Adani Group-owned New Delhi Television Ltd (NDTV) posted a loss for the first quarter on Thursday, as the media firm was pressured by a weak advertising environment.
NDTV reported a consolidated net loss of Rs 8.1 crore for the quarter ended June 30, compared to a profit of Rs 23.2 crore a year ago.
Revenue from operations plunged 35% to Rs 70 crore, while overall expenses fell 1.6%.
Separately, NDTV said NSE, BSE imposed penalty of Rs 6.1 lakh each on it “for alleged non-compliance with the requirements pertaining to the composition of the Board, Audit Committee and the Nomination and Remuneration Committee”.
Media companies have been facing weak advertisement demand, as enterprises cut discretionary spending amid a high interest rate environment.
Ports-to-energy conglomerate Adani Group holds an about 64.7% stake in NDTV through RRPR Holding and Vishvapradhan Commercial after a contentious battle last year.
NDTV shares, which have lost more than one-third of their value so far this year, closed down 1.7% on Thursday ahead of the results.
