HT Media Q4 net profit at Rs 37.62 cr

The company had posted net profit of Rs 39.28 cr in the January-March period of the previous financial year

HT Media Q4 net profit at Rs 37.62 cr

Press Trust of India New Delhi
HT Media on Thursday reported consolidated net profit of Rs 37.62 crore for the fourth quarter ended March 31, 2015-16.

The company had posted net profit of Rs 39.28 crore in the January-March period of the previous financial year, HT Media said in a BSE filing.

Its net sales during the period under review were at Rs 624.63 crore as compared to Rs 563.97 crore in the year corresponding quarter of previous financial year.

Meanwhile, the company informed that its results are not comparable as HT Music had acquired radio business of Noble Broadcasting in September, 2015.

"Consequently, the results for the quarter ended and year ended March 31, 2016 include loss before tax related to the acquired business... Accordingly results for the quarter and year ended March 31, 2016 are not comparable with the results of corresponding quarter and year ended March 31, 2015," the company said.

For the entire 2015-16 financial year, HT Media's consolidated net profit was at Rs 167.80 crore as against Rs 179.81 crore in the previous financial year.

Its net sales stood at Rs 2,477.90 crore in 2015-16 as against Rs 2,255.19 crore in 2014-15.

"All our businesses grew in the quarter and we are happy to close the year on a positive note.The Hindi business outperformed the market and we witnessed the return of growth in the English business.Our new businesses are doing well.HT Mumbai has established itself as a clear alternative in India's commercial capital," HT Media Chairperson and Editorial Director Shobhana Bhartia said.

She further added that the company has launched Radio Nasha 107.2 in Delhi and its digital business showed significant revenue growth and reduced its losses.

Meanwhile, in a separate filing, HT Media Ltd informed that its board has recommended 20 per cent dividend, which is Rs 0.40 per equity share of Rs 2 each for the financial year ended March 31.

The board has also "recommended for approval of the Shareholders (by way of Special Resolution), the amendment in Articles of Association (AOA) of the company so as to harmonise the existing AOA with the provisions of Companies Act, 2013".

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It also informed that Dinesh Mittal has been appointed as Whole Time Director of the company for a period of five years.

The company is engaged in the printing and publishing of three dailies - Hindustan Times, Hindustan (through its subsidiary) and Mint. It has seven FM radio stations in Delhi, Mumbai, Bengaluru, Chennai and Kolkata and operates a job portal also publishes two Hindi magazines- Nandan and Kadambini.

Shares of HT Media were trading 1.26 per cent down at Rs 85.95 per scrip on BSE.

First Published: May 26 2016 | 3:35 PM IST

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