India's Adani-owned NDTV posts Q1 loss amid weak advertising demand

New Delhi Television

27/07/2023 15:28

BENGALURU, July 27 (Reuters) - New Delhi Television Ltd
(NDTV)  NDTV.NS , part of the Adani Group, posted a loss for the
first quarter on Thursday, as Indian broadcasters remain
pressured by a weak advertising environment.
    NDTV reported a consolidated net loss of 81.3 million rupees
($991,568.62) for the quarter ended June 30, compared to a
profit of 232.2 million rupees a year ago.
    Revenue from operations plunged 35% to 699.9 million rupees,
while overall expenses fell 1.6%.
    Media companies have been facing weak advertisement demand,
as enterprises cut discretionary spending amid a high interest
rate environment.
    Indian billionaire Mukesh Ambani-owned TV18 Broadcast
 TVEB.NS , that operates CNN News18 news channel, had flagged
last week that the advertisement environment continues to be
soft.
    Ports-to-energy conglomerate Adani Group holds an about
64.7% stake in NDTV through RRPR Holding and Vishvapradhan
Commercial after a contentious battle last year.
    NDTV shares, which have lost more than one-third of their
value so far this year, closed down 1.7% on Thursday ahead of
the results.

($1 = 81.9913 Indian rupees)

 (Reporting by Sethuraman NR in Bengaluru; Editing by Varun H K)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))