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HT Media Reports Internet Revenues Of Rs. 56.10M For FY10; Losses Reduce

Media company HT Media Ltd has reported Internet revenues of just Rs. 56.10 million for the year ended March 31st, 2010, up from Rs. 10.2 million reported during the previous fiscal. However, note that this only represents Firefly eVentures, which includes the jobs classifieds portal Shine.com and social networking website DesiMartini.com, and not the websites for HT Media’s newspapers – Hindustantimes.com, Livemint.com and LiveHindustan.com, the HT Media Investor Relations team has clarified to MediaNama. Shine.com crossed the 4 million registrations mark during the year, and according to the company, has started gaining revenue traction, and is India’s “fourth largest career site”.

What’s remarkable and unusual about HT Media’s Internet revenues is that half the revenues have been realized in the last quarter of the fiscal itself: HT Media reported segment revenues of Rs. 28.6 million for Q4. We know from Info Edge earnings calls that recruiters typically tend to exhaust their job portal budgets in the final quarter of the year, buying for the whole year in one go, but we’ll still try and get more clarity on this from HT during their conference call tomorrow.

Losses reported from the Internet segment reduced almost 26 percent for FY10, down to Rs. 377.9 million from Rs. 509.5 million for the previous fiscal. During the quarter, HT Media invested Rs. 80 million in compulsority convertible debentures of HT Digital Media Holdings, the holding company for FireFly eVentures and HT Mobile Ltd, its JV with Velti PLC.

HT Media Results

For HT Media, the net consolidated revenue rose 12% year on year to Rs. 3,851 million from Rs. 3,424 million on due to higher revenue (net Rs. 372 million) from the print segment on account of 8% increase in advertising revenue due to higher rates and volumes and 5% growth in circulation revenue. Revenue from Radio increased by as much as 77% at Rs. 135 million from Rs. 76 million primarily due to an increase in advertising. The overall consolidated EBITDA margin improved from 9% at Rs. 305 million last year to 25% at Rs. 974 million. Net Income margin increased from 2% last year to 12% on account of reduction in financial expenses resulting from reduced borrowings in addition to the factors contributing to improvement in EBITDA. EPS for the quarter increased to Rs. 2.04 from Rs. 0.32 last year.

For the full year, HT Media reported net consolidated revenues of Rs. 14,379 milion, up 6 percent from Rs. 13,591 million. Net revenue from the print segment grew by Rs. 586 million due to a 20% growth in circulation revenue at Rs. 1,833 million from Rs. 1,531 million, and 1% increase in advertising revenue at Rs. 11,439 million from Rs. 11,299 million. Revenues from Radio for the full year grew by 52%, to Rs. 431 million from Rs. 283 million. The radio business has turned EBITDA positive. Overall consolidated EBITDA margins were at 20% at Rs. 2,963 million, from 9% at Rs. 1,209 million last year. Profits grew substantially, to Rs. 1,359 million from Rs. 9 million last year. Note that last year, HT had paid out significant consultancy charges for strategic plans for new areas of business.

For the year, EPS has increased from Rs. 0.04 to Rs. 5.78, and a dividend of 18 percent (Rs. 0.36 on shares of face value of Rs. 2) has been declared.

HT has filed the Draft Red Herring Prospectus for Hindustan Media Ventures Ltd (HMVL), its Hindi business.


HT Media Net Profit Doubles, Demerges Hindi Biz, Metro Now Shut

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