Q3-2016; Advertising drives 9% YOY revenue growth at HT Media; radio revenue up 25%

BENGALURU: HT Media Limited (HT Media) reported seven per cent YoY growth in total income from operations (TIO) for the quarter ended 31 December, 2015 (Q3-2015, Q3-15, current quarter) at Rs 681.12 crore as compared to Rs 605.50 crore and a 13.2 per cent QoQ growth as compared to Rs 601.55 crore.

The TIO growth was driven primarily by a 9.2 per cent YoY and 14.4 per cent growth in advertising revenues.

HT Media's radio segment (Fever 104 FM) reported a 25 per cent YoY increase in operating revenue to Rs 32.26 crore (4.7 per cent of TIO) as compared to Rs 28.81 crore (4.3 per cent of TIO) and grew 10 per cent QoQ as compared to Rs 29.34 crore (4.9 per cent of TIO).

Note: (1) 100,00,000 = 100 Lakhs = 10 million = 1 crore

(2) The figures mentioned in this report are consolidated figures unless stated otherwise.

The company's profit after tax (PAT) in Q3-2016 increased 12.4 per cent YoY to Rs 80.88 crore (11.9 per cent margin) as compared to Rs 63.97 crore (10.6 per cent margin) and was more than double (2.22 times) QoQ as compared to Rs 36.42 crore (6.1 per cent margin).

Advertising and Circulation revenue

HT Media says that Advertising Revenue grew by 9.2 per cent YoY in Qe-2016 to Rs 542.5 crore (76.6 per cent of TIO) as compared to Rs 496.7 crore (76.4 per cent of TIO) and increased 14.4 per cent QoQ as compared to Rs 475.2 crore (78.8 per cent of TIO).

Circulation revenue in the current quarter increased 4.8 per cent to Rs 76.9 crore (10.9 per cent of TIO) as compared to Rs 75.4 crore (15.9 per cent of TIO) and grew 2.1 per cent QoQ as compared to Rs 75.4 crore (12.5 per cent of TIO).

Let us see how the segments performed

Three segments contribute to HT Media's numbers - (1) Printing and publishing of newspapers and periodicals (Publishing) (2) Radio and (3) Digital.

HT Media's publishing segment reported 9.8 per cent YoY growth in revenue at Rs 607.29 crore (89.2 per cent of TIO) as compared to Rs 553.20 crore (91.4 per cent of TIO) and grew 12.9 per cent QoQ as compared to Rs 538.08 crore (89.4 per cent of TIO).

The publishing segment reported 41.2 per cent higher YoY operating profit of Rs 110.82 crore as compared to Rs 78.49 crore and was 41 per cent more QoQ as compared to Rs 65.36 crore.

HT Media has four FM radio stations – Fever 104 in Delhi, Mumbai, Bengaluru and Kolkata.

Radio segment revenue numbers have been mentioned above. HT Media's radio segment reported 21 per cent decline in operating profit at Rs 7.46 crore as compared to Rs 9.44 crore, but was 94.3 per cent more QoQ than of Rs 3.84 crore.

The company's digital segment reported 43.4 per cent YoY growth in revenue to Rs 38.21 crore (5.6 per cent of TIO) as compared to Rs 26.65 crore (4.4 per cent of TIO) and was 12.7 per cent higher QoQ as compared to Rs 33.91 crore (5.6 per cent of TIO).

Digital segment reported lower YoY loss of Rs 11.07 crore as compared to Rs 1442 crore, and lower QoQ loss as compared to Rs 18.35 crore.

The company reported unallocated losses of Rs 13.31 crore in Q3-2016; of Rs 12.13 crore in Q3-2015 and of Rs 15.40 crore in Q2-2016.

Company Speak

HT Media chairperson and editorial director Shobana Bhartia said, "We are happy to report a strong quarter of growth across all our core businesses on the back of an increase in advertising spends during the festive season. Growth in revenue and our continuing focus on costs have resulted in higher profitability. Our Hindi business continues to grow profitably; HT Mumbai & HT Delhi businesses saw year-on-year revenue growth; we successfully re-launched the Chennai radio station; and our digital businesses have reduced losses even as they have grown revenues. With momentum on our side, we expect to close the financial year on a strong note. The company is well positioned to seize any opportunity that comes its way."

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