India's Network18 falls after Q2 loss widens

Network18 Media & Investments

25/10/2023 10:11

** Shares of Network18 Media & Investments  NEFI.NS  down as
much as 4.7% at 66.7 rupees
    ** Media conglomerate, owned by billionaire Mukesh Ambani,
reports widened Q2 consolidated net loss at 609.9 mln rupees
($7.34 million) vs loss of 364.9 mln rupees a year earlier, rev
from ops up 20.4% Y/Y
    ** Total expenses rise ~39%, led by cost of materials
consumed, which jumped ~56%
    ** Advertising demand remains guarded due to soft consumer
sentiment - Network18
    ** Co expects festive season to bring positive momentum
    ** Nifty media index  .NIFTYMED  down 1.5%
    ** Stock up 3.6% YTD, underperforming Nifty media index
which is up 8.2%


($1 = 83.1474 Indian rupees)

 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))