HT Media Q3 profit up 7.56 pc at Rs 68.81 crore

NEW DELHI: HT Media today reported 7.56 per cent increase in consolidated net profit at Rs 68.81 crore for the third quarter of 2015-16 financial year.

The company had posted a consolidated net profit of Rs 63.97 crore for the October-December quarter of previous financial year.

Its net sales during the quarter under review stood at Rs 674.89 crore, up 12.20 per cent, as against Rs 601.46 crore in the same period a year ago, HT Media said in a BSE filing.

HT Media Chairperson and Editorial Director Shobhana Bhartia said: "Growth in revenue and our continuing focus on costs have resulted in higher profitability.

"Our Hindi business continues to grow profitably, HT Mumbai and HT Delhi businesses saw year-on-year revenue growth.. we successfully re-launched the Chennai radio station and our digital businesses have reduced losses even as they have grown revenues."

During the quarter, HT Media's advertising revenue grew by 9.2 per cent to Rs 542.5 crore while its circulation revenue grew by 4.8 per cent to Rs 76.9 crore.

HT Media publishes three dailies - Hindustan Times, Hindustan and Mint. It also has four FM radio stations - Fever 104 in Delhi, Mumbai, Bengaluru and Kolkata, and operates a job portal www.Shine.Com. It also publishes two Hindi magazines Nandan and Kadambini.

In a separate filing, HT Media said its Board of Directors has accorded approval to dispose of its entire stake in Ivy Talent India Private Ltd, a wholly-owned subsidiary of the company.

HT Media shares today closed 2.59 per cent down at Rs 77.20 on the BSE.