Media firm New Delhi Television Limited (NDTV) on May 18 said the company's board of directors has approved a proposal to seek permission from the Ministry of Information and Broadcasting for the launch of nine news channels in different Indian languages in phases.
The media firm said it will duly intimate the stock exchanges on the launch date of the said channels after receiving approval from the Ministry.
NDTV on May 1 posted a 97.5% decline in net profit to ₹59 lakh for the quarter that ended March 31, 2023. The firm had a consolidated net profit of ₹24.16 crore in the corresponding quarter last fiscal.
The firm said its revenue from operations dropped 35.5% to ₹66.96 crore during the quarter under review, against ₹103.8 crore in the year-ago period.
According to the statement from the media firm, NDTV reduced the external borrowings, to ₹3 crore in the quarter under review from ₹9 crore last year. The cash and cash equivalents stood at ₹103.6 crore for the quarter ended March 2023, against ₹116.4 crore last year.
"The Adani Group is privileged to further bolster NDTV with world-class infrastructure and talent and transform NDTV into a thriving multi-platform global news organisation," said Founder and Chairman of the Adani Group Gautam Adani, in the statement.
"One of the first things we plan to do is to strengthen and invest in the NDTVnewsroom to be a multi-faceted multi-media digital platform... We will deliver news that really adds value to the lives of Indian citizens and those interested in India," said Sanjay Pugalia, Chief Executive Officer, AMG Media Networks.
The shares of the company were trading 0.43% up at ₹173.75 apiece at 10 a.m. on Thursday morning.