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HT Media Q1 FY net drops 21 pc to Rs 407 mn

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HT Media Q1 FY net drops 21 pc to Rs 407 mn

HT Media has reported a marginal increase of 0.1 per cent in its Q1 FY 13 total revenues at Rs 5,108 million from Rs 5,105 million in the same period last year. A 3 per cent decline is reported in the advertising revenues of HT Media’s print segment to Rs 3,725 million from Rs 3,833 million primarily due to a decline in pricing. However, Circulation revenues are up 8 per cent at Rs 525 million from Rs 485 million, driven by higher circulation.

EBITDA declined by 17 per cent to Rs 878 million from Rs 1,059 million primarily driven by decline in advertising revenues and a 7 per cent increase in other expenses to Rs 1,536 million from Rs 1,440 million on account of increase in production expenses due to higher circulation.

Profit after tax dropped by 21 per cent to Rs 407 million from Rs 515 million.

Commenting on the performance for Q1 FY13, Shobhana Bhartia,
Chairperson and Editorial Director, HT Media, said, “The overall macro-economic environment continues to be tough, with the Indian economy experiencing its slowest GDP growth rate in 9 years. While this had an adverse impact on our advertising revenues, our diversification strategy has helped us maintain our position in terms of consolidated revenue.”

She further said, “We are confident that our growth strategy, combined with a healthy balance sheet, will help us navigate these challenging times and deliver healthy growth in subsequent quarters.”

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