India impacted by slower client spend and weak pipeline: Dentsu Group Q3FY23 earnings

Dentsu Group, a global ad agency network, has reported a 6% decline in organic revenues in the third quarter ended September 30, 2023. The Q3 performance, it says, was impacted by the continued reduction in spend from technology and finance clients.

In the Asia Pacific (APAC, excluding Japan) the group reported an organic revenue decline of 9.1%. India, it says, “continues to experience the impact of slower client spend in the media business and a weak pipeline.”

“Our third quarter performance continued to show the impact of the reduced spend from clients in the technology and finance sectors, as well as project delays within Customer Transformation & Technology,” said Hiroshi Igarashi, President and CEO, Dentsu Group.

Continued cost management remains in place for 2023 with measures such as hiring freezes, lower external spending and reduced travel and entertainment costs.