Hindustan Media Ventures Ltd (HMVL), the publisher of the Hindi daily Hindustan, on Tuesday said fiscal second-quarter profit rose 20.9%.
Net profit rose to Rs54.7 crore in the three months ended 30 September from Rs 45.2 crore in the same period a year earlier, said HMVL, a unit of HT Media Ltd, which publishes Mint and Hindustan Times.
Ebitda (earnings before interest, taxes, depreciation and amortization), a measure of operating profit, increased by 18.1% to Rs84.2 crore from Rs71.3 crore. Revenue rose 7.4% to Rs263.3 crore from Rs245.2 crore.
Advertising revenue rose 0.9% to Rs170.1 crore from Rs168.5 crore because of an increase in volume. Circulation revenue rose 2.9% to Rs53.8 crore in the quarter from Rs52.2 crore a year earlier. The rest of the gains came from other income. The gains were partially offset by a 3% increase in raw material costs in addition to a 9.7% increase in employee costs.
“The company witnessed a lesser-than-usual revenue growth on account of continuing sluggishness in macro economic environment, seasonal slowdown in advertising due to lack of any festivities and high base effect of Bihar elections,” HMVL chairperson Shobhana Bhartia said. “However, we expect the second half of the year to be better on the back of festival season, good monsoon, implementation of the Seventh Pay Commission recommendations and Uttar Pradesh elections.”