In a recent regulatory filing, Adani’s NDTV reported a consolidated net loss of Rs 10.16 crore for the third quarter of the fiscal year 2023-24. This comes as a significant downturn compared to the same quarter in the previous fiscal year when the company recorded a consolidated net profit of Rs 15.18 crore.
The financial statement also revealed a 7% decline in consolidated revenue from operations, dropping to Rs 97.95 crore during the reported period, down from Rs 105.37 crore in the corresponding quarter last year.
A noteworthy factor contributing to NDTV’s financial challenges is the surge in operating expenses, which witnessed a 29% year-on-year increase. The company attributed this rise to regional channel expenses and re-launch costs for its business channel, currently in an investment phase. Total expenses for the quarter surged by 24.8%, reaching Rs 110.23 crore.
As part of its expansion plan, NDTV is actively investing in infrastructure and resources to augment its network of channels and extend its reach across the country. The company stated in the filing, “NDTV is monitoring revenue enhancement for its recently launched regional channels and business channel, which are the main contributors to the EBITDA loss incurred by the network during the quarter.”
Despite the challenging financial performance, NDTV remains committed to its expansion strategy. The network has successfully relaunched its business news channel, ‘NDTV Profit,’ during this quarter, marking a significant step in broadening its channel portfolio. Moreover, NDTV expects to launch two more regional channels soon, showcasing its dedication to diversifying its content offerings.
At the beginning of the financial year, NDTV operated with two news channels, but it has since expanded its bouquet to include five news channels. The company’s focus on regional and business news channels underscores its aim to capture new market segments.