HT Media Ltd announced its financial results for the quarter and half year ended September 30, 2006. The company has reported a 30 per cent increase in revenues for the quarter under review to Rs 2,575 million, compared to the corresponding quarter last year, driven primarily by contributions from the Mumbai operations and Hindi business.
HT Media had launched its Mumbai operations in July 2005. The company has also launched three new Hindi editions since March this year.
Enhanced operating efficiencies and robust ad revenue growth resulted in a 109 per cent improvement in operating profits (EBITDA) for the quarter, which increased to Rs 553 million. Profit after tax (PAT) for the quarter under review, when compared with corresponding period last year, more than trebled to Rs 269 million from Rs 80 million.
Commenting on the company’s performance, Shobhana Bhartia, Vice-Chairperson and Editorial Director, HT Media, said, “Our performance during the quarter continues to be encouraging. Our Mumbai edition continues to perform well and we are now one of the country’s largest players in the Hindi segment. During the quarter we entered into an agreement with The Wall Street Journal, which will enable us create a world-class newspaper in India and emphasise our desire to offer a business newspaper to Indian readers at a time when India has become a global player in numerous industries. We also entered into a joint venture with The Times of India Group that will help us establish a new and vibrant newspaper in Delhi. Going forward, we will continue to maintain a robust revenue growth and expect our new ventures to contribute significantly to our revenues.”