HT Media net profit doubles to Rs66 crore in September quarter
New Delhi: HT Media Ltd, publisher of Hindustan Times and Mint newspapers, on Tuesday said fiscal second-quarter profit more than doubled from a year ago, helped by cost optimisation efforts and favourable foreign exchange and commodity rates.
Net profit rose to Rs66.2 crore in the three months ended 30 September from Rs30.9 crore a year earlier, HT Media said in a statement on Tuesday. Revenue fell 11.1% to Rs604.1 crore from Rs680.2 crore.
HT Media, which also runs the FM radio network Fever 104, said earnings before interest, tax, depreciation and amortization (Ebitda)—an indicator of operating profitability—in the quarter rose 15.5% to Rs 148 crore from Rs128.4 crore in the year-ago period.
Advertising revenue for the print business declined 8.8% to Rs390 crore. Circulation revenue fell 9.2% to Rs69 crore.
Fever 104’s revenue increased 18% to Rs43 crore, led by revenue growth in core stations. Revenue from the digital business declined by 8.1% to Rs34 crore from Rs37 crore a year earlier.
“Advertising revenue growth continues to be a challenge in our core print business, with this quarter witnessing high level of uncertainty across industries on account of GST (goods and services tax) implementation. Our radio business continues to do well. New radio stations are generating revenue and the entire radio business witnessed an increase in operating profits,” HT Media’s chairperson and editorial director Shobhana Bhartia said in the statement.
“While advertising revenue in print has been soft, operating profits continue to grow steadily on the back of strong cost management and aided by favourable currency and commodity rates,” Bhartia added. “GST is expected to stabilize soon which should lead to better macroeconomic environment and result in higher advertising spends. With growth coming back to core business, we hope to deliver better results to our shareholders.”