Network18 Media & Investments shares fell 6.65% to Rs 66.20 after reporting a consolidated net loss of Rs 36.49 crore in Q2 September 2022, compared to a profit of Rs 39.02 crore in Q2 September 2021.

Net sales increased 11.65% to Rs 1548.89 crore in Q2 September 2022 compared to Q2 September 2021 on a consolidated basis.

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The pre-tax loss was Rs 28.01 crore, compared to a profit of Rs 202.49 crore in the previous year’s quarter. Operating EBITDA fell 87% year on year to Rs 32 crore in the second quarter of September 2022.

Total costs were Rs 1,592 crore in Q2 FY23, up 33.88% from Rs 1,189 crore the previous year.

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Adil Zainulbhai, chairman of Network18, said: “The first half of the fiscal has been challenging for most sectors. However, we believe that this phase should only be a minor bump in the long runway for growth. Our presence across the full spectrum of content segments and platforms places us in a unique position to leverage the combined strengths of our assets.”

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“We have set clear objectives for our different business segments and are working on executing our plans in that direction. Despite the macro environment being less than ideal for growth currently, we continue to make investments which will help us create a strong foundation for the long-term and will hold us in good stead as growth returns,” he added.

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Despite an uncertain landscape, Network18 Group continued to increase its investments in order to develop strong competitive positions in the Entertainment and News areas, in accordance with its expansion ambitions.

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While these investments reduced profitability because expenses climbed faster than revenue, they improved operating indicators.