HT Media reports narrowing of net loss to Rs 31 lakh in Q4

HT Media reported a narrowed consolidated net loss of Rs 31 lakh in Q4FY24, driven by increased revenues from operations. Despite a decline in total expenses, the company faced a reduced profit due to higher costs. For FY24, the net loss narrowed to Rs 91.38 crore. HT Media also approved an investment in Mosaic Media Ventures to expand its news distribution business.

HT Media Ltd on Wednesday reported a narrowing of consolidated net loss to Rs 31 lakh in the fourth quarter ended March 31, 2024.

The company had posted a consolidated net loss of Rs 20.73 crore in the same quarter of the previous fiscal, HT Media said in a regulatory filing.

Consolidated revenue from operations during the quarter under review stood at Rs 464.41 crore as compared to Rs 441.4 crore in the corresponding period a year ago.

Revenue from printing and publishing of newspapers and periodicals in the quarter was at Rs 375.97 crore as compared to Rs 373.85 crore in the year-ago period, the company said.

Radio broadcast and entertainment vertical posted revenue of Rs 47.57 crore as against Rs 36.29 crore in the corresponding period of the previous fiscal.

The digital segment clocked revenue of Rs 43.21 crore in Q4FY24 as compared to Rs 31.63 crore in Q4FY23.

Total expenses in the fourth quarter were lower at Rs 513.41 crore as compared to Rs 528.87 crore in the same period a year ago, the company said.

For the fiscal ended March 31, 2024, the company said its consolidated net loss narrowed to Rs 91.38 crore from a consolidated net loss of Rs 251.75 crore registered in FY23.

Consolidated revenue from operations in FY24 was at Rs 1,694.72 crore as compared to Rs 1,711.1 crore in FY23, it added.

HT Media said its board has approved an investment of Rs 10 crore in Mosaic Media Ventures Pvt Ltd, a wholly owned subsidiary, by subscribing to the equity shares of the latter.

The investment is being made to further grow its business of gathering and distributing news, analysis and research for business, management, investors and the general public. The transaction is expected to be completed within 12 months from the date of board approval.

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