Network18 Media & Investments Ltd has reported third quarter net profit of Rs 27 crore. The consolidated net sales were up 60 per cent QoQ at Rs 185.4 crore. Television Eighteen India, a listed subsidiary of Network18, recorded a net profit of Rs 21 crore (after deferred tax), up 42.3 per cent from the Rs 14.6 crore in the corresponding quarter of the last fiscal.
Following the Board of Directors meeting, Raghav Bahl, Managing Director, Network18 and Television Eighteen, said, “We are extremely happy to share this quarter’s financial performance of the Group. Our channels are maintaining their leadership positions. We are witnessing a strong revenue growth in Web18 properties. Some new businesses are ahead of their business plans and others are doing as per expectations. The Group has made a big entry in the print space with the acquisition of Infomedia. We wish to share the fruits of our strong entry into the phase of ‘profitable growth’ with our shareholders by declaring an interim dividend of 25 per cent.”
The company also announced that all business units reported surge in revenues and profitability. Network18 also declared maiden (Interim) dividend of 25 per cent.
TV18’s total Q3 revenues surged to Rs 112 crore, up 74 per cent YoY and up 27 per cent QoQ. TV18 has forayed into the print medium with the acquisition of Infomedia. It also announced a strategic tie-up with Forbes to launch a business magazine. CNBC-TV18 and CNBC Awaaz dominate almost two-third of the business news market. CNBC-TV18 maintains its leadership position in the English news genre. Web18 revenues showed promising growth, claimed the company. Moneycontrol is ahead of NDTV.com and WSJ.com for the entire quarter, a company statement claimed.
Web18, the company’s Internet venture, recorded profit after tax and minority interest of Rs 9.3 crore as against Rs 1.7 crore in the same period of the previous fiscal. Operating expenses stood at Rs 24.8 crore.
Newswire18 recorded profit after tax and minority interest of Rs 2.7 crore, while operating expenses stood at Rs 5.2 crore.