HT Media Q4 FY2018 revenues dip 4% to Rs 561 cr, net profit up at Rs 75 cr
HT Media Group has reported operating revenues of Rs 561 crore in the fourth quarter ended March 31, 2018, registering a dip of 4 per cent compared to Rs 585 crore in Q4 of the previous fiscal.
However, operating EBITDA recorded a 10 per cent growth at Rs 81 crore in Q4 FY2018, as against Rs 73 crore in Q4 FY2017. EBITDA margin stood at 14 per cent this quarter, compared to 12 per cent in Q4 of the previous fiscal.
Profit After Tax (PAT) saw a jump of 194 per cent – from Rs 26 crore in Q4 FY2017 to Rs 75 crore in Q4 of this fiscal.
HT Media’s print business saw strong margin performance even as revenue saw macro headwinds and competitive pressures. Print operating revenues stood at Rs 496 crore in Q4 FY2018, compared to Rs 499 crore in Q4 FY2017. Print ad revenues were up 2 per cent at Rs 417 crore in Q4 FY2018, as against Rs 407 crore in Q4 of the previous fiscal.
However, circulation revenue dipped 9 per cent to Rs 66 crore from Rs 73 crore in Q4 FY2017.
Overall, ad revenue growth still eluded the media group. However, more categories have started firing. Revival in local advertising volumes suggests softening of the GST impact. Newsprint rates remained flat for the quarter. Structural costs savings across expense heads boosted the profit margins.
HT Media’s radio business witnessed revenue growth, coupled with continued margin expansion. Shine revenues continued to be soft, but saw growth in revenue from news websites. Strong sequential growth in Pageviews and Unique users of news websites was seen.
Shobhana Bhartia, Chairperson and Editorial Director, HT Media Ltd and Hindustan Media Ventures Ltd, commented, “The advertising market continues to remain muted, although local advertising has picked up, especially with small and mid-sized businesses getting used to GST. The English print business witnessed double digit top line growth on account of a low base, but the performance of the Hindi business was subdued. Still, the cost rationalisation initiative we undertook last year continues to hold us in good stead and was a significant contributor to higher profitability. Our radio business continued on the growth path with margin expansion. As we enter the next fiscal, the improved macroeconomic environment and the expectation of higher earnings from corporates should result in growth in advertising spends. We expect majority of sectors, especially consumption oriented ones, to grow in line with the expected GDP growth.”