The Indian economy witnessed slowing of growth to 6.8% in FY19 although itsfundamentals continued to remain strong and it remained the fastest growing major economyin the world. The countrys GDP is expected to grow at 7.3% in FY20. The Media& Entertainment (M&E) industry too is expected to grow at a rapid pace aCAGR of 12% between 2018 and 2021 to emerge as the second fastest growing advertisingmarket in Asia according to EY M&E Report .
All segments of the media business are set to grow but to tap this growth we at HTMedia Ltd have to leverage our strengths a legacy of trust and credibility; afocus on people and processes; and a presence across platforms and also content-genres.
I am happy to present to you HT Medias Annual Report for FY19 a year whenwe coped well with slowing growth in advertising revenue volatile input prices and anunfavourable exchange rate for most part even as we pursued opportunities with aneye on the future.
In Print Hindustan Times (HT) our English daily continues to assert its dominancemaintaining its primacy in Delhi and the larger National Capital Region and secondposition in Mumbai. Our Hindi daily Hindustan has been growing steadily and now hasalmost 54.7 million readers. It is an important voice in Delhi Bihar Jharkhand UttarPradesh and Uttarakhand. Mint our business daily is widely recognized as the bestprovider of insights and analysis on Indian business and the economy. The entire newspaperindustry bore the impact of sharp appreciation in newsprint prices which hurtprofitability.
In Radio Fever FM has recorded strong revenue growth and improved its profitability.Our second brand Radio Nasha continues to be the preferred destination for retro musiclisteners in Delhi and Mumbai. We continue to strengthen our presence in the space throughorganic and inorganic avenues to create value for shareholders.
Our performance has been powered by our people and I am proud of every member of the HTMedia family whose passion drive and integrity has propelled the organisation to newerheights. The unique mix of youth and experience that characterizes our workforce hascreated opportunities for growth. This in turn has provided our employees with ampleopportunities to grow their knowledge skills and abilities. We are also proud of thediversity of our workforce. HT Media is an equal opportunity employer and remains one ofthe best companies to work for in the media space.
As we move ahead we have a clear plan for FY20. We plan to engage much more withour readers and advertisers and grow our events portfolio. The environment looks set to beconducive too - we expect tailwinds from the upcoming Lok Sabha elections and the benefitof the increase in DAVP advertising rates as well as softening newsprint prices. Thecorporate sector too is likely to do well in terms of earnings growth and this will helpthe advertising side of our business. We also plan to derive benefits from the newgeography-focused structure which we have put in place.
The sole aim of our portfolio of offerings is to create value for our stakeholdersincluding customers. We shall continue to focus relentlessly on product quality drivecirculation and revenue and grow both our share of mind and share of revenue. On behalfof the entire leadership team I would like to thank our employees for their unswervingsupport shareholders for their co-operation and faith and the Board of Directors fortheir strategic guidance to steer the organisation towards sustainable long-term growth.
Chairperson and Editorial Director