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HT Media Q4 net profit rises by 194% to Rs 74 crore, drop in revenue

03-May-2018
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HT Media Q4 net profit rises by 194% to Rs 74 crore, drop in revenue

HT Media Ltd, the publisher of the Hindustan Times and Mint newspapers, reported a significant rise in its consolidated net profit at Rs 75.04 crore for the quarter ended 31 March. For the same period in the previous year it was Rs 25.55 crore.

“The English print business witnessed double digit top line growth on account of a low base, but the performance of the Hindi business was subdued. Still, the cost rationalisation initiative we undertook last year continues to hold us in a good stead and was a significant contributor to higher profitability,” said Shobhana Bhartia, Chairperson and Editorial Director, HT Media Ltd and Hindustan Media Ventures Ltd.

HT Media Ltd also reported 81% rise in profits for the full fiscal year 2017-18, the profit rose to Rs 307.17 crore as compared to Rs 170.25 crore in the 2016-17. The company also reported a drop in its annual revenue, however, it saw a 1.8% rise in the revenue for Q4 rising 634.14 crore to Rs 645.51 crore.

“Our radio business continued on the growth path with margin expansion,” Bhartia said.
The company which also owns two radio stations including Fever 104 and Radio Nasha, showed a profit from radio broadcast and entertainment almost tripled from Rs 5.95 crore to Rs 18.95 crore.

“The advertising market continues to remain muted, although local advertising has picked up, especially with small and mid-sized businesses getting used to GST,” she added.

Hindustan Media Ventures Ltd (HMVL), the publisher of Hindi daily Hindustan, also reported a 13.2% fall in its profit in the three months ended 31 March. It also showed an 11.6% drop in net profit, for the full fiscal year, to Rs 171.22 crore, with 5.6% decrease in revenue i.e. Rs 880.10 crore.

Tags HT Media Shobhna Bhartia financial statement Hindustan Times Mint Hindustan Media Ventures Ltd Hindustan (Hindi)

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