Shares of
DEN Networks ended lower by nearly 3% after reporting Q1 numbers. The company reported 0.55% flat growth in total revenues for the Jun-21 quarter on a consolidated basis at Rs302.97cr.
On a sequential basis, the revenues were down -7.13% compared to Rs326.23cr revenues reported in the Mar-21 quarter.
The company is engaged in the television and internet cable business and its business was impacted in the Jun-21 quarter by the combination of weak demand caused by the lockdown as well as the income effect. The company has been facing tough competition in the market from digital.
The net profit for the Jun-21 quarter increased by 20.74% to Rs40.92cr on a sequential basis, largely on the back of improved operating margins despite lower sales sequentially. The higher profits sequentially were largely due to a fall in depreciation and miscellaneous expenses during the quarter.
The stock ended at Rs53.75 down by Rs1.45 or 2.63% from its previous closing of Rs55.20 on the BSE. The scrip opened at Rs54.50 and touched a high and low of Rs54.90 and Rs53.60 respectively.