HT Media Ltd’s Q3 results are a mixed bag. On the one hand, the media major has reported a 5 per cent increase in its total revenues – from Rs 3,219 million to Rs 3,371 million – primarily on account of 5 per cent increase in advertisement revenues from Rs 2,739 million to Rs 2,866 million.
On the other hand, the company’s net profit dropped to Rs 78 million from 369 million primarily on account of higher newsprint prices, adverse foreign currency movements, lower advertising and exceptional items, viz., consultancy charges for drawing up of strategic plans for new areas of business and provision for diminution in value of long term investments.
EBITDA margins have also reduced to 15 per cent at Rs 503 million from 21 per cent at Rs 681 million.
Commenting on the Q3 performance, Shobhana Bhartia, Chairperson and Editorial Director, HT Media, said, “We are satisfied with our steady performance in a tough macro economic environment. HT is a leading media brand in the country and our position is being further augmented through multiple initiatives that we are implementing across our operating businesses. The results of the recent IRS survey are a reflection of the strides made by Hindustan Times. Mint has clearly established its position as the No. 2 business daily, while Hindustan has continued its strong growth in readership.”
She further said, “Our focus on the radio and Internet business is a part of the long tern growth strategy and expected to contribute as a significant value driver for HT in future.”