HMVL net profit increases 17% to ₹48.7 crore

NEW DELHI: Hindustan Media Ventures Ltd (HMVL), publisher of the Hindi daily Hindustan, on Thursday reported a 16.9% increase in profits in the April-June quarter

NEW DELHI: Hindustan Media Ventures Ltd (HMVL), publisher of the Hindi daily Hindustan, on Thursday reported a 16.9% increase in profits in the April-June quarter as it benefited from higher advertising and circulation revenues.

HT Image

The company’s net profit rose to ₹48.7 crore from ₹41.7 crore in the year-ago period even as an improvement in EBITDA got partially off-set by rise in interest and tax expense, HMVL, a unit of HT Media Ltd, said. Total revenue increased by 10.1% to ₹259.3 crore. Advertising revenue rose by 6.7% to ₹177.7 crore and circulation revenue by 5.5% to ₹56.3 crore.

“The company’s profitability continues to improve despite a soft start to the year on account of macroeconomic concerns which were reflected in moderate spends by large advertisers,” said Shobhana Bhartia, chairperson, HMVL. “We also continue to strengthen our presence in Uttar Pradesh and Uttarakhand, while actively consolidating our dominant position in Bihar and Jharkhand.”