HT Media's Q2FY24 revenue drops 5% YoY to Rs 427 crore

HT Media's total revenue stood at Rs 427 crore in Q2FY24, down by 5% on a YoY basis, versus Q2FY23's Rs 448 crore.

In a regulatory filing, the company said that the shift of the festive season to Q3 this fiscal has been a major factor impacting operating revenue. Other income also saw a relative decline on a YoY basis.

The print business of HT Media generated Rs 244 crore advertising revenue in Q2FY24 in comparison to Rs 268 crore in Q2 of FY23. The ad revenue of the print business went down by 9% from Q2FY23.

Advertisement revenue declined on a YoY basis due to shifts in festive season dates that impacted ad volumes, the company said.

The company’s circulation revenue is up by 3% to Rs 61 crore from Rs 59 crore in Q2FY23. Circulation revenue improved on a YoY basis with higher realisation per copy for the quarter.

HT Media’s radio business (Fever 104 FM, Punjabi Fever, Fever Nasha, 94.3 Radio One) saw an 8% rise in operating revenue in the quarter to Rs 35 crore.

Revenue growth continues on both YoY and QoQ basis led by gains in the non-FCT segment, the company said.

The operating revenue of HT Media’s digital business rose 10% YoY in Q2FY24 to Rs 36 crore, versus Rs 33 crore in Q2FY23.

“The business environment improved significantly in the first half of the current financial year on the back of improved government spending. The 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. Revenues of our 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 the festive season this year. Radio posted healthy growth and our digital business also performed creditably in the quarter,” Shobhana Bhartia, Chairperson, HT Media and Hindustan Media Ventures, said.

“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,” Bhartia added.

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