Financials
Q1-2016: Network18, TV18 report y-o-y revenue growth
BENGALURU: Network18 Media & Investments Limited (Network18) reported 12 per cent growth in consolidated income from operations (TIO) to Rs 793.65 crore in the quarter ended 30 June, 2015 (Q1-2016) as compared to the Rs 708.39 crore in Q1-2015. TIO in Q1-2016 was however 5.7 per cent lower than the Rs 841.43 crore in Q4-2015.
The company reported a consolidated loss of Rs 5.96 crore in the current quarter as compared to the massive onetime adjustment loss of Rs 1156.50 crore after the Mukesh Ambani led Reliance Industries Limited took over the company. Network18 had reported a profit after tax (PAT) of Rs 45.33 crore in Q4-2015.
Note: 100,00,000 = 100 lakh = 10 million = 1 crore
The company’s Media Operations segment, TV18 Broadcast Ltd, in which Network18 has holdings, reported a 3.5 per cent growth in revenue to Rs 718.79 crore in Q1-2016 from Rs 694.08 crore in Q1-2015, but reported a decline of 13.7 per cent from the Rs 832.63 crore in the immediate trailing quarter. The segment reported a lower operating loss of Rs 15.80 crore in the current quarter as compared to an operating loss of Rs 83.72 crore in Q1-2015 and an operating profit of Rs 58.64 crore in Q4-2015.
Network18’s Film Production and Distribution (Film) segment reported more than threefold increase (3.67 times) in revenue to Rs 52.61 crore in Q1-2016 as compared to the Rs 14.32 crore in Q1-2015 and an almost eleven fold increase from the Rs 4.8 crore in Q4-2015. The film segment reported an operating profit of Rs 1.34 crore in Q1-2016 as compared to a loss of Rs 0.95 crore in Q1-2015 and a loss of Rs 2.44 crore in Q4-2015.
The company’s Earnings before interest, taxes, depreciation and amortisation (EBIDTA, includes other income) in Q1-2016 at Rs 49.1 crore (6.2 per cent margin) was almost double (1.99 times) the Rs 24.7 crore (3.5 per cent margin) in Q1-2015, but was less than half again as much (49.3 per cent) of the Rs 99.6 crore in Q4-2015.
Network18 reported 10.7 per cent increase in total expenditure to Rs 811.9 crore (102.3 per cent of income from operations) in Q1-2016 as compared to the Rs 733.5 crore (103.5 per cent of income from operations) in Q1-2015 and 2.9 per cent more than the Rs 789 crore (93.8 per cent of income from operations) in Q4-2015.
Network18 employee benefit expense in Q1-2016 at Rs 159.8 crore (20.1 per cent of income from operations) was 8.9 per cent more than the Rs 146.8 crore (20.7 per cent of income from operations) in Q1-2015 and was 11.3 per cent more than the Rs 143.6 crore (17.1 per cent of income from operations) in Q4-2015.
Network18 programming cost in Q1-2016 at Rs 206.3 crore (26 per cent of income from operations) was 21.7 per cent more than the Rs 169.5 crore (23.9 per cent of income from operations) in Q1-2015 and was almost flat (0.8 per cent lower) than the Rs 208 crore (24.7 per cent of income from operations) in the immediate trailing quarter.
TV18 Broadcast Limited
TV18 reported a 13.1 per cent growth in consolidated income from operations to Rs 596.7 crore in Q1-2015 as compared to the Rs 527.7 crore in Q1-2015, but a 5.2 per cent decline as compared to the Rs 629.7 crore in Q4-2015. TV18 reported a loss of Rs 4.2 crore in the current quarter as compared to the onetime adjustment loss of Rs 214.2 crore in Q1-2015 and a profit of Rs 86.3 crore in the immediate trailing quarter.
TV18’s EBIDTA (including other income) in Q1-2016 at Rs 20 crore (3.4 per cent margin) was a little more than one third (37.4 per cent) of the Rs 53.5 crore (10.1 per cent margin) and less than one-fifth (15.6 times) the Rs 111.3 crore (17.7 per cent margin) in Q4-2015.
TV18’s total expenditure in Q1-2016 increased 17 per cent to Rs 595.9 crore (99.9 per cent of income from operations) from Rs 509.5 crore (96.6 per cent of income from operations) and increased 7.4 per cent from Rs 555.1 crore (88.2 per cent of income from operations) in Q4-2015.
A major expenditure increase was TV18’s marketing, distribution and promotional expense in Q1-2016 by 33 per cent to Rs 135.9 crore (22.8 per cent of income from operations) from Rs 102.2 crore (19.4 per cent of income from operations) in Q1-2015 and an increase of 19.7 per cent as compared to the Rs 113.5 crore (18 per cent of income from operations) in the immediate trailing quarter.
Click here to read unaudited financial of Network 18
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.
