The company generated a net profit of Rs. 24.16 crore, last year.
The media company New Delhi Television (NDTV), owned by Gautam Adani, recorded a 97.5% decline in net profit (attributable to owners) to Rs 59 lakh for the quarter ended March 31 (Q4FY23), impacted by one-time charges like severance pay and write-offs. In the previous year, the company generated a net profit of Rs. 24.16 crore. The media company's operating revenue was also negatively impacted, decreasing 35.5% to Rs 67 crore in Q4 from Rs 104 crore in Q4 of last year.
The business blamed a downturn in advertising spending and a general slowdown in the economy for its disappointing performance. On Friday, the BSE saw the NDTV stock close with a 4.24% gain at Rs 189.45 a share. Because it was Maharashtra Day on Monday, the markets were closed. Prior to the results on Monday, NDTV shares had increased by 3% over the previous week. The NDTV numbers were also in the news on Monday because they represent some of the first quarter's worth of earnings for the Adani group following a sell-off in the stock of the ports-to-power conglomerate on January 24 in response to a report by US-based short-seller Hindenburg Research.
The Adani group acquired close to 65% of NDTV last year, putting it under its control. The founders and promoters of NDTV, Prannoy and Radhika Roy, liquidated the majority of their holdings in the company in December after the Adani group announced plans in August to convert warrants into equity stakes in a promoter group company called RRPR Holding. The Roys claimed that the Adani group's action was carried out without their influence, knowledge of, or approval on the topic, which sparked a larger discussion regarding hostile takeovers in the wake of the acquisition.