HT Media reports negative PBT of Rs 30 crore in Q3FY23

HT Media reported that its total revenue for the quarter ended December 31, 2022 stood at Rs 488 crore, down by 2% on a YoY basis, against Rs 501 crore in the corresponding quarter in the last fiscal.

The EBITDA also saw a sharp 74% decline from the Rs 107 crore reported in Q3FY22 to Rs 28 crore in Q3FY23.

The decline in the total revenue was primarily on account of a relatively muted macro/festive business environment in Q3FY23, as per the company. 

This resulted in a PBT of Rs 30 crore, as opposed to Rs 60 crore PBT in Q3FY22, marking a 150% YoY decline.

Print

The advertising revenue of the HT Media’s print segment saw a decline of 12% on a YoY basis to Rs 284 crore, as against the Rs 323 crore ad revenue earned in the corresponding quarter of the previous fiscal.

According to the company, the ad revenue decline on YoY basis is due to volume, but there is growth on sequential basis.

The company's circulation revenue grew by 18% on YoY basis to Rs 60 crore in the last quarter from  Rs 50 crore in Q3FY22. As per the company, the increase in circulation revenue is led by an increase in realisation per copy. 

The operating EBITDA, however, shows a loss of Rs 4 crore in Q3FY23 in stark contrast to the Rs 87 crore profit reported in Q3FY22. As per the company, the loss is on account of higher newsprint prices. 

Digital

Meanwhile, in the digital segment, operating revenue declined by 23% to Rs 28 crore, against Rs 36 crore in Q3FY22. According to the company, the digital revenue declined for the quarter, resulting in an operating EBITDA loss of Rs 4 crore. 

Radio

In the radio segment, the operating revenue grew 21% to Rs 42 crore, against Rs 34 crore in Q3FY22. The company stated that good growth in revenue on YoY and sequential basis, led by improvement in rates led to a good performance in the radio business.

The operating EBITDA also increased to Rs 7 crore in the last quarter, as opposed to Rs 5 crore in Q3FY22, resulting in a 50% YoY boost.

Shobhana Bhartia, Chairperson and Editorial Director, HT Media and Hindustan Media Ventures, said, "The third quarter of the ongoing fiscal year saw the continuation of the gradual recovery of our media businesses on the back of an improved industry-wide business environment and the annual festive season. However, persistent general inflation acted as a dampener resulting in a relatively muted festive quarter. Raw material costs remained at heightened levels during the quarter but will likely ease off in coming quarters." 

"Against this backdrop, we continued to improve our business performance on a quarterly basis for the Print and Radio verticals. Overall, the Print segment saw sequential growth in both advertising and circulation revenues, but margins continued to be impacted by high newsprint prices. Radio also saw an improvement on a sequential basis backed by better traction in both the FCT as well as the non-FCT space. inflation easing and stabilisation of the overall business environment, we are hopeful of capitalising on the growth in consumer and advertiser spending in the medium-term. We remain committed to delivering credible and trustworthy news and engaging entertainment to our ever-growing audience base," she added.

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