Network18 Media & Investments Limited reported 2Q FY20 consolidated revenue of Rs. 1,174 crores (down 5.1% Y-o-Y), Robust 43% growth in subscription income post implementation of new tariff order (NTO) was offset by a weak advertising environment. News portfolio solidified its leadership with a 10.9% viewership share. Broad-based cost optimizations led to Entertainment Business-asusual (BAU) margins rising to 12.9%, vs 9.9% in 2Q FY19.
Network18 Media & Investments Limited reported 2QFY20 consolidated revenue of Rs. 1,174 crores (down 5% Y-o-Y), as robust 43% growth in subscription income post implementation of new tariff order (NTO) was offset by a weak advertising environment. Operating EBITDA declined due to additional Rs. 17 Cr investments into regional and digital platforms.
Broadcast subscription income grew by 43% Y-o-Y, continuing the 48% growth Y-o-Y witnessed in 1Q. Improved distribution tie-ups helped their channel portfolio improved reach across TV & Digital in the New Tariff Order (NTO) regime. Weak macro-economic trends dragged down consumer spends and depressed broader corporate appetite for above-the-line marketing activity. However, tailwinds in regional and digital consumption continued to attract attention. Ad-spends saw greenshoots around the festive season late in the quarter.
Network18's News cluster furthered its leadership through a rise in viewership share to 10.9% vs 10.1% in 1Q; despite being a pay network. Network18's Entertainment cluster viewership share was 9.2% in 2Q.
Network18 group's digital cluster saw unique visitors grow to ~180 mn and solidified its #2 rank. OTT platform VOOT has the highest daily average watch time per user amongst peers at 45+ minutes. Sharp display advertising growth in News18.com (especially vernacular) boosted revenues even amidst a tepid environment. Operating margin fell due to operating losses of recently launched app CricketNext; and investments into the subscription model of MoneyControl, MC Pro, which has witnessed growing traction.
Shares of RELIANCE INDUSTRIES LTD. was last trading in BSE at Rs.1415.3 as compared to the previous close of Rs. 1396.15. The total number of shares traded during the day was 629451 in over 20580 trades.
The stock hit an intraday high of Rs. 1428 and intraday low of 1399.7. The net turnover during the day was Rs. 891730305.