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HT Media digital revenues at Rs 24.9 Cr for Q2-FY15; Shine revenue growth lowest ever

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Media company HT Media has reported digital revenues of Rs 24.93 crore for the quarter ended September 30, 2014, registering a 40% growth from Rs 17.81 crore in the same quarter last year and a 5.1% growth from Rs 23.72 crore in the previous quarter.

The segment however reported increased losses: Rs 14.7 crore loss for the quarter as against Rs 10.29 crore loss in the same quarter last year and Rs 12.19 crore loss in the previous quarter.

Lowest ever revenue growth for Shine.com

According to the company presentation, HT Media’s job portal business Shine.com has registered a 28% year-on-year (YoY) revenue growth for the quarter, its lowest ever revenue growth since HT Media started disclosing Shine’s revenue growth in Q1-FY13. Note that HT Media only discloses Shine’s revenue growth on a yearly basis for each quarter and has never disclosed Shine’s exact revenues.

In the corresponding quarter last year, HT Media had mentioned that Shine.com had registered a 78% YoY growth whereas it had witnessed a 41% YoY growth in the previous quarter. In fact, Shine’s revenue growth has always been above 50% excluding Q3-FY13 where it had reported a revenue growth of 30% YoY.

Shine revenue growth

On the other hand, HT Media’s mobile marketing venture HT Mobile has registered a 54% revenue growth for the quarter, same as previous quarter.

Digital contributes only 4.45% of HT Media’s revenues

It’s also worth noting that digital revenues accounted for just 4.45% of HT Media’s operational income that was at Rs 560.88 crore for the quarter. The company’s newspaper & periodicals printing business still contributes a majority of its revenues, accounting for 91.1% of HT Media’s operational income for the quarter.

Financials

Total revenue up 0.5% to Rs 594.8 crore from Rs 591.6 crore in the same quarter last year.
Profit After Tax (PAT) declined by 18% to Rs 52.6 crore from Rs 63.9 crore in Q2-FY14.
Print Advertising revenue: 9% increase to Rs 420 crore from Rs 386.8 crore in Q2-FY14 due to increase in advertising volume & yields.
Print Circulation revenue: 12% increase to Rs 71.7 crore from Rs 64.2 crore in Q2-FY14 due to increase in circulation & net realization per copy.
Other Income: 40% dip to Rs 33.9 crore from Rs 57 crore in Q2-FY14 due to higher base effect of Burda stake sale worth Rs 38.2 crore and HMVL (Hindustan Media Ventures Ltd) stake sale worth Rs 8.6 crore that happened last year.
Radio Business: Revenue grew by 10% to Rs 24.4 crore from Rs 22.2 crore in Q2-FY14. EBITDA up 35% to Rs 7.4 crore for the quarter, from Rs 5.4 crore in the same quarter last year while the EBITDA margin improved to 30% from 25% in the same quarter last year.
EBITDA dipped by 13% to Rs 106 crore from Rs 121.3 crore in Q2-FY14, primarily due to higher base effect of Burda stake sale and HMVL stake sale.
– Raw materials costs increased by 13% to Rs 189.4 crore from Rs 167.8 crore in Q2-FY14.
– Employee costs increased by 9% to Rs 116 crore from Rs 106.5 crore in Q2-FY14 due to new appointments, increments to existing employees and a charge for regulatory compliance.
– HT Media has a net cash of Rs 1,039.2 crore at the end of the quarter.

DownloadFinancials | Presentation

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