Hindustan Media Ventures has reported 13 per cent growth in total revenues at Rs 1,887 million for Q1 FY2014. This is on the back of 14 per cent growth in advertising revenues to Rs 1,326 million and 12 per cent increase in circulation revenues to Rs 421 million.
Net profit has grown by 57 per cent to Rs 303 million in Q1 FY14 from Rs 195 million in the corresponding quarter last fiscal. EBITDA is up 46 per cent to Rs 480 million primarily due to growth in advertising and circulation revenues.
However, growth was partially offset by 12 per cent increase in other expenditure to Rs 506 million due to increase in production expenses and 10 per cent increase in employee costs to Rs 215 million.
Commenting on the performance for Q1 FY14, Shobhana Bhartia, Chairperson, HMVL, said, “Performance has been robust in the new financial year with a healthy growth in revenue and a significant improvement in profitability. That’s the result of improved traction in advertising revenue led by the Uttar Pradesh and Uttarakhand markets, combined with a sustained focus on reducing costs.”