sharply. The company had reported a loss of Rs 66.90 crore in the corresponding quarter of 2018. Consolidated operating revenue for the quarter fell by 5.1 percent YoY to Rs 1174 crore on soft advertising revenue, but subscription revenue increased sharply by 43 percent YoY to Rs 461 crore in 2Q19. At the operating level, the company’s consolidated earnings before interest, tax, depreciation, and amortization (EBITDA) dropped 17 percent to Rs 77 crore compared to 2018.
The digital revenues of Network18 grew 10 percent YoY to Rs 46 crore. Sharp display advertising growth in News18.com (especially vernacular) boosted revenues even amidst a tepid environment. The operating margin fell owing to operating losses of recently launched app CricketNext (Rs 4 crore) and investments into the subscription model of MoneyControl, MC Pro. Tax expenses for the quarter stood at Rs 10.21 crore, down 58.3 percent compared to the same period last year.