HT Media Ltd has reported a 49 per cent fall in its Q2 FY09 net to Rs 163 million. Revenues were up 18 pr cent at Rs 3,307 million in the quarter ended September 30, 2008. Increased readership across the Hindi geographies has been cited as the reason for improved revenues. The company’s Q2 FY09 ad revenues were also up 18 per cent at Rs 2,831 million.
Launches in Dehradun and Chandigarh further strengthened Hindi Hindustan’s presence in North India. New launches of local editions – Hindustan Times – in Dehradun, Kanpur and Jhansi enhanced Hindustan Times and Hindi Hindustan’s presence.
Commenting on the Q2 performance, Shobhana Bhartia, Chairperson and Editorial Director, HT Media, said, “I am encouraged by healthy operating performance despite a challenging macroeconomic environment. We have partially mitigated the impact of higher input costs through advance buying of newsprint and sourcing from different geographies. Our recent launches of ‘Hindustan’ in Chandigarh and Dehradun have built strong momentum and are contributing exceptionally well. The launch of local English editions in Dehradun, Jhansi and Kanpur will also boost the Hindustan Times and Hindi Hindustan business. Our revenue growth has been healthy despite continuous investment towards Mint, Radio and Internet services.”
She further said, “We continue to be in the investment mode in Mint and once the paper gains operational maturity, should add considerably to both topline and bottom-line growth. Our well-established brand equity, growing national footprint, growing regional presence and diversified business portfolio will enable us to increase revenues and implement many new initiatives that hold promise for the future and drive growth.”
The company has also reported strong Q2 revenue growth in Dehradun and Chandigarh due to its unique marketing strategy – ‘jodi packages’, which were very well accepted by the trade, in turn boosting sales.