BackHT Media profit rises 9.4% to Rs80.9 crore in December quarter
Net profit rose to Rs80.9 crore in the quarter from Rs73.9 crore a year earlier, on a 9% increase in revenue to Rs708.2 crore from Rs649.9 crore
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New Delhi: HT Media Ltd, publisher of the Hindustan Times and Mint newspapers, on Wednesday reported a 9.4% increase in net profit for the three months ended 31 December on higher advertising and circulation revenue.
Net profit rose to ₹ 80.9 crore in the quarter from ₹ 73.9 crore a year earlier, on a 9% increase in revenue to ₹ 708.2 crore from ₹ 649.9 crore, said the company, which also operates an FM radio business under the brand name Fever 104.
Advertising revenue in the print segment rose 9.2% to ₹ 542.5 crore, thanks to an increase in ad volumes during the festive season.
Circulation revenue rose 4.8% to ₹ 76.9 crore.
Earnings before interest, tax, depreciation and amortization (Ebitda), a key indicator of operating profitability, in the quarter rose 11.6% to ₹ 145.7 crore from ₹ 130.6 crore a year ago. The Ebitda margin improved to 20.6% from 20.1%.
“We are happy to report a strong quarter of growth across all our core businesses on the back of an increase in advertising spends during the festive season. Growth in revenue and our continuing focus on costs have resulted in higher profitability," HT Media chairperson and editorial director Shobhana Bhartia said.
“Our Hindi business continues to grow profitably; HT Mumbai and HT Delhi businesses saw year-on-year revenue growth; we successfully re-launched the Chennai radio station; and our digital businesses have reduced losses even as they have grown revenues. With momentum on our side, we expect to close the financial year on a strong note. The company is well positioned to seize any opportunity that comes its way," she added in a statement.
Employee costs rose 19.4% to ₹ 143.8 crore because of new hiring and the impact of increments. General and administrative expenses rose 10.8%.
Revenue at Fever 104, which operates four stations in Delhi, Mumbai, Kolkata and Bengaluru, increased 25% to ₹ 32.3 crore.
Digital revenue at HT Media, which operates the jobs website Shine.com, increased 43% to ₹ 38.2 crore in the three months to 31 December.
HT Media shares fell 2.59% to ₹ 77.20 on a day the BSE’s benchmark Sensex ended little changed at 24,467.59 points.
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