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Network18’s digital revenues drop 13% to Rs 49 Cr in Q3FY19

Network18 reported consolidated revenues of Rs 1538 crore in the quarter ended December 31, 2018. This is almost a 250% jump from the same quarter last year, when revenues were Rs 439 crore, and a 28% improvement over the preceding quarter from Rs 1200 crore.

The company reported an increase of 25 times in Profit after Tax (PAT) to Rs 77 crore from Rs 3.1 crore in Q3FY18, and from a loss of Rs 66 crore in the preceding quarter. Total income has improved from a loss of Rs 14 crore in Q3FY18 to a profit of Rs 46 crore this quarter.

Network18 & TV18 subsidiary mergers

The National Company Law Tribunal has approved the merger of 13 of Network18’s subsidiaries — Digital18 Media, Capital18 Fincap, RVT Finhold, RRK Finhold, RRB Investments, Setpro l S Distribution, Reed Infomedia India, Web18 Software Services, Television Eighteen Media and Investments, Television Eighteen Mauritius, Web18 Holdings, E18 and Network18 Holdings — into Network18. This came into effect on November 1, 2018.

The tribunal has also approved the merger of four subsidiaries of TV18 Broadcast Ltd — Equator Trading, Panorama Television, RVT Media, and ibn18 (Mauritius) — into the company with effect from November 1, 2018. Panorama’s 13 regional news channels are now part of TV18. HomeShop18 has been merged with ShopCJ and will no longer be a subsidiary of Network18 starting February 1.

Notes on the digital business

Operating Revenues for Network18’s “Web Digital, Print and Others” segment fell by 13% to Rs 49 crore from Rs 56 crore in the same quarter last year. Operating EDITDA for the segment stands at a loss of Rs 27 crore, significantly up from a loss of Rs 7 crore in the same quarter last year. However, the results are not comparable as the company’s structure has changed after the above-mentioned mergers.

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  • Digital revenues from MoneyControl.com, News18, and Firstpost grew 27% to Rs 45 crore in the quarter
  • Network18 Digital had 6 million unique visitors across devices spending a total of 1.6 billion minutes on the site
  • The company says operating margin fell due to investments in the revamping and extension of MoneyControl and Firstpost
  • MoneyControl launched mutual funds investment platform MC Transact. MoneyControl’s app has 4.1 million monthly active users. The company said MoneyControl’s reach was increased with a WhatsApp subscription and a channel for JioChat.
  • Traffic on News18.com’s regional news content increased by 55%
  • Firstpost will soon launch a weekly print edition.
  • VOOT, the company’s OTT service, has seen 115 million gross voodownloads, with an average daily viewership of 45 minutes
  • BookMyShow saw 7 million app downloads this quarter. The platform managed ticketing for Pro Kabaddi League ticketing for 4 teams for football league ISL 2018, and for several electronic music events. It entered into live event production with entertainment company Cirque Du Soleil with a new show “Bazaar”, which showcased in Mumbai and Delhi with 92% occupancy. It has also entered into theatrical production of the 3rd season of Disney’s Aladdin at Mumbai and Delhi.
  • HomeShop18 is in the deep end, “as competitive pressure has been exacerbated by vendor supply issues” states the company, and adds that revenue has seen an uptick recently.

Download: Financials | Press Release

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