Hindustan Media Ventures Ltd (HMVL), the publisher of Hindustan, one of India's leading Hindi language dailies, has posted a 92% year-on-year growth in net profits for the third quarter-ending December to Rs 20.8 crore against Rs 10.8 crore during the same period of the previous year.
Total income of the company grew 16% to Rs 168.5 crore from Rs 145.8 crore, driven by 15% increase in advertising revenues to Rs 118.2 crore from Rs 102.4 crore, primarily due to increase in advertising volumes.
Circulation revenues increased 15% to Rs 39 crore from Rs 33.8 crore due to higher circulation and improvement in realisation per copy.
"We are pleased to report a strong performance this quarter with strong growth in revenue and significant improvement in profitability. This is the result of improved traction in advertising revenues across markets, combined with a strong focus on reducing costs," said Shobhana Bhartia, chairperson, HMVL.
HMVL's business outlook continues to look strong on the back of continuous readership growth to be fuelled by strengthening brand and leveraging opportunities, a company statement said.
Advertising yields have improved on the back of continuing readership growth and the company is capable of funding its expansion because of a strong balance sheet.