Adani-owned NDTV Q4 profit plunges nearly 98% on weak advertising demand

Indian broadcaster New Delhi Television Ltd (NDTV), part of the embattled Adani Group, posted a 97.6% 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 5.9 million rupees ($72,206.58) for the quarter ended March 31, compared with 241.6 million rupees a year earlier.

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