Home / Companies / HT Media profit up 25% in Dec quarter

New Delhi: HT Media Ltd , the publisher of Hindustan Times and Mint, reported a 25% increase in net profit for the quarter ended 31 December on Wednesday as it earned higher circulation and advertising revenue, countering increased raw material and other costs.

Net profit for the company, which also runs the FM channel Fever 104, rose to 67 crore in the three months from 53.6 crore a year earlier, the company said in a statement. Revenue increased 8% to 617 crore from 570.9 crore.

Earnings before interest, tax, depreciation and amortization (Ebitda), a measure of operating profitability, rose 17% to 130.5 crore from 111.3 crore a year earlier.

“We have achieved our highest topline and Ebitda this quarter, despite continued uncertainty in the macroeconomic environment," Shobhana Bhartia, chairperson and editorial director at HT Media, said in the statement.

“Among our new businesses, digital and radio continue to gain traction, and we recently launched the first two centres of our higher education venture, the Bridge School of Management.

“We are confident that our diversified business model, established brands and sustained focus on cost reduction will continue to create value for all stakeholders as the macroeconomic environment improves," she added.

Advertising revenue of the print segment rose 9% to 451.6 crore in the quarter and circulation revenue increased 18% to 66.5 crore. Growth was partially offset by a 3% increase in the cost of raw materials consumed to 190.8 crore, mainly on higher newsprint prices. Other expenses rose 9% to 189.9 crore because of higher advertising and sales promotion costs.

Digital revenue for the company rose 42% to 19.5 crore. The radio business reported a 25% increase in revenue to 26.7 crore.

HT Media said its business outlook remains strong as a result of increasing returns from Hindustan Times’ Mumbai edition, Mint and radio as well as rising traction in the digital business. The company has a strong balance sheet capable of supporting investments in growing businesses, with net cash of 746.1 crore, it said.

HT Media shares fell 1.4% to 72.60 on a day the BSE’s benchmark Sensex rose by 0.42% to 20,448.49 at the close of trading on Wednesday.

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less

Recommended For You

Trending Stocks

Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout