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Network18’s web operations revenue rises nearly 13% in Q1FY17

Network18

Reliance Industries-owned Network18 has reported operational revenue of Rs 351.08 crore for the quarter ended June 30 (Q1 FY17), down 14.59% from Rs 411.09 crore in the same quarter last year. Sequentially, operational revenues were down 26.19% from Rs 475.67 crore.

Net loss stood at Rs 48.89 for the quarter compared to a net profit of Rs 44.09 crore in the same quarter last year. In the preceding quarter, Network18 reported a net loss of Rs 33.66 crore.

Web operations

On a standalone basis, Network18’s web business reported revenues of Rs 12.44 crore. This was an increase of 12.97% from Rs 11.01 crore in the same quarter last year, and a decline of  9.93% from Rs 13.81 crore in the preceding quarter.

The segment reported a loss before tax of Rs 14.82 crore compared to the profit of Rs 7.91 crore in the same period last year. In the preceding quarter, the segment reported a loss Rs 591.7 crore.

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Media and film distribution operations

Network18’s media operations generated Rs 801.35 crore revenues, up 5.25% from Rs 761.4 crore in the same quarter last year. The company had reported media operations revenues of Rs 916.95 crore in the preceding quarter. Media operations accounted for 97.69% of Network18’s total revenues.

Film production and distribution business generated Rs 18.9 crore, as opposed to Rs 52.6 crore in the same quarter last year and Rs 23.4 crore in the previous quarter.

Other highlights

– BookMyShow reported revenues of Rs 78 crore for the quarter ended June 30 (Q1 FY17), up 30% y-o-y from Rs 60 crore in the same quarter last year.

– Network18 renamed IBNLive.com as news18.com, as a part of a rebranding exercise which will also see CNN-IBN being renamed CNN News18

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– IndiaCast appointed Chief Financial Officer Sanjay Jain as the new head of international business.

– Sanjay Pugalia moved on from Network18 as Editor-in-Chief of CNBC Awaaz and CNBC Bajar, after 12 years.

– Network 18 had appointed Santosh Menon as Chief Content Officer to handle the digital businesses of the Network 18 group, including moneycontrol.com,firstpost.com, news18.com,pradesh18.com, and in.com.

– Homeshop18’s customer base crossed 18.9 million in the quarter. The total number of transactions crossed 19.6 lakhs compared to 17. lakh in the same quarter last year. Homeshopt18 also introduced shipping charges during the quarter.

Download: Press release | Financials 

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