Indian news broadcaster NDTV posts Q2 loss as operating, production costs weigh

Zee Media

23/10/2024 11:28

Oct 23 (Reuters) - India's New Delhi Television (NDTV)
 NDTV.NS  posted its fourth-straight quarterly loss on
Wednesday, as the news broadcaster's expenses surged.
    The company, 64.7% of which is owned by ports-to-energy
conglomerate Adani Group, reported a loss of 527.7 million
rupees ($6.28 million) for the July-September quarter, compared
to a profit of 59.1 million rupees in the year-ago period.
    NDTV's total expenses surged 76% on the back of a jump in
operating as well as production and marketing costs, as it
continued to invest in newly launched TV channels and
infrastructure. 
    The company, which runs news channels, said its revenue from
operations rose 16.5% to 1.11 billion rupees in the latest
quarter, attributing it to enhanced content strategy, an
expanding portfolio of intellectual properties, and strategic
digital initiatives.
    Indian consumer good makers, who typically spend the most on
advertising on television, have reined in their expenses as they
grapple with muted demand for their products amid rising living
costs.
    That has weighed on advertising-dependent media companies.
    In the past couple of weeks, Zee Enterprises  ZEE.NS , which
runs its eponymous TV serial and entertainment channels, posted
a decline in ad revenue. Reliance group-controlled Network18
Media  NEFI.NS , which owns both news and entertainment
channels, said its TV news ad revenue was soft during the
quarter.
    NDTV did not disclose its ad revenue for the quarter.       
        The company's shares dropped after the results, closing
0.8% lower. 
    Other rivals TV Today Network  TVTO.NS  and Zee Media
Corporation  ZEEN.NS  are expected to post results later this
month.


($1 = 84.0650 Indian rupees)


 (Reporting by Aleef Jahan in Bengaluru; Editing by Janane
Venkatraman)
 ((aleefjahan.cs@thomsonreuters.com))