NDTV posts ₹8.08 cr loss in June quarter

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₹8.08 crore in the first quarter ended June 30, 2023, impacted by lower revenue. The company had reported a consolidated profit after tax at ₹25.81 crore in the first quarter of the last fiscal, NDTV said in a regulatory filing. Its consolidated revenue from operations stood at ₹69.99 crore as against ₹107.74 crore in the year-ago period.

NDTV said its total expenses were marginally down at Rs 81.98 crore as compared to ₹83.33 crore a year ago. Adani Group holds 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. Media companies have been facing weak advertisement demand, as enterprises cut discretionary spending amid a high interest rate environment.

Billionaire Mukesh Ambani-owned TV18 Broadcast, that operates CNN News18 news channel, last week flagged that the advertisement environment continues to be soft. On June 27, shareholders of the Adani-group-controlled NDTV approved the proposals to appoint new directors to the board after Adani acquired the media firm. All special resolutions regarding the appointment of -- Sanjay Pugalia and Senthil Sinniah Chengalvarayan -- as directors, and UK Sinha and Dipali B.

Goenka as independent directors have got shareholders' nod through the e-voting process. Besides, another special resolution for approval of remuneration payable to non-executive directors, including independent directors of the company, was also approved. The e-voting period commenced on May 27, 2023, and ended on June 25, 2023.