HT Media’s has reported revenues of Rs. 2.71 crore for its Internet business Firefly eVentures, which operates the jobs classifieds site Shine.com, education portal HT Campus and social networking portal DesiMartini.com. Quarter on quarter, revenues for the segment are up 35.5%, and 179.38% on a year on year basis, albeit small in comparison with its peers, and on a low revenue base. The Internet business remains a loss making one for HT Media: losses were up to Rs. 9.44 crore for the quarter, up 8% from Rs. 9.97 crore sequentially, but down 5.32% from Rs. 9.97 crore reported for the same quarter last year. Note that this doesn’t include revenues for news websites that are associated with HT Media publications – Livemint.com and Hindustantimes.com
The company does say that its job portal Shine is gaining revenue traction (which would explain the revenue growth), and that “new registrations close to the run rate of industry peers”. If they’re referring to Naukri.com (the only co which publishes this information quarterly), then that is around 13000 new registrations per day. No details on the Velti partnership, yet agan; just an everything-is-hunky-dory statement, that the JV “continues to gain momentum with increase in mobile ad campaigns.” So it’s not remarkable enough to be, well, remarkable.
During the quarter, HT Media invested Rs. 8.5 crore in HT Digital Media Holdings Ltd in compulsory convertible debentures. HT Digital Media is the holding company of Firefly E-Ventures and HT Mobile (a 65:35 joint venture with mobile marketing firm Velti Plc). Last quarter, it had invested Rs. 8 crore in the same entity.
On the investment front, HT Media is no longer separately provision for impairment related to its “Partnership for Growth” private treaty business, saying that this is now being considered a part of operational expenses. I guess it was raising too many questions – questions were being asked about it almost every quarter.