New Delhi: Publisher HT Media Ltd’s net profit rose ninefold in the three months ended 31 March as the company earned higher revenue from both circulation and advertising, and benefited from lower input costs, the company said on Monday.
Consolidated net profit rose to Rs48.5 crore in the quarter, from Rs5.3 crore in the same period a year ago, said HT Media, which publishes ‘Hindustan Times’, ‘Mint’ and the Hindi-language ‘Hindustan’. The profit came on a 12% increase in revenue to Rs385.1 crore.
For the fiscal ended 31 March, the company posted a nearly 12-fold increase in net profit to Rs135.5 crore on a 6% increase in revenue to Rs1,437.9 crore.
“The just-concluded quarter and financial year have been extremely good and gives us optimism for the future,” said Shobhana Bhartia, chairperson and editorial director of HT Media, in the statement announcing the earnings. “All our businesses have shown good growth.”
For the three months ended March, HT Media reported an 8% increase in print advertisement revenue to Rs301.7 crore from a year earlier. Revenue from circulation rose 5% to Rs42.9 crore in the same period.
The company’s fourth quarter earnings before interest, tax, depreciation and amortization (Ebitda) margin, a key metric of operating profitability, expanded to 25% at Rs97.4 crore, from 9% at Rs30.5 crore, boosted by increased revenue, lower newsprint cost and increasing returns on new businesses such as radio, the Internet and a joint printing venture with German media group Hubert Burda Media.
HT Media said its outlook was promising, citing an improving ad spending scenario and growth in new businesses that would contribute to increased revenue and profitability.
The company’s shares rose Rs5.75, or 4.1%, to Rs146.50 at the close of trading on the Bombay Stock Exchange on a day when the benchmark Sensex gained 561.44 points, or 3.35%, to 17,330.55 points.