NDTV Q4: Net profit declines 97% to Rs 59 lakh owing to weak advertising demand

The NDTV Group reported a 97.5% fall in net profit to Rs 59 lakh for the quarter ending March 31, 2023. This is against a consolidated net profit of Rs 24.16 crore it recorded in the corresponding quarter last fiscal.

NDTV has posted Rs 66.96 crore as consolidated revenue from operations in Q4 of FY23, a decline of 35.49% as compared to the Rs 103.8 crore it posted in the same period last year.

In the regulatory filing, the group stated that it is “declaring another profitable year despite the weak economic environment and slowdown in global advertising spend.”

Meanwhile for FY 2022-23, NDTV recorded Profit After Tax (PAT) of Rs 29 crore, as compared to Rs 59 crore it recorded in the previous year.

As for the NDTV Group, it recorded PAT of Rs 49 crore in the last fiscal, as compared to Rs 80 crore in FY 2021-22.

"With continued focus of NDTV Group to reduce the external borrowings, it has reduced from Rs 9 crores last year to Rs 3 crores as on March 31, 2023," the group said. 

The one-time expenses on account of severance pay and one-time write-off provisions have impacted the EBITDA margins by Rs 4.80 crores.

Just before the start of Q4, on December 30, 2022, AMG Media Networks (AMNL), through its indirect subsidiary RRPR Holding has acquired 27.26% stake in NDTV, resulting in a controlling stake of 64.71% in NDTV by AMNL through its subsidiaries.

"The Adani Group is privileged to further bolster NDTV with world-class infrastructure and talent and transform NDTV into a thriving multi-platform global news organisation," Gautam Adani, Founder and Chairman of the Adani Group, had said. 

"One of the first things we plan to do is to strengthen and invest in the NDTV newsroom to be a multi-faceted multi-media digital platform. To grow NDTV’s digital reach via greater global content, new formats, personalisation and interactivity with viewers would require more reporters, producers and editors supported by strong research tools. We will deliver news that really adds value to the lives of Indian citizens and those interested in India," Sanjay Pugalia, CEO, AMG Media Networks, had said then. 

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