New Delhi: HT Media Ltd, publisher of the Hindustan Times and Mint, on 4 May said its fourth-quarter profit surged more than seven times.
Net income rose to Rs23.96 crore in the three months ended 31 March, from Rs3.17 crore a year earlier, the New Delhi-based company said. Revenues in the period rose 24% to Rs284.08 crore from Rs229.06 crore in the year-ago period.
Advertisement revenue in the quarter rose 32% to Rs235 crore, while sales of its papers accounted for 13% of total revenue, HT Media said.
During the quarter, HT Media began publishing Mint simultaneously from Delhi and Mumbai, from 1 February.
It also partnered with rival Bennett, Coleman & Co. Ltd, publisher of The Times of India, to release a daily tabloid in Delhi called Metro Now. The media company also expanded its Fever 104 FM radio station, previously operational in Delhi, to Mumbai and Bangalore. “The state of our business can be described as healthy and growing,” said Shobhana Bhartia, vice-chairperson, in a statement.
HT said Mint, which is the first compact-format business newspaper in India, has achieved the No.2 position in both Delhi and Mumbai in terms of circulation of business newspapers. There are four other major daily English-language business newspapers in both cities.
For the full year, HT Media reported revenue of Rs1,079.57 crore, up 28% over the previous year, and net income of Rs115.05 crore, up 209%.
HT Media shares fell 3.54% to Rs183.85 on the Bombay Stock Exchange.
Bloomberg contributed to this story.