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Hindustan Media Ventures Q3 net up 27% to Rs 36.58 cr

MUMBAI: Hindustan Media Ventures Ltd (HMVL), which publishes the country’s second-largest Hindi daily ‘Hindustan’, has witnessed a strong growth in the quarter ended 31 December 2014. Net profit for the quarter stood at Rs 36.58 crore (Rs 365.8 million), up 27 per cent, compared to Rs 28.8 crore (Rs 288 million) a year ago.

For the quarter under review, revenues surged by 12 per cent to Rs 223 crore (Rs 2.23 billion), compared to Rs 199 crore (Rs 1.99 billion) year on year. Ad revenue increased 11 per cent to Rs 152.2 crore (Rs 1.52 billion), from Rs 137.5 crore (Rs 1.37 billion) in the earlier-year period.

Circulation revenues also saw 11 per cent jump to Rs 51 crore (Rs 510 million), compared to Rs 45.9 crore (Rs 459 million) a year ago.

Operating profits (EBITDA) for the period under review increased to Rs 56.2 crore (Rs 562 million), up 19 per cent from Rs 47.2 crore (Rs 472 million). EBITDA margins stood at Rs 25.2 per cent, compared to 23.7 per cent in the year-ago period.

The company said that growth was partially offset by an 8 per cent increase in consumption of raw materials to Rs 86.7 crore (Rs 867 million), from Rs 80.6 crore (Rs 806 million) primarily, due to increase in newsprint consumption. Meanwhile, employee cost jumped 14 per cent to Rs 24.9 crore (Rs 249 million), from Rs 21.8 crore (Rs 218 million), owing to new hiring, increments and a charge for regulatory compliance.

HMVL chairperson Shobhana Bhartia in her statement said, “We are pleased to report another quarter of revenue growth and higher profitability on the back of lower raw material costs. After establishing ourselves as a strong player in Uttar Pradesh and Uttarakhand while retaining our dominance in Bihar and Jharkhand, we are now focusing on operational efficiencies to ensure revenue growth is also accompanied by profit growth.”

The company has net cash of Rs 488.6 crore (Rs 4.89 billion) to fund its expansion plans.

Apart from ‘Hindustan’, HMVL also prints and publishes kids magazine ‘Nandan’ and general-interest magazine ‘Kadambini’.