HT Media’s digital revenue stood at ₹21.28 crore for the quarter ended September 30, 2020, reflecting a 2.4% YoY increase and a 6.9% QoQ increase. However, the segment practically broke even, with losses amounting to just ₹14,000 in the quarter, compared to ₹3.94 crore in the same quarter last year. Losses have also fallen dramatically month-on-month from ₹3.8 crore in the previous quarter. The financial results were disclosed on November 27.
The company’s consolidated operational revenues fell 48.8% YoY to ₹260.7 crore in the quarter.
On July 28, HT Media acquired 100% stake in Mosaic Media Ventures Pvt. Ltd., which operates VCCirle.
HT Media disclosed that it received a whistleblower complaint in August 2020 from an employee of the radio business on his last working day, alleging deficiencies in reporting processes of the group’s radio business. An “in-depth comprehensive review” carried out by two outside accounting firms revealed “deficiencies and lapses” during 2017-21 in order to show higher revenues, among other things.
The company said that after further investigation, “the investigating team and the management concluded” that the findings “were confined to a stream of revenue (‘pure money’) of radio business” and did not reveal any profiteering or embezzlement.
- Operational Revenue: ₹260.74 crore, down by 48.8% YoY and up 56.4% QoQ
- Total income: ₹302.41 crore, down by 46.8% YoY, and up by 26.7% QoQ
- Profit/Loss: Loss of ₹40.15 crore, up by 70% YoY (from loss of ₹24 in Q2FY20), but an improvement of 23.4% QoQ (from loss of ₹52 crore in Q1FY21)