HT Media Q2 net profit jumps over two-fold to Rs 66 cr

HT Media today reported over two-fold jump in consolidated net profit at Rs 66.22 crore for the quarter ended September 30, 2017, mainly on account of lower expenses.

The media firm had posted a net profit of Rs 30.93 crore during the same period previous fiscal, HT Media said in a regulatory filing.

The company's net sales during the quarter under review however decline 6.90 per cent to Rs 560.63 crore as against Rs 602.23 crore in the year-ago period.

Total expenses during the period stood at Rs 507.62 crore compared to Rs 606.67 crore in the July-September quarter of 2016-17.

Revenue from printing and publishing business was down at Rs 494.89 crore during the quarter as against Rs 525.95 crore in the year-ago period.

Radio broadcast and entertainment revenue was up at Rs 42.78 crore compared to Rs 36.13 crore.

"Advertising revenue growth continues to be a challenge in our core Print business, with this quarter witnessing high level of uncertainty across industries on account of GST implementation. Our radio business continues to do well," HT Media Chairperson and Editorial Director Shobhana Bhartia said.

She further said while advertising revenue in print has been soft, operating profits continue to grow steadily on the back of strong cost management, aided by favourable currency and commodity rates.

Shares of HT Media were trading 10.65 per cent up at Rs 106 per scrip on BSE.