Mumbai: HT Media Ltd, publisher of Hindustan Times and Mint, said net profit grew 11% in the December quarter on growth in revenue and cost optimization.
Profit rose to Rs.53.6 crore for the third quarter from Rs.48.2 crore in the year earlier. Revenue rose 5% to Rs.570.9 crore from Rs.542.9 crore.
Advertising revenue of the print business grew 2% to Rs.414.9 crore from Rs.407.3 crore. Circulation revenue rose 12% to Rs.56.5 crore.
“Our overall growth in revenue, combined with a persistent focus on cost optimization, has resulted in a healthy improvement in profitability,” said Shobhana Bhartia, chairman and editorial director, HT Media. “In addition, our radio and digital businesses continue to deliver robust growth according to plans.”
Revenue from the radio business rose 26% to Rs.21.8 crore from Rs.17.4 crore. The digital segment posted an 18% increase in revenue to Rs.13.8 crore from Rs.11.7 crore.
“We are confident that our strong and resilient business model, established brands and sustained focus on cost reduction will continue to create value and show even better results as the macro economic environment improves,” Bhartia said.
According to the Indian Readership Survey (IRS) for the third quarter, Hindustan Times’ average issue readership (AIR) grew 5% to 3.79 million from 2.3 million in the year before. The newspaper retained its leadership position in Delhi NCR, and consolidated its No. 2 position in Mumbai.
Mint maintained its No. 2 position in the business daily genre with a readership of 0.23 million during the quarter. Mint’s combined readership share in key markets of Delhi NCR, Mumbai, Bangalore, Kolkata, Chennai and Hyderabad was 28%, while 93% of the readers are exclusive, that are not reached by competition.
HT Media expects to gain traction in the digital businesses. New businesses such as HT Mumbai, radio and Mint are seen contributing to revenue growth and improved profitability.
HT Media Ltd ended at Rs102.85 on BSE, up 5.70% from the previous close. The Sensex was 0.52% up at 19,561.04 points.