Bangalore: Hindustan Media Ventures Ltd (HMVL), the publisher of Hindi daily ”Hindustan”, on Monday announced a 24% year-on-year increase in net profit for the three months ended 31 March, helped by a robust growth in advertising revenues.
Net profit in the quarter increased to Rs12.89 crore from Rs10.43 crore in the corresponding year-earlier period. Revenue climbed 14% to Rs130.64 crore, on a 20% increase in advertising revenue to Rs93.9 crore and a 7% rise in circulation revenue to Rs30.7 crore. ”HMVL continues to deliver strong growth on the back of widening circulation, supported by improving advertising revenues,” chairperson Shobhana Bhartia said in a statement.
HMVL is a subsidiary of HT Media Ltd, which publishes “Hindustan Times” and “Mint”.
The company said it expects a robust growth in advertising due to a rise in consumption in rural areas as well as improving advertising yields on the back of continuing readership growth. Full-year profit increased to Rs53.60 crore from Rs14.75 crore as revenue rose to Rs520.35 crore from Rs166.68 crore. HMVL said its annual results are not comparable as the company had acquired the Hindi business from HT Media in December 2009.