HT Media Q1 net loss narrows to Rs 18.98 cr

New Delhi: HT Media Ltd on Friday said its consolidated net loss narrowed to Rs 18.98 crore for the first quarter ended in June 2023.

The company had posted a net loss of Rs 41.80 crore in the April-June quarter of the previous fiscal, HT Media said in a regulatory filing.

Its revenue from operations was down 6.34 per cent to Rs 393.42 crore during the June quarter against Rs 420.09 crore in the corresponding period of the previous fiscal.

HT Media's total expenses declined 6.16 per cent to Rs 466.14 crore in the first quarter of FY 2023-24.

However, its total income in the June quarter was up 3.12 per cent to Rs 445.17 crore.

HT Media Chairperson and Editorial Director Shobhana Bhartia said: "Overall, our performance in Q1 23-24 has seen an improvement. While revenue is muted, profitability has expanded on the back of continued streamlining of costs and easing of commodity prices." HT Media's revenue from 'printing & publishing of newspapers and periodicals' was down 6.93 per cent to Rs 323.55 crore.

Its revenue from 'radio broadcast and entertainment' was up 3.59 per cent to Rs 34.56 crore and 'Digital' was at Rs 35.69, down 8.58 per cent.

"Circulation and Advertising grew on a year-on-year basis in Print, while in Radio, non-FCT and value-added solutions drove the growth," she said.

Rising media spending by companies, growing consumer demand, more government spending, and relative easing in inflationary pressure, all augur well in the near term for Print, Radio and Digital sectors of the M&E industry, which should benefit the company, Bhartia added.

"We are focused on working towards achieving profitable growth in our core businesses while expanding into new areas such as OTT," she said.

On the outlook, Bhartia said: "We remain committed to our journalism while continuing to provide credible and insightful news & analysis, to our audiences.” Share of HT Media Ltd on Friday settled at Rs 23.05 on BSE, down 0.82 per cent from the previous close.