Adani-owned NDTV share price down over 1% as Q4FY23 net profit slumps 97%

Shares of New Delhi Television Ltd (NDTV) trades flat during Tuesday's session. The stock slumped nearly 5% and opened at the day's intraday low of ₹180.60. At 10:00 IST, the stock was 1% down, later it further fell. 

On Monday, the company reported 97.5% decline in Q4FY23 net profit.

In comparison to a consolidated net profit of ₹24.16 crore in the comparable quarter last fiscal year, the media company's net profit for the quarter that ended March 2023 was ₹59 lakhs.

When compared to the same quarter a year prior, its consolidated revenue from operations decreased by 35.5% to ₹66.96 crore (from ₹103.8 crore).

AMG Media Networks Ltd (AMNL), through its indirect company RRPR Holding Private Limited, bought a 27.26% share in NDTV on December 30, 2022. This gave AMNL, through its subsidiaries, a controlling interest of 64.71% in NDTV.

Following a contentious dispute last year, the ports-to-energy conglomerate Adani Group now owns an approximate 64.7% stake in NDTV through RRPR Holding and Vishvapradhan Commercial.

According to Gautam Adani, the founder and chairman of the Adani Group, the Adani Group has the honour of supporting NDTV with top-tier personnel and infrastructure and transforming it into a successful multi-platform global news company.

The stock ended 3.99 % up at ₹189 at BSE on Friday.

NDTV Q4: Firm posts 97% decline in net profit to ₹59 lakh