HT Media total revenue declines 42% to Rs 1331 crore in FY21
Total expenses dropped to Rs 1434 crore from Rs 2221 crore
HT Media, which has interests in print and radio businesses, has seen a 42% decline in topline at Rs 1331 crore compared to Rs 2,310 crore in FY20. The company narrowed its net loss by 81% to Rs 65 crore while EBITDA loss was down 76% to Rs 90 crore.
Total expenses dropped to Rs 1434 crore from Rs 2221 crore. Raw Materials & change in inventory expenses fell 54% to Rs 261 crore from Rs 564 crore. Employee cost dropped 20% to Rs 329 crore from Rs 412 crore. Other expenses was down 32% to Rs 651 crore from Rs 963 crore.
On a quarterly basis, the company reported second consecutive quarter of net profit at Rs 19 crore. In the same quarter of the previous fiscal, the company posted net loss of Rs 189 crore. On a QoQ basis, revenue was up by 2% at Rs 398 crore. EBITDA expanded by 20% at Rs 70 crore.
“Advertising revenue in our Print & Radio businesses and circulation revenue continue to improve. The Shine business has recorded healthy topline growth during the quarter. For the full year, despite the challenges posed by the pandemic, we posted a positive EBITDA driven by better revenue performance in the second half of the year and cost efficiencies," HT Media Ltd & Hindustan Media Ventures Ltd Chairperson and Editorial Director Shobhana Bhartia.
"As the financial year was coming to a close, the Indian economy was positioned favourably, and seemed to be at the cusp of a strong recovery. Since then, though, the situation has altered substantially, with a sharp rise in COVID-19 infections and mortalities. While I expect the impact of the second wave to affect our business performance in the first quarter of FY’22, my hope is that the recent drop in infections, the end of lockdowns, and increased momentum in the vaccination program will gradually induce an economic recovery. We remain focused in our efforts to provide credible and engaging news, information and entertainment products to our audience despite the tough environment.”
The company posted an operating loss of Rs 6 crore vs operating profit of Rs 251 crore. Operating revenue fell 47% to Rs 956 crore from Rs 1,790 crore. Ad revenue declined 48% to Rs 717 crore, while circulation revenue was down 33% to Rs 180 crore.
On a QoQ basis, the operating profit zoomed 127% to Rs 41 crore. Operating revenue rose 3% to Rs 297 crore. While circulation revenue registered 4% growth at Rs 48 crore, the ad revenue was marginally down by 1% at Rs 233 crore.
The company noted that the ad revenue scenario in the quarter improved with the decline at only 22%;YoY compared to Q1’21 (-77%), Q2’21 (-52%), and Q3’21 (-38%). It also maintained tight control on paper consumption, pricing and direct costs to protect gross margins; optimized all other spends as well.
The English print business comprising Hindustan Times and Mint reported a 1% decline in ad revenue at Rs 118 crore, while circulation revenue was up 27% at Rs 5 crore. Yearly ad and circulation revenues declined by 56% and 76% to Rs 349 crore and 15 crore respectively.
The company noted that the ad revenue for Q4’21 was near to Q3’21 levels despite festive in the base. Select categories such as E-Commerce, Luxury/Jewellery, Health & Fitness registered YoY growth during the quarter. Subdued advertising revenue from categories like Auto, Retail, BFSI and FMCG for the quarter. The sequential circulation growth continued.
The print Hindi business Hindustan's ad and circulation revenues during the quarter remained flat at Rs 116 crore and Rs 43 crore respectively. On a YoY basis, the ad and circulation revenue fell 37% and 19% to Rs 368 crore and Rs 165 crore respectively.
The Hindi newspaper business saw improvement in Ad volumes across both national & local advertisers in the quarter. Further, the business registered improved Ad volume market share across the company's operating geographies during the year.
Advertising revived in key categories like FMCG, Real Estate and Durables during the quarter. However, categories such as Auto, Education and Retail were muted. The Hindi print segment saw continued pressure on ad yields.
The company reported an operating loss of Rs 61 crore in FY21, compared to an operating profit of Rs 14 crore in the previous fiscal. Operating revenue declined 63% to Rs 74 crore. In Q4, the operating loss and revenue stood at Rs 4 crore and Rs 24 crore respectively.
HT Media noted that there was softness in operating revenue and profit as customer segments of Radio were more adversely impacted by the pandemic. Decline in revenue has been offset by strong cost actions on non-statutory costs.
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