Mumbai, Oct 14 : Media conglomerate NDTV today announced a consolidated net loss after tax of Rs 119.38 crore for the quarter ended September 30, as against a net loss after tax of Rs 25.27 crore in the year-ago quarter.
The company also said it has embarked upon a cost-cutting and rationalisation exercise in its news business and expects advertisement revenue growth to slow down.
The total income rose 65 per cent to Rs 127.91 crore for the quarter under review, from Rs 77.49 crore in the second quarter of the previous fiscal, New Delhi Television (NDTV) said in a filing to the Bombay Stock Exchange.
On the standalone basis, the media firm reported a net loss of Rs 13.04 crore for the September quarter, against a net loss of Rs 39.50 crore in the corresponding period last fiscal.
The stand-alone total income of the firm rose to Rs 76.2 crore in the reviewed quarter from Rs 67.91 crore in the same period a year ago.
Besides, the company said in a press release that its board has decided to split NDTV into two groups - one to carry out news and other businesses, and the second for the entertainment and allied businesses.
"We expect some amount of consolidation going forward in the news coupled with a slowdown in advertisement revenue growth linked to the macro environment," NDTV said.
Noting that staying out of debt and having adequate cash reserves was critical in the current market scenario, NDTV said it has Rs 660 crore of cash to meet business expense needs.
Shares of NDTV closed at Rs 156.90, up 3.84 per cent on the BSE.
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