HT Media Q2 Loss Narrows, Revenue Up 7.55% | News

New Delhi, Oct 29 (PTI) HT Media Ltd on Tuesday reported a narrowing down of its consolidated net loss to Rs 6.33 crore for the September quarter.

The company had posted a net loss of Rs 56.95 crore in the year-ago period, according to a regulatory filing from HT Media.

Its revenue from operations was up 7.55 per cent to Rs 423.75 crore in the September quarter from Rs 393.99 crore in the corresponding period last year.

HT Media's total expenses in the September quarter were up 2.44 per cent to Rs 488.67 crore.

Its total income, which includes other income, in the September quarter, was at Rs 479.28 crore, up 12.24 per cent.

Commenting on the result HT Media Chairperson Shobhana Bhartia said, "The second quarter of the current fiscal saw an improvement in the overall performance of your company. Our revenue grew and operating profitability increased."

"This performance can be attributed to our focused efforts on pricing, cost management and efficiency as well as a conducive business environment," she added.

In the September quarter, HT Media's revenue from 'printing & publishing of newspapers and periodicals' was up 3.11 per cent to Rs 334.20 crore.

Its revenue from 'radio broadcast and entertainment' was marginally down to Rs 35.06 crore.

However, revenue from 'digital' was up 53.85 per cent to Rs 55.51 crore.

"The print business posted better numbers on the back of pricing-led advertising growth, which, coupled with our emphasis on operational efficiency resulted in enhanced profitability. While the radio business was flat, the digital business saw considerable upside in revenue on a y-o-y as well as q-o-q basis largely driven by the growth of OTTplay business in which we continue to invest," said Bhartia.

On the outlook, she said in the run-up to the festive season during the ongoing quarter, HT Media aims to boost growth on the back of a pick-up in both retail and commercial market activity.

"Across businesses, we remain committed to enhancing the audience experience, bringing innovative solutions to advertisers and engaging content to customers," she said.

Shares of HT Media Ltd on Tuesday settled at Rs 24.42 on the BSE, down 0.33 per cent from the previous close.