Media major HT Media today posted over six-fold jump in its consolidated net profit at Rs 47.99 crore for the quarter ended March 31, 2010 on account of increased advertising and circulation revenues.
This is against a net profit of Rs 7.59 crore registered during the same quarter last fiscal.
"We re-launched Hindustan Times as a young brand and also expanded the reach of Hindi Hindustan and Mint (the business paper), which is a strategy that has worked for us," HT Media CEO Rajiv Verma told PTI.
The company's total income for the fourth quarter of FY 2009-10 stood at Rs 385.10 crore against Rs 342.37 crore in the same quarter previous fiscal.
For the financial year (FY 2009-10), HT Media's net profit zoomed to Rs 135.93 crore from Rs 0.90 crore during the previous fiscal.
Its total income increased to Rs 1,437.86 crore from Rs 1,359.07 crore, up 5.79 per cent.
"For the year ahead, we would invest about Rs 68-70 crore for further expanding the HT, Hindustan and Mint brand as well as for maintenance of our capital assets," Verma said.
For the year ahead, Verma said, "We will continue to outperform competitors. There is buoyancy in terms of advertisements and the market should grow."
The company also plans to introduce more digital properties around education and entertainment.
"Our online business, with DesiMartini.Com and Shine.Com has seen tremendous response from the market even when amid the slowdown. We are keenly studying the opportunities in the digital space around education and entertainment," Verma said.
HT has reported a net increase of Rs 58.6 crore in revenue from print segment owing to a 20 per cent growth in circulation revenue at Rs 183 crore due to rise in circulation numbers and improved realisations.
Advertisement revenue has also registered an increase of one per cent at Rs 1,143.9 crore on account of growth in volumes and improvement in price realisations, HT said in a statement.
Revenue from its Radio operations (Fever 104 FM) has also recorded a growth of 52 per cent at Rs 43.1 crore, primarily on account of increased advertising revenue.
