Indian broadcaster New Delhi Television Ltd (NDTV), part of the Adani Group, posted a 97.6% fall in quarterly profit 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 service costs.
Shares of NDTV have fallen about 33% since then, while the Nifty Media index has declined 9.69% during the same period.
Ports-to-energy conglomerate Adani Group holds about 64.7% stake in NDTV through RRPR Holding and Vishvapradhan Commercial after a contentious battle last year.
