HT Media revenue up 8% at Rs 2,655 cr in FY16

HT Media, the company that publishes dailies Hinsutan Times and Mint, reported total revenue of Rs 2,655.1 crore in FY16, up 8.1%. The company's advertisement revenue grew by 7.5% to Rs 1,980 crore while circulation revenues grew by 5.6% to Rs 300 crore.

EBITDA was up 6% at Rs 462.2 crore, though PAT was down 6.7% at Rs 167.8 crore. The lower PAT in FY16 is due to higher interest costs on radio related borrowings and higher tax charge.

The company reported 35% increase in revenue from digital segment to Rs 140.3 crore from Rs 103.9 crore over last year. The radio business also showed double digit growth at 17.7% increase in revenue at Rs 117.4 crore.
 
In its board meeting held on May 26, HT Media board of directors approved a proposal to invest upto GBP 3 million by acquiring 12 million equity shares of Koovs Plc. at Rs 0.25 each, subject to approvalby Koovs plc.