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Hindustan Media Q2 net zooms 43.1% with 16.2% jump in revenue

MUMBAI: Hindustan Media Ventures Ltd (HMVL), the publisher of the second-largest Hindi daily ‘Hindustan’, has posted strong performance for the second quarter of the fiscal ended 30 September 2015.

Buoyed by a strong growth in ad revenue, HMVL’s net profit jumped 43.1 per cent to Rs 45 crore (Rs 450 million) compared to Rs 31.5 crore (Rs 315 million) a year ago.

EBITDA also went up by 38.9 per cent to Rs 71.1 crore (Rs 711 million), while EBITDA margin stood at 28.9 per cent.

Total revenue was up 16.2 per cent to Rs 245.9 crore (Rs 2.46 billion), as against Rs 211.6 crore (Rs 2.12 billion) in the corresponding quarter of the previous fiscal.

The company witnessed 18.2 per cent increase in advertising revenue to Rs 168.1 crore (Rs 1.68 billion) primarily due to increase in volumes, and 7.6 per cent increase in circulation income to Rs 53.4 crore (Rs 534 million) owing to higher circulation and net per-copy realisation.

There was a marginal (1.2 per cent) increase in the consumption of raw materials to Rs 85.8 crore (Rs 858 million).

The company also witnessed a 16 per cent rise in employee costs to Rs 29.9 crore (Rs 299 million).

HMVL chairperson Shobhana Bhartia said: “We are glad to report another quarter of strong growth in revenue and profits despite significant macroeconomic stress. The quarter witnessed healthy growth in advertising revenue across verticals. We also saw an increasing share of local business across all our markets. And lower raw material prices and a benign rupee continue to boost profitability. We have the momentum and expect to continue on the growth path as we move forward.”

The company has net cash of Rs 630.1 crore (Rs 6.30 billion) on its balance sheet.