Hindustan Media Ventures Q4 net profit up 20%

Hindustan Media Ventures Ltd today reported a 20% increase in standalone net profit to Rs 27.21 crore in the fourth quarter ended March 31.

The company had posted a standalone profit of Rs 22.7 crore in the same quarter of 2012-13, Hindustan Media Ventures Ltd (HMVL) said in a filing to the BSE.

Net sales increased to Rs 180.69 crore from 153.03 crore in the year-ago period.

During the three months ended March 31, total expenses increased to Rs 155.58 crore from Rs 131.27 crore a year earlier, it added.

Cost of materials consumed was Rs 80.76 crore as against Rs 63.33 crore.

HMVL is in the business of printing and publication of newspapers and periodicals, including popular Hindi daily Hindustan.

For the financial year ended March 31, net profit rose to Rs 111.21 crore from Rs 84.52 crore in 2012-13. Net sales in FY14 stood at Rs 718.08 crore as against Rs 625.52 crore in the previous financial year.

The company said its board of directors decided to recommend payment of 12% dividend of Rs 1.20 per equity share of face value Rs 10 each for the financial year ended March 31, 2014.

Shares of HMVL traded at Rs 138.20 in afternoon trade on the BSE, up 0.14%.