HT Media reported a decrease in their consolidated net loss of Rs 31 lakh in the fourth quarter ending on March 31, 2024. In the same quarter of the previous fiscal, the company posted a consolidated net loss of Rs 20.73 crore.
In a regulatory filing, the company said its revenue from operations for the current quarter stood at Rs 464.41 crore, compared to Rs 441.4 crore in the same period last year. Revenue from print and publishing newspapers and periodicals in the quarter stood at Rs 375.97 crore, little higher than Rs 373.85 crore it made in the same time last year.
Revenue generated from radio broadcasting and the entertainment sector saw a rise, going up to Rs 47.57 crore from Rs 36.29 crore compared to the same period last fiscal year. Additionally, revenue in the digital segment went from Rs 31.63 crore in Q4FY23 to Rs 43.21 crore in Q4FY24.
The company said that in the last quarter of the year, expenses were Rs 513.41 crore, which was less than the Rs 528.87 crore spent in the same quarter of the previous year. For the fiscal year ending on March 31, 2024, the company reported a smaller total net loss of Rs 91.38 crore compared to Rs 251.75 crore in the previous fiscal year, which ended in 2023.
The company’s revenue from operations in FY24 decreased to Rs 1,694.72 crore from Rs 1,711.1 crore in FY23.
The company mentioned that HT Media’s board has given the green light to investing Rs 10 crore in Mosaic Media Ventures, a company fully owned by HT Media, by purchasing shares in the company.
Shobhana Bhartia, Chairperson and Editorial Director, HT Media, said, “Reflecting on the past fiscal year, your Company saw growth in revenue and marked improvement in operating profitability on the back of improved consumer spending and rising engagement. This was further supported in the last two quarters of the year by the festive season and heightened political activity ahead of the national elections.”
“Cost rationalisation in primary input commodities i.e. newsprint, enhanced the profitability of our Print business, which saw steady revenue from both advertising and circulation. Our Radio business recorded an increase in revenue and an improvement in profitability. In the Digital domain, our platforms Shine and OTTplay continued to expand, showing healthy revenue growth. Although investments in new business verticals moderated profitability for the year, we believe these to be critical for the future in an increasingly digital media landscape,” Bhartia said.
“We remain cautious about ongoing global conflicts, which could lead to potential disruptions to supply lines and impact commodity costs, and continue to be proactive in monitoring these issues to mitigate their impact on our operations. As we move forward, we remain steadfast in our commitment to our journalistic principles and recognise our role as a trusted source of credible and engaging news and entertainment. We appreciate your continued support, which is vital as we navigate the evolving media environment and seek new opportunities for growth,” she added.
