HT Media Q1 net up 85% at Rs 41-crore on lower interest costs

During the quarter, HT Media's EBITDA was up by 18.7 per cent at Rs 133 crore

HT Media Ltd today reported a 85.4 per cent jump in consolidated net profit at Rs 41.55 crore for the first quarter ended June 30 led by growth in EBITDA and lower interest costs.

The company had posted net profit of Rs 22.41 crore in the April-June quarter of the previous financial year.

During the quarter, HT Media's EBITDA (Earnings before income tax, depreciation and amortisation) was up by 18.7 per cent at Rs 133 crore.

Total income during the quarter under review went down by 1.54 per cent to Rs 652.18 crore from Rs 662.43 crore a year- ago, the company said in a BSE filing.

HT Media Chairperson and Editorial Director Shobhana Bhartia said: "The year has started on a cautious note. While April was promising, macroeconomic concerns and uncertainties around GST adversely affected advertising spends in the latter part of the quarter".

"We remain optimistic that sentiment and business will both improve in the second half of the year... We expect the core business to start showing growth and the new businesses to continue to profitably scale up -- thereby delivering value to our shareholders," Bhartia added.

HT Media's total expenses in the first quarter of the current fiscal were at Rs 570.52 crore, down 5.62 per cent, as against Rs 604.54 crore in the same quarter a year-ago.

HT Media shares today closed 7.10 per cent higher at Rs 89 apiece on BSE.