Q1 FY 2020: HT Media posts 3% increase in revenue at Rs 588 crore
Advertising revenue for the print business continues to be under stress with a higher impact on English papers, the company said
HT Media and Hindustan Media Ventures Limited have declared their Q1 FY 2020 results. The Consolidated Total Revenue stood at Rs 588 crore, which is an increase of 3% compared to the last year.
EBITDA (Earnings before interest, tax, depreciation and amortization) for the same period is at Rs 89 crore, which is 42% higher than Rs 63 crore in Q1 FY 2019.
PAT for the first quarter has come at Rs 28 crore, versus Rs 5 crore in the same period last year.
Coming to ad revenues from the Print section, it has seen a decline of 9% with total revenues for the first quarter coming at Rs 362 crore as against Rs 399 crore in the same period last year.
Talking about the results, Shobhana Bhartia, Chairperson and Editorial Director, HT Media Ltd and Hindustan Media Ventures Ltd said, "The results of the Indian Readership Survey (Q1 2019) have reinforced the leading position of Hindustan Times, Hindustan and Mint, in their respective markets.
“Advertising revenue for the print business continues to be under stress with a higher impact on our English papers. However, the company saw a positive impact due to the softening of newsprint prices which led to growth in operating profit and improvement in profitability,” she said further.
“The radio business continues to do well with good growth in the top line; it should report stronger numbers once synergies with the newly acquired business kick in.
The outlook for advertising revenue for the next few quarters is dependent on a resurgence in the economy and growth in corporate earnings. With the likelihood of revenue pressure continuing in the short-term, our focus remains on costs, operating efficiencies and new initiatives to manage the challenging environment."
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