HT Media today reported a 24.79 percent increase in consolidated net profit at Rs 106.36 crore for the third quarter ended December 31, helped by higher other income and lower tax expenses.
The company had posted a consolidated net profit of Rs 85.23 crore for the October-December quarter of previous financial year.
Total income from operations during the quarter stood at Rs 649.89 crore, down 4.55 percent, as against Rs 680.87 crore in the same period a year ago, HT Media said in a BSE filing.
HT Media Chairperson and Editorial Director Shobhana Bhartia said: "While the quarter started on a good note with the festival season, the subsequent short-term economic dip affected sentiment and media spends, which impacted advertising revenue for our English and Hindi print businesses." She further said: "We continue to hone our digital strategy and are aligning the organisation to leverage our considerable strengths in traditional media, and our brands in the digital world." During the quarter, HT Media's advertising revenue declined by 5.7 percent to Rs 511.4 crore while its circulation revenue grew by 2.1 percent to Rs 78.6 crore.
During the quarter, HT Media reported other income of Rs 54.86 crore as against Rs 28.58 crore in the corresponding period a year ago.
Tax expenses in the quarter under review stood at Rs 3.63 crore compared with Rs 19.49 crore in the third quarter of the previous fiscal.
HT Media publishes three dailies - Hindustan Times, Hindustan and Mint. It also has four FM radio stations - Fever 104 in Delhi, Mumbai, Bengaluru and Kolkata, and operates a job portal www.Shine.Com. It also publishes two Hindi magazines Nandan and Kadambini.
HT Media shares were trading 0.50 percent higher at Rs 78.85 on the BSE.
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