A 97.5% reduction in net profit (attributable to owners) was recorded by the media organisation New Delhi Television Ltd. (NDTV) on Monday, coming in at Rs. 59 lakhs for the three months that ended in March 2023. Comparatively, the equivalent quarter of the previous fiscal year saw a combined net profit of Rs. 24.16 crore.
Comparing the current quarter to the same period last year, its consolidated revenue from operations decreased by 35.5% to Rs. 66.96 crore.
From Rs. 9 crores last year, Taboola NDTV’s foreign borrowings have dropped to Rs. 3 crores in the current quarter.
For the quarter that ended in March 2023, cash and cash equivalents were worth Rs. 103.6 crores, down from Rs. 116.4 crores the year before.
The company stated in its filing that, “The one-time expenses on account of severance pay and one-time write-off provisions have impacted the EBITDA margins by ₹4.80 crores.”
AMG Media Networks Ltd. (AMNL), through its indirect business RRPR Holding Private Limited, bought a 27.26% share in NDTV on December 30, 2022. This gave AMNL, through its subsidiaries, a controlling interest of 64.71% in NDTV.
Gautam Adani, Founder and Chairman of the Adani Group had stated,“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 organization.”
Mr. Sanjay Pugalia, CEO, AMG Media Networks Ltd. stated that,“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, personalization 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.”
The company’s stock ended at 189 on the BSE, up 3.99%.