MUMBAI: Who needs a plot twist when your earnings season delivers one? Network18 has returned to the profit stage with a Q1 performance that reads more like a financial thriller than a media earnings report. For the quarter ended 30 June 2025, Network18 Media & Investments Limited reported a consolidated net profit of Rs 148.85 crore, reversing a net loss of Rs 195.36 crore from the same period last year. The surprise twist? A windfall from revaluing its stake in Eenadu Television Private Limited (ETPL), which contributed Rs 150.64 crore as an exceptional gain after ETPL ceased to be an associate effective 7 July 2025.

On a standalone basis, the plot thickens further Network18 clocked a net profit of Rs 516.17 crore, a sharp rebound from a loss of Rs 74.65 crore in Q1 FY25. This included an exceptional income of Rs 587.01 crore due to the revaluation of its 24.5 per cent stake in ETPL.

Operating revenue, however, told a more subdued tale. Consolidated revenue from operations came in at Rs 467.86 crore, down sharply from Rs 3,140.92 crore in the year-ago period. A large part of this decline stems from the exclusion of subsidiaries like Studio18 Media and Indiacast Media Distribution, which ceased to be part of the group in late 2024.

Expenses followed the trend, with total costs at Rs 550.12 crore, down from Rs 3,509.46 crore last year. Key cost heads like marketing and distribution (Rs 113.73 crore) and operational costs (Rs 100.30 crore) reflected the reshaped structure of the business.

The company’s earnings per share (EPS) swung from -Rs 0.82 last year to Rs 0.97 in the current quarter, highlighting the impact of exceptional items.

Among key line items, employee costs stood at Rs 185.61 crore, while finance cost came in at Rs 52.30 crore. The company recorded depreciation and amortisation expenses of Rs 34.12 crore, and reported other income of Rs 10.15 crore for the quarter.  

In the fine print, the company noted that despite ETPL no longer being an associate, it retains economic interest in the 24.5 per cent equity stake. The financial results also include profits from joint ventures and associates, amounting to Rs 70.32 crore, further cushioning bottom line performance.

With cost optimisation, consolidation, and strategic divestments sharpening the focus, Network18 seems to be scripting a leaner, more profitable arc for FY26. Whether this is the start of a blockbuster run or a one-off cameo remains to be seen. But for now, the credits roll on a profitable note.

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