The Delhi-headquartered HT Media, which publishes the English daily Hindustan Times, Hindi Hindustan, and business daily Mint, and operates a host of digital properties and radio stations, reported a flat or no Y-oY growth in revenue in its Q3FY24 results.
In the consolidated financial summary uploaded on its website, HT Media reported a total revenue of Rs 486 crore for the quarter ending December 2023, compared to Rs 488 crore in Q3FY23, which is marginally down Y-o-Y. There is, however, a 14% Q-o-Q growth in revenue over Q2FY24 (Rs 427 crore).
The EBITDA (earnings before interest, taxes, depreciation, and amortization) stood at Rs 29 crore in the quarter ending December 2023, compared to Rs 28 crore in the same quarter last year. EBITDA margins stood at 6% in both years.
The company recorded a loss of Rs 22 crore in Q3FY24, a 29% improvement over Q3FY23 when it recorded a loss of Rs 30 crore and a 57% improvement over Q2FY24 (Rs 50 crore loss).
The company said operating revenue saw an uplift in Q3 versus Q2 given the festive season. However, advertising spends in the festive season was muted when compared to the previous year. EBITDA continues to improve given the softening of newsprint rates and despite higher investment in new business, it said.
The combined Hindi and English print business – Hindustan Times, Mint and Hindi Hindustan – reported Rs 283 crore ad revenue in Q3FY24, nearly the same as Q3FY23 (Rs 284 crore) but a 16% jump over Q2FY24 (Rs 244 crore).
The circulation revenue (combined print business) in Q3FY24 was Rs 58 crore, a slight decline from Q3FY23 (Rs 60 crore) and Q2FY24 (Rs 61 crore). Operating revenue in Q3FY24 stood at Rs 363 crore, a 2% fall from Q3FY23 (Rs 368 crore) but a 12% jump over Q2FY24 (Rs 324 crore).
In the print business, the company recorded a volume-led ad revenue growth in the retail, real estate, auto and FMCG categories.
The group’s flagship English daily Hindustan Times and business newspaper Mint reported Rs 158 crore ad revenue in Q3FY24, a 1% drop over Q3FY23 (Rs 160 crore) but a 20% jump over Q2FY24 (Rs 132 crore).
The circulation revenue of HT and Mint in Q3FY24 was Rs 17 crore, a 14% growth over Q3FY23 (Rs 15 crore) but the same as Q3FY24. The company said circulation revenue growth over last year was led by higher realization per copy.
In contrast, the Hindi Hindustan newspaper recorded ad revenue of Rs 124 core in Q3FY24, which is a 1% growth over Q3FY23 (Rs 123 crore) and an 11% jump over Q2FY24 (Rs 112 crore). Circulation revenue in Q3FY24 stood at Rs 41 crore, 7% down over Q3FY23 (Rs 45 crore) and 6% down over Q2FY24 (Rs 44 crore). The company attributed the decline in circulation revenue to a drop in copies in the last quarter.
Shobhana Bhartia, chairperson of HT Media and Hindustan Media Ventures, said, “With national elections around the corner and the infra push, we believe consumer spending will pick up, and we are hopeful of capitalizing on the same. We remain cognizant of the ongoing global conflict and of sporadic attacks on global supply lines that could impact the overall business environment. Now, as always, we remain committed to our journalistic ethos and to being a singular destination for our audiences for credible and engaging news and entertainment.”
Bhartia said the company saw sequential revenue growth and an increase in profitability across primary verticals. On the back of stronger advertising revenues, the print business, she said, posted sequential growth while margins improved on both y-o-y and q-o-q, with newsprint prices normalizing further.
“Radio saw better traction in the FCT segment, which resulted in sequential revenue and margin improvement. The digital business reported strong revenue growth, although investments in new business impact that vertical’s margins.”
