Media firm TV18 Broadcast Ltd on Tuesday reported a 95.55 per cent decline in its consolidated net profit to Rs 10.28 crore for the second quarter ended September 30, 2022.
The company had posted a net profit of Rs 231.40 crore for the July-September period of the previous fiscal, TV18 Broadcast said in a regulatory filing.
However, its consolidated revenue from operations rose by 12.65 per cent to Rs 1,473.43 crore compared to Rs 1,307.90 crore in the corresponding quarter a year ago.
TV18 Broadcast's total expenses were at Rs 1,485.95 crore, up 34.59 per cent from Rs 1,104 crore earlier.
According to the company, economic sentiment remained weak during the quarter with high inflation posing a challenge for companies, especially in the FMCG sector.
During the quarter, brands held back advertising spends on new product launches and sustenance campaigns due to these headwinds. Advertising spends by startups and e-commerce players also declined due to the difficult fund-raising ...
