Financials
Decoding Next Mediaworks Q3 and nine month results
MUMBAI: Next Mediaworks Limited is a holding company with a colourful portfolio in multimedia—think of it as the Swiss Army knife of the entertainment world. Helmed by HT Media and with deep roots in Indian broadcasting, the company has evolved into a jack-of-all-trades, dabbling in everything from FM radio to online news.
Let’s start with its bread and butter: FM radio broadcasting. Through its Radio One FM stations, Next Mediaworks has become a household name in seven cities, including the media powerhouses of Mumbai, Delhi, and Chennai. Feeling nostalgic for some old-school TV magic? The company also markets television programmes, films, and software—the behind-the-scenes wizardry that keeps your screens alive.
And it doesn’t stop there. Acting as an advertising agent, providing online music and news, and even diving into internet commerce, Next Mediaworks spreads its wings wide. But how does one juggle all these pies while staying profitable? That’s the million-dollar question as we dig deeper into its financials.
When you’re in the business of radio, every quarter brings a new tune. For Next Mediaworks Limited, this time, the notes were both harmonious and dissonant. The financial results for the quarter and nine months ending 31 December 2024, paint a picture of a company striving to balance its operational challenges with strategic resilience.
Standalone Results
The standalone results for Next Mediaworks in Q3 present a smaller slice of the financial pie—or should we say crumbs? Total income for the quarter was Rs 43 lakh, bolstered entirely by other income, as revenue from operations took a vacation. For the nine months, the total income barely inched up to Rs 44 lakh. The real story, however, is the expenses—and it’s a thriller.
Employee benefit expenses for the nine months amounted to Rs 24 lakh—impressive if you’re running a lemonade stand, but less so for a media company. Meanwhile, finance costs gobbled up Rs 323 lakh, a jump from Rs 271 lakh last year, making one wonder: Are they financing or fine dining? Other expenses, at Rs 56 lakh, added more salt to the wound. This cocktail of costs stirred up a quarterly standalone loss of Rs 97 lakh and a nine-month loss of Rs 359 lakh.
EBITDA, the trusty metric of financial health, barely registered a pulse, with Rs 15 lakh in Q3 and a cumulative Rs (36 lakh) for the nine months. Exceptional items stayed out of the picture, leaving the losses to hog the spotlight. The loss per share for Q3 was Rs 0.15, and for the nine months, Rs 0.54.
Can this standalone operation hit the reset button and find its groove, or is it destined to stay on mute?
Consolidated Results
The consolidated revenue for Q3 stood at Rs 1,124 lakh, reflecting a decline from the Rs 1,172 lakh posted in the same quarter last year. However, the nine-month revenue was nearly flat at Rs 3,090 lakh, compared to Rs 3,077 lakh in 2023. Despite these figures, the company faces mounting challenges, as total expenses for the nine-month period surged to Rs 5,233 lakh, up from Rs 5,065 lakh.
Now, let’s spice things up with the consolidated results—the section where the numbers get all the attention. EBITDA, the shining knight in an otherwise troubled kingdom, stood at Rs 143 lakh for Q3 and Rs 680.76 lakh for the nine months. However, profitability has been elusive, with the company posting a consolidated loss of Rs 632 lakh in Q3 and a whopping Rs 2,143 lakh over the nine months. Talk about a steep hill to climb!
Let’s not sugarcoat it: the losses weren’t small. Employee expenses totalled Rs 597 lakh for the nine months, and radio license fees alone devoured Rs 1,048 lakh. Meanwhile, finance costs ballooned to Rs 1,739 lakh, up from Rs 1,539 lakh in 2023.
As Next Mediaworks faces these towering costs, one has to ask: can they trim the fat without losing muscle?
In a world where Spotify dominates playlists and podcasts grab ears globally, where does traditional radio fit? The consolidated losses may seem like a dirge, but Next Mediaworks is no stranger to finding harmony in chaos. Can it pull off a comeback and compose a more profitable tune?
Next Mediaworks, through its flagship subsidiary Next Radio, is a prominent player in the radio broadcasting space. Yet, operating in an era dominated by streaming platforms has amplified the pressure to innovate. Radio license fees for Q3 were Rs 351 lakh, while employee benefits expenses climbed to Rs 597 lakh for the nine months, compared to Rs 634 lakh the previous year. Finance costs were another thorn, growing to Rs 1,739 lakh for the nine months, compared to Rs 1,539 lakh in 2023.
Despite these hurdles, the company maintains a “going concern” assumption, bolstered by support from its holding company, HT Media. How long will this financial backing shield the group from market headwinds?
While the overall narrative appears grim, there are glimmers of hope. The company has avoided external borrowings and maintains a favourable current assets-to-liabilities ratio. Its strategic focus on maintaining operational liquidity could provide the breathing room needed to recalibrate its business model.
Moreover, the appointment of Sameer Singh as a non-executive non-independent director introduces a seasoned hand with global experience. His prior leadership roles at GroupM, Google, and ByteDance could inject a fresh perspective into the company’s strategic planning.
The radio industry may no longer be the dominant force in entertainment, but its relevance endures. The challenge for Next Mediaworks is to harmonise traditional broadcasting with the demands of a tech-savvy audience. Will the company invest in digital transformation, or will it double down on its current model?
As the financial results highlight, the road ahead is far from smooth. Yet, with strategic backing and seasoned leadership, Next Mediaworks has the potential to rewrite its tune. Investors and stakeholders will be keen to see whether the company’s next quarter hums a more uplifting melody.
Key financial highlights
. Consolidated Revenue: Rs 1,124 lakh for Q3; Rs 3,090 lakh for nine months.
. EBITDA: Rs 143 lakh for Q3; Rs 680.76 lakh for nine months.
. Consolidated Loss: Rs 632 lakh for Q3; Rs 2,143 lakh for nine months.
. Standalone Loss: Rs 97 lakh for Q3; Rs 359 lakh for nine months.
. Finance Costs: Rs 1,739 lakh for nine months, up from Rs 1,539 lakh in 2023.
MUMBAI: It’s time to brief the markets: Page Industries is showing that even when regulations tighten, it can still keep its footing in the innerwear business. The Bengaluru-based apparel major has reported its financials for the quarter ended 31 December 2025, delivering a performance that remains steady and well put together.
The company’s top line showed plenty of elasticity this quarter. Revenue from operations stretched to Rs 1,38,675.71 lakhs, a healthy jump from the Rs 1,29,085.82 lakhs reported in the preceding quarter. Compared to the same period last year, which stood at Rs 1,31,305.10 lakhs, it’s clear the brand’s grip on the market isn’t loosening. Total income for the quarter, including other finance gains, reached a comfortable Rs 1,39,919.03 lakhs.
However, it wasn’t all smooth silk. The Government of India’s new unified Labour Codes, covering everything from wages to social security, officially kicked in on 21 November 2025. This regulatory shift forced Page Industries to account for a one-time “exceptional item” cost of Rs 3,500.42 lakhs to cover incremental employee benefits and related obligations. Despite this Rs 35-crore legislative snag, the underlying business remained robust. Profit before tax stood at Rs 25,625.35 lakhs after the exceptional hit, and without that one-off cost, the figure would have been a more muscular Rs 29,125.77 lakhs. Net profit for the quarter came in at Rs 18,953.64 lakhs.
Total expenses rose to Rs 1,10,793.26 lakhs, driven largely by raw material consumption of Rs 30,162.65 lakhs and employee benefits of Rs 23,310.66 lakhs. Even so, the company’s operational strength ensured the bottom line remained firmly stitched together.
For shareholders, the news is particularly “fitting.” The Board has declared a third interim dividend for 2025-26 of Rs 125 per equity share. The record date has been set for 11 February 2026, with the payment scheduled on or before 6 March 2026. This follows two previous interim dividends of Rs 150 and Rs 125 declared earlier in the financial year, reinforcing the company’s commitment to sharing the spoils of its success.
Looking at the nine-month stretch ending December 2025, Page Industries has amassed total income of Rs 4,04,090.59 lakhs, with total comprehensive income of Rs 58,231.49 lakhs. While the basic earnings per share for the quarter dipped slightly to Rs 169.93, compared to Rs 183.48 in the same quarter last year, the year-to-date EPS remains a solid Rs 524.57.
Auditors at S.R. Batliboi & Associates LLP have given the results a “limited review” thumbs up, reporting no material misstatements. It seems that, as far as Page Industries is concerned, the business remains as well-constructed as its famous Jockey briefs.
