HT Media’s total revenue for the quarter that ended September 30, 2023 stood at Rs 426.98 crore, a decline of 4.69% on a y-o-y basis, against Rs 448 crore in the same quarter last year. The company’s revenue from operations declined by 3.73% to Rs 393.99 crore in Q2FY24 as compared to Rs 409.25 crore in the same quarter of previous year. 

In the financial statement, the company said that the total revenue for the quarter declined 5% on a y-o-y basis as the shift of festive season to Q3 this fiscal has been a major factor impacting operating revenue. Other income also saw a relative decline on a y-o-y basis. It further added that EBITDA profitability improved in the quarter owing to easing of newsprint rates as compared to prior fiscal. 

The print business ad revenue for the quarter declined by 9% to Rs 244 crore against Rs 268 in Q2FY24. The circulation revenue grew 3% on Y-o-Y basis to Rs 61 crore in Q2FY24 against Rs 51 crore in Q2FY23. 

The company said that the advertisement revenue declined on a y-o-y basis due to shifts in festive season dates that impacted ad volumes. While the circulation revenue improved on a y-o-y basis with higher realization per copy for the quarter. Despite revenue decline, operating EBITDA saw y-o-y margin expansion aided by decline in newsprint rates, said the company. 

The English print business’s ad revenue declined by 9% to Rs 132 crore from Rs 146 crore inQ2 FY23. While circulation revenue grew by 35% to Rs 17 crore from Rs 15 crore. “Advertisement revenue declined on y-o-y basis but saw sequential improvement with growth in sectors like BFSI, FMCG and Travel while sectors like Real Estate, Auto, Retail and Education remained subdued. And the circulation revenue improved on an annual as well as sequential basis due to y-o-y improvement in realization per copy and better sequential build back of copies, said the company. 

For Print- Hindi, the ad revenue declined by 8% to Rs 112 crore in Q2FY24 against Rs 122 Q2FY23. The circulation revenue for the segment dropped by 5% to Rs 44 crore from Rs 46 crore inQ2FY23. “For the quarter, advertisement revenue declined owing to a decrease in ad. volumes (i.e. shift in festive dates). On y-o-y basis, categories such as Luxury, FMCG and Industrial grew while Education, Retail and Auto were subdued and circulation revenue declined predominantly due to decline in print copies. 

“The business environment improved significantly in the first half of the current financial year on the back of improved government spending. Company’s performance in the second quarter, compared to the year-ago period, saw higher operating margins despite muted revenue growth, with gains coming from the easing of newsprint rates,” said Shobhana Bhartia Chairperson HT Media Ltd. & Hindustan Media Ventures Ltd.  

She further added, “Revenues of print business remained flat on a sequential basis, with a marginal decline compared to last year, but this was primarily due to a shift in festive season this year. Radio posted healthy growth and our Digital business also performed creditably in the quarter. The global environment continues to be volatile, both on the economic and geopolitical fronts. If the crisis in West Asia deepens it could impact India and therefore our businesses, however we continue to be optimistic and believe the festive season will bring all around cheer. We thank our diverse and loyal audiences across multiple mediums and platforms, and remain steadfast in our commitment to being a reliable source of credible news and engaging content.”