HT Media Ltd. reported a consolidated total income of Rs 665 crore in the quarter ended December 31, 2018 (Q3FY19). This is slightly lower than the total income of Rs 681 crore reported in the corresponding quarter last year, and 17% higher than from Rs 566 crore reported in the preceding quarter (Q2FY19).
- Expenses: The company’s total expenses increased 20% YoY to Rs 638 crore in this quarter from Rs 533 crore in the same quarter last year. The expenses is also higher by 7.7% over the preceding quarter when it was Rs 592 crore.
- Profit: Profit for the period stood at Rs 43 crore, a third of the profit it recorded in the same quarter last year – Rs 137 crore. Last quarter, the company recorded a loss of Rs 39 crore.
Digital business
HT Media’s reported digital revenue of Rs 17 crore, 14% higher YoY from Rs 15 crore in the same quarter last year. Even last quarter, the digital revenue stood at Rs 15 crore. However, the segment suffered losses of Rs 4.3 crore, although it halved losses from Rs 8.7 crore in the same quarter last year, and reduced loss by 21% over the preceding quarter from Rs 5.5 crore.
The print business contributed most of the revenue: Print brought in Rs 514 crore out of the total net revenue from continuing operations of Rs 588 crore, which 87%. However, radio broadcasting raked in the largest chunk of the profit at Rs 13 crore.
Demerger of subsidiary
The company sought the consent of its secured and unsecured creditors, and shareholders to carry out the demerger of its wholly-owned subsidiary Digicontent Ltd from the HT Media. The company is seeking to demerge the entertainment and digital innovation of Digicontent Ltd., (which includes Fever Audio Tools, Desimartini, in-store music and ads, brand promotion activities, copyright images repository) from the main company. The profit from this demerger amounts to Rs 9 crore, which has not been considered in the consolidated result.
Download: Financials
