Network18’s Q2 FY23 revenue up 12% YoY to Rs 1,549 cr

Network18 Media & Investments Limited ha reported a 12% YoY growth in its consolidated revenue to Rs 1,549 crore for the second quarter ended September 30, 2022. This growth has been reported amidst a challenging ad environment.

On the other hand, the consolidated EBITDA saw a drop of 87% from Rs 253 crore in Q2 FY22 to Rs 32 crore in Q2 FY2023. The EBIDTA margin also declined from 18.2% to 2.1% in this quarter.

The Network18 Group continued to invest in content, marketing, and distribution initiatives, to create a strong foundation for long-term growth, leading to a 34% increase in operating costs.

Colors fortified its No. 2 position in the Hindi GEC segment; TV18’s entertainment network had 9.9% viewership share in the non-news genre during the quarter.

Viacom18’s proposed transaction with Bodhi Tree and Reliance got CCI approval during the quarter.

Network18 continues to be a top destination for digital news and is preparing for the next phase of growth. The digital news portfolio of Network18, comprising of marquee brands like Moneycontrol, News18.com and CNBCTV18.com, continues to be amongst the top 3 news publishers, reaching ~200 million users every month.

Commenting on the performance, Adil Zainulbhai, Chairman of Network18, said, “The first half of the fiscal has been challenging for most sectors. However, we believe that this phase should only be a minor bump in the long runway for growth. Our presence across the full spectrum of content segments and platforms places us in a unique position to leverage the combined strengths of our assets. We have set clear objectives for our different business segments and are working on executing our plans in that direction. Despite the macro environment being less than ideal for growth currently, we continue to make investments which will help us create a strong foundation for long-term and will hold us in good stead as growth returns.”