Times Internet records Rs 200 Cr loss in FY24

Times Internet Ltd (TIL) recently disclosed its financial results for the year 2023-24, posting Rs 871.43 crore in advertising revenue. This was a marginal growth of 1.2% from Rs 860.9 crore in the preceding financial year. The ad revenue from online and digital platforms stood at Rs 690.73 crore, reflecting a slight decline of 2.7% compared to Rs 709.73 crore in 2022-23.

Conversely, TIL's ad revenue from print media demonstrated robust growth, rising to Rs 180.70 crore in 2023-24 from Rs 151.19 crore in the previous year. This marks an increase of Rs 29.51 crore or about 19.5%.

The subscription income for the media house stood at Rs 69.48 crore, which was 41% higher than Rs 49 crore in FY23. The revenue from operations increased marginally to Rs 1,316.56 crore in 2023-24 from Rs 1,306.28 crore in 2022-23, reflecting a year-on-year growth of approximately 0.8%. The total income surged to Rs 1,594.38 crore in 2023-24 from Rs 1,437.6 crore in the previous fiscal year, marking a significant growth of 10.9%.

The company also made progress in narrowing its losses. The total loss for the period stood at Rs 199.31 crore in 2023-24, a substantial improvement compared to a loss of Rs 476.1 crore in 2022-23.

This has also been possible due to the layoffs at TIL that took place during the year. More than 200 employees were asked to leave in phases during this process. Most of them had been working with the Times Internet, the digital arm of Bennett Coleman and Co Ltd. (BCCL).