HMVL posts revenue of Rs262 crore in June quarter
HMVL, publisher of the Hindi daily ‘Hindustan’, reported net profit of Rs45 crore in the quarter
New Delhi: Hindustan Media Ventures Ltd (HMVL), publisher of the Hindi daily Hindustan, on Monday reported a marginal increase in revenue for the three months ended June as income from advertising stayed flat in a sluggish economic environment.
“However, the expectation is that sentiments will improve in the second half of the year, resulting in an increase in advertising spends across sectors,” HMVL chairperson Shobhana Bhartia said in a statement.
“Once advertising revenue improves, our margin growth will be significant given the wide-ranging cost management initiatives we have undertaken,” she added.
HMVL’s revenue rose 1% to Rs262 crore in the June quarter from a year ago. Advertising revenue was little changed at Rs177 crore, while circulation revenue dropped 2.5% to Rs55 crore.
Net profit decreased to Rs45 crore in the quarter from Rs49 crore in the year-ago period, said HMVL, a unit of HT Media Ltd, which publishes Mint and Hindustan Times newspapers.
Other revenue increased 16.9%, primarily led by interest income. Employee costs fell 23.3% to Rs23 crore from Rs30 crore.
Earnings before interest, tax, depreciation and amortization (Ebitda), an indicator of operating profitability, declined 1.3% to Rs76 crore in the quarter from Rs77 crore a year ago, a company statement said.
Ebitda margin narrowed slightly to 29% from 29.7% in the same period last year.
HMVL’s balance sheet position continues to be strong with healthy cash flows, the company said.
“Our strong fundamentals are complemented by the overall bright prospects for regional language print media where reader and advertiser interest continue to grow,” Bhartia said. “We aim to continue to drive volume and yield growth across geographies.”
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