MAM
Exit stage left Avinash Kaul set to sign off from Network18
MUMBAI: When the credits roll, even the most seasoned showrunners know when it’s time to change the channel. Avinash Kaul, chief executive officer of Network18 (broadcast) and managing director of A+E networks, has resigned and is expected to move on from the Network18 group, sources said.
Kaul’s departure brings the curtain down on nearly 12 years with Network18 and a media career spanning over 26 years. Known for his strategic acumen and steady leadership, Kaul’s remit within the group was significantly expanded in August last year. At the time, he was entrusted with driving direct revenue growth across television, digital and print, while also continuing to strengthen ratings performance and overseeing key operating verticals across broadcast and print businesses.
During his tenure, Kaul reported to Rahul Joshi and played a central role in shaping Network18’s broadcast strategy through a period marked by intense competition and rapid shifts in audience behaviour.
Before joining Network18, Kaul served as chief executive officer of the television division at Bennett Coleman and Company Limited. Earlier chapters of his career saw him in senior leadership roles at Sahara One and NDTV, building a reputation as a calm operator with a sharp commercial instinct.
Widely respected across the media and broadcasting industry, Kaul has previously been recognised as CEO of the Year at the ENBA Awards, a reflection of his influence and standing within the sector.
While his next move is yet to be formally announced, Kaul’s exit marks the end of a significant chapter for Network18 and signals that one of Indian broadcasting’s most familiar executives is preparing for his next act.
Brands
Kwality Wall’s reports standalone losses following strategic HUL demerger
Ice cream major faces Rs 64 crore Ebitda loss amid commodity inflation and muted Q3 sales
MUMBAI: Kwality Wall’s (India) Limited (KWIL) has released its first set of financial results as a standalone entity, revealing a challenging start to its independent journey. Following its successful demerger from Hindustan Unilever Limited (HUL) on 1st December 2025 and its subsequent listing on 16th February 2026, the company is navigating a transition period marked by structural changes and high input costs.
For the quarter ended 31st December 2025, the company reported revenue of Rs 222 crores. Despite the revenue base, the bottom line was impacted by several factors, resulting in an Ebitda loss of Rs 64.2 crores. When calculated on a Pre-IND AS 116 basis, the Ebitda loss stood at Rs 83.8 crores.
Organic Sales Growth (OSG) declined by 6.5 per cent year-on-year during the quarter. Volume growth, however, saw a marginal increase of 1.2 per cent. The company reported a gross margin of 41.5 per cent. Additionally, exceptional expenses amounting to Rs 94 crores were recorded, primarily linked to non-recurring costs during the transition phase.
Performance across portfolios and channels was mixed. Within the impulse portfolio, brands such as Magnum and Cornetto recorded mid-single digit volume growth, indicating steady demand in on-the-go consumption. However, the in-home portfolio, which includes take-home packs, experienced muted consumption. The company is planning a relaunch of this category with improved offerings ahead of the 2026 season.
Quick commerce (Q-Com) continued to emerge as a strong growth driver, delivering robust double-digit growth during the quarter. Meanwhile, the company also expanded its physical distribution network by increasing the number of company-owned cabinets across markets.
Margin pressure during the quarter was driven by a combination of one-off factors and broader cost inflation. Gross margins were impacted by around 600 basis points due to trade investments made for stock liquidation. Additionally, cocoa price inflation contributed to another 400 basis points of pressure on margins.
Deputy managing director Chitrank Goel attributed the muted performance partly to prolonged monsoons and transitional challenges linked to the GST framework. Operating expenses also increased as the company invested in establishing its standalone supply chain, operational systems and corporate infrastructure following the demerger.
Looking ahead, the management remains focused on a volume-driven growth strategy. To restore profitability, the company has initiated a cost productivity programme aimed at reducing non-consumer-facing costs. It is also working on building regional manufacturing networks to optimise logistics expenses and improve operational efficiency.
The commodity outlook for the near term remains mixed. Dairy prices are expected to remain firm due to tight supply conditions and rising fodder costs. Sugar prices may also move higher following increases in the Minimum Selling Price (MSP). While cocoa prices have moderated recently, currency depreciation has offset some of the potential cost relief for the company.
