Adani-owned NDTV profit plunges about 98% on weak advertising demand

Indian broadcaster New Delhi Television Ltd (NDTV), part of the embattled Adani Group, posted a 97.6 per cent plunge in quarterly profit on Monday due to weak advertising demand.

The results come as businesses worldwide look to rein in costs such as advertising to ride out an economic downturn caused by persistently high inflation and aggressive interest rate hikes.

NDTV reported a consolidated net profit of Rs 5.9 million ($72,206.58) for the quarter ended March 31, compared with Rs 241.6 million a year earlier.

Revenue from operations fell 35.5 per cent to Rs 669.6 million due to a “slowdown in global advertisement spend,” the media company said. Total expenses rose 5.9 per cent, driven by production and services costs.