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Media company HT Media has reported digital revenues of Rs 23.72 crore for the quarter ended June 30, 2014, registering a 39.1% growth from Rs 17.05 crore in the same quarter last year and a 8.7% growth from Rs 21.82 crore in the previous quarter.

The segment continues to report losses, athough there is some improvement: Rs 12.19 crore loss for the quarter as compared to Rs 17.04 crore loss in the same quarter last year. On the sequential basis, the losses however increased from Rs 7.58 crore in Q4-FY14.

According to the company presentation, HT Media’s job portal business Shine.com has registered a 41% year-on-year revenue growth for the quarter while its mobile marketing venture HT Mobile has registered a 54% revenue growth for the quarter. The company however hasn’t disclosed the exact revenues of these ventures.

The contribution of digital revenues to the company’s overall revenues is still quite small, although it is improving: It contributed for only 4.05% of the company’s overall revenues for the quarter. In comparison, the segment contributed for 3% of the company’s revenues in Q1-FY14 and 3.72% in the previous quarter.

Investments

During the quarter, HT Media made two investments in its subsidiaries. These include:

– Rs 6 crore in equity shares of Ivy Talent India. Note that Ivy Talent India had signedshare subscription agreement to acquire up to 40% stake in MyParichay over the next three years, in February last year.

– Rs 7.65 crore in equity shares of India Education Services Private Limited, a joint venture between HT Media Ltd and Apollo Global.

Other Significant Details

– Readership of Hindustan Times stood at 4.34 million as per the recent IRS results, up from 3.82 million in Q4 2012. However, do note that many key publishers had recently contested the IRS results.
– Readership of Hindustan was at 14.25 million as per the IRS, up from 12.25 million YoY.
– Mint readership was at 0.31 million as per the IRS, up from 0.22 million YoY.

Financials

Total revenue up 3% to Rs 585.9 crore from Rs 568.5 crore in the same quarter last year.
Profit After Tax (PAT) declined by 31% to Rs 32.7 crore from Rs 47.5 crore in Q1-FY14.
Print Advertising revenue: 3% increase to Rs 421.4 crore from Rs 409.5 crore in Q1-FY14 due to increase in advertising yields.
Print Circulation revenue: 13% increase to Rs 68.6 crore from Rs 60.8 crore in Q1-FY14 due to increase in realization per copy.
Radio Business: 12% increase to Rs 24 crore from Rs 21.4 crore in Q1-FY14. EBITDA up 79% to Rs 9.3 crore for the quarter and the EBITDA margin improved to 39% from 24% in the same quarter last year.
EBITDA dips by 4% to Rs 101.4 crore from Rs 105.5 crore in Q1-FY13. This was due to an increase in raw materials cost and employee costs.
– Raw materials costs increased by 8% to Rs 185.7 crore from Rs 171.5 crore in Q1-FY14, due to increase in newsprint price.
– Employee costs increased by 19% to Rs 125.2 crore from Rs 105.5 crore in Q1-FY14 due to new appointments, increments to existing employees and a charge for regulatory compliance.
– HT Media has a net cash of Rs 968.3 crore at the end of the quarter.

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