New Delhi Television Ltd (NDTV), part of the Adani Group, posted a loss for the first quarter yesterday, as Indian broadcasters remain pressured by a weak advertising environment.

NDTV reported a consolidated net loss of Rs. 81.3 million ($991,568.62) for the quarter ended June 30, compared to a profit of 232.2 million rupees a year ago, according to a Reuters report.

Revenue from operations plunged 35 percent to Rs. 699.9 million, while overall expenses fell 1.6 percent.

Media companies have been facing weak advertisement demand, as enterprises cut discretionary spending amid a high interest rate environment.

Indian billionaire Mukesh Ambani-owned TV18 Broadcast, which operates CNN News18 news channel, had flagged last week that the advertisement environment continues to be soft.

Ports-to-energy conglomerate Adani Group holds an about 64.7 percent stake in NDTV through RRPR Holding and Vishvapradhan Commercial after a contentious battle last year.