HT Media registered a decline of 16.01 per cent in its consolidated net profit to Rs 30.93 crore for the Sept quarter. The company had clocked a net profit of Rs 36.83 crore in the July-September period of the previous financial year. The net sales of the company during the period under review went up slightly 0.14 per cent at Rs 596.15 crore as against Rs 595.30 crore in the same quarter of previous fiscal.
Shobhana Bhartia, HT Media Chairperson and Editorial Director is of the view that revenue growth in the quarter was flat, highlighting overall weakness in print media, mainly English language publications. The high base effect of 2015's Bihar elections on the Hindi business further narrowed revenue growth.
Total expenses were up 3.55 per cent to Rs 582.14 crore as compared to Rs 562.13 crore. Advertising revenue de-grew by 2 per cent; circulation revenues increased 2.4 per cent versus last year. In the first half of 2016-17, consolidated net profit was seen down 13.39 per cent to Rs 53.34 crore versus Rs 61.59 crore in the year ago period. HT Media's net sales during the first half of the ongoing fiscal went up 2.26 per cent at Rs 1,205.44 crore as against Rs 1,178.71 crore in the same period last year. Bhartia further added that they are looking forward to a better second half, backed by the festive season, a good monsoon, implementation of the Seventh Pay Commission's recommendations, and the upcoming elections in Uttar Pradesh.
Intraday on Wednesday, HT Media share price closed 7 per cent at Rs. 86.15. The stock opened at Rs. 91.00 and was trading at Rs. 85.50. Around 5,48,119 shares were traded on the counter with a traded value of Rs. 487.44 lacs, as per NSE.
Dynamic Levels have identified HT Media as one of the top 500 performing stocks for this quarter on account of its strong fundamentals. For further details on the stock, refer to HT Media share price forecast.
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