HT Media Q4 net loss widens to Rs 61.59 crore

HT Media on Friday reported its consolidated net loss widening to Rs 61.59 crore in the January-March quarter of FY'20. The company had posted a net loss of Rs 21.08 crore in the same quarter of the previous fiscal, HT Media Ltd said in a regulatory filing.

Its revenue from operations was down 13.64 per cent to Rs 466.88 crore during the period under review as against Rs 540.66 crore in the March 2019 quarter.

"India's GDP growth has continued to soften through all four quarters of FY2019-20. The outbreak of the COVID-19 pandemic further intensified the challenges faced by the economy during the quarter, especially in the metros. Advertising, which is the mainstay of our newspaper and radio businesses, has seen a decline in the quarter," HT Media Chairperson and Editorial Director Shobhana Bhartia said.

Despite pressure on revenue, HT Media recorded an increase in profits and improvement in operating margins on the back of favourable newsprint prices and a focus on cost control, she added.