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HT Media profits surge to Rs 57.78 crore

After lowering expenses, HT Media’s net profit has surged to ₹41.55 crore for the quarter ended June 30, 2017. The company had made a net profit of ₹13.92 crore in the same quarter last year. Digital revenue increased to ₹41.82 crore from ₹38.88 crore in the previous quarter. However, digital losses more than doubled, from ₹6.50 crore, to ₹12.11 crore.

On a year-over-year basis, total expenses decreased to ₹570.52 crore, from ₹604.54 crore in the same quarter last year.

“The year has started on a cautious note. While April was promising, macroeconomic concerns and uncertainties around GST adversely affected advertising spends in the latter part of the quarter. The English print business was hit harder than the Hindi print one. But our new businesses continue to do well,” Shobhana Bhartia, the Hindustan Times Group’s chairwoman said in a statement. “We remain optimistic that sentiment and business will both improve in the second half of the year, on the back of lower inflation and an expected cut in the policy rate by RBI (Reserve Bank of India).”

The company’s broadcast & radio business’s revenue fell slightly from the previous quarter, from ₹44.50 crore to ₹43.01 crore. For the same quarter in the previous year, the revenue was ₹33.15 crore.

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