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Q2-2014 HT Media PAT up due to subsidiary stake sale: Radio Business PBIT up 28%

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BENGALURU: Despite slightly lower consolidated income from operations in Q2-2014 at Rs 534.65 crore, as compared to the Rs 540.93 crore in Q1-2014, Indian media group HT Media Limited (HT Media) reported a 22.5 per cent jump in PAT for Q2-2014 at Rs 58.18 crore (after minority interest) as compared to the Rs 47.49 crore in Q1-2014 and 75 per cent higher than the Rs 33.31 crore for Q2-2013. HT Media had reported group consolidated income from operations of Rs 510.87 crore for Q2-2013.

Excluding the Rs 38.21 crore from the proceeds of the sale of HT Media?s stake in HT Burda, PAT for Q2-2014 would be lower than the PAT for the immediate preceding quarter or the corresponding quarter of last year.

Note: An amount of Rs 38.21 crore representing the difference between (i) the net proceeds of HT Media?s sale of equity shares held in a subsidiary company HT Burda amounting to Rs 59.91 crore and (ii) the carrying amount of assets of HT Burda less liabilities in the consolidated financial statement amounting to Rs 21.7 crore has been recognised as other income in the company?s financial statement.

HT Media?s Fever 104 FM has four radio stations in Mumbai, Bangalore, Kolkata and Delhi. Its Radio, Broadcast and Entertainment segment?s PBIT at Rs 4.69 crore for Q2-2014 was 27.8 per cent more than the Rs 3.67crore for Q1-2014 and almost double (1.97 times) the Rs 2.38 crore PBIT for Q1-2013.

The company claims that its advertising revenue from Printing of Newspapers and Periodicals ? segment increased to Rs 386.8 crore for Q2-2014 from Rs 364 crore in Q2-2013, primarily driven by increase in advertising yields and volumes. It also claims a 14 per cent increase in circulation revenue of print segment to Rs 64.2 crore in Q2-2014 from Rs 56.3 crore during the corresponding period last year, driven by increase in realisation per copy.

Let us look at the other Q2-2014 figures reported by HT Media

HT Media?s total income for Q2-2014 at Rs 591.6 crore was 11 per cent more than the Rs 535.25 crore for Q2-2013 and 4.1 per cent more than the Rs 568.49 crore for Q1-2014, mainly on account of higher other income due to HT Media?s sale of its stake in a subsidiary company HT Burda in the current quarter.

Other Income at Rs 56.95 crore for Q2-2014 was more than double (2.34 times more) the Rs 24.38 crore in Q2-2013 and also more than double (2.1 times more) the Rs 27.56 crore for Q1-2014. However, once the proceeds of HT Media?s sale of its stake in its subsidiary HT Burda of Rs 38.21 crore is excluded, Q2-2014 other income would be lower than the other income for Q1-2014 or Q2-2013.

HT Media?s total expense for Q2-2014 at Rs 492.61 crore was about three per cent more than the Rs 478.57 crore for Q2-2013 and about 1.6 per cent more than the Rs 484.81 crore for Q1-2014.

A major chunk of the expense is the cost of raw materials consumed in the case of HT Media. It spent Rs 189.4 crore for Q2-2014 which was three per cent lower than the Rs 195.25 crore in Q2-2013, but 10.3 per cent more than the Rs 171.57 crore in the immediate preceding quarter (Q1-2014).

Another major chunk of expense is Other Expense in the case of HT Media. Other Expense at Rs 180.28 crore for Q2-2014 was 15.5 per cent more than the Rs 156.04 crore for Q2-2013, but about 0.8 per cent lower than the Rs 181.75 crore for Q1-2014.

HT Media?s Employee Benefit expense for Q2-2014 at Rs 106.47 crore was three per cent more than the Rs 103.41 crore for Q2-2013 and 0.8 per cent more than the Rs 105.52 crore for Q1-2014.

 Segment Results:

HT Media reports revenue from four streams - Printing of Newspapers and Periodicals segment; Broadcast and Entertainment segment; Digital segment and from Unallocated segment.  

Revenue from HT Media?s Printing of Newspapers and Periodicals segment at Rs 495.85 crore for Q2-2014 was 3.4 per cent higher than the Rs 479.18 crore for Q2-2013, but 1.1 per cent lower than the Rs 504.68 crore in Q1-2014.

PBIT for Printing of Newspapers and Periodicals segment for Q2-2014 at Rs 59.48 crore was 23.3 per cent higher than the Rs 48.24 crore for Q2-2013, but 27 per cent lower than the Rs 82.46 crore for the immediate preceding quarter (Q1-2104).

Revenue from Radio, Broadcast and Entertainment segment for Q2-2014 at Rs 22.16 crore was 11.2 per cent more than the Rs 19.92 crore for Q2-2013, and marginally higher (3.5 per cent) than the Rs 21.41 crore for Q1-2014.

As mentioned above, Its Radio, Broadcast and Entertainment segment PBIT at Rs 4.69 crore  for Q2-2014 was 27.8 per cent more than the Rs 3.67 crore for Q1-2014 and almost double (1.97 times more) than the Rs 2.38 crore for Q1-2013.

Results from the Digital Segment and the Unallocated segment are negative. Please see the attached financial statements.

HT Media chairperson and editorial director Shobhana Bhartia said, ?We are glad to report a stable growth in revenue and profit this quarter, despite continued uncertainty in the macroeconomic environment, both in India, and elsewhere. Our growth initiatives in Mumbai and UP continue to deliver results, and all our digital businesses have shown robust growth. We are confident that our diversified business model, established brands and sustained focus on cost reduction will continue to create value for all stakeholders and also show better results as the macroeconomic environment improves.?

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