January 30, BENGALURU (Reuters) - As companies reduced their advertising budgets, India's New Delhi Television Ltd. (NDTV), a division of the billionaire Gautam Adani-led Adani Group, announced a deficit for the third quarter on Tuesday.

Businesses punished broadcasters who weren't associated with the tournament by redirecting their advertising budgets to the cricket world cup during the quarter. A broadcaster's primary source of income is advertising.

In comparison to a profit of 25.9 million rupees a year earlier, NDTV's consolidated net loss for the three months ending December 31 was 95.5 million rupees ($1.2 million).

The news network has been suffering from low advertising spending; in the December quarter, it reported its fifth consecutive quarter of revenue declines.

Revenue decreased by 7% to 979.5 million rupees, while expenses increased by 14% due to a nearly 35% increase in manufacturing and service costs.

Earlier this month, rival TV18 Broadcast (TVEB.NS), opens a new tab, reported a quarterly loss.

Next month will see the release of Zee Entertainment (ZEE.NS), a rival company entangled in disputes over its botched merger with Sony's (6758.T) India branch and licensing rights with Disney (DIS.N).

The September quarter saw NDTV make a profit; the company's profit had increased most recently in June 2022.

In December 2022, the Adani Group usurped ownership of the news network from its creators.