HT Media Ltd, publisher of Hindustan Times, said on Friday it registered a 656 per cent jump in net profit to Rs 24 crore in its fourth quarter ending March 2007 against Rs 3.17 crore in the corresponding period of last year, as it envisaged further growth on the back of new initiatives.
During the period, its revenues increased by 24 per cent to Rs 284.1 crore, from Rs 229.1 crore in the same period of last year. Earning before interest, depreciation, tax and amortization (EBIDTA) was up 28 per cent at Rs 50.9 crore.
For the full financial year 2006-07, the company reported a 209 per cent jump in net profit to Rs 115 crore from Rs 37.27 crore in the previous year. Its revenues increased by 28 per cent to Rs 1,079.6 crore from Rs 841.4 crore in the previous year. On an annual basis, EBIDTA registered a growth of 69 per cent to Rs 230.7 crore.
The performance for the year includes Rs 19.3 crore in expenses incurred on new initiatives such as the launch of its colour supplement Café and Mint, a financial newspaper in collaboration with the Wall Street Journal. The paper has become the number two position in Delhi and Mumbai viewed as a combined market.
Commenting on the performance, Mrs Sobhana Bhartia, Vice Chairperson and Editorial Director, HT Media said, "The state of our business can be described as healthy and growing. While our current operations are doing well and delivering results that exceed our expectation, our investments in new initiatives will ensure that we maintain our growth going forward."
"The launch of Mint and HT Café in Mumbai and launch of new Hindi editions in northern region are showing signs of success. Our endeavour to maintain momentum on new initiatives will continue as we build a strong growth in the future," she said in a statement.
The Mumbai edition of Hindustan Times was restaged in January 2007 with the introduction of new supplements.
During the last quarter of 2006-07, the company launched its Fever 104 FM radio station in Mumbai and Bangalore, while in Delhi it was launched earlier in the last financial year.