HT Media reports ₹51.36 crore profit in Q4

HT Media Ltd, the publisher of Mint and Hindustan Times newspapers, swung to a  ₹51.36 crore profit in the quarter ended 31 March from a loss of  ₹31 lakh a year earlier.

Revenue from operations in the fourth quarter stood at ₹513.57 crore compared with ₹464.41 crore in the same period a year ago, HT Media said in a regulatory filing on Tuesday.

Total expenses in the quarter stood at ₹527.47 crore against ₹513.41 crore in the corresponding period a year ago.

The company posted a consolidated net profit of ₹14.2 crore for the fiscal ended 31 March compared with a consolidated net loss of ₹91.38 crore in the previous year, according to the filing.

The printing and publishing of newspapers and periodicals segment reported revenue of ₹373.29 crore in the fourth quarter as against ₹375.97 crore in the year-ago period, while the radio broadcast and entertainment earned ₹81.98 crore, up from ₹47.57 crore in the corresponding period last year.

Subsidiaries under parent company HT Media Ltd include Hindustan Media Ventures Ltd, HT Music and Entertainment Company Ltd, Next Mediaworks Ltd, Next Radio Ltd, Mosaic Media Ventures Pvt. Ltd, HT Overseas Pte. Ltd and  HT Noida (Company) Ltd, according to the filing.

“In the last financial year, the company saw consistent growth in terms of both revenue and profitability in most quarters, indicating a broad-based upswing, especially in the latter half of the year. The improvement can be attributed to conscious efforts aimed at growing the business, incrementally higher pricing, a dip in prices of key commodities and cost rationalization,” Shobhana Bhartia, chairperson and editorial director, HT Media and Hindustan Media Ventures, said in a note to shareholders.

Treating the just-ended financial year as a springboard, the company is looking to keep the momentum going in the digital business, build on the gains made last year in the print business, and streamline the radio business, she added.

“The annual festive season saw increased spending by consumers, and this, along with elections in some states, provided a conducive environment to growth in the second half of the year. In terms of annual consolidated performance, total revenue as well as profitability saw a marked improvement. Our print business revenue remained stable even as it saw a considerable rise in profitability. Our radio business grew revenues on the back of a focus on on-ground events, although its margins remain under continued pressure. The digital business, led by OTTPlay, once again posted strong revenue traction, and also saw incremental improvement in margins on account of better cost control,” she added.