Financials
Network18 reports improved numbers for Q2 FY19
BENGALURU: Mukesh Dhirubhai Ambani’s media arm, Network18, reported improved numbers for the quarter ended 30 September 2018 (Q2 2019, quarter under review) as compared to the corresponding year ago quarter Q2 2018). The company reported 9 per cent y-o-y growth in consolidated revenue for Q2 2019 at Rs 1,237 crore as compared to Rs 1,138 crore in Q2 2018. Network18 reported a lower loss of Rs 68 crore in the quarter under review as compared to Rs 71 crore in the corresponding year ago quarter. Consolidated operating EBITDA increased 59 per cent y-o-y to Rs 92 crore in Q 2019 from Rs 58 crore in Q2 2018.
Network18’s numbers comprise numbers from its publically listed subsidiary TV18 Broadcast Ltd and from NW18 digital, print and others.
TV18 Broadcast numbers
TV18 consolidated revenue of Rs 1,118 crore in Q2 2019 was 11 per cent higher y-o-y than Rs 1,084 crore in Q 2018. TV18 consolidated operating EBITDA for Q2 2019 increased 42 per cent y-o-y to Rs 108 crore from Rs 76 crore in Q 2018
Revenue growth in Q2 2019 was across all revenue streams. The company’s operating revenue from business and general news (TV18 standalone) increased 26 per cent y-o-y to Rs 200 crore from Rs 159 crore. The segment’s operating EBITDA increased 10 per cent y-o-y in Q2 2019 to Rs 31 crore from Rs 28 crore. Regional news ex-Lokmat including entertainment operating revenue during the quarter under review increased 36 per cent y-o-y to Rs 95 crore from Rs 70 crore. The segment reported a substantially lower loss of Rs 8 crore for Q2 2019 as compared to Rs 28 crore for Q2 2018.The entertainment segment (Viacom18 and Indiacast) saw a 6 per cent y-o-y increase in revenue to Rs 903 crore in Q2 2019 from Rs 855 crore. Operating profit of the entertainment segment increased 12 per cent y-o-y to Rs 85 core from Rs 76 core.
NW18 digital, print and others numbers
NW18 digital, print and others (NW18) revenue declined 28 per cent y-o-y to Rs 39 crore from Rs 54 crore. NW18 operating EBITDA was a lower loss of Rs 16 crore as compared to a loss of Rs 18 crore.
Company speak
Chairman of Network18, Adil Zainulbhai said: “Our regional properties across news and entertainment have shown significant improvements in viewership and monetisation, cementing our belief that vernacular content will be a key growth driver. We continue to see opportunities in the Indian media space; and aim to create segmented offerings to deepen our presence.”
In the TV18 media release, Zainulbhai said, “TV18’s investments into regional have served to diversify our portfolio and reduce dependence on national markets. Our rising viewership in regional channels across both news and entertainment has been the primary driver this quarter. We shall continue to invest in the broadcasting space to capture growth opportunities.”
Notes:
Viacom18 and Indiacast became subsidiaries of TV18 from 28 February 2018 and have been consolidated into TV18/Network18 financials from 1 March 2018. HomeShop18 has ceased to be a subsidiary of Network18 from 15 February 2018 as a result of its acquisition of ShopCJ through a share-swap.
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.
