HT Media turns red with Rs 167.75 crore loss in Q2; revenue rises 10.6% YoY to Rs 409 crore

HT Media Ltd on Monday reported a consolidated net loss of Rs 167.75 crore for the second quarter of the current financial year. The company had posted a net profit of Rs 29.91 crore during the July-September quarter of the previous fiscal, HT Media said in a regulatory filing.

However, its revenue from operations rose 10.66 per cent to Rs 409.25 crore during the quarter under review against Rs 369.82 crore in the corresponding period of the previous fiscal.

HT Media's total expenses in the September quarter were at Rs 514.21 crore, up 26.62 per cent.

HT Media Chairperson and Editorial Director Shobhana Bhartia 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."

HT Media's revenue from 'printing & publishing of newspapers and periodicals' was at Rs 343.96 crore, up 9.90 per cent year-on-year as against Rs 312.97 crore of the corresponding quarter.

Its revenue from 'radio broadcast and entertainment' rose 35.85 per cent to Rs 3,274 crore in the September quarter.

"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 top line growth on a y-o-y basis," she said.

However, the profitability of the print business was significantly impacted by elevated newsprint rates, Bhartia added.

"We are seeing signs of pressure easing on this front, although the benefit of this will flow only in a later quarter," she added.

HT Media's revenue from 'digital' was down 4.07 per cent to Rs 31.80 crore in the July-September quarter of FY23.

On the outlook, Bhartia said: "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."

Shares of HT Media Ltd on Monday closed at Rs 21.30, down 6.58 per cent from the previous close.