HT Media Q3 Net Loss Narrows to Rs 21.50 cr - Business News
Jan 19, 2024 22:26
HT Media's net loss narrowed to Rs 21.50 crore in the December quarter, with revenue from operations marginally up. Read more about the company's financial performance.
New Delhi, Jan 19 (PTI) HT Media Ltd on Friday said its consolidated net loss narrowed to Rs 21.50 crore for the third quarter ended December 2023.
The company had posted a net loss of Rs 30.19 crore in the October-December quarter of the previous fiscal, according to a regulatory filing from HT Media.
Its revenue from operations was marginally up at Rs 442.90 crore in the December quarter. It was Rs 440.36 crore in the corresponding period of the previous fiscal.
HT Media's total expenses in the December quarter declined 2.02 per cent to Rs 507.90 crore.
Its total income in the December quarter was almost flat at Rs 486.40 crore.
Commenting over the result, HT Media Chairperson Shobhana Bhartia said the company saw sequential revenue growth and an increase in profitability across all primary verticals.
In the December quarter, HT Media's revenue from 'Printing & publishing of newspapers and periodicals' was down 1.53 per cent at Rs 362.55 crore.
Its revenue from Radio broadcast and entertainment vertical fell 4.4 per cent to Rs 39.74 crore.
However, revenue from the 'Digital' segment surged 34.03 per cent to Rs 38.91 crore.
"On the back of stronger advertising revenues, our Print business posted a sequential growth while margins improved on both year-on-year and quarter-on-quarter, with newsprint prices normalising further.
"Radio saw better traction in the FCT segment, which resulted in sequential revenue and margin improvement. The digital business reported strong revenue growth, although investments in new business impact that vertical's margins," Bhartia said.
On the outlook, she said as the national elections are around the corner and along with infra push, consumer spending will pick up and is hopeful of capitalising on the same.
However, "we remain cognizant of the ongoing global conflict and of sporadic attacks on global supply lines that could impact the overall business environment," she said.
Shares of HT Media Ltd on Friday settled at Rs 30.12 on BSE, down 1.25 per cent from the previous close.
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