About
Network 18 Media & Investments Ltd
Network18 Media & Investments Limited (Network18) was incorporated as a Private Limited Company on 16th February, 1996 as 'SGA Finance and Management Services Private Limited'. Network18 is one of India's most diversified media and entertainment conglomerates. It has interests across television, print, Internet, digital content, filmed entertainment, e-commerce, mobile content, magazines and allied businesses.
TV18 Broadcast Limited', a subsidiary of Network18 Media & Investments Limited, manages its primary business of broadcasting. Through it's holding in Television Eighteen India Ltd (TV18), TV18 runs the largest news network in India, spanning business news (3 channels with market leadership), general news (1 each in English and Hindi) and regional news (14 channels across India, including joint venture News18-Lokmat). Marquee brands like CNBC-TV18, CNBC Awaaz and CNN-News18 (formerly CNN IBN) are part of this news bouquet. It also runs one of India's largest Internet players - Web18, as well as one of India's leading real time financial information and news terminals - Newswire18.
TV18's Infotainment joint venture with A+E Networks operates factual entertainment and lifestyle channels named History TV18 and FYI TV18 respectively. Network18 has a considerable presence in the digital content space via its portals - Moneycontrol, CNBCTV18.com, CricketNext, Firstpost and News18. VOOT, an OTT (Over the Top) distribution platform, launched by Viacom18 offers. In the publishing space, Network18 has a market presence through niche and special interest magazines, Forbes India, Overdrive, Better Photography and Better Interiors. It is the shareholder in BookMyShow, India's largest Online Entertainment Ticketing Platform.
The Company was registered as a Non Banking Financial Company (NBFC) with the Reserve Bank of India (RBI) in the year of 2001. SGA News was incorporated as a wholly owned subsidiary of the company in the year 2004 and also in the same year SGA Media Inc was incorporated and converted as a subsidiary. The Company name was changed to 'Network 18 Fincap Private Limited' on 12 April 2006. In 2006, SGA News and SGA Media Inc both are ceased to be a subsidiary. Network 18 became the holding company of TV18 pursuant to the Scheme and Launch of Studio 18 in the same year of 2006. The status of the company was converted from private limited to a public limited on 20th October 2006 and the name was subsequently changed to 'Network18 Fincap Limited'.
The Company had entered into a Transfer and Assignment Agreement with The Indian Film Company (Cyprus) dated 9th April of the year 2007. During the identical year of 2007, Network18 had launched the event management business division and transferred the business of film production, distribution and marketing as a going concern to Viacom 18 pursuant to a Business Transfer Agreement. The name of the company was further changed from Network18 Fincap Limited to the present one 'Network18 Media & Investments Limited' on 1st December of the year 2007. The Company had completed the second stage equity funding of USD 21 million for its Home Shopping Network business Homeshop18 in July of the year 2008.
Independent Media Trust, of which Reliance Industries Limited is the sole beneficiary, has acquired a controlling stake of the Promoter Group entities namely RB Mediasoft Private Limited, RRB Mediasoft Private Limited, Adventure Marketing Private Limited, Watermark Infratech Private Limited, Colorful Media Private Limited, RB Media Holdings Private Limited and RB Holdings Private Limited (Holding Companies) from Mr. Raghav Bahl and Ms. Ritu Kapur on 7 July 2014. Pursuant to such acquisition, Mr. Raghav Bahl, Ms. Ritu Kapur and the other existing Promoters / Promoter Group of the Company (other than Holding Companies) have ceased to be Promoters / Promoter Group of the Company from 7 July 2014. Further, Independent Media Trust, Reliance Industries Limited and Holding Companies are the Promoters of the Company from 7 July 2014. In terms of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, Independent Media Trust has made an open offer to acquire up to 22,99,46,996 Equity Shares of face value of Rs. 5/- each of the Company at an offer price of Rs. 41.04 per Offer Share aggregating Rs. 43.70 crore payable in cash.
During the FY 2014, the company's subsidiary, TV18 Broadcast Ltd. successfully completed the acquisition of ETV and now houses a bouquet of 8 regional news channels; ETV Uttar Pradesh, ETV Madhya Pradesh, ETV Rajasthan and ETV Bihar, ETV Urdu channel, ETV Kannada, ETV Marathi & ETV Haryana along with 5 regional entertainment channels ETV Marathi, ETV Kannada, ETV Bangla, ETV Gujarati and ETV Oriya. To cover the global audience & sizable NRI population, TV18 launched News18 India, a 24-hour television news channel designed to give global audiences a window into the world's largest democracy. TV18 and Viacom18 have also formed a strategic joint venture called IndiaCast, a multi-platform 'content asset monetization' entity mandated to drive domestic and international channels distribution, placement services and content syndication for the bouquet of channels from TV18, Viacom18 and other broadcasters.
On January 22nd 2014, post receipt of all regulatory approvals, TV18 have successfully completed its acquisition of 100% interest in regional news channels in Hindi, namely ETV Uttar Pradesh, ETV Madhya Pradesh, ETV Rajasthan, ETV Bihar, ETV Urdu Channel, ETV Bangla, ETV Kannada and ETV Haryana (ETV News Channels); 50% interest in ETV Marathi, ETV Kannada, ETV Bangla, ETV Gujarati and ETV Oriya (ETV non-Telugu GEC channels); and 24.50% in ETV Telugu and ETV Telugu News (ETV Telugu News).
In FY14, Colors was amongst the top ranking television channels in its genre (Hindi general entertainment television channel) in terms of viewership with an 18% market share and was the undisputed leader during weekends, with a market share of 21.7%. In FY14, Viacom18 successfully launched Rishtey, a free-to-air Hindi GEC, to cater to audiences in cable and satellite markets and beyond in India. In FY14, Viacom 18 also successfully launched MTV Indies, a youth channel themed around local independent and alternative culture in the areas of music, film, art and other content. This further strengthens MTV's position as the No.1 youth brand in India. Viacom18 Motion Pictures saw the release of highly successful and critically acclaimed movies in FY14 such as, 'Queen', 'Bhaag Milkha Bhaag', 'Madras Cafe', and 'Bombay Talkies'
In March 2014, MTV Indies was launched from the MTV stable on digital cable with footprint of 17 Million+ households.
In a strategic move aimed at consolidation of its print business, Network18 closed down 13 loss-making publications during the year 2015.
In FY15, News18 India was launched in the US on Dish, Dishworld and Sling. The channel also introduced local programming from UK on the weekly show called The UK Edition' that featured top newsmakers from the UK including UK's Prime Minister, David Cameron. News18 India also brought to its viewers 10 days of extensive live coverage of Prime Minister Narendra Modi's visit to the US, with the Indian as well American perspective.
During the year 2015, IBN-Lokmat telecast various exclusive shows. The Lok Sabha Elections special Ladhai Loksabhechi' gave complete coverage and analysis of the General Election 2014. Exclusive shows, such as Vishara Netyana', Jantecha Jahirnama' and Youngistsan Zindabad', where Ladhai Maharashtrachi' brought a complete update on the State Assembly Elections. These, along with its exclusives Kaul Maharashtracha' and Maze Mat Maze Sarkar' were some of the highlight programmes of the year. An exclusive outdoor, print and radio campaign across the state promoting IBN-Lokmat election specials was undertaken. The channel introduced new shows round the year. Some of these are Jagachya Pathivar' (exclusive international news updates), Gavakadchya Batmya' (exclusive news from rural Maharashtra), Ekla Chalo Re' (inspiring stories of people who work relentlessly for social causes) Teen Chehare' (an exclusive entertainment show), Fitness Funda', Man Kara Re Prasanna', Thalak Batmya', Speed News', Khabar Maharashtrachi'. IBN-Lokmat also raised burning issues through high impact campaigns like Kadhi Milnar Madat' on farmer suicides and rehabilitation in Maharashtra, as well as Railway Mantri Laksh Dya' (campaign on western and central railways in Mumbai), amongst others.
CNBC-TV18 & CNBC-TV18 Prime HD FY 2015-16 marked the 16th year of CNBC-TV18 's leadership as India 's No. 1 TV channel in the English business news genre. It continued to be the No.1 English Business News channel with 50% market share amongst affluent viewers and reached out to more than 33 million viewers in Q4 2015 itself. During the year, CNBC-TV18 continuously reinvented its programming bouquet with new shows and formats to meet the needs of changing viewer preferences - from the informative journalism segment Did You Know?' to Market Wallahs' that brought on board the biggest fundamental guests and technical analysts for daily analysis of stock movements. During Budget Week, CNBC-TV18 garnered a record 72% viewership amongst English business news channel viewers according to BARC. More than 56 million viewers tuned in to CNBC-Awaaz alone in Q4 Rs 2015, making it the No.1 Hindi Business News channel with a 63% market share in the Hindi Speaking Market (Urban + Rural). CNBC-Awaaz also launched a big financial literacy initiative - Pehla Kadam' for spreading awareness about the importance of savings and investment through various platforms.
During FY 2016, CNN-News18 also launched In Your City', a show focused on news from metro cities. The channel continued with its social campaigns through 'GoodSamaritans' (Helping accident victims), 'GiveItUp' (LPG subsidy) and 'WhyPayExtra' (Service Tax). CNN-News18 also did special programming Mission Bengaluru' around the Bengaluru Municipal Elections and Independence Day programming MeriAzadi'. CNN-News18 brought live coverage and analysis of the finance and railway ministers' speeches and special shows such as Axe The Tax', If I were FM', Budget Yatra', Budget on Campus', Kickstarting India', Booster Budget: Politics' and Budget & You'. CNN-News18 was the No. 1 General English News channel on Budget Day with a 35% market share.
During FY 2016, with continued focus on most relevant and evolved content for Hindi viewers, IBN7 relaunched the channel 's evening prime time during the first half of the year. Redesigned to provide a refreshed look, the prime time band - 8 p.m. - 11 p.m. had a new show called Hum Toh Poochenge'. This apart, three other shows got a fresh look and refreshed packaging - India 9 Baje', Danadan' and Criminal'. The channel launched two new shows - Shabaash India' and Khabron Mein Khaas'.
The Bihar Assembly Election was a major area of focus for the channel. IBN7, along with the sister channel CNN-News18 was the first to call the Bihar elections correctly. IBN7 got a World Exclusive - the heart wrenching video of atrocities faced by residents of Pakistan- occupied -Kashmir (PoK). The channel also did the most extensive coverage of PM Narendra Modi 's visits to Russia, UAE and the US. The latter part of the year was marked by several exposes aired by the channel, which uncovered various scams - Operation 30 Seconds', Operation Yamraj' and Naukri Ke Lootere' - compelling the concerned government authorities to take cognizance and necessary action.
IBN7 started an initiative called Dilli ko Saans Lene Do' on the deteriorating air quality in Delhi. The channel also aired a world exclusive that top Pakistani leadership always knew about Osama bin Laden 's whereabouts. The last quarter of the financial year again saw IBN7 bringing to the fore its strength in investigative journalism through reports such as Cancer Waali Nadi , Band, Baja aur Dakait', PakSnoopWar', Operation Phone Call', Lajja' and Noida Authority Ke Bhoot'. The channel launched a new crime show Ishq - a violent love stories that showcased some of the most infamous love stories that resulted in a crime. The channel did extensive programming on both the Rail and Union budgets.
News18 is designed to give global audiences a Window into India'. The channel was rebranded News18' from News18 India' on 18 March 2016. News18 expanded its footprint in North America and was launched in Canada on Rogers & Bell fiber in July 2015. The channel is present in key South Asian diaspora markets including the US, Canada, the UK, Singapore and the Middle East. News18 launched a special weekly feature Shades of India' in January 2016, which brings to viewers key cultural events and happenings from the Indian heartland. The channel 's local programming such as The UK Edition' regularly features top newsmakers from the UK.
During the year 2016, IBN-Lokmat telecast various specials including Agenda Maharashtra', covered the first anniversary of the new state government and showed signature programmes such as MP 's Report Card', Mahakumbh Mela', Wari - A Pandharpur pilgrimage', Bappa Morya Re', Deepotsav', State Budget 2016' and Union & Railway Budget 2016'. Other specials that were introduced in the year include The Foknaad Show'- an entertainment show with spoofs on news, Crime Time' - a show based on real crime stories/ incidents, Desh Yatra' - a visit to prominent cities showcasing its importance along with the city 's local issues and Hollywood-Bollywood' - a weekend entertainment show. IBN-Lokmat has a strong social media presence with around 1.5 million Facebook fans, 20,000+ Twitter followers and 30,367+ subscribers on YouTube14.
During the FY 2018, the Scheme for Merger by Absorption for merger of Digital18 Media Limited, Capital18 Fincap Private Limited, RVT Finhold Private Limited, RRK Finhold Private Limited, RRB Investments Private Limited, Setpro18 Distribution Limited, Reed Infomedia India Private Limited, Web18 Software Services Limited, Television Eighteen Media and Investments Limited, Television Eighteen Mauritius Limited, Web18 Holdings Limited, E18 Limited and Network18 Holdings Limited into Network18 Media & Investments Limited with appointed date as 1st April 2016, has been filed with National Company Law Tribunal, Mumbai Bench (NCLT), for approval. The Company has decided to continue Colosceum Media Private Limited, a wholly owned subsidiary of the Company and has filed the Scheme accordingly. Upon receipt of approval, the scheme shall be given effect to, in the financial statements of the Company. The aforesaid Scheme was filed with NCLT post receipt of No Objection' from Reserve Bank of India for merger of Company's foreign subsidiaries with the Company.
In FY18, on the programming front, through news reporting, interviews and debates, News18 India extensively covered key events in the political and civil space like Gujarat and Himachal elections and Delhi MCD elections. During 5 state elections, News18 India brought back its much applauded show Lapete Mein Netaji' and made it part of the regular programming. The channel also undertook special investigative stories like a reality check on government hospitals and doctors of Uttar Pradesh; Operation Talaq Nahin Dunga - a special show which highlighted the plight of Muslim women who have unsuccessfully been seeking a divorce under Triple Talaq and many more stories across various walks of life. News18 India supported the inaugural edition of the Marquees 2017 that recognized the best in the field of marketing as the Presenting Sponsor. The channel also did a partnership with Hindustan Newspaper for their event - Shikhar Samagam.
In FY18, Colors showcased the 8th edition of the adventurous non-fiction show Khatron Ke Khiladi' and the 11th season of India's biggest non-scripted reality show, Bigg Boss' - both garnered the top 2 highest launch viewership numbers, respectively, across all non-fiction shows launched in FY18. Both shows have been No.1 weekend non-fiction shows. Bigg Boss Finale has been the highest rated finale across any Hindi GECs. The 2nd season of India's first ever live singing reality show Rising Star', opened as the 3rd highest rated non-fiction show for FY18 and goes on to become the highest rated non-fiction currently on-air across Hindi GECs. Shani on Colors ni the 2nd week of its launch itself. The biggest impact mythological show, Mahakali', has been No. 1 in the slot since launch. Shows such as Shakti', Udaan' and the recent launches Tu Ashiqui' & Ishq Mein Marjawa' have been regularly ranked among the Top 10 fiction shows in the genre and have gone on to become leaders in their respective slots. Popular events such as IIFA Awards' and Indian Television Academy Awards' ensured that Colors was a preferred entertainment choice for viewers. Colors HD were the No. 1 HD channel for the year.
During the year 2018, Colosceum produced several popular TV shows across fiction and non-fiction categories as well as an award-winning short film. These included India's first devotional singing reality show 'Om Shanti Om', new seasons of iconic youth reality TV shows Roadies' and Splitsvilla' which topped the ratings chart and fitness reality show 'India's Asli Champion'. Under the fiction genre, Colosceum created popular crime show 'Crime Patrol' and a regional show about bravery of cops titled 'Shourya'. A short film produced by Colosceum and directed by critically acclaimed director Neeraj Ghaywan titled 'Juice' was released in current year. This film won Filmfare award for 'Best Short Film'. Colosceum also produced Indian leg of an Israeli travel show 'Lets Travel'.
During the year 2019, pursuant to the Scheme of Merger by Absorption sanctioned by the National Company Law Tribunal, Mumbai Bench (NCLT), Capital18 Fincap Private Limited, Digital18 Media Limited, RRK Finhold Private Limited, RVT Finhold Private Limited, Setpro18 Distribution Limited, Reed Infomedia India Private Limited, RRB Investments Private Limited, Web18 Software Services Limited, E-18 Limited, Network18 Holdings Limited, Web18 Holdings Limited, Television Eighteen Media and Investment Limited and Television Eighteen Mauritius Limited, direct and indirect wholly owned subsidiaries ( collectively referred as 'the Transferor Companies'), merged with the Company with effect from November 1, 2018 and the said Transferor Companies ceased to be subsidiaries of the Company. Further, during the year under review, Aeon Learning Private Limited ceased to be an Associate of the Company. Further, pursuant to another Scheme sanctioned by the National Company Law Tribunal, Mumbai Bench (NCLT), Equator Trading Enterprises Private Limited, Panorama Television Private Limited, RVT Media Private Limited and ibn18 (Mauritius) Limited (collectively referred as 'the Transferor Companies') merged with TV18 Broadcast Limited, a subsidiary of the Company, with effect from November 1,2018. Accordingly, these Transferor Companies also ceased to be subsidiaries of the Company.
In FY 2019, CNBC-TV18 maintained the No.1 position in the English Business News genre, with a 66.6% market share, by offering comprehensive, insightful and in-depth coverage of all-important domestic and global events. During the Union Budget, CNBC-TV18 emerged larger than any English News channel in India, yet again. It successfully adopted a 360-degree approach by covering some of the biggest stories of the year on domestic as well as the international front. It roped in experts to discuss major developments in the economy.
During FY 2019, CNBC- Awaaz was the first to break some of the biggest news relating to politics and economy throughout the year with the help of its most trusted anchors & experts. During Union Budget coverage, CNBC-Awaaz was 1.45 times of the competition. Leading policy makers and experts such as Raamdeo Agrawal, Arvind Subramanian, FM Arun Jaitley, RS Sharma, Ajay Piramal chose CNBC-Awaaz to reach out to maximum viewers.
In FY 2019, CNBC-Bajar, India's first Gujarati business news channel completed five successful years of engaging with its audience. CNBC-Bajar connects with policy makers and consumers in Gujarat via key events like 'The Gujarat Real Estate Awards', which celebrates the spirit of excellence in real estate. It has been at the forefront in showcasing exclusive interviews with the biggest stalwarts and industry experts. With its unique content mix and extensive ground reporting, it has established itself as the channel of choice for the original entrepreneur community of the country.
In FY 2019, CNN-News18 delved into all aspects of the Lok Sabha elections with its special programming 'A Billion Votes'. CNN-News18 partnered with Hindustan Times for the annual Hindustan Times Leadership Summit. The summit witnessed the participation of dignitaries from various walks of life, including politicians, sportspeople and actors. The channel also covered all major events from the world of sports, including the FIFA World Cup 2018 and the 17th Asia Cup, to name a few. The year ended for the channel with another edition of 'The Bollywood Roundtables', hosted by the renowned critic Rajeev Masand. The show featured India's finest actors, actresses, newcomers and directors.
During FY 2019, News18 India became the No. 2 General Hindi News channel. The channel undertook several investigative stories, which exposed crimes, which turned out to be the eye- openers. Additionally, News18 India also added new shows to its line-up. These included Desh Ko Jawab Do, a weekend debate show that witnesses a face-off between two of the biggest newsmakers on the top issues of the week. Similarly, other new shows included were Akhada, Ye Desh Hai Hamara and Lunchbox. Apart from this, the channel extensively covered various big stories that broke through the year, such as the Kerala Floods and Chennai water crisis, the Balakot Surgical Strike and Pulwama Attack, etc. There were also major interviews with top politicians like Amit Shah, Rahul Gandhi, Yogi Adityanath and Rajnath Singh, amongst others.
During FY 2019, Network18 hosted one of the biggest thought leadership events - 'News18 Rising India Summit, which was graced by the Prime Minister of India. The series of 'Rising' events in different states is another milestone for the News18 Network. Apart from this, the channels also focused in covering state-wise regional niche events such as local festivals, movements etc. to improve audience connect. Few of the events included Panchayat Polls, Ratha Yatra, Food Festivals, Real Estate Expo, Winter Carnival, Education summits, etc.
In FY 2018-19, the Colors show Naagin Season 3 was the top-rated Fiction show of the category, while Khatron Ke Khiladi Season 9 was the highest ever rated Non-Fiction show of the category in the BARC Universe8. Dance Deewane, a home-grown format of Colors, became the No 1 dance show of the category for the current fiscal year; Bigg Boss Season 12 opened to 7.9 impressions, becoming the 3rd highest rated nonfiction property of FY 2018-19 to 237 million viewers on the platform across India. Shakti and Naagin have been regularly ranked among the Top 10 fiction shows in the category. Popular events such as 'UFA Awards' and 'Femina Miss India' and 'Mirchi Top 20 Awards' ensured that Colors was a preferred entertainment choice for viewers.
In FY 2019, MTV India channel several shows during the year, such as 'Splitsvilla XI', 'Roadies Real Heroes' and 'India's Next Top Model S4', all of which registered increased viewership. Furthermore, it built on its legacy of music, with 8 years of MTV Unplugged, and introduced an array of differentiated youth content through strategic partnerships with the BRAVE series, Bollywood Music Project and India Music Summit-2. It created impactful and awardwinning content and platforms for clients such as AirBnb, Havells, HP, Nestle and Renault, among others.
The Vh1 channel ranked No. 1 at an all India level in FY 2018-19. It hosted a Ticket to Ride Contest, where one lucky winner got a once in a lifetime opportunity to watch the Grammy Awards live at Staples Center in Los Angeles. It also aired the Carabao Cup 2019 Quarter Final onwards and the Copa Del Rey 2019 Semi Final football matches, introducing the Vh1 audience to a completely new genre on the channel- sports in FY 2018-19.
In FY 2018-19, Colors Infinity underwent 'Brand Refresh' and launched a brand new prime time in October, where it premiered 14 day-and-date shows under its 'Instant Premieres' property. It introduced 'Infinite Weekends', wherein the channel premiered one full season of a show on the last weekend of every month.
Viacom 18 launched 3 sports channels in Apr'22 - Sports18, Sports18 HD and Sports18 Khel for airing sports content in 2022. New movies from Rudra, Shiva and Motu Patlu were launched. Experiential project Roadies Koffeehouz' was launched in Mohali in Dec'21. News18 Minis, a short news format, was launched to cater to young audience, which drove 3x engagement compared to longer format news. Colors Kannada, the No. 2 entertainment channel launched fiction shows like Lakshna, Doresani, Ramachari and Dasa Purandhara and non-fiction shows like Bigg Boss Kannada, Raja Rani, Ede Thumbi Haduvenu, and Nannamma Superstar.
In April 2023, JioCinema OTT platform became a part of Viacom18 portfolio post the completion of the transaction for strategic partnership with Reliance, Bodhi Tree Systems, and Paramount Global.
During the year 2022-23, the Company launched Firstpost (FP) Vantage, a digital-first show, bringing global news in Jan'23 and Local18, stories for hyperlocal news.
Network 18 Media & Investments Ltd
Chairman Speech
The year gone by has been a story of harnessing internal synergies and leveraging them
to exhibit the collective strength of the Network18 Group. Our portfolio of brands truly
stands out as the only one catering to every flavor of Indian audiences' layered content
preferences. As India's most diversified media organisation with a strong presence in both
traditional and new segments, we are in a prime position to lead the expansion and growth
of Indian media landscape, which has a significant runway for growth.
Our news business delivered phenomenal operating performance in the last fiscal.
Climbing to the top of the rankings in each of the big markets, we have fortified our
position as the preferred news network of India, across TV and digital. We continue to
expand our footprint and go deeper to reach customers wherever they are present. Our new
channel in Jammu Kashmir region, launch of Firstpost Vantage which covers global news with
an Indian lens, and Local18 which is driving hyperlocal news with stories from over 300
districts, are all examples of this approach. Along with creating new reach and engagement
benchmarks, we are also working with a strong focus on convergence to sharpen our
consumer-centric approach. Not only are our cross- platform teams working in close tandem,
we have also enabled them with a state-of-the-art integrated workspace with cutting edge
technology infrastructure, modern design and innovative features, that cater to the needs
of businesses and employees. A common content backbone backed by a robust technological
architecture will bring in efficiency and productivity and will make us ready for any
challenges that future will bring. Our entertainment vertical, Viacom18, recently
completed the strategic partnership with Reliance, Bodhi Tree and Paramount Global, with
an aim of leading India's transformation to a streaming-first approach. The collaboration
will enable Viacom18 to make investments in scaling up its digital, sports, and regional
entertainment franchise. We saw initial glimpse of this strategy in action with the
success of IPL. It is truly a landmark achievement for our OTT platform, JioCinema, to
become the #1 in the country in such a short timeframe. Our innovation in sports
programming was one of the key drivers of this success, and we are extending these
innovations to our entertainment offering as well, to make our digital platform the
default destination for users looking for any type of content. A combination of quality
content, distribution reach and technology infrastructure will be the drivers of growth
for our entertainment business. FY 2022-23 was a challenging year as unfavorable
macro-economic conditions led to a weak advertising environment, the biggest revenue
driver of your Company. Despite a strong performance delivering some of the best operating
KPIs, it did not translate into desired financial metrics. Revenue increased by 6%, but
EBITDA declined as the Company made substantial investments in new initiatives. We believe
that given the stage at which Indian media landscape is today, investments are required to
create a compelling value offering for consumers, which will help the Company grow over
the long- term. With a presence across genres, we are in a strong position to bring
audiences, from across the country, into our fold and keep them engaged by continuously
serving them quality content that is contextually relevant and spread across diverse
genres. An impressive start to FY 2023-24 has set the tone for the year ahead. Economic
conditions for growth of the media sector look more promising than same time last year.
Our businesses are in a strong position to leverage the improvement in macro factors. IPL
getting more viewers on digital than TV has really marked an inflection point and our news
business is stronger than ever. We have also onboarded some of the top talent from across
the industry to help us in our transformation journey of becoming a technology driven
organisation. We are working with an unwavering commitment to make our platforms the
default choice of consumers by harnessing the combined strength of all our assets.
Adil Zainulbhai
Chairman
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Network 18 Media & Investments Ltd
Company History
Network18 Media & Investments Limited (Network18) was incorporated as a Private Limited Company on 16th February, 1996 as 'SGA Finance and Management Services Private Limited'. Network18 is one of India's most diversified media and entertainment conglomerates. It has interests across television, print, Internet, digital content, filmed entertainment, e-commerce, mobile content, magazines and allied businesses.
TV18 Broadcast Limited', a subsidiary of Network18 Media & Investments Limited, manages its primary business of broadcasting. Through it's holding in Television Eighteen India Ltd (TV18), TV18 runs the largest news network in India, spanning business news (3 channels with market leadership), general news (1 each in English and Hindi) and regional news (14 channels across India, including joint venture News18-Lokmat). Marquee brands like CNBC-TV18, CNBC Awaaz and CNN-News18 (formerly CNN IBN) are part of this news bouquet. It also runs one of India's largest Internet players - Web18, as well as one of India's leading real time financial information and news terminals - Newswire18.
TV18's Infotainment joint venture with A+E Networks operates factual entertainment and lifestyle channels named History TV18 and FYI TV18 respectively. Network18 has a considerable presence in the digital content space via its portals - Moneycontrol, CNBCTV18.com, CricketNext, Firstpost and News18. VOOT, an OTT (Over the Top) distribution platform, launched by Viacom18 offers. In the publishing space, Network18 has a market presence through niche and special interest magazines, Forbes India, Overdrive, Better Photography and Better Interiors. It is the shareholder in BookMyShow, India's largest Online Entertainment Ticketing Platform.
The Company was registered as a Non Banking Financial Company (NBFC) with the Reserve Bank of India (RBI) in the year of 2001. SGA News was incorporated as a wholly owned subsidiary of the company in the year 2004 and also in the same year SGA Media Inc was incorporated and converted as a subsidiary. The Company name was changed to 'Network 18 Fincap Private Limited' on 12 April 2006. In 2006, SGA News and SGA Media Inc both are ceased to be a subsidiary. Network 18 became the holding company of TV18 pursuant to the Scheme and Launch of Studio 18 in the same year of 2006. The status of the company was converted from private limited to a public limited on 20th October 2006 and the name was subsequently changed to 'Network18 Fincap Limited'.
The Company had entered into a Transfer and Assignment Agreement with The Indian Film Company (Cyprus) dated 9th April of the year 2007. During the identical year of 2007, Network18 had launched the event management business division and transferred the business of film production, distribution and marketing as a going concern to Viacom 18 pursuant to a Business Transfer Agreement. The name of the company was further changed from Network18 Fincap Limited to the present one 'Network18 Media & Investments Limited' on 1st December of the year 2007. The Company had completed the second stage equity funding of USD 21 million for its Home Shopping Network business Homeshop18 in July of the year 2008.
Independent Media Trust, of which Reliance Industries Limited is the sole beneficiary, has acquired a controlling stake of the Promoter Group entities namely RB Mediasoft Private Limited, RRB Mediasoft Private Limited, Adventure Marketing Private Limited, Watermark Infratech Private Limited, Colorful Media Private Limited, RB Media Holdings Private Limited and RB Holdings Private Limited (Holding Companies) from Mr. Raghav Bahl and Ms. Ritu Kapur on 7 July 2014. Pursuant to such acquisition, Mr. Raghav Bahl, Ms. Ritu Kapur and the other existing Promoters / Promoter Group of the Company (other than Holding Companies) have ceased to be Promoters / Promoter Group of the Company from 7 July 2014. Further, Independent Media Trust, Reliance Industries Limited and Holding Companies are the Promoters of the Company from 7 July 2014. In terms of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, Independent Media Trust has made an open offer to acquire up to 22,99,46,996 Equity Shares of face value of Rs. 5/- each of the Company at an offer price of Rs. 41.04 per Offer Share aggregating Rs. 43.70 crore payable in cash.
During the FY 2014, the company's subsidiary, TV18 Broadcast Ltd. successfully completed the acquisition of ETV and now houses a bouquet of 8 regional news channels; ETV Uttar Pradesh, ETV Madhya Pradesh, ETV Rajasthan and ETV Bihar, ETV Urdu channel, ETV Kannada, ETV Marathi & ETV Haryana along with 5 regional entertainment channels ETV Marathi, ETV Kannada, ETV Bangla, ETV Gujarati and ETV Oriya. To cover the global audience & sizable NRI population, TV18 launched News18 India, a 24-hour television news channel designed to give global audiences a window into the world's largest democracy. TV18 and Viacom18 have also formed a strategic joint venture called IndiaCast, a multi-platform 'content asset monetization' entity mandated to drive domestic and international channels distribution, placement services and content syndication for the bouquet of channels from TV18, Viacom18 and other broadcasters.
On January 22nd 2014, post receipt of all regulatory approvals, TV18 have successfully completed its acquisition of 100% interest in regional news channels in Hindi, namely ETV Uttar Pradesh, ETV Madhya Pradesh, ETV Rajasthan, ETV Bihar, ETV Urdu Channel, ETV Bangla, ETV Kannada and ETV Haryana (ETV News Channels); 50% interest in ETV Marathi, ETV Kannada, ETV Bangla, ETV Gujarati and ETV Oriya (ETV non-Telugu GEC channels); and 24.50% in ETV Telugu and ETV Telugu News (ETV Telugu News).
In FY14, Colors was amongst the top ranking television channels in its genre (Hindi general entertainment television channel) in terms of viewership with an 18% market share and was the undisputed leader during weekends, with a market share of 21.7%. In FY14, Viacom18 successfully launched Rishtey, a free-to-air Hindi GEC, to cater to audiences in cable and satellite markets and beyond in India. In FY14, Viacom 18 also successfully launched MTV Indies, a youth channel themed around local independent and alternative culture in the areas of music, film, art and other content. This further strengthens MTV's position as the No.1 youth brand in India. Viacom18 Motion Pictures saw the release of highly successful and critically acclaimed movies in FY14 such as, 'Queen', 'Bhaag Milkha Bhaag', 'Madras Cafe', and 'Bombay Talkies'
In March 2014, MTV Indies was launched from the MTV stable on digital cable with footprint of 17 Million+ households.
In a strategic move aimed at consolidation of its print business, Network18 closed down 13 loss-making publications during the year 2015.
In FY15, News18 India was launched in the US on Dish, Dishworld and Sling. The channel also introduced local programming from UK on the weekly show called The UK Edition' that featured top newsmakers from the UK including UK's Prime Minister, David Cameron. News18 India also brought to its viewers 10 days of extensive live coverage of Prime Minister Narendra Modi's visit to the US, with the Indian as well American perspective.
During the year 2015, IBN-Lokmat telecast various exclusive shows. The Lok Sabha Elections special Ladhai Loksabhechi' gave complete coverage and analysis of the General Election 2014. Exclusive shows, such as Vishara Netyana', Jantecha Jahirnama' and Youngistsan Zindabad', where Ladhai Maharashtrachi' brought a complete update on the State Assembly Elections. These, along with its exclusives Kaul Maharashtracha' and Maze Mat Maze Sarkar' were some of the highlight programmes of the year. An exclusive outdoor, print and radio campaign across the state promoting IBN-Lokmat election specials was undertaken. The channel introduced new shows round the year. Some of these are Jagachya Pathivar' (exclusive international news updates), Gavakadchya Batmya' (exclusive news from rural Maharashtra), Ekla Chalo Re' (inspiring stories of people who work relentlessly for social causes) Teen Chehare' (an exclusive entertainment show), Fitness Funda', Man Kara Re Prasanna', Thalak Batmya', Speed News', Khabar Maharashtrachi'. IBN-Lokmat also raised burning issues through high impact campaigns like Kadhi Milnar Madat' on farmer suicides and rehabilitation in Maharashtra, as well as Railway Mantri Laksh Dya' (campaign on western and central railways in Mumbai), amongst others.
CNBC-TV18 & CNBC-TV18 Prime HD FY 2015-16 marked the 16th year of CNBC-TV18 's leadership as India 's No. 1 TV channel in the English business news genre. It continued to be the No.1 English Business News channel with 50% market share amongst affluent viewers and reached out to more than 33 million viewers in Q4 2015 itself. During the year, CNBC-TV18 continuously reinvented its programming bouquet with new shows and formats to meet the needs of changing viewer preferences - from the informative journalism segment Did You Know?' to Market Wallahs' that brought on board the biggest fundamental guests and technical analysts for daily analysis of stock movements. During Budget Week, CNBC-TV18 garnered a record 72% viewership amongst English business news channel viewers according to BARC. More than 56 million viewers tuned in to CNBC-Awaaz alone in Q4 Rs 2015, making it the No.1 Hindi Business News channel with a 63% market share in the Hindi Speaking Market (Urban + Rural). CNBC-Awaaz also launched a big financial literacy initiative - Pehla Kadam' for spreading awareness about the importance of savings and investment through various platforms.
During FY 2016, CNN-News18 also launched In Your City', a show focused on news from metro cities. The channel continued with its social campaigns through 'GoodSamaritans' (Helping accident victims), 'GiveItUp' (LPG subsidy) and 'WhyPayExtra' (Service Tax). CNN-News18 also did special programming Mission Bengaluru' around the Bengaluru Municipal Elections and Independence Day programming MeriAzadi'. CNN-News18 brought live coverage and analysis of the finance and railway ministers' speeches and special shows such as Axe The Tax', If I were FM', Budget Yatra', Budget on Campus', Kickstarting India', Booster Budget: Politics' and Budget & You'. CNN-News18 was the No. 1 General English News channel on Budget Day with a 35% market share.
During FY 2016, with continued focus on most relevant and evolved content for Hindi viewers, IBN7 relaunched the channel 's evening prime time during the first half of the year. Redesigned to provide a refreshed look, the prime time band - 8 p.m. - 11 p.m. had a new show called Hum Toh Poochenge'. This apart, three other shows got a fresh look and refreshed packaging - India 9 Baje', Danadan' and Criminal'. The channel launched two new shows - Shabaash India' and Khabron Mein Khaas'.
The Bihar Assembly Election was a major area of focus for the channel. IBN7, along with the sister channel CNN-News18 was the first to call the Bihar elections correctly. IBN7 got a World Exclusive - the heart wrenching video of atrocities faced by residents of Pakistan- occupied -Kashmir (PoK). The channel also did the most extensive coverage of PM Narendra Modi 's visits to Russia, UAE and the US. The latter part of the year was marked by several exposes aired by the channel, which uncovered various scams - Operation 30 Seconds', Operation Yamraj' and Naukri Ke Lootere' - compelling the concerned government authorities to take cognizance and necessary action.
IBN7 started an initiative called Dilli ko Saans Lene Do' on the deteriorating air quality in Delhi. The channel also aired a world exclusive that top Pakistani leadership always knew about Osama bin Laden 's whereabouts. The last quarter of the financial year again saw IBN7 bringing to the fore its strength in investigative journalism through reports such as Cancer Waali Nadi , Band, Baja aur Dakait', PakSnoopWar', Operation Phone Call', Lajja' and Noida Authority Ke Bhoot'. The channel launched a new crime show Ishq - a violent love stories that showcased some of the most infamous love stories that resulted in a crime. The channel did extensive programming on both the Rail and Union budgets.
News18 is designed to give global audiences a Window into India'. The channel was rebranded News18' from News18 India' on 18 March 2016. News18 expanded its footprint in North America and was launched in Canada on Rogers & Bell fiber in July 2015. The channel is present in key South Asian diaspora markets including the US, Canada, the UK, Singapore and the Middle East. News18 launched a special weekly feature Shades of India' in January 2016, which brings to viewers key cultural events and happenings from the Indian heartland. The channel 's local programming such as The UK Edition' regularly features top newsmakers from the UK.
During the year 2016, IBN-Lokmat telecast various specials including Agenda Maharashtra', covered the first anniversary of the new state government and showed signature programmes such as MP 's Report Card', Mahakumbh Mela', Wari - A Pandharpur pilgrimage', Bappa Morya Re', Deepotsav', State Budget 2016' and Union & Railway Budget 2016'. Other specials that were introduced in the year include The Foknaad Show'- an entertainment show with spoofs on news, Crime Time' - a show based on real crime stories/ incidents, Desh Yatra' - a visit to prominent cities showcasing its importance along with the city 's local issues and Hollywood-Bollywood' - a weekend entertainment show. IBN-Lokmat has a strong social media presence with around 1.5 million Facebook fans, 20,000+ Twitter followers and 30,367+ subscribers on YouTube14.
During the FY 2018, the Scheme for Merger by Absorption for merger of Digital18 Media Limited, Capital18 Fincap Private Limited, RVT Finhold Private Limited, RRK Finhold Private Limited, RRB Investments Private Limited, Setpro18 Distribution Limited, Reed Infomedia India Private Limited, Web18 Software Services Limited, Television Eighteen Media and Investments Limited, Television Eighteen Mauritius Limited, Web18 Holdings Limited, E18 Limited and Network18 Holdings Limited into Network18 Media & Investments Limited with appointed date as 1st April 2016, has been filed with National Company Law Tribunal, Mumbai Bench (NCLT), for approval. The Company has decided to continue Colosceum Media Private Limited, a wholly owned subsidiary of the Company and has filed the Scheme accordingly. Upon receipt of approval, the scheme shall be given effect to, in the financial statements of the Company. The aforesaid Scheme was filed with NCLT post receipt of No Objection' from Reserve Bank of India for merger of Company's foreign subsidiaries with the Company.
In FY18, on the programming front, through news reporting, interviews and debates, News18 India extensively covered key events in the political and civil space like Gujarat and Himachal elections and Delhi MCD elections. During 5 state elections, News18 India brought back its much applauded show Lapete Mein Netaji' and made it part of the regular programming. The channel also undertook special investigative stories like a reality check on government hospitals and doctors of Uttar Pradesh; Operation Talaq Nahin Dunga - a special show which highlighted the plight of Muslim women who have unsuccessfully been seeking a divorce under Triple Talaq and many more stories across various walks of life. News18 India supported the inaugural edition of the Marquees 2017 that recognized the best in the field of marketing as the Presenting Sponsor. The channel also did a partnership with Hindustan Newspaper for their event - Shikhar Samagam.
In FY18, Colors showcased the 8th edition of the adventurous non-fiction show Khatron Ke Khiladi' and the 11th season of India's biggest non-scripted reality show, Bigg Boss' - both garnered the top 2 highest launch viewership numbers, respectively, across all non-fiction shows launched in FY18. Both shows have been No.1 weekend non-fiction shows. Bigg Boss Finale has been the highest rated finale across any Hindi GECs. The 2nd season of India's first ever live singing reality show Rising Star', opened as the 3rd highest rated non-fiction show for FY18 and goes on to become the highest rated non-fiction currently on-air across Hindi GECs. Shani on Colors ni the 2nd week of its launch itself. The biggest impact mythological show, Mahakali', has been No. 1 in the slot since launch. Shows such as Shakti', Udaan' and the recent launches Tu Ashiqui' & Ishq Mein Marjawa' have been regularly ranked among the Top 10 fiction shows in the genre and have gone on to become leaders in their respective slots. Popular events such as IIFA Awards' and Indian Television Academy Awards' ensured that Colors was a preferred entertainment choice for viewers. Colors HD were the No. 1 HD channel for the year.
During the year 2018, Colosceum produced several popular TV shows across fiction and non-fiction categories as well as an award-winning short film. These included India's first devotional singing reality show 'Om Shanti Om', new seasons of iconic youth reality TV shows Roadies' and Splitsvilla' which topped the ratings chart and fitness reality show 'India's Asli Champion'. Under the fiction genre, Colosceum created popular crime show 'Crime Patrol' and a regional show about bravery of cops titled 'Shourya'. A short film produced by Colosceum and directed by critically acclaimed director Neeraj Ghaywan titled 'Juice' was released in current year. This film won Filmfare award for 'Best Short Film'. Colosceum also produced Indian leg of an Israeli travel show 'Lets Travel'.
During the year 2019, pursuant to the Scheme of Merger by Absorption sanctioned by the National Company Law Tribunal, Mumbai Bench (NCLT), Capital18 Fincap Private Limited, Digital18 Media Limited, RRK Finhold Private Limited, RVT Finhold Private Limited, Setpro18 Distribution Limited, Reed Infomedia India Private Limited, RRB Investments Private Limited, Web18 Software Services Limited, E-18 Limited, Network18 Holdings Limited, Web18 Holdings Limited, Television Eighteen Media and Investment Limited and Television Eighteen Mauritius Limited, direct and indirect wholly owned subsidiaries ( collectively referred as 'the Transferor Companies'), merged with the Company with effect from November 1, 2018 and the said Transferor Companies ceased to be subsidiaries of the Company. Further, during the year under review, Aeon Learning Private Limited ceased to be an Associate of the Company. Further, pursuant to another Scheme sanctioned by the National Company Law Tribunal, Mumbai Bench (NCLT), Equator Trading Enterprises Private Limited, Panorama Television Private Limited, RVT Media Private Limited and ibn18 (Mauritius) Limited (collectively referred as 'the Transferor Companies') merged with TV18 Broadcast Limited, a subsidiary of the Company, with effect from November 1,2018. Accordingly, these Transferor Companies also ceased to be subsidiaries of the Company.
In FY 2019, CNBC-TV18 maintained the No.1 position in the English Business News genre, with a 66.6% market share, by offering comprehensive, insightful and in-depth coverage of all-important domestic and global events. During the Union Budget, CNBC-TV18 emerged larger than any English News channel in India, yet again. It successfully adopted a 360-degree approach by covering some of the biggest stories of the year on domestic as well as the international front. It roped in experts to discuss major developments in the economy.
During FY 2019, CNBC- Awaaz was the first to break some of the biggest news relating to politics and economy throughout the year with the help of its most trusted anchors & experts. During Union Budget coverage, CNBC-Awaaz was 1.45 times of the competition. Leading policy makers and experts such as Raamdeo Agrawal, Arvind Subramanian, FM Arun Jaitley, RS Sharma, Ajay Piramal chose CNBC-Awaaz to reach out to maximum viewers.
In FY 2019, CNBC-Bajar, India's first Gujarati business news channel completed five successful years of engaging with its audience. CNBC-Bajar connects with policy makers and consumers in Gujarat via key events like 'The Gujarat Real Estate Awards', which celebrates the spirit of excellence in real estate. It has been at the forefront in showcasing exclusive interviews with the biggest stalwarts and industry experts. With its unique content mix and extensive ground reporting, it has established itself as the channel of choice for the original entrepreneur community of the country.
In FY 2019, CNN-News18 delved into all aspects of the Lok Sabha elections with its special programming 'A Billion Votes'. CNN-News18 partnered with Hindustan Times for the annual Hindustan Times Leadership Summit. The summit witnessed the participation of dignitaries from various walks of life, including politicians, sportspeople and actors. The channel also covered all major events from the world of sports, including the FIFA World Cup 2018 and the 17th Asia Cup, to name a few. The year ended for the channel with another edition of 'The Bollywood Roundtables', hosted by the renowned critic Rajeev Masand. The show featured India's finest actors, actresses, newcomers and directors.
During FY 2019, News18 India became the No. 2 General Hindi News channel. The channel undertook several investigative stories, which exposed crimes, which turned out to be the eye- openers. Additionally, News18 India also added new shows to its line-up. These included Desh Ko Jawab Do, a weekend debate show that witnesses a face-off between two of the biggest newsmakers on the top issues of the week. Similarly, other new shows included were Akhada, Ye Desh Hai Hamara and Lunchbox. Apart from this, the channel extensively covered various big stories that broke through the year, such as the Kerala Floods and Chennai water crisis, the Balakot Surgical Strike and Pulwama Attack, etc. There were also major interviews with top politicians like Amit Shah, Rahul Gandhi, Yogi Adityanath and Rajnath Singh, amongst others.
During FY 2019, Network18 hosted one of the biggest thought leadership events - 'News18 Rising India Summit, which was graced by the Prime Minister of India. The series of 'Rising' events in different states is another milestone for the News18 Network. Apart from this, the channels also focused in covering state-wise regional niche events such as local festivals, movements etc. to improve audience connect. Few of the events included Panchayat Polls, Ratha Yatra, Food Festivals, Real Estate Expo, Winter Carnival, Education summits, etc.
In FY 2018-19, the Colors show Naagin Season 3 was the top-rated Fiction show of the category, while Khatron Ke Khiladi Season 9 was the highest ever rated Non-Fiction show of the category in the BARC Universe8. Dance Deewane, a home-grown format of Colors, became the No 1 dance show of the category for the current fiscal year; Bigg Boss Season 12 opened to 7.9 impressions, becoming the 3rd highest rated nonfiction property of FY 2018-19 to 237 million viewers on the platform across India. Shakti and Naagin have been regularly ranked among the Top 10 fiction shows in the category. Popular events such as 'UFA Awards' and 'Femina Miss India' and 'Mirchi Top 20 Awards' ensured that Colors was a preferred entertainment choice for viewers.
In FY 2019, MTV India channel several shows during the year, such as 'Splitsvilla XI', 'Roadies Real Heroes' and 'India's Next Top Model S4', all of which registered increased viewership. Furthermore, it built on its legacy of music, with 8 years of MTV Unplugged, and introduced an array of differentiated youth content through strategic partnerships with the BRAVE series, Bollywood Music Project and India Music Summit-2. It created impactful and awardwinning content and platforms for clients such as AirBnb, Havells, HP, Nestle and Renault, among others.
The Vh1 channel ranked No. 1 at an all India level in FY 2018-19. It hosted a Ticket to Ride Contest, where one lucky winner got a once in a lifetime opportunity to watch the Grammy Awards live at Staples Center in Los Angeles. It also aired the Carabao Cup 2019 Quarter Final onwards and the Copa Del Rey 2019 Semi Final football matches, introducing the Vh1 audience to a completely new genre on the channel- sports in FY 2018-19.
In FY 2018-19, Colors Infinity underwent 'Brand Refresh' and launched a brand new prime time in October, where it premiered 14 day-and-date shows under its 'Instant Premieres' property. It introduced 'Infinite Weekends', wherein the channel premiered one full season of a show on the last weekend of every month.
Viacom 18 launched 3 sports channels in Apr'22 - Sports18, Sports18 HD and Sports18 Khel for airing sports content in 2022. New movies from Rudra, Shiva and Motu Patlu were launched. Experiential project Roadies Koffeehouz' was launched in Mohali in Dec'21. News18 Minis, a short news format, was launched to cater to young audience, which drove 3x engagement compared to longer format news. Colors Kannada, the No. 2 entertainment channel launched fiction shows like Lakshna, Doresani, Ramachari and Dasa Purandhara and non-fiction shows like Bigg Boss Kannada, Raja Rani, Ede Thumbi Haduvenu, and Nannamma Superstar.
In April 2023, JioCinema OTT platform became a part of Viacom18 portfolio post the completion of the transaction for strategic partnership with Reliance, Bodhi Tree Systems, and Paramount Global.
During the year 2022-23, the Company launched Firstpost (FP) Vantage, a digital-first show, bringing global news in Jan'23 and Local18, stories for hyperlocal news.
Network 18 Media & Investments Ltd
Directors Reports
DEAR MEMBERS,
The Board of Directors are pleased to present the 28th Annual Report and the
Company's Audited Financial Statements for the Financial Year ended March 31, 2023.
FINANCIAL RESULTS
The financial performance of the Company (Standalone and Consolidated) for the year
ended March 31, 2023 is summarized below:
Particulars |
Standalone |
Consolidated |
|
2022-23 |
2021- 22 |
2022-23 |
2021-22 |
| Revenue from Operations |
187.21 |
167.33 |
6,222.99 |
5,880.19 |
| Profit/(Loss) Before Interest, Depreciation and Amortisation |
(48.13) |
13.86 |
320.63 |
1,155.41 |
| Expenses |
|
|
|
|
| Less: Interest |
133.97 |
98.63 |
208.87 |
96.60 |
| Depreciation and Amortisation Expenses |
4.43 |
5.30 |
127.74 |
119.54 |
Profit/(Loss) Before Tax |
(186.53) |
(90.07) |
(15.98) |
939.27 |
| Less: Tax Expenses* |
- |
- |
(0.23) |
101.62 |
| (* includes current tax, deferred tax, short /excess provision of tax |
|
|
|
|
| relating to earlier years) |
|
|
|
|
Profit/(Loss) for the Year |
(186.53) |
(90.07) |
(15.75) |
837.65 |
| Add: Other Comprehensive Income |
7.63 |
(4.29) |
3.67 |
3.47 |
Total Comprehensive Income for the Year |
(178.90) |
(94.36) |
(12.08) |
841.12 |
| Less: Total Comprehensive Income attributable to |
- |
- |
67.62 |
632.94 |
| Non- Controlling Interest |
|
|
|
|
Total Comprehensive Income Attributable to Owners of the |
- |
- |
(79.70) |
208.18 |
Company |
|
|
|
|
| Less: Appropriation (Transfer to General Reserve) |
- |
- |
- |
- |
Earnings Per Share (Basic) (in `) |
(1.78) |
(0.86) |
(0.81) |
2.00 |
RESULTS OF OPERATIONS AND THE STATE OF COMPANYS AFFAIRS
During the year under review, on standalone basis, the Company recorded an operating
turnover of 187.21 crore (previous year 167.33 crore). The loss before interest,
depreciation and tax was
48.13 crore (previous year profit 13.86 crore).
The consolidated revenue from operations was 6,222.99 crore (previous year 5,880.19
crore) and profit before interest, depreciation and tax was 320.63 crore (previous year
1,155.41 crore). The revenue of the Company grew by 12% on standalone basis driven by
growth in digital advertising revenue. The consolidated revenue grew by 6% on consolidated
basis primarily driven by growth in sports and movies verticals of entertainment
subsidiary.
Business environment during the year was challenging due to a sharp slowdown in
advertising demand on television. High inflation, weak macro-economic environment and a
sharp drop in venture capital funding, forced brands to reduce marketing spends, posing a
challenge to advertising growth. The Company continued to invest in growth initiatives,
which led to a sharp increase in operating costs. In News business, scaling up of
editorial and technology teams was the main driver of increase in costs. In the
Entertainment business, investments were primarily focused on expanding and improving
content offering. The profitability of the business was impacted as growth in costs
significantly outpaced the growth in revenues. In view of the losses, the Company does not
propose to transfer any amount to the reserves.
DIVIDEND
In view of the losses, the Board of Directors have not recommended any dividend for the
year under review. The Dividend Distribution Policy of the Company is put up on the
Company's website and can be accessed at https://www.nw18.
com/reports/reports/policies/Dividend%20Distribution%20 Policy_NW18.pdf. There has been no
change in this policy during the year under review.
DEPOSITS
The Company had discontinued accepting fresh fixed deposits or renewing any deposits
w.e.f. April 1, 2014. The Company had repaid all fixed deposits and interest thereon.
Amount of deposits and interest that remained unclaimed has already been transferred to
Investor Education and Protection Fund.
MATERIAL CHANGES FROM THE END OF THE FINANCIAL YEAR TILL THE DATE OF THIS REPORT
There have been no material changes and commitments affecting the financial position of
the Company between the end of the Financial Year and date of this Report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report for the year under review, as stipulated
under the Securities and Exchange Board of India ("SEBI") (Listing Obligations
and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), is
presented in a separate section, forming part of the Annual Report.
CREDIT RATING
The Company has obtained credit rating for its Borrowing Programme viz.
Long-term/Short-term, Fund based/Non-fund based Facility limits and Commercial Paper
Programme from CARE Ratings Limited, ICRA Limited and India Ratings & Research Private
Limited. The details of Credit Ratings are disclosed in the Corporate Governance Report,
which forms part of the Annual Report.
CONSOLIDATED FINANCIAL STATEMENT
In accordance with the provisions of the Companies Act, 2013 ("the Act") and
Listing Regulations read with Ind AS 110 - Consolidated Financial Statements, Ind AS 28 -
Investments in Associates and Ind AS 31 - Interests in Joint Ventures, the Audited
Consolidated Financial Statement forms part of the Annual Report.
SUBSIDIARIES/JOINT VENTURES/ASSOCIATE COMPANIES
The development in business operations/performance of the major Subsidiaries/ Joint
Ventures/ Associate Companies during the Financial Year 2022-23, forms part of the
Management Discussion and Analysis Report. A statement providing details of performance
and salient features of Financial Statements of Subsidiaries/ Joint Ventures/ Associate
Companies, as per Section 129(3) of the Act, is provided as Annexure to the Consolidated
Financial Statement and therefore not repeated in this report to avoid duplication. The
audited Financial Statement including the Consolidated Financial Statement of the Company
and all other documents required to be attached thereto are put up on the Company's
website and can be accessed at https://www.nw18.com/ annualReport#network18 The Financial
Statement of the subsidiaries of the Company are also put up on the Company's website and
can be accessed at https://www.nw18.com/finance- subsidiary#network18. The Company has
formulated a Policy for Determining Material Subsidiaries and the same is available on the
website of the Company and can be accessed at https://www.nw18.com/
reports/reports/policies/Network18-PolicyfordeterminingMater ialSubsidiaries.pdf.
SECRETARIAL STANDARDS
The Company has followed applicable Secretarial Standards, i.e. SS-1 and SS-2 relating
to "Meetings of the Board of Directors" and "General Meetings"
respectively.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 134 of the Act, with respect to Directors'
Responsibility Statement, it is hereby confirmed that: i) in the preparation of the annual
accounts for the Financial Year ended March 31, 2023, the applicable Accounting Standards
read with the requirements set out under Schedule III to the Act, have been followed and
there are no material departures from the same; ii) the Directors have selected such
accounting policies and applied them consistently and made judgments and estimates that
are reasonable and prudent so as to give a true and fair view of the state of affairs of
the Company as at March 31, 2023 and of the loss of the Company for the year ended on that
date; iii) the Directors have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the Act, for safeguarding
the assets of the Company and for preventing and detecting fraud and other irregularities;
iv) the Directors have prepared the annual accounts of the Company for the Financial Year
ended March 31, 2023 on a ‘going concern' basis; v) the Directors have laid down
internal financial controls to be followed by the Company and that such internal financial
controls are adequate and were operating effectively; and vi) the Directors have devised
proper systems to ensure compliance with the provisions of all applicable laws and that
such systems were adequate and operating effectively.
CORPORATE GOVERNANCE
The Company is committed to maintain the highest standards of Corporate Governance and
adhere to the Corporate Governance requirements set out by SEBI. The Corporate Governance
Report of the Company in pursuance of the Listing Regulations forms part of the Annual
Report. Certificate from a Practicing Company Secretary confirming compliance with the
conditions of Corporate Governance is attached to the Corporate Governance Report.
BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
The Business Responsibility and Sustainability Report as stipulated under the Listing
Regulations, describing initiatives taken by the Company from an environmental, social and
governance perspective, is available on the Company's website and can be accessed at
https://www.nw18.com/reports/NW18_ BRSR_2022-23.pdf.
CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
All contracts / arrangements / transactions entered by the Company during the Financial
Year with related parties were in its ordinary course of business and on an arm's length
basis. During the year, the Company had not entered into any contract/ arrangement /
transaction with related parties which could be considered material in accordance with the
policy of the Company on materiality of related party transactions or which is required to
be reported in Form No. AOC-2 in terms of Section 134(3)(h) read with Section 188 of the
Act and Rule 8(2) of the Companies (Accounts) Rules, 2014. The Policy on Materiality of
Related Party Transactions and on Dealing with Related Party Transactions is put up on the
Company's website and can be accessed at https://
www.nw18.com/reports/reports/policies/NW18_RPT%20 Policy_03.05.2022.pdf.
There were no materially significant related party transactions which could have
potential conflict with the interests of the Company at large. Members may refer to Note
no. 39 to the Standalone Financial Statement which sets out related party disclosures
pursuant to Ind AS.
CORPORATE SOCIAL RESPONSIBILITY
The Corporate Social Responsibility ("CSR") Committee's prime responsibility
is to assist the Board in discharging its social responsibilities by way of formulating
and monitoring implementation of the objectives set out in the ‘Corporate Social
Responsibility Policy' ("CSR Policy"). The CSR Policy of the Company, inter-alia,
covers CSR vision and objective and also provides for governance, implementation,
monitoring and reporting framework. There has been no change in the policy during the
year. The CSR policy of the Company can be accessed at https://
www.nw18.com/reports/reports/policies/Network18%20-%20
Policy%20on%20Corporate%20Social%20Responsibility.pdf. In terms of Company's CSR
objectives and policy, the focus areas of engagement are as under:
Addressing identified needs of the unprivileged through initiatives directed towards
improving livelihood, alleviating poverty, promoting education, empowerment through
vocational skills and promoting health and well- being.
Preserve, protect and promote art, culture and heritage.
Ensuring environmental sustainability, ecological balance and protection of flora and
fauna. The Company would also undertake other need based initiatives in compliance with
Schedule VII to the Act. The Company has not yielded any profits during the previous three
financial years. Hence, in terms of Section 135 of the Act, the Company was not required
to spend any amount on CSR activities.
RISK MANAGEMENT
The Company has an elaborate Risk Management Framework, which is designed to enable
risks to be identified, assessed and mitigated appropriately. The Board of Directors of
the Company has constituted Risk Management Committee which has, inter-alia, been
entrusted with the responsibility for overseeing implementation / monitoring of risk
management plan and policy; and continually obtaining reasonable assurance from management
that all known and emerging risks have been identified and mitigated or managed.
Further details on risk management activities are covered in Management Discussion and
Analysis Report, which forms part of the Annual Report.
INTERNAL FINANCIAL CONTROLS
The Company has adequate systems of internal financial controls to safeguard and
protect the Company from loss, unauthorized use or disposition of its assets. All the
transactions are properly authorized, recorded and reported to the management. The Company
is following the applicable Accounting Standards for properly maintaining the books of
accounts and reporting Financial Statements. The internal financial controls have been
embedded in the business processes. Assurance on the effectiveness of internal financial
controls is obtained through management reviews, continuous monitoring by functional
leaders as well as testing of the internal financial control systems by the internal
auditors during the course of their audits.
The Audit Committee reviews adequacy and effectiveness of Company's internal controls
and monitors the implementation of audit recommendations.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
In accordance with the provisions of the Act and the Articles of Association of the
Company, Ms. Jyoti Deshpande, retires by rotation at ensuing Annual General Meeting
("AGM") of the Company. The Nomination and Remuneration Committee and Board of
Directors have recommended her re-appointment for the approval of the shareholders. The
Company has received declarations from all the Independent Directors of the Company
confirming that: (i) they meet the criteria of independence as prescribed under the Act
and Listing Regulations; (ii) they have registered their names in the Independent
Directors' Databank; and (iii) they have complied with the Code for Independent Directors
prescribed in Schedule IV to the Act. The Company, has in place ‘Policy for Selection
of Directors and Determining Directors' Independence' and ‘Remuneration Policy for
Directors, Key Managerial Personnel and Other Employees.' These policies are put up on the
Company's website and can be accessed at https://www.nw18.com/reports/reports/policies/
Network18-PolicyonSelectionofDirectors&DeterminingInde pendence.pdf and
https://www.nw18.com/reports/reports/
policies/Network18-RemunerationPolicyforDirectorsandKMP. pdf.
The Policy for Selection of Directors and Determining Directors' Independence sets out
guiding principles for Nomination and Remuneration Committee for identifying persons who
are qualified to become directors and determining directors' independence, if the person
is intended to be appointed as independent director. There has been no change in this
policy during the year under review. The Remuneration Policy for Directors, Key Managerial
Personnel and Other Employees sets out guiding principles for Nomination and Remuneration
Committee for recommending to the Board the remuneration of Directors, Key Managerial
Personnel and other employees. There has been no change in the policy during the year
under review.
PERFORMANCE EVALUATION
The Company has a policy for performance evaluation of the Board, Committees and other
individual Directors (including Independent Directors) which includes criteria for
performance evaluation of Non-Executive and Executive Directors. In accordance with the
manner specified by the Nomination and Remuneration Committee, the Board carried out
performance evaluation of the Board, its Committees and Individual Directors. The
Independent Directors separately carried out evaluation of Chairperson, Non-Independent
Directors and Board as a whole. The performance of each Committee was evaluated by the
Board, based on views received from respective Committee Members. The consolidated report
on performance evaluation was reviewed by the Chairperson of the Board and feedback was
given to Directors.
AUDITORS AND AUDITORS' REPORTS
Statutory Auditors
Deloitte Haskins & Sells LLP, Chartered Accountants (ICAI Firm Regn. No. 117366W /
W - 100018) were appointed as Statutory Auditors of the Company, for a term of 5 (five)
consecutive years at the AGM held on September 29, 2022. The Company has received
confirmation from them to the effect that they are not disqualified from continuing as
Auditors of the Company. The Notes on Financial Statements referred to in the Auditors'
Report are self-explanatory and do not call for further comments. The Auditors' Report
does not contain any qualification, reservation, adverse remark or disclaimer.
Cost Auditor
In accordance with the provisions of Section 148(1) of the Act read with the Companies
(Cost Records and Audit) Rules, 2014, the Company has maintained cost records. The Board
had appointed M/s Pramod Chauhan & Associates, Cost Accountants, as the Cost Auditor
of the Company for conducting the audit of the cost records of the Company for the
Financial Year 2022-23. Further, they have been appointed as the Cost Auditor by the Board
for the Financial Year 2023-24.
Secretarial Auditor
The Board had appointed M/s Chandrasekaran Associates, Company Secretaries, to conduct
the Secretarial Audit for the Financial Year 2022-23. The Secretarial Audit Report for the
Financial Year ended March 31, 2023, is annexed with this report and marked as Annexure
I to this Report. The Secretarial Audit Report does not contain any qualification,
reservation, adverse remark or disclaimer.
DISCLOSURES
(i) Meetings of the Board
During the Financial Year ended on March 31, 2023, 6 (Six) Board Meetings were held.
Further, details of the meetings of the Board and its Committees are given in Corporate
Governance Report, forming part of the Annual Report.
(ii) Audit Committee
The Audit Committee of the Company comprises Mr. Adil Zainulbhai (Chairman), Mr. Dhruv
Subodh Kaji, Ms. Bhama Krishnamur thy and Mr. P.M.S. Prasad. During the year, all the
recommendations made by the Audit Committee were accepted by the Board.
(iii) Corporate Social Responsibility Committee
The Corporate Social Responsibility Committee of the Company comprises Mr. Adil
Zainulbhai (Chairman), Mr. Rajiv Krishan Luthra and Mr. P.M.S. Prasad .
(iv) Nomination and Remuneration Committee
The Nomination and Remuneration Committee of the Company comprises Mr. Dhruv Subodh
Kaji (Chairman), Mr. Adil Zainulbhai and Mr. P.M.S. Prasad.
(v) Stakeholders' Relationship Committee
The Stakeholders' Relationship Committee of the Company comprises Mr. Adil Zainulbhai
(Chairman), Mr. Dhruv Subodh Kaji and Mr. P.M.S. Prasad.
(vi) Vigil Mechanism
The Company promotes ethical behaviour in all its business activities. Towards this,
the Company has established a robust Vigil Mechanism and a Whistle - Blower Policy. The
Company has constituted an Ethics
& Compliance Task Force to process and investigate the protected disclosures made
under the policy. The confidentiality of those reporting violations is maintained and they
are not subjected to any discriminatory practice or victimization. The Audit Committee
oversees the Vigil Mechanism. The Vigil Mechanism and Whistle - Blower Policy is available
on the Company's website and can be accessed at https://www.nw18.com/reports/reports/
policies/vigilmechanism_whistleblower_NW18_F.PDF.
(vii) Prevention of Sexual Harassment at Workplace
The Company has complied with the provisions relating to the constitution of Internal
Complaints Committee as specified under Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013. The other disclosures under this Act
are given in Business Responsibility and Sustainability Report.
(viii) Particulars of Loans given, Investments made, Guarantees given and Securities
provided
Particulars of Loans given, Investments made, Guarantees given and Securities provided
by the Company, along with the purpose for which the Loan or guarantee or security is
proposed to be utilized by the recipients are provided in Standalone Financial Statement.
Members may refer to Note nos. 5, 6, 14, 39 and 45 to the Standalone Financial Statement.
(ix) Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and
Outgo
Pursuant to Section 134(3)(m) of the Act read with Rule 8(3) of the Companies
(Accounts) Rules, 2014, relevant disclosures are given below:
a) Conservation of Energy
The Company is not an energy intensive unit, hence alternate source of energy may not
be feasible. However, regular efforts are made to conserve the energy. The Company
evaluates the possibilities and various alternatives to reduce energy consumption.
Further, use of low energy consuming LED lightings is being encouraged
. b) Technology Absorption
The Company is conscious of implementation of latest technologies in key working areas.
Technology is ever- changing and employees of the Company are made aware of the latest
working techniques and technologies through workshops, group e-mails, and discussion
sessions for optimum utilization of available resources and to improve operational
efficiency. The Company endeavours to leverage technology in order to conduct business in
sustainable manner. The Company is not engaged in manufacturing activities, therefore,
certain disclosures on technology absorption and conservation of energy etc. are not
applicable. During the year, there has been no expenditure on Research and Development.
c) Foreign Exchange Earnings and Outgo
During the year under review, the Company earned
` 40.03 crore of foreign exchange and used ` 5.03 crore of foreign exchange, both on
actual basis.
(x) Annual Return
The Annual Return of the Company as on March 31, 2023 is available on the Company's
website and can be accessed at https://www.nw18.com/reports/agm/NW18_Annual_
Return_2022-23.pdf.
(xi) Particulars of Employees and Related Information
In terms of the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3)
of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a
statement showing the names of the top ten employees in terms of remuneration drawn and
names and other particulars of the employees drawing remuneration in excess of the limits
set out in the said rules forms part of this Report. Disclosures pertaining to
remuneration and other details as required under Section 197(12) of the Act read with Rule
5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
also forms part of this report. Having regard to the provisions of the second proviso to
Section 136(1) of the Act and as advised, the Annual Report excluding the aforesaid
information is being sent to the members of the Company. Any member interested in
obtaining such information may write to the Company Secretary to e-mail id
investors.n18@nw18.com.
GENERAL
During the year under review:
1) The Company had not issued any equity shares with differential rights as to
dividend, voting or otherwise.
2) The Company had not issued any shares (including sweat equity shares) to directors
or employees of the Company under any scheme. Voting rights on the shares issued to
employees in earlier years under Employee Stock Option Schemes of the Company are
exercised by them directly.
3) The Company does not have any scheme of provision of money for the purchase of its
own shares by employees or by trustees for the benefit of employees.
4) No significant and/or material order was passed by any Regulator/Court/Tribunal
which impacts the going concern status of the Company or its future operations.
5) No fraud has been reported by Auditors to the Audit Committee or the Board.
6) There is no application made / proceeding pending under the Insolvency and
Bankruptcy Code, 2016.
7) There was no instance of one-time settlement with any Bank or Financial Institution.
8) There has been no change in the nature of business of the Company.
ACKNOWLEDGMENT
The Board of Directors wish to place on record its appreciation for the faith reposed
in the Company and continuous support extended by all the employees, members, customers,
investors, government and regulatory authorities, bankers and various stakeholders.
|
For and on behalf of the Board of Directors |
|
Adil Zainulbhai |
| Date: April 17, 2023 |
Chairman |
  Â
Network 18 Media & Investments Ltd
Company Background
| Incorporation Year | 1996 |
| Registered Office | First Floor Empire Complex 414,Senapati Bapat Marg Lower Pare
Mumbai,Maharashtra-400013 |
| Telephone | 91-22-40019000/66667777,Managing Director |
| Fax | 91-22-24968238 |
Adil Zainulbhai| Company Secretary | RATNESH PRASAD RUKHARIYAR |
| Auditor | Deloitte Haskins & Sells LLP |
| Face Value | 5 |
| Market Lot | 1 |
| Listing | BSE,MSEI ,NSE, |
| Registrar | KFin Techologies Ltd
Karvy Selenium Tow-B,31&32 Financial Dist,Nanakramguda ,Hyderabad-500032 |
Network 18 Media & Investments Ltd
Company Management
| Director Name | Director Designation | Year |
|---|
| G K Arora | Chairman | 2008 |
| Adil Zainulbhai | Chairman & Independent Directo | 2023 |
| Raghav Bahl | Managing Director | 2008 |
| Dhruv Subodh Kaji | Independent Director | 2023 |
| Subhash Bahl | Director | 2008 |
| Rajiv Luthra | Independent Director | 2023 |
| Sanjay Ray Chaudhuri | Director | 2008 |
| Bhama Krishnamurthy | Independent Director | 2023 |
| Manoj Mohanka | Director | 2008 |
| PMS Prasad | Non-Exec & Non-Independent Dir | 2023 |
| Vandana Malik | Director | 2008 |
| Jyoti Deshpande | Non-Exec & Non-Independent Dir | 2023 |
| Shilpa Aggarwal | Company Secretary | 2008 |
| Rahul Joshi | Executive Director | 2023 |
| RATNESH PRASAD RUKHARIYAR | Company Sec. & Compli. Officer | 2023 |
Network 18 Media & Investments Ltd
Listing Information
| Listing Information |
|---|
| BSE_500 |
| BSE_TECK |
| CNX500 |
| BSESMALLCA |
| CNXMEDIA |
| BSEALLCAP |
| GOODSSERVI |
| SML250 |
| MSL400 |
| NFTYMSC400 |
| NFTYSC250 |
| NF500M5025 |
| NFTYTOTMKT |
Network 18 Media & Investments Ltd
Finished Product
No Data Found