Advertisement revenue declined due to shifts in festive season dates says the company.
HT Media’s total revenue for Q2FY24 declined by 5% on a year-on-year basis. The total revenue in Q2FY23 was Rs 448 crores meanwhile, the revenue in Q2FY24 was Rs 427 crores. Shift of festive season to Q3 this fiscal has been a major factor impacting operating revenue. Other income also saw a relative decline on a year-on-year basis, says the company.
Ad revenue on print saw a -9% decline in Q2FY24. The ad revenue for Q2FY23 was Rs 268 crores and reached Rs 244 crores in Q2FY24. However, the circulation revenue improved to reach Rs 61 crores vs Rs 59 crores Q2FY23.
The ad revenue for English newspapers declined on a year-on-year basis but saw sequential improvement with growth in sectors like BFSI, FMCG and Travel while sectors like Real Estate, Auto, Retail and Education remained subdued. The ad revenue for English newspapers was Rs 132 crores in Q2FY24 vs Rs 146 crores in the earlier quarter.
Circulation revenue from English newspapers improved on an annual as well as sequential basis due to year-on-year improvement in realisation per copy and better sequential build back of copies. Revenue for circulation for English newspapers was Rs 17 crores in Q2FY24 vs Rs 13 crores in Q2FY23.
Ad revenue for Hindi print fell by -8% owing to a decrease in advertising volumes. The ad revenue for Hindi print decreased from Rs 122 crore in Q2FY23 to Rs 112 crore in Q2FY24. On a year-on-year basis, categories such as Luxury, FMCG and Industrial grew while Education, Retail and Auto were subdued. Circulation revenue for Hindi print declined by -5% predominantly due to decline in print copies.
The operating revenue for the radio arm reached Rs 35 crores in Q2FY24 vs Rs 33 crores in Q2FY23. Operating revenue on digital grew by 10% year-on-year.
“The Company’s performance in the second quarter, compared to the year-ago period, saw higher operating margins despite muted revenue growth, with gains coming from the easing of newsprint rates. Revenues of our Print business remained flat on a sequential basis, with a marginal decline compared to last year, but this was primarily due to a shift in festive season this year.”
“Radio posted healthy growth and our digital business also performed creditably in the quarter. The global environment continues to be volatile, both on the economic and geopolitical fronts. If the crisis in West Asia deepens it could impact India and therefore our businesses, however we continue to be optimistic and believe the festive season will bring all around cheer,” says Shobhana Bhartia, Chairperson HT Media & Hindustan Media Ventures.