MUMBAI: HT Media Limited (HT Media) reported lower consolidated total income of Rs 566.24 crore for the quarter ended 30 September 2018 (Q2 2019, quarter under review) as compared to Rs 596.95 crore in the corresponding year ago quarter (y-o-y) and Rs 569.28 crore in the immediate trailing quarter (q-o-q). The company reported a loss of Rs 38.83 crore for Q2 2019 as compared to a profit after tax (PAT) of Rs 77.78 crore in Q2 2018 and a PAT of Rs 9.14 crore in Q1 2019. A 5.1 percent y-o-y drop in total income, y-o-y increases in finance costs, employee benefits expense, raw material costs and other expenses were some of the causes for an 18.2 percent increase in total expenditure which resulted in the company reporting the loss for the quarter under review.

HT Media’s EBIDTA in Q2 2019 was negative 19.47 crore as compared to operating profits of Rs 95.48 crore in Q2 2018 and Rs 35.99 crore in Q1 2019. EBIDTA including other income and after accounting for changes in inventories in Q2 2019 was 34.47 crore as compared to Rs 147.25 crore in Q2 2018 and Rs 62.30 crore in Q1 2019.

Of the three segments that contribute to HT Media’s revenue, its  Radio Broadcasting and Entertainment (Radio, Fever FM) segment reported 4.4 percent increase in operating profit in Q2 2019 of Rs 54.3 crore and 56 percent higher as compared to Rs 3.48 crore in the year ago quarter and 4.4 percent more than Rs 5.20 crore in Q2 2018. Like its parent company, HT Media’s radio segment revenue also declined q-o-q. Radio segment’s revenue in Q2 2109 was 46.61 crore, 10.6 percent higher y-o-y than Rs 42.16 crore in Q2 2018, but was 1.2 percent lower q-o-q than the Rs 47.16 crore in Q1 2019.

HT Media’s largest segment in terms of revenue,  -its Printing & Publishing of Newspapers & Periodicals (Newsprint segment), revenue declined 8.8 percent y-o-y in Q2 2019 to Rs 447.57 crore from Rs 490.82 crore in Q2 2018 and was 6.3 percent lower than the Rs477.72 crore in Q1 2019. The segment reported an operating loss of Rs 8.10 crore in Q2 2019 as compared to an operating profit of Rs 94.96 crore in Q2 2018 and an operating profit of Rs 48.32 crore in Q1 2019.

HT Media’s smallest segment – its Digital segment revenue for Q2 2019 declined 35.4 percent y-o-y to Rs 15.33 crore from Rs 23.73 crore in Q2 2018 and declined 7.8 percent q-o-q from Rs 16.62 crore in Q1 2019. Digital segment’s operating loss at Rs 5.52 crore during the quarter under review was lower than the operating loss of Rs 10.36 crore in Q2 2018 but was more than the operating loss of Rs 5.27 crore in Q1 2019.  

The company has reported higher unallocated loss of Rs 38.27 crore in Q2 2019 as compared to an operating loss of Rs 23.87 crore in Q2 2018 and a slightly higher operating loss of Rs 39.16 crore in Q1 2019.

HT Media’s total expenditure increased 18.2 percent y-o-y to Rs 591.85 crore in Q2 2019 as compared to Rs 500.84 crore in Q2 2018 and 5.8 percent q-o-q increase as  compared to Rs 559.19 crore in Q1 2019. Finance costs in Q2 2019 increased 64.6 percent y-o-y to Rs 32.60 crore as compared to Rs 19.81 crore in Q2 2018 and was 25.9 percent higher q-o-q as compared to Rs 25.89 crore in Q1 2019. Employee benefits expense in the quarter under review were 13.9 percent higher y-o-y at Rs 99.38 crore as compared to Rs 87.27 crore in Q2 2018 and 33.1 percent more q-o-q than Rs 74.67 crore in Q1 2019. Other expenses in Q2 2019 at Rs 243.06 crore were 20.9 percent higher than Rs 201.01 crore, but 0.7 percent lower than Rs 244.74 crore in Q1 2019. Cost of raw materials consumed in Q2 2019 was 17.5 percent higher y-o-y at Rs 187.26 crore as compared to Rs 159.41 crore in Q2 2018, but was 0.2 percent lower q-o-q than the Rs 187.57 crore in Q1 2019.