<p>Indian broadcaster New Delhi Television Ltd (NDTV), part of the embattled Adani Group, posted a 97.6 per cent plunge in quarterly profit on Monday due to weak advertising demand.</p>.<p>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.</p>.<p>NDTV reported a consolidated net profit of Rs 5.9 million ($72,206.58) for the quarter ended March 31, compared with Rs 241.6 million a year earlier.</p>.<p>Revenue from operations fell 35.5 per cent to Rs 669.6 million due to a "slowdown in global advertisement spend," the media company said. Total expenses rose 5.9 per cent, driven by production and services costs.</p>.<p>NDTV and other Adani Group-owned companies have seen their share prices take a beating since US short-seller Hindenburg Research on January 24 raised concerns about the conglomerate's debt levels and use of tax havens. Adani Group has denied the allegations.</p>.<p>Shares of NDTV have fallen about 33 per cent since then, while the Nifty Media index has declined 9.69 per cent during the same period.</p>.<p>Ports-to-energy conglomerate Adani Group holds an about 64.7 per cent stake in NDTV through RRPR Holding and Vishvapradhan Commercial after a contentious battle last year.</p>.<p>Last month, rival TV18 Broadcast Ltd, owned by Reliance Industries Ltd, also reported a slump in quarterly profit, citing lower-than-expected advertising revenue.</p>
<p>Indian broadcaster New Delhi Television Ltd (NDTV), part of the embattled Adani Group, posted a 97.6 per cent plunge in quarterly profit on Monday due to weak advertising demand.</p>.<p>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.</p>.<p>NDTV reported a consolidated net profit of Rs 5.9 million ($72,206.58) for the quarter ended March 31, compared with Rs 241.6 million a year earlier.</p>.<p>Revenue from operations fell 35.5 per cent to Rs 669.6 million due to a "slowdown in global advertisement spend," the media company said. Total expenses rose 5.9 per cent, driven by production and services costs.</p>.<p>NDTV and other Adani Group-owned companies have seen their share prices take a beating since US short-seller Hindenburg Research on January 24 raised concerns about the conglomerate's debt levels and use of tax havens. Adani Group has denied the allegations.</p>.<p>Shares of NDTV have fallen about 33 per cent since then, while the Nifty Media index has declined 9.69 per cent during the same period.</p>.<p>Ports-to-energy conglomerate Adani Group holds an about 64.7 per cent stake in NDTV through RRPR Holding and Vishvapradhan Commercial after a contentious battle last year.</p>.<p>Last month, rival TV18 Broadcast Ltd, owned by Reliance Industries Ltd, also reported a slump in quarterly profit, citing lower-than-expected advertising revenue.</p>