HT Media posts strong results, Q3 net profit rises 25% to Rs. 67 cr
HT Correspondent, Hindustan Times
New Delhi, February 13, 2014
First Published: 00:02 IST(13/2/2014)
Last Updated: 15:10 IST(13/2/2014)
HT Media recorded a 25% growth in net profit to Rs. 67 crore during the third quarter-ending December 31, 2013, riding on a robust performance in printing and publishing of newspapers and periodicals, digital and radio business and HT Mumbai achieving an operational break even.
HT Media’s net profit was Rs. 53.6 crore during the same period last financial year.
Total revenues were up 8% at Rs. 617 crore during the quarter from Rs. 570.9 crore in the same period of the previous year.
Shobhana Bhartia, Chairperson and Editorial Director, HT Media, said, "We are glad to report a healthy growth in revenue and profit this quarter. We have achieved our highest top line and EBITDA this quarter, despite continued uncertainty in the macroeconomic environment."
The advertising yield and revenues growth helped print segment to register 9% increase in revenues to touch Rs. 451.6 crore from Rs. 414.9 crore. The circulation revenues of print segment grew by 18% at Rs. 66.5 crore from Rs. 56.5 crore.
Radio Business enhanced its performance with a 25% increase in revenues at Rs. 26.7 crore from Rs. 21.4 crore in third quarter ending December 31, 2013. HT Mumbai consolidated its number two position with a total revenue growth of 27% during the period.
Digital segment registered an impressive 42% jump in revenue at Rs. 19.5 crore over Rs. 13.8 crore during the same period last year. The company’s fastest growing recruitment portal Shine.com grew by 65% in the third quarter of 2013-14 over the same period in the previous year.