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Business News/ Companies / Company-results/  Hindustan Media Ventures profit rises 65% in March quarter

Mumbai: Hindustan Media Ventures Ltd (HMVL), publisher of the Hindi daily Hindustan, reported a 65% increase in net profit for the quarter ended 31 March on higher circulation revenue.

Net profit rose to 22.7 crore from 13.7 crore a year earlier, the company said on Monday. Revenue increased 2% to 163 crore from 159.3 crore. HMVL is a unit of Mint’s publisher HT Media Ltd.

Circulation revenue rose 15% to 40 crore in the quarter from 34.6 crore a year earlier. Ad revenue declined 3% to 110.5 crore from 113.6 crore because of a decline in advertising yields.

For the year ended March, net profit rose 29% to 84.5 crore from 65.3 crore. Revenue rose 8% to 664.7 crore from 615.8 crore, primarily due to growth in advertising volumes and higher circulation.

“Hindustan’s expansion initiatives, combined with a focus on cost optimization, continue to yield encouraging results," HMVL chairperson Shobhana Bhartia said in a statement. “This is reflected in the healthy financial and operational performance for the year despite challenges in the macro-environment."

According to the Indian Readership Survey for the 2012 fourth quarter, Hindustan continues to be the fastest growing national daily in the country. It strengthened its position as the second largest newspaper in India, with a readership of 12.25 million, up 2% from a year earlier.

“Overall we are well entrenched in the regional segment in northern India," Bhartia said. “With a strong brand, growing readership and a healthy balance sheet, we are confident that we will continue to deliver even greater value to our shareholders as the economic environment picks up."

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Updated: 13 May 2013, 06:13 PM IST
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