HT Media reports consolidated revenue of Rs 448 crore in Q2 FY23
Company’s total revenue was up 2% on a y-o-y basis, led by growth in print and radio businesses
HT Media’s total revenue for the quarter that ended September 30, 2022 stood at Rs 448 crore, up 2% on a y-o-y basis, against Rs 440 crore in the same quarter last year. In a financial statement, the company said the revenue growth was led by growth in print and radio businesses.
The company’s reported net loss for the quarter Rs 167.75 crore against profit of Rs 29.91 crore in the same quarter last year.
The ad revenue for the print business was up by 9% to Rs 269 crore as compared to Rs 247 crore in the same quarter last year. While circulation revenue was up by 21% to Rs 61 crore against Rs 50 crore.
“Ad revenue improved on y-o-y and on a sequential basis, led by growth in volume for both English and Hindi. While, circulation revenue too reported growth led by increase in realisation per copy for both English and Hindi,” said the company.
Radio’s operating revenue saw a growth of 36% to Rs 33 crore against Rs 24 crore in Q2 FY22. Operating EBITDA showed considerable improvement over the same quarter last year and consistently reported operating profit over the last few quarters.
The company’s digital operating revenue witnessed de-growth of 4% to Rs 32 crore against Rs 33 crore in Q2 FY22. “Digital revenue impacted this quarter and therefore EBITDA at a marginal loss.”
Shobhana Bhartia, Chairperson and Editorial Director, HT Media Ltd. & Hindustan Media Ventures, said, “The second quarter of the current fiscal saw a fairly conducive business environment. However, inflationary pressures continued in the form of elevated input costs, arising largely from geopolitical factors.”
She further added, “Our print business continues to show revenue growth on the back of an increase in both advertising and circulation revenue. Our Radio business is recovering gradually and is showing a substantial topline growth on a y-o-y basis. However, profitability of the Print business was significantly impacted by elevated newsprint rates. We are seeing signs of pressure easing on this front, although the benefit of this will flow only in later quarters. In the near term, the festive season provides further growth opportunities across business verticals as retail and commercial activity picks up in the ongoing quarter. Amidst considerable global economic and geopolitical churn, our endeavor remains the same – to be a source of credible news, and engaging content for our growing audience base.”
