HT Media Ltd on Friday announced its financial results for the first quarter ended on 30th June, 2023, the company announced through an exchange filing.
Its revenue from operations was down 6.34 per cent to ₹393.42 crore during the June quarter against ₹420.09 crore in the corresponding period of the previous fiscal.
Consolidated financial results Q1FY24
The company's total income for quarter ended June 30th, 2023 stood at ₹445.17 crore as compared to ₹431.66 crore in Q4FY23. Total Expenses for Q1FY24 of ₹466.14 crores down from ₹496.78 crores year on year, a fall of 6.05 percent.
Loss before tax stood at ₹2,097 crore for Q1FY24 as compared to ₹6,512 crore in Q4FY23.
The company's consolidated loss for the period stood at ₹18.98 crores for Q1FY24. The company had posted a net loss of Rs 41.80 crore in the April-June quarter of the previous fiscal.
Standalone financial result Q1FY24
The company's standalone total income for quarter ended June 30th, 2023 stood at ₹227.84 crore as compared to ₹243.93 crore in Q4FY23. Total expenses for Q1FY24 of ₹252.95 crores down from ₹258.31 crores year on year.
Loss before tax stood at ₹25.11 crore for Q1FY24 as compared to ₹14.38 crore in Q4FY23.
The company's loss after tax stood at ₹19.55 crores for Q1FY24 as compared to ₹8.27 in Q4FY23.
“Overall, our performance in Q1 23-24 has seen an improvement. While revenue is muted, profitability has expanded on the back of continued streamlining of costs and easing of commodity prices. Circulation and Advertising grew on a year-on-year basis in Print, while in Radio, non-FCT and value-added solutions drove the growth," said Shobhana Bhartia, Chairperson and Editorial Director, HT Media Ltd. & Hindustan Media Ventures Ltd.
"Rising media spends by companies, growing consumer demand, more government spends, and relative easing in inflationary pressure, all augur well in the near-term for Print, Radio and Digital sectors of the M&E industry, which should benefit your Company. We are focused on working towards achieving profitable growth in our core businesses while expanding into new areas such as OTT. We remain committed to our journalism, while continuing to provide credible and insightful news & analysis, to our audiences," she added.
HT Media Ltd shares
The shares of HT Media Ltd on Friday at 3:30 pm IST were at ₹23.00, down by 1.29 percent.