HT Media’s Q4 profit increases 16.8 % to Rs49.3 crore
Advertising revenue in the print segment rose 5.7 % to Rs465.3 crore thanks to an increase in ad volumes; Circulation revenue rose 8.6% to `71.1crore
New Delhi: HT Media Ltd (HTML), publisher of the Hindustan Times and Mint newspapers, on Friday reported a 16.8% increase in net profit for the three months ended 31 March on deferred tax reversals and higher advertising and circulation revenue.
Net profit rose to ₹ 49.3 crore in the quarter from ₹ 42.2 crore a year earlier, on a 7% increase in revenue to ₹ 626.7 crore from ₹ 585.9 crore, the company, which also operates an FM radio business under the brand Fever 104, said in a statement.
HT Media attributed the rise in net profit to deferred tax reversals in the quarter. Advertising revenue in the print segment rose 5.7 % to ₹ 465.3 crore, thanks to an increase in advertising volumes. Circulation revenue rose 8.6% to ₹ 71.1 crore.
Earnings before interest, taxes, depreciation and amortization (ebitda)—an indicator of operating profitability—in the quarter declined 16.5% to ₹ 98.1 crore from ₹ 117.5 crore a year ago.
Employee costs rose 15.2% to ₹ 121.8 crore because of new hiring, increments and a charge for regulatory compliance. Advertising and sales promotion expenses rose 22%.
For the full year, net profit declined 6.2% to ₹ 217.9 crore due to lower operating profit. Revenue increased 4% to ₹ 2,457.3 crore.
“We ended the year on a high note on the back of a growth in ad revenue and higher circulation in Mumbai and the Hindi belt… Our digital businesses grew handsomely and are at an inflection point. Radio continues to do well and we will invest in its growth. With a strong base, our continuing focus on digital initiatives and stronger tailwinds in the economy, we are confident of delivering value to our shareholders in the year ahead," chairperson and editorial director Shobhana Bhartia said in the statement.
HT Media shares rose 0.51% to ₹ 99.20 in Mumbai trading on Friday, while the BSE’s benchmark Sensex gained 0.43% to 27,324.00 points.
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