Media and newspaper company HT Media reported net profits of Rs 106.36 crore despite a decline in advertising revenue for the quarter ended December 2016 (Q3 FY17). Digital revenues also declined marginally to Rs 37.1 crore from Rs 38.2 crore in the same quarter last year. On a sequential basis, digital revenues held steady from Rs 37.3 crore in the last quarter.

The digital segment’s losses stood at Rs 6.34 crore improving from Rs 10.72 crore in the same quarter last year and from Rs 12.86 crore from the preceding quarter. The share of digital in HT Media’s revenues has been increasing steadily. The digital segment accounted for 5.3% of the company’s total operational revenues. This was 5.64% of operational revenues in the preceding quarter.

Net profit was up 24.8% to Rs 106.36 crore from Rs 85.23 crore in the same quarter last year and 107.7% from Rs 51.2 crore in the preceding quarter. According to the company this was due to “higher EBITDA and lower tax expense being partially offset by higher amortization and interest costs for new radio stations”. Advertising revenue fell 5.7% to Rs 511.4 crore from Rs 542.1 crore in the same quarter last year.

Print and publishing continued to be the dominant contributor and accounted for 80% of the company’s total revenues. HT Media owns the newspapers Hindustan Times and Mint, and their corresponding websites, as well as job portal Shine.com.

Shine.com and mobile growth

According to the company’s presentation, HT Media’s online job portal Shine.com has registered a year-on-year (YoY) revenue growth of around 29% in Q3FY17 compared to Q3FY16. Revenues of HT Mobile solutions, the company’s mobile marketing venture, however declined by 39% for the quarter compared to the same quarter last year.

Financials

– Total revenue down 0.7% to Rs 704.8 crore from Rs 709.5 crore in the same quarter last year.

– Profit After Tax (PAT) grew 24.8% to Rs 106.4 crore.

– Radio Business: 39.4% increase in revenue to Rs 44.9 crore in Q3FY17 from Rs 32.3 crore in Q3 last year.

– Radio EBITDA was at Rs 13.2 crore.

Download: Financials | Presentation