Network18 Media & Investments Ltd reported a consolidated net profit of Rs 61.6 crore for the quarter ending March – a rise of 58.1 percent from last year, Moneycontrol reported on Tuesday.

According to the report, the media company also saw a “14.6 percent on-year rise in consolidated revenue from operations to Rs 1,621.1 crore”. The surge was reportedly driven by an increase in advertising revenues as well as user growth in the company’s news broadcasting and digital operations.

The report said the operation revenue of Network18’s broadcasting division grew to Rs 346 crore – a 10 percent increase – while advertisement revenues across the business, regional and national news segments brought in a 14 percent growth in revenues in 2021-2022.

Network18’s entertainment segment reported a growth of 11 percent in operating revenues, Moneycontrol noted, which also delivered annual operating profits of Rs 777 crore – its highest ever, at a rise of 23 percent. Operating revenues of its digital news business shot up by 32 percent to Rs 80 crore, while operating profit also rose by 77 percent.

Between broadcast, entertainment and digital news, the latter has reported the most growth in terms of operating revenue.

It should be noted that Moneycontrol is also part of the Network18 group and had claimed in March that it was the “number one financial news platform in India”.