Hindustan Media Q2 Net up 15% at Rs 24.91 cr

Hindustan Media Ventures Ltd (HMVL) today reported 14.95% jump in its standalone net profit at Rs 24.91 crore for the second quarter ended September 30 helped by robust growth in Uttar Pradesh and Uttarakhand.

The company's net profit stood at Rs 21.67 crore in the corresponding period a year ago.

Net sales of the company rose to Rs 174.23 crore in the quarter under consideration from Rs 156.08 crore for the same period a year ago, it added.

HMVL Chairperson Shobhana Bhartia in the investor presentation said:" We are glad to report yet another quarter of a healthy growth in revenue and profit. While pricing initiatives have resulted in a stronger top-line, our sustained focus on cost control measures has ensured further improvement in profitability".

She further added that the good earnings has been led by robust growth in UP & Uttarakhand. HMVL has continued to maintain its market dominance in Bihar and Jharkhand, she added.

On the business outlook of the company she said:" With a strong brand, a growing readership, and a healthy balance sheet, we are confident that we will continue to deliver value to our shareholders".

For the first half of 2013-14 fiscal, HMVL's standalone profit increased to Rs 55.21 crore as against Rs 41.01 crore in the year-ago period.

HMVL's net sales in H1 period (April-September) increased to Rs 351.56 crore as against Rs 312.73 crore in the same period last year.

Shares of HMVL were trading at Rs 124.50 per scrip in the afternoon, up 1.76% from their previous close.