HMVL Q4 net profit rises 20.5% to Rs46.9 crore
HMVL's revenue increases 13.1% to `246.4 crore from `217.8 crore
New Delhi: Hindustan Media Ventures Ltd (HMVL), the publisher of the Hindi daily Hindustan, said on Wednesday that net profit rose 20.5% in the three months ended 31 March on higher advertising and circulation revenue.
Net profit rose to ₹ 46.9 crore in the quarter from ₹ 38.9 crore in the year-ago period. Revenue increased 13.1% to ₹ 246.4 crore from ₹ 217.8 crore, said HMVL, a unit of HT Media Ltd, which publishes Mint and Hindustan Times.
Advertising revenue rose 14.9% to ₹ 168.4 crore in the three months from ₹ 146.6 crore a year ago, the company said in a statement. Circulation revenue rose 5.1% to ₹ 53.4 crore from ₹ 50.8 crore a year earlier. The gains were partially offset by a 29% increase in employee costs.
For the full year, HMVL posted a 28.2% increase in net profit to ₹ 180.6 crore. Revenue increased 11.9% to ₹ 979.3 crore.
Advertising revenue in the year increased 14.7% to ₹ 684 crore and circulation revenue rose 6.8% to ₹ 214.4 crore.
“We are pleased to close the year on a stronger note than the industry and plan to carry the momentum into the current year," HMVL chairperson Shobhana Bhartia said in a statement. “For the year, revenue growth was driven by new initiatives, a good festive season and state elections. Stable raw material prices and superior execution have contributed to increasing the profitability of the company."
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