NDTV falls ahead of September quarter results

Gautam Adani-owned NDTV fell nearly 3.50 per cent to hit an intraday low of Rs 201.30 per share, ahead of the company's Q2 results, scheduled for release on October 23, 2024.

In an exchange filing, NDTV said, “This is to inform you that pursuant to Regulation 29(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a meeting of the Board of Directors of New Delhi Television Limited (“the Company”) will be held on Monday, October 23, 2023, inter-alia, to consider and approve the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2023.”

NDTV's shares have faced sustained pressure throughout the year, experiencing a year-to-date decline of nearly 40 per cent. Notably, Adani holds a majority 64.71 per cent stake in the company.

The Adani Group completed its acquisition of NDTV in December last year after securing an additional 27.26 per cent equity stake from Prannoy Roy and Radhika Roy, the founders of the news broadcaster. 

Weak Q1 performance 

In the previous quarter (Q1FY24), the company's performance fell below expectations, with losses widening to Rs 8.08 crore, in contrast to a loss of Rs 1.08 crore in Q4FY24. Notably, the company reported a profit of Rs 25.8 crore in the same quarter the previous year (Q1FY23).

The expanded loss in Q1FY24 was partly attributed to a net exceptional gain of Rs 11.8 crore recorded in the fourth quarter of fiscal year 2024. This gain included proceeds from the sale of a 100 per cent stake in Delta SoftPro to Bathla Teletech Pvt. and its affiliates, as well as a severance payment of Rs 3.24 crore to its employees.

During the last quarter (Q1FY24), the company's revenue also declined to Rs 75 crore, down from Rs 113.7 crore in the same quarter the previous year.

As of 11:34 am, NDTV shares were trading 2.64 per cent lower at Rs 203 per share. The stock's 52-week high is Rs 470.05 apiece, while its 52-week low is Rs 167.05 per share.

The market capitalisation of NDTV is Rs 1,309.09 crore.