Network18 FY13 revenues up 23 pc, e-commerce business up threefold
Digital content and e-commerce business grew to Rs 400.9 crore for the year, up 193 per cent year-on-year (adjusted for the sale of Newswire18).
Network18 Media and Investments on Monday reported a 23.4 per cent rise in revenues to Rs 2400 crore for 2012-13, driven by strong growth in its broadcast and digital businesses. The strong topline growth helped narrow operating losses 87 per cent to Rs 39 crore for the year. Net loss for the year declined to Rs 105.5 crore from Rs 392.7 crore the year before.
Revenues from the broadcast and motion picture businesses under TV18 Broadcast rose 20 per cent, to Rs 1699 crore, driven by a strong growth in advertising revenue and the net distribution income (subscription revenue minus carriage fee and commissions paid to cable operators, DTH providers) turning positive. (Click here for more details)
Digital content and eCommerce business grew to Rs 400.9 crore for the year, up 193 per cent year-on-year (adjusted for the sale of Newswire18). The segment reported revenues of Rs 110.4 crore for the quarter, a growth of 200 per cent over last year.
During the year, Network18 profitably sold its entire stake in Newswire18, divested its Yellow Pages and Askme businesses and diluted its majority stake in Bookmyshow. These transactions, in line with the strategy to exit non-core businesses, added Rs 180 crore to the annual profit and raised Rs 235 crore for the Network18 Group.
"We are extremely pleased that our digital and broadcast operations have turned in a sustained and healthy operating performance during the year despite softness in the advertising environment. Our e-commerce businesses have turned in another stellar year and our digital content businesses continue to grow steadily," B Saikumar, Group CEO, Network18, said in the earnings release.
Network18's consolidated debt as on March 31, 2013 stood at Rs 211 crore, down 90 per cent from Rs 2130 crore at the end of FY12.
For the March quarter, Network18 reported revenues of Rs 679 crore, down 2 per cent compared to the December quarter. Quarterly operating profit rose to Rs 12.7 crore, compared to Rs 10.6 crore in the December quarter. Net profit stood Rs 0.5 crore versus Rs 6.8 crore, quarter-on-quarter.
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