News Broadcasting
Hinduja group cautiously optimistic
MUMBAI: The Hinduja group core management team has reacted to Budget 2003-04 by stating that the media and entertainment sector could benefit indirectly from the measures announced for the IT sector. However, disappointment has been expressed at the increase in service tax and duties reductions for cable related infrastructure.
The following are the reactions of the various heads of business units.
IndusInd Network Entertainment CEO RC Khanduri
“No direct significant announcements for the media sector. However, it could benefit from the benefits accruing to other industries such as FMCG and telecom who would increase ad spends to attract more customers.”
IndusInd Media and Communications director Ashok Mansukhani
“Cable industry’s demand for being equated to IT as information infrastructure industry has been ignored. Its request for appropriate reductions in customs duty and excise on the entire value chain required for installing conditional access has been rejected. The increase of service tax at a time when customers are resisting increased subscriber rates will cause further problems.”
Hinduja group CVIL COO Ravi Mansukhani
“Increase in service tax to 8 per cent will pose problems, as most advertisers having large clients do not pass on service tax to broadcasters.”
Ashok Leyland Finance MD S. Nagarajan
“Investments in roads, airports and finance centres at Rs 600 billion will stimulate demand, employment opportunities and overall economic growth.”
Gulf Oil Corporation MD SS Pramanik
“Focus on infrastructure is extremely positive. Question is can the government back it up with funds and innovative financing?”
Gulf Oil Corporation lubricants division COO V. Ramesh
“Except for the duty reduction in additives, the customs duty has no effect on our industry at all. On the excise front there is no difference or sops to this industry, which is reeling under pressure of negative market growth.”
Hinduja Foundation president SK Bapat
“Various initiatives in the budget concerning health, education and poverty alleviation would open up possibilities for taking up new projects/schemes by charitable institutions like Hinduja Foundation.”
Hinduja National Hospital director finance NS Shenoy
“For the first time in the history of independent India, importance of the health care Industry has been recognised by the finance minister, making it a part of the five basic priorities for quality of life.”
Hinduja TMT CEO R Mohan
“Extending the 10A and 10B benefit to amalgamation and de-mergers of companies is a good initiative as it will boost M&A activities. Reduction in excise duty on preloaded software for the IT Sector as well as capital goods is a welcome sign.”
Hinduja TMT president technology KV Seshasayee
“Increase in FDA cap to 74 per cent and reduction of 5 per cent import duty on telecom and IT components will benefit telecom sector.”
IndusInd Bank MD Bhaskar Ghose
“Raising of ceiling for FDI in public sector banks from 49 per cent to 74 per cent is likely to attract foreign banking interest in local banks as subsidiaries. Further the proposed amendment to allow mergers and acquisitions in public sector banking segment is a welcome move. Finally proposed buyback of high interest securities from banks and exemption from tax of the use of resultant profits for NPA write-offs is a practical and welcome step.
News Broadcasting
Network18 Q4 revenue grows 9.7 per cent, EBITDA at Rs 30 crore
PAT improves to Rs 306.6 crore, margins steady amid cost pressures.
MUMBAI: Not all news is breaking, some of it is quietly improving. Network18 Media & Investments Limited appears to be doing just that, tightening losses and stabilising margins even as costs continue to weigh on the business. For FY26, the company reported revenue from operations of Rs 1,955.1 crore, up from Rs 1,896.2 crore in FY25, signalling modest top-line growth in a challenging media environment. Total income stood at Rs 1,978.2 crore, compared to Rs 1,913 crore a year earlier.
Profit after tax came in at Rs 306.6 crore for the year, a sharp turnaround from Rs 3,225.4 crore in FY25, largely reflecting the absence of large exceptional items that had inflated the previous year’s numbers. On a more comparable basis, the company’s operating performance showed signs of gradual stabilisation.
However, the quarterly picture remained under pressure. For the March quarter, Network18 reported a loss of Rs 53.1 crore, narrower than the Rs 98.1 crore loss in the same period last year, but still indicative of ongoing cost challenges.
Expenses continued to track high. Total expenses for FY26 stood at Rs 2,235.7 crore, up from Rs 2,197.8 crore in FY25. Key cost heads included operational expenses of Rs 765.9 crore, employee benefits of Rs 475.9 crore, and marketing, distribution and promotional spends of Rs 427.1 crore, underlining the continued investment required to sustain reach and engagement.
At an operating level, margins remained under strain. Operating margin stood at 2.33 per cent for FY26, marginally higher than 1.77 per cent in FY25, while net profit margin remained negative at -13.02 per cent, though improved from -14.89 per cent.
On the balance sheet, total assets rose to Rs 8,957.6 crore as of 31 March 2026, from Rs 8,317.5 crore a year earlier. Equity strengthened to Rs 4,958.7 crore, while borrowings increased to Rs 3,112.8 crore, reflecting a higher reliance on debt to support operations.
Cash flows told a mixed story. While financing activities generated Rs 83.9 crore, operating cash flow remained negative at Rs -24 crore, highlighting ongoing pressure on core cash generation. Cash and cash equivalents, however, improved to Rs 33.9 crore from Rs 1.8 crore.
The numbers point to a company in transition growing revenues, trimming losses, but still grappling with structural cost pressures. In a sector where scale often comes at a price, Network18 seems to be inching towards balance, one quarter at a time.
