HT Media Q1 Results: Net loss narrows to Rs 41.80 crore

New Delhi: HT Media Ltd on Friday said its consolidated net loss narrowed to Rs 41.80 crore for the first quarter ended June 30. The company had posted a net loss of Rs 75.05 crore in the April-June quarter of the previous fiscal, HT Media said in a regulatory filing.

Its revenue from operations rose 72.5 per cent to Rs 420.09 crore during the quarter under review against Rs 243.53 crore in the corresponding period of the previous fiscal.

HT Media's total expenses increased 33.65 per cent to Rs 496.78 crore in Q1 FY2022-23 compared to Rs 371.69 crore.

HT Media Chairperson and Editorial Director Shobhana Bhartia said the first quarter of FY 2022-23 began on a positive note with a strong performance in the previous fiscal year, with overall business performance and the larger economic and business environment seeing considerable improvement, especially in the latter half of the fiscal.

"But, it also began amidst indications of headwinds in terms of escalating material input costs owing to geopolitical tensions and protracted global conflicts," she said.

HT Media's revenue from 'Printing & publishing of newspapers and periodicals' was surged 71.51 per cent year-on-year to Rs 347.65 crore in Q1 FY2022-23.

Its revenue from 'Radio broadcast and entertainment' rose two-fold to Rs 33.36 crore and 'Digital' was at Rs 38.76 crore, up 33.47 per cent.

"Our Print business saw significant pricing pressure as material prices continued to remain at elevated levels even as a rise in general inflation impacted the overall cost of doing business. Advertising revenue across Print & Radio and circulation revenues remained healthy," she said.

On the outlook, Bhartia said: "In the near team, we expect market sentiment and growth to remain a bit subdued, but are hopeful of a resurgence in the mid to long term. Despite external macro headwinds, we remain committed to our journalism and to serving all our customers and stakeholders".

Share of HT Media Ltd on Friday settled at Rs 20.70 on BSE, down 3.04 per cent from the previous close.